CapitaLand China Trust · SGX:AU8U

CapitaLand China Trust — CapitaRetail China Trust — Q4 2007 Earnings Presentation

29 slides from CapitaLand China Trust's earnings presentation, Jan 16, 2008

  1. Slide 1: CapitaRetail China Trust Financial Results For Fourth Quarter 2007

    CAPITARETAIL CHINA TRUST (CRCT) Financial Results For Fourth Quarter 2007 16 January 2008

  2. Slide 2: Disclaimers

    Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the CRCT IPO Prospectus dated 29 November 2006. This shall be read in conjunction with paragraph 9 of CRCT 2007 Fourth Quarter Unaudited Financial Statement and Distribution Announcement. This presentatio

  3. Slide 3: Contents

    Contents 1. Financial Highlights 2. Financial Results for 4Q 2007 3. Portfolio Update 2

  4. Slide 4: Financial Highlights

    Financial Highlights

  5. Slide 5: Summary of Results: 4Q 2007

    Summary of Results : 4Q 2007 (1 Oct – 31 Dec 2007) 4Q 2007: Distributable Income exceeds forecast1 by 9.1% 1 Oct – 31 Dec 2007 1 Jan – 31 Dec 2007 2H 2007 YTD 20072 Actual Forecast1 Change Actual Forecast1 Change Actual Actual % % Gross Revenue (S$’000) 17,920 20,174 (11.2) 71,855 77,599 (7.4) 36,93

  6. Slide 6: CRCT Performance since IPO to Dec 2007

    CRCT Performance since IPO (8 Dec 2006) to 31 Dec 2007 9 90.3% Unit Price Appreciation 9 5.7% Growth in Total Asset Size 9 96.3% Total Return 9 90.5% Growth in Market Cap 9 Outperformed STI & Property Stocks 195 % change in unit price/index value CRCT 145 IPO to 31 Dec 07 95 CRCT + 90.3% STI + 20.0%

  7. Slide 7: Financial Results for 4Q 2007

    Financial Results for 4Q 2007

  8. Slide 8: Distribution Statement: 4Q 2007

    Distribution Statement : 4Q 2007 (1 Oct – 31 Dec 07) Actual Forecast1 Variance YTD 20072 S$’000 S$’000 (%) S$’000 Gross Revenue 17,920 20,174 (11.2) 78,194 Less property operating expenses (6,272) (6,694) (6.3) (29,261) Net property income 11,648 13,480 (13.6) 48,933 Non-operating income/(expense) (

  9. Slide 9: Distributable Income: 4Q 2007

    Distributable Income : 4Q 2007 Distributable Income exceeds forecast1 by 9.1% 4Q 2007 (S$) Fav / (Unfav) Actual Forecast S$'000 Net Property Income 11,648 13,480 (1,832) Distributable Income 8,585 7,874 711 Distributable Income in 4Q 2007 is favourable at $711,000 mainly due to:- S$'000 Net interest

  10. Slide 10: Property Gross Revenue (in S$): 4Q 2007

    Property Gross Revenue (in S$) : 4Q 2007 17,920 11.2% CRCT Portfolio 20,174 6,113 Wangjing Mall 6,283 Anzhen Mall 3,753 3,818 2,330 Zhengzhou Mall 2,371 1,991 Jiulong Mall 2,043 Accelerated space recovery from the master lessee instead of over the originally planned 3-year period 789 for AEI works .

  11. Slide 11: Property Operating Expenses (in S$): 4Q 2007

    Property Operating Expenses (in S$): 4Q 2007 6,272 6.3% CRCT Portfolio 6,694 1,716 Wangjing Mall 1,905 651 Anzhen Mall 660 432 Zhengzhou Mall 518 423 Provision for doubtful debt Jiulong Mall 355 281 Marketing expenses led by intensive leasing activity Jinyu Mall 238 611 Xinwu Mall 634 2,158 Qibao Ma

  12. Slide 12: Net Property Income (in S$): 4Q 2007

    Net Property Income (in S$) : 4Q 2007 11,648 13.6% CRCT Portfolio 13,480 4,397 Wangjing Mall 4,378 3,102 Anzhen Mall 3,158 1,898 Zhengzhou Mall 1,853 Jiulong Mall 1,568 1,688 508 Jinyu Mall 810 216 Xinwu Mall 457 -41 Qibao Mall 1,136 -500 1500 3500 5500 7500 9500 11500 13500 S$’000 Actual Forecast 1

  13. Slide 13: Property Gross Revenue (in RMB): 4Q 2007

    Property Gross Revenue (in RMB) : 4Q 2007 91,333 9.6% CRCT Portfolio 101,052 31,132 Wangjing Mall 31,475 Anzhen Mall 19,127 19,127 11,875 Zhengzhou Mall 11,875 10,148 Jiulong Mall 10,230 Accelerated space recovery from the master lessee instead of over the originally planned 3-year period 4,047 Jiny

  14. Slide 14: Net Property Income (in RMB): 4Q 2007

    Net Property Income (in RMB) : 4Q 2007 59,361 12.1% CRCT Portfolio 67,515 22,401 Wangjing Mall 21,931 15,811 Anzhen Mall 15,819 9,678 Zhengzhou Mall 9,282 Jiulong Mall 7,991 8,455 2,614 Jinyu Mall 4,057 1,093 Xinwu Mall 2,288 -227 Qibao Mall 5,683 -2000 8000 18000 28000 38000 48000 58000 68000 RMB’0

  15. Slide 15: Property Gross Revenue (in RMB): FY 2007

    Property Gross Revenue (in RMB) : FY 2007 362,897 6.6% CRCT Portfolio 388,702 115,543 Wangjing Mall 118,983 Anzhen Mall 76,128 76,081 47,555 Zhengzhou Mall 47,500 40,695 Jiulong Mall 40,958 24,300 Jinyu Mall 23,500 14,965 Xinwu Mall 19,010 43,711 Qibao Mall 62,670 0 50000 100000 150000 200000 250000

  16. Slide 16: Net Property Income (in RMB): FY 2007

    Net Property Income (in RMB) : FY 2007 234,915 7.7% CRCT Portfolio 254,378 85,208 Wangjing Mall 80,850 63,021 Anzhen Mall 62,890 38,982 Zhengzhou Mall 37,128 Jiulong Mall 31,770 Provision for doubtful debt 33,855 18,773 Jinyu Mall 18,493 1,948 Downtime resulting from reconfiguration works on Level 1

  17. Slide 17: Debt Capital Information (as at Dec 2007)

    Debt Capital Information (as at 31 Dec 2007) Debt Maturity Profile Key Statistics of CRCT 300 Trust - Unsecured Term loan (Fixed Rate) & Gearing Ratio 29.7% Trust - Money Market Facility (Variable Rate) 250 Anzhen - Secured (Variable Rate) Interest Cover 5.5 times 231.8 Average Cost of Debt 3.0% Var

  18. Slide 18: Balance Sheet

    Balance Sheet As at 31 Dec 2007 S$’000 Investment properties 722,883 Net assets attributable to Unitholders 483,155 Plant and equipment 1,673 Units In Issue (‘000 units) 1 476,371 Trade and other receivables 18,109 (as at 31 Dec 2007) Cash and cash equivalents 67,170 Net Asset Value per unit S$1.01

  19. Slide 19: Valuation of Portfolio

    Valuation of Portfolio Revaluation was done on 30 Sep 2007 Percentage Previous Valuation Valuation 2007 (RMB’000) Increase (%) Wangjing Mall 1,102,000 1,193,000 8.3 Jiulong Mall 414,000 432,000 4.3 Anzhen Mall 772,000 791,000 2.5 Qibao Mall 1 264,000 320,000 21.2 Zhengzhou Mall 454,000 466,000 2.6 J

  20. Slide 20: Portfolio Update

    Portfolio Update

  21. Slide 21: Occupancy rates

    Occupancy rates Steady increase in occupancy rates at the newer malls As at As at As at As at As at 31 Dec 061 31 Mar 071 30 Jun 071 30 Sep 071 31 Dec 071 Wangjing Mall 89.9% 89.3% 98.3% 99.4% 99.2% Jiulong Mall 100% 100% 100% 100% 100% Anzhen Mall 100% 100% 100% 100% 100% Qibao Mall 72.4% 73.9% 78.

  22. Slide 22: Summary of New Leases

    Summary of New Leases As at 31 Dec 2007 Net incremental monthly Variance over No. of new rental vs forecast forecast Property1 leases2 (RMB ‘000) (%) Wangjing Mall 633 311.7 20.0 Qibao Mall 53 (75.3) (5.0) Xinwu Mall 494 (44.1) (20.5) CRCT Portfolio 165 192.45 5.95 A total of 165 new leases, includi

  23. Slide 23: Portfolio Lease Expiry Profile (By Year)

    Portfolio Lease Expiry Profile (By Year) As at 31 Dec 2007 Gross Rental Income1 No. of Leases RMB’000 % of total2 2008 165 2,271 7.6% 2009 131 5,908 19.8% 2010 48 1,945 6.5% 2011 13 1,152 3.9% Beyond 2011 36 18,536 62.2% CRCT Portfolio Weighted average lease term to expiry By Gross Rent1 10.9 years

  24. Slide 24: Shopper Traffic

    Shopper Traffic Shopper traffic registered robust steady growth across the malls1 Average daily Average daily % increase traffic count traffic count (y-o-y) in 4Q 20062 in 4Q 20073 Wangjing Mall 17,001 19,869 16.9% Qibao Mall 16,581 30,035 81.1% Xinwu Mall 24,762 30,606 23.6% 1. Traffic count data i

  25. Slide 25: Tenants' sales

    Tenants’ sales Comparable tenants’ sales1 were up across the malls Sales per sq m Sales per sq m % increase 4Q 20062 4Q 20073 (y-o-y) (RMB) (RMB) Wangjing Mall 2,575.1 4,074.9 58.2% (Sample size: 66) Qibao Mall 2,808.0 3,996.5 42.3% (Sample size: 24) Xinwu Mall 1,333.7 1,989.3 49.2% (Sample size: 18

  26. Slide 26: Select new tenants at Wangjing Mall in 4Q 2007

    Select new tenants at Wangjing Mall in 4Q 2007 Car Wash & Polish (B2 Car park) Kudi Pet Accessories (B2 Car park) 7 Princesses Accessories (Level 1) 靓车高手高级汽车美容护理服务中心 酷迪宠物用品 Artbox (Level 3) Xihu Spring (Level 6 & 7) 西湖春天 25

  27. Slide 27: Select new tenants at Qibao Mall in 4Q 2007

    Select new tenants at Qibao Mall in 4Q 2007 Able Fashion La Senza (Level 1) (Level 2) Honeymoon Dessert (满记甜品) on Level 1 MindBridge (Level 1) 来伊份 ( Level 1) LaiYiFen F&B 26

  28. Slide 28: Select new tenants at Xinwu Mall in 4Q 2007

    Select new tenants at Xinwu Mall in 4Q 2007 Le Ma Toys (Level 3) 乐马玩具 Fashion Beauty (Level 2) China Mobile Shop (Level 2) Hair Salon (Level 2) 噱头造型形象设计 27

  29. Slide 29: For enquiries contact: Investor Relations Manager

    For enquiries contact: Ms Shirlene Sim Investor Relations Manager CapitaRetail China Trust Management Limited DID: +65 68265543 Email: [email protected] Website: www.capitaretailchina.com 28

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