Post on 05-Apr-2018
7/31/2019 HK113784 YJ malls Presentation 10-Feb-2012 Company Website
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Singapore China Malaysia Japan India
CMA Full Year FY 2011 Financial Results
10 Feb 2012
CapitaMalls Asia Limited
Asias Leading Mall
Developer, Owner and Manager
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Disclaimer
1
This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual futureperformance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of
a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation)general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from otherdevelopments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections,
changes in operating expenses (including employee wages, benefits and training costs), governmental and public policychanges and the continued availability of financing in the amounts and the terms necessary to support future business.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view ofmanagement on future events.
The information contained in this presentation has not been independently verified. No representation or warranty
expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness orcorrectness of the information or opinions contained in this presentation. Neither CapitaMalls Asia (CMA) or any of itsaffiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss
howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or
otherwise arising in connection with this presentation.
The past performance of CMA is not indicative of the future performance of CMA.
The value of shares in CMA (Shares) and the income derived from them may fall as well as rise. Shares are not
obligations of, deposits in, or guaranteed by, CMA or any of its affiliates. An investment in Shares is subject to investmentrisks, including the possible loss of the principal amount invested.
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Contents
2
Highlights
Operational Updates Our Key Markets
Management Fee Business
Revaluation
Financial Performance Capital Management
Corporate Social Responsibility &Awards
Moving Forward Appendix
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
HighlightsCapitaMall Guicheng, Foshan, China
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PATMI 4Q 2011 of S$205.4 million; FY 2011 of S$456.0 million
EBIT FY 2011: S$601.9 million Revaluation of S$320.3 million Management Fee Business
Assets Under Management: S$20.7 billion EBIT FY 2011: S$63.6 million
9.0% gross NTA growth
Including dividends paid of 3.5 cents Increase from S$1.50 to S$1.60 per share over 2011 Proposed a final dividend of 1.5 cents, paying a total of 3.0 cents
dividend for FY 2011
Highlights
Financial Results for FY 2011
Tenant sales grew: Singapore: 5.5% China: 13.2%
Shopper traffic increased: Singapore: 2.2% China: 7.5%
Average 2 million shoppers pass through our malls daily
Operational Performance of Our Malls
4
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Highlights
5
Cash balance of S$975.5 million Net Debt/Equity of 3.9% Opened the retail bond market in 2011 with a total of S$6002 million bonds
issued Secured new financing and refinancing of over S$3.0 billion across the group Successful dual listing of CMA on HKEx
Prudent Capital Management
5 in China (Wuhan, Shanghai, Suzhou & Chongqing)
2 in Singapore 1 in Kuantan, Malaysia
8 Acquisitions Totaling S$3.9 bil1 Adding 1.7 mil sqm of GFA
(1) CMAs direct stakes in the acquisitions including the REITs.(2) Issued 1-year and 3-year bonds in 2011 and 10-year callable bonds in Jan 2012.
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Hongkou Plaza, Shanghai, China
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Growth in Shopper Traffic & Tenant Sales
7
Malls
opened before1 Jan 2010
FY 2011FY 2011 vs
FY 2010 (%)*
NPI Yield(%)1 on
valuationas at
31 Dec 2011
CommittedOccupancy Rate
(%)2 as at31 Dec 2011
ShopperTraffic
TenantSales
Singapore3 5.5 95.9 2.2 5.5
China4 5.6 97.4 7.5 13.2
Malaysia 6.5 97.6 1.5 -
Japan 4.2 93.0 2.6 0.8
India 7.1 96.2 0.1 13.6
* Notes on Shopper Traffic and Tenant Sales:Singapore: Excludes JCube, Hougang Plaza, The Atrium@Orchard and Iluma.China: Excludes 3 master leased mal ls under CRCT. Excludes tenant sales from supermarkets and department stores.Malaysia: Point of sales system not ready. Excludes Queensbay Mall, whose acquisition by CMA was completed in Apr 2011,and East Coast Mall, whose acquisition by CMMT was completed in Nov 2011.Japan: Tenant sales for Vivit Square and Chitose Mall only.
Note: The above figures are on a 100% basis, where the NPI yield and occupancy of each mall are taken in their entirety regardless of CMAsinterest. This analysis takes into account all malls that were opened prior to 1 Jan 2010.(1) Refers to weighted average yield of our operational malls.(2) Refers to the weighted average committed occupancy rate.(3) When excluding The Atrium@Orchard and Iluma, NPI yield is 5.8% and occupancy is 99.7%.(4) Excluding CRCT, NPI yield on valuation as at 31 Dec 2011 is 5.2% and committed occupancy rate is 97.0%.
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Same-Mall NPI Growth (100% basis)
8
Country LocalCurrency
(mil)
FY 2011 FY 2010 Change(%)
Singapore1 S$ 643 613 4.9
China2 RMB 1,330 1,102 20.7
Malaysia3 MYR 159 137 16.3
Japan JPY 1,535 1,437 6.9
India INR 149 138 7.9
Note: The above figures are on a 100% basis, where the NPI of each mall is taken in its entirety regardless of CMAs interest.This analysis compares the performance of the same set of malls opened prior to 1 Jan 2010.
(1) Excludes JCube, which is undergoing redevelopment, Iluma, the acquisition of which by CMT was completed on 1 Apr 2011 and The Atrium@Orchard which isundergoing AEI.
(2) Excludes CapitaMall Minzhongleyuan, the acquisition of which by CRCT was completed on 30 Jun 2011. Excluding CRCT, NPI grew by 25.4%.(3) Includes new contribution from Gurney Plaza Extension. Excludes Queensbay Mall and East Coast Mall.
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10/74CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Highlights of New Retailers in Our Malls
Attracting New Retailers Through Our International Leasing Network
In Shanghai
In SingaporeIn Singapore
In ShanghaiIn Shanghai In Shanghai
9
In Penang
In Beijing
In PenangIn Singapore
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Our Key MarketsION Orchard, Singapore
C it li i C ti G th i
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Extendour leadership position
Enhanceour early mover advantage
Capitalising on Consumption Growth inOur Key Markets
Singapore China
Early mover with 56 malls in 35cities
To entrench into key cities where
CMA has economies of scale
Market leader with 20 malls
Continue to selectively pursue
strategic acquisitions and
development opportunities toextend market leadership
11
Malaysia
Consolidateshopping mall industry
Market leader with 5 malls in 4cities
Selectively acquire properties to
expand out footprint
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
8.6% 8.9%
16.4%
-2.6%
7.0%
10.5%
8.0%
10.9%11.0%
7.8%
3.5%
8.4%6.7%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Retail Sales Index yoy change (%)
Singapore: Economy Remains Stable
Source: Singapore Tourism Board,Ministry of Manpower, Singapore & Urbis
Positive Retail Sales Growth Lowest Unemployment Rate in 2011 in theLast 14 years
3
3.1
2.7
2.12.2
3.0
2.2
2.0
1.5
1.7
1.9
2.1
2.3
2.5
2.7
2.9
3.1
3.3
2005 2006 2007 2008 2009 2010 2011
Singapores Economic Growth for 2012 is Expected to be Between 1.0% to 3.0%
1
Excludes motor vehicles sales, at current price
Strong Singapore Visitor Arrivals
2
12
(mil)
(%)
7.7 7.5 7.6
6.1
8.38.9
9.810.3 10.1
9.7
11.6
13.217.5%
-2.6%
1.3%
-19.7%
36.1%
7.2% 9.0%6.2%
-1.9%-4.0%
20.2%
13.7%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
5
6
7
8
9
10
11
12
13
14
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Vistor Arrivals YOY Growth (%)
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Singapore: Consumption Continues to Grow
Strong Sales Performance for Most Trade Categories
23.4%
16.2%
9.4%7.5% 7.0% 7.0% 6.5% 6.2% 5.3% 5.0%
4.1% 3.6% 2.9% 2.6% 1.9% 1.6% 0.8%
-2.7%-5%
5%
15%
25%
35%
Telecommunication
Informa
tionTechnology
Shoes&Bags
D
epartmentStore
Jewellery&Watches
Supermarket
Music&Video
SportingGoods
H
omeFurnishing
Electrica
landElectronics
Fashion
Fo
od&Beverages
Bo
oks&Stationary
Leisure
&Entertainment
Toys&Hobbies
G
ifts&Souvenirs
BeautyandHealthRelated
Services
13
Source: CMTML, CMA
Si E t di L d hi P iti
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Singapore: Extending our Leadership PositionWith 2 Acquisitions
(1) Target to open end 2013
Total GFA: 977,037 sq ft
Westgate1 Iluma
Total GFA: 297,396 sq ft
20 Malls in Singapore
14
1 2
Singapore: Prime Location of Integrated Mall
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Singapore: Prime Location of Integrated MallAttracts Strong Sales of Residences
More than
80% ofunits sold!
Total GFA: 1,013,207 sq ft
Bedok Site
China F ndamentals in China Contin e to
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Source: National Bureau of Statistics of China
Low Unemployment Rate1
3
China: Fundamentals in China Continue toRemain Strong
Strong Potential for Shopping Mall Sector in China
16
5,9506,718
7,6418,921
10,849
13,268
15,700
18,123
2004 2005 2006 2007 2008 2009 2010 2011
Retailers Continue to Enjoy Strong Sales
2
Rising Disposable Income per Capita (RMB)Creating Stimulus for Consumption
RMB Mil
4.2%
4.1%
4.0%
4.2%
4.3%
4.1% 4.1%
2005 2006 2007 2008 2009 2010 2011
9,42210,493
11,759
13,786
15,78117,175
19,109
21,810
2004 2005 2006 2007 2008 2009 2010 2011
RMB
China: Credit Tightening Policies Presented
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Minhang Plaza, Shanghai
China: Credit Tightening Policies PresentedOpportunistic Acquisitions
Hongkou Plaza, Shanghai
Suzhou site, Suzhou Chongqing site, Chongqing1
Total of 5 Acquisitions
17
21
3 4
CapitaMall Minzhongleyuan, Wuhan
5
(1) This design may be subject to change.
Chi O d 3 M ll
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
China: Opened 3 Malls
Minhang Plaza, Shanghai CapitaMall Crystal, Beijing
18
1 2Committed
Occupancy1 of 99%Committed
Occupancy1 of 81%
Hongkou Plaza, Shanghai
CommittedOccupancy1 of 94%3
(1) As at 31 December 2011
China: Strong Growth in NPI Yields
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
China: Strong Growth in NPI Yieldsof Operational Malls
19
100% Basis
Year of Opening NPI Yield
on Cost (%)
Yield
Improvement
Tenant Sales
Growth1
FY 2011 FY 2010 FY 2011 vsFY 2010
FY 2011 vsFY 2010
20052 4.7 3.5 34% 10.1%
20063 8.0 6.4 25% 16.2%
2007 8.1 6.5 25% 15.2%
2008 4.7 3.1 52% 12.2%
2009 5.8 3.7 57% 24.6%
2010 1.9 (1.0) n.m. n.a.
(1) Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores.(2) Excludes Raffles City Shanghai.(3) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan.(4) For malls that are opened as at 31 Dec 2009.
FY 2011 NPI Yield on Cost Gross Yield on Cost
China Portfolio4 6.8% 11.8%
For more information of our portfolio, please refer to our website: http://capitamallsasia.com/corporate/portfolio.aspx
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Backed by rising disposable income and strong consumption, our malls in Chinaregistered strong improvement in both their NPI yields and tenant sales.
For malls opened in 2005 to 2009, they registered strong increase in NPI yields from
25% to 57%. Tenant sales registered double digit growth, ranging from 10.1% to 24.6%.
Our China portfolio registered strong NPI yield on cost of 6.8% and a gross yield on costof 11.8% in 2011.
20
Malaysia: Robust GDP and Retail Sales Outlook
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*21
Malaysia Retail Trade Sector Sales Value 2007 - 2012e
RM-
RM20
RM40
RM60
RM80
RM100
RM120
RM140
RM160
RM180
2007 2008 2009 2010 2011e 2012e
SalesValue(RMb
illion)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0% GrowthRate(%)
Retail Sales
Growth Rate (%)
Malaysia: Robust GDP and Retail Sales Outlook
Malaysia GDP Growth, 2007 - 2012F
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2007 2008 2009 2010 2011F 2012F
GDPinConstantPrice(RMm
illio
n)
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00% G
rowthRate(%)
GDP (RM Mil)
Growth Rate (%)
(1) Source: 2007 2010 (Department of Statistics);2011F 2012F (Economic Report 2011/2012, Ministry of FinanceMalaysia)
(2) Source: 2007-2010 (Department of Statistics); 2011-2012(F) (CBREResearch)
Healthy GDP Growth of 5.0 - 6.0%1Forecasted for 2012
Strong Retail Sales Growth of8.3%2 Forecasted for 2011 - 2015
1 2
Malaysia: Enhancing our Market Leader Position
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*22
East Coast Mall, Kuantan
Malaysia: Enhancing our Market Leader Positionwith Acquisition of East Coast Mall in Kuantan
Malaysia: Completed the Acquisition of
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*23
Queensbay Mall, Penang
Malaysia: Completed the Acquisition ofQueensbay Mall in Penang
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*CapitaMall Dongguan, Dongguan, China
Management Fee Business
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Management Fee Business
25
(1) Including 3 listed REITs & 5 private funds.(2) Earnings before interest and taxes.
10.0
15.0
20.0
31 Dec 09 31 Dec 10 31 Dec 11
S$ bil
+11.1%
+22.4%
Manager of 3 Listed REITs & 5 Private Funds
Assets Under Management of S$20.7 billion1
EBIT2
FY 2011 of S$63.6 million
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Revaluation
ION Orchard, Singapore
Operating Malls Contributed 55% of
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
p gTotal 2H 2011 Revaluation Gains
27
2H 2011 S$ mil Key highlights
Operating MallsSingapore
China
MalaysiaJapan
67.7
27.2
2.10.1
CMT portfolio and ION Orchard underpinned by capitalisationcompression based on recent transactions, improvement in NPI andstrong retail growth.CRCT, CMCIF, CRCIF and CRCDFII portfolios mainly due to strongretail sales growth and overall improvement of NPI.East Coast Mall due to lower acquisition cost versus valuation.
Total Operating Malls 97.1 55% of total valuation gain
Properties Under DevelopmentSingaporeChina
India
3.975.7
0.3
ION Orchard Link.Tianfu and Luwan as project milestones were achieved and comparablewith surrounding projects.
Total Properties UnderDevelopment
79.9 45% of total valuation gain
Total 177.0
Revaluation Gains Supported by Improvement in NPI & SustainableRetail Growth in Singapore & China
Operating Malls Contributed 64% of
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
p gTotal FY 2011 Revaluation Gains
28
FY 2011 S$ mil Key highlights
Operating MallsSingapore
China
Malaysia
Japan
128.5
80.4
13.7
(17.9)
CMT portfolio and ION Orchard underpinned by capitalisationcompression based on recent transactions, improvement in NPI andstrong retail growth.CRCT, CMCIF, CRCIF and CRCDFII portfolios mainly due to opening ofMinhang and Hongkou in 1H 2011, strong retail sales growth and overallimprovement of NPI.
CMMT portfolio and Queensbay due mainly to capitalisation compressionbased on recent transactions and improvement in NPI, as well as,acquisition of East Coast Mall in 2H 2011 at lower acquisition price.Weak market sentiment due to earthquake in 1H 2011.
Total Operating Malls 204.7 64% of total valuation gain
Properties Under DevelopmentSingapore
China
India
3.9
111.4
0.3
ION Orchard Link.
Tianfu and Luwan as project milestones were achieved and comparablewith surrounding projects.
Total Properties UnderDevelopment
115.6 36% of total valuation gain
Total 320.3
Revaluation Gains Supported by Improvement in NPI & SustainableRetail Growth in Singapore & China
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Financial Performance
Raffles City Singapore, Singapore
4Q 2011 Financial Results
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Q
(S$ mil)
20.1
70.1
55.2
163.0
66.3
277.2
PATMI1
EBIT
1
Revenue
15.1347.8400.2Rev under mgt
43.23.7cts5.3cts
NTA per share
60.5110.3177.0
EPS
4Q 2011
205.4
4Q 2010(PreviouslyReported)
144.0
Change
%
42.6
55.2
363.6
347.8
8.8cts
110.3
4Q 2010
(Restated)*
342.0
Revaluation
S$1.60 S$1.50 6.7 S$1.50
(1) Includes the provision for Hong Kong listing expenses of S$3.3 mil in 4Q 2011.
30
* The comparable 4Q 2010 results had been restated to take into account the reclassification of tax payable on distribution received from anassociated company to income tax expense to conform to current periods presentation, as well as the retrospective adjustments relatingto INT FRS 115 Agreements for the Construction of Real Estate which accounted for the incremental PATMI impact of S$198.0 mil.
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
The Groups 4Q 2011 PATMI was S$205.4 mil, a 42.6% increase as compared to S$144.0 mil previously reportedin 4Q 2010. This was mainly attributable to the higher revaluation gains of properties by 60.5% or S$66.7 mil from4Q 2010.
4Q 2010 restated PATMI of S$342.0 mil was as a result of the adoption of INT FRS 115 by The OrchardResidences. This adoption resulted in the full recognition of units sold under the deferred payment scheme ofS$198.0 mil as the project obtained TOP in 4Q 2010.
Revenue Under Management was 15.1% higher in 4Q 2011 mainly due to higher contribution from CRCT mallsand contribution from Queensbay Mall.
Revenue was 20.1% higher in 4Q 2011 mainly attributable to the rental revenue from Queensbay Mall in Malaysia
which was acquired in April 2011 and higher contributions from the fund management entities.
EBIT in 4Q 2011 was 70.1% higher than previously reported of S$163.0 mil mainly due to higher revaluation gainsof properties by S$112.3 mil and foreign exchange gain of S$14.1 mil as compared to an exchange loss of S$7.8mil in 4Q 2010 partially offset by provision for Hong Kong listing expenses of S$3.3 mil and higher staff costsattributable to an increase in headcount to support the growing business operations of the Group.
EBIT in 4Q 2011 as compared to the restated S$363.6 mil for 4Q 2010 was lower primarily due to the adoption ofINT FRS 115 as mentioned above.
31
FY 2011 Financial Results
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
(S$ mil)
0.3
27.4
245.4
472.4
246.2
601.9
PATMI1
EBIT1
Revenue
10.51,359.11,501.4Rev under mgt
7.410.9cts11.7cts
NTA per share
146.8129.8320.3
EPS
FY 2011
456.0
FY 2010(PreviouslyReported)
421.9
Change
%
8.1
245.4
603.4
1,359.1
13.9cts
129.8
FY 2010
(Restated)*
541.3
Revaluation
S$1.60 S$1.50 6.7 S$1.50
(1) Includes the provision for Hong Kong listing expenses of S$16.3 mil in FY 2011.
32
* The comparable FY 2010 results had been restated to take into account the reclassification of tax payable on distribution received from anassociated company to income tax expense to conform to current years presentation, as well as the retrospective adjustments relating to INTFRS 115 Agreements for the Construction of Real Estate which accounted for the incremental PATMI impact of S$198.0 mil.
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
The Groups FY 2011 PATMI was S$456.0 mil, a 8.1% increase as compared to S$421.9 mil previouslyreported in FY 2010. This was mainly attributable to the higher revaluation gains of properties by 146.8% orS$190.5 mil from FY 2010 but partially offset by provision for Hong Kong listing expenses of S$16.3 mil,higher staff costs attributable to an increase in headcount to support the growing business operations of theGroup and lower share of results from the Orchard Residences and higher finance cost of S$7.7 mil.
FY 2010 restated PATMI of S$541.3 mil was as a result of the adoption of INT FRS 115 by The OrchardResidences. This adoption resulted in the full recognition of units sold under the deferred payment schemeof S$198.0 mil as the project obtained TOP in 4Q 2010.
Revenue Under Management was 10.5% higher in FY 2011 mainly due to increase in contribution fromCMT/CMMT malls and malls from China Funds due to more malls openings in China.
Compared to the previously reported FY 2010, FY 2011 Revenue improved by 0.3% to S$246.2 mil, mainlydue to rental revenue from Queensbay Mall, higher contributions from the fund management entities andhigher property and project management fees. This was partially offset by the divestment of three Malaysiamalls to CMMT and Clarke Quay to CMT in July 2010.
EBIT in FY 2011 was 27.4% higher than previously reported of S$472.4 mil mainly due to higher revaluationgains of properties of fair value gain on properties by S$264.6 mil partially offset by provision for Hong Konglisting expenses of S$16.3 mil and higher staff costs attributable to an increase in headcount to support thegrowing business operations of the Group.
EBIT in FY 2011 as compared to the restated S$603.4 mil for FY 2010 was lower primarily due to theadoption of INT FRS 115 as mentioned above.
33
FY 2011 PATMI Contribution
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*34
(S$ mil)FY 2011 Contribution by Country
Spore China Msia Japan India Total
Subs
EBIT
Property Income 0 15 12 0 0 27
Disposal / Dilution Gain 8 0 7 0 0 15Revaluation 0 198 3 0 0 201
Management Fee Business 62 0 5 (3) 0 64
Foreign Exchange 0 8 (2) 1 0 7
Others 4 9 6 0 0 19
Subsidiaries Contribution to EBIT (A) 74 230 31 (2) 0 333
Assoc & JCE
Share of Results (net of interest and tax)
Property Income 124 (7) 19 2 (4) 134
Development Profits 5 0 0 0 0 5
Revaluation Excl REITs 97 58 0 (18) 0 137
Revaluation REITs 36 20 11 0 0 67
Foreign Exchange 0 6 0 0 0 6
Assoc & JCE Contribution to PATMI (B) 262 77 30 (16) (4) 349
EBIT (A) + (B) 336 307 61 (18) (4) 682
Less : Country Finance Cost, Tax and NCI (16) (101) (5) 0 0 (122)
PATMI by Country 320 206 56 (18) (4) 560
Less : Corporate and Treasury Finance Cost (104) *
Total PATMI 456
* Includes corporate costs of S$64 mil, treasury f inance costs of S$24 mil and Hong Kong listing of S$16 mi l.
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
FY 2011 PATMI contribution mainly from Singapore and China of S$320 mil and S$206 mil.
Singapore: $320 mil contributed by key drivers - revaluation gains of S$133 mil, strongproperty income of S$124 mil and management fee business of S$62 mil.
China: Contribution primarily driven by revaluation gains from China Funds and CRCT ofS$78 mil and China own properties of S$198 mil.
Administrative Expenses:FY 2011, the increase of 30.7% in administrative expenses from FY 2010 was mainly dueto the additional one-off provision for Hong Kong listing expenses of S$16.3 million,
absence of writeback of professional fees relating to CMMT listing of S$4.1 million in FY2011 and higher staff costs. Excluding the Hong Kong listing expenses and the writebackof professional fees for CMMT listing, administrative expenses would have been S$120.0million, representing a 11.7% increase from FY 2010.
For more details, please refer to pages 3 & 4 in the 2011 Full Year Unaudited FinancialStatementsAnnouncement.
35
Significant EBIT Contribution from
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Singapore & China
36
SingaporeS$336 mil,
47%
ChinaS$307 mil,
44%
MalaysiaS$61 mil,
9%
PropertyIncome
S$161 mil, 25%
RevaluationS$405 mil, 64%
ManagementFee BusinessS$64 mil, 10%
DevelopmentProfit
S$5 mil, 1%
EBIT by Country Main Contributors to EBIT
Total: S$601.9 milTotal: S$601.9 mil
Note: Includes India (-S$4 mil), Japan (-S$18 mil),HK listingexpense (-S$16 mil) and HQ costs (- S$64 mil). Note: Includes HQ Costs, Others and Foreign Exchange
Total Assets in China Exceed Singapore in 2011
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*37
Singapore,S$2,836m,40%
China,S$3,456m,49%
Malaysia,S$561m,8%
Japan,S$117m,1%
India,S$133m,2%
Total: S$7,103 mil
Breakdown of Total Assets by Country (excl Cash holding)
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Capital Management
Tampines Mall, Singapore
Healthy Balance Sheet & Liquidity Position
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
y q y
39
Change
7%
56%
35%
1%
5%
31 Dec 11
Net Debt/Equity
% Fixed Rate Debt
Ave Debt Maturity (Yr)
Cash (S$ mil)
Equity (S$ mil)
30 Sep 11
79%
6,477
976
3.9%
3.37
6,054
626
80%
6.0%
3.20
Gross Debt/Total Asset 19.7%15.2% 12.7%
Group Debt Maturity Profile as at
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
-
100
200
300
400
500
600
700
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Bank MTN and Other Capital Mkt Retail Bond
40
31 December 2011
(1) Launched on 4 Jan 2012; Assuming the retail bonds would not be redeemed early, in whole or in part, prior to 2022.
S$400mil
Bond 1
S$ million
10% NAV
CMA Groups liquidity continued to remain strong
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
CMA Group s liquidity continued to remain strong.
As at 31 December 2011, there is close to S$2 bil liquidity to meet our committedinvestments.
The Groups debt remains well diversified with a good mix of bank and capitalmarket financing.
Debt maturity profile is also well spread out with not more than 10% of CMAGroups net asset value (~S$650 mil) maturing in any year.
In January 2012, CMA has also issued a S$400 mil step-up callable 10-year retail
bonds which will further extend its average debt maturity.
With this new funding in place, CMA now has the advantage of funding flexibilityas well as the balance sheet capacity to continue to grow the businessconfidently and capitalise on potential acquisition opportunities.
41
New and Differentiated Source of Funding
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Opened the retail bond market
Raised S$900 mil; 3 launches since 2011, despite uncertainmarket
Database of >25,000 bond investors
>80% from retail and high-net worth individuals
Established platform for future funding
S$400 mil step-up callable 10-year retail bonds (issued in Jan 2012)
Longest Tenure(10 year)
Largest Amount Raised(S$400 mil)
Callable Feature(10 Non-Call 5)
Sizable source of funding
Debt management flexibility
Extend debt maturity profile
42
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Corporate Social Responsibility & Awards
My Schoolbag Program in 5 Countries
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Benefitted closeto 19,000
underprivileged
children in 5countries
44
Note: My Schoolbag is CMAs signature annual CSR program, under which the company donates schoolbags containing school and daily necessities tounderprivileged children.
Clinched a Total of 11 Green Awards for ourBuildings
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Buildings
JCube, Singapore
BCA Green Mark Platinum Award
CapitaMall Wusheng, Wuhan, China
BCA Green Mark Gold Award
45
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*46
No. Development Country Rating Achieved
1 JCube Singapore Green Mark Platinum
2 The Atrium@Orchard Singapore Green Mark Gold
3 Bugis Junction Singapore Green Mark Gold
4 Raffles City Singapore Singapore Green Mark Gold
5 CapitaMall Tianfu Chengdu, China Green Mark Gold (Provisional)
6 CapitaMall Jinniu Phase II Chengdu, China Green Mark Certified (Provisional)
7 CapitaMall Wusheng Wuhan, China Green Mark Gold (Provisional)
8 Gurney Plaza Penang, Malaysia Green Mark Gold
9 Vivit Square Tokyo, Japan CASBEE A
10 CapitaMall Xuefu Harbin, China Green Mark Certified (Provisional)
11 CapitaMall Aidemengdun Harbin, China Green Mark Certified
Awards and Accolades: 2011
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*47
Best Retail Developer in Asia byEuromoney Real Estate Awards
Best Retail Developer in China byEuromoney Real Estate Awards
Best Retail Developer in Singaporeby Euromoney Real Estate Awards
Best for Investor Relations byAsiamoney Corporate Governance
Poll
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Moving Forward
The Mines, Selangor, Malaysia
7 Malls in China & 2 Malls in Singaporeto Open in 2012
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
to Open in 2012
49
Countries
No. of Properties as at 31 Dec 2011
OperationalTarget to beopened in
2012
Target to beopened in
2013
Target to beopened in
2014 & beyond
Total
Singapore 16 2 1 1 20
China 42 7 2 5 56
Malaysia 5 - - - 5
Japan 7 - - - 7
India 2 - 2 5 9
Total 72 9 5 11 97
2 Malls Opening in Singapore
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
The Star Vista
JCube
50
1
2
7 Malls Opening in China31
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
CapitaMall Rizhao, Rizhao
CapitaMall Taiyanggong,
Beijing
CapitaMall Xuefu, Harbin
Raffles City Ningbo, Ningbo
3.
CapitaMall Xindicheng, Xian CapitaMall Wusheng, Wuhan
Raffles City Chengdu, Chengdu
7
1
2 3
65
4
51
Continue to Entrench into Key Cities & Regionsin China with Economies of Scale
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
C a t co o es o Sca e
Existing CMA malls
Locations of CMA offices
6 Regions in China
North
Northeast
East
Central
West South
52
2005
2011
Number of cities present
7 cities 35 citiesNo. of employees
323 2,300
Number of malls
7 malls 56 mallsSuzhou
China: Operational Malls Make Up More than60% of NAV
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
200516%
200629%
2007: 3%
2008: 3%
2009: 4%
2010: 4%
2011333%
20129%
201310%
2014onwards
19%
53
60% of NAV
Projects under development
Operational malls
NAV as at 31 Dec 2011: S$4.0 bil(Based on effective stakes)
Malls: 56
Operational Malls: 62% by NAV
Year of Opening
% of Portfolio byEffective Stakes
(1) Includes Raffles City Shanghai and CapitaMall Minzhongleyuan.(2) Includes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan.(3) Includes additional 50% stakes in Hongkou Plaza and Minhang Plaza, the acquisition of which is pending completion.
CMA: Operational Malls Make Up 73% of NAV
2012 to be Inflection Point for CMA
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Operational173%
201210%
20139%
2014: 3%>2014
6%
54
NAV as at 31 Dec 2011: S$7.1 bil(Based on effective stakes)
Malls: 97Operational Malls: 73% by NAV
Year of Opening
% of Portfolio byEffective Stakes
Operational malls
Projects under development
(1) Includes additional 50% stakes in Hongkou Plaza and Minhang Plaza, the acquisition of which is pending completion.
2012 to be Inflection Point for CMA
Moving into 2012: Cautiously Optimistic
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
2012 to be inflection point for CMA
Focus to deliver opening of 9 malls and rampingup of operational malls
Expenses expected to track inflation and revenuegrowth
Balance sheet and financing capacity forselective acquisitions
55
Looking ahead, Asian countries will continue to lead world economic growth. Singapore is
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
oo g a ead, s a cou t es co t ue to ead o d eco o c g o t S gapo e sforecasted to grow between 1.0% and 3.0%, while China is projected to grow 8.2% nearlyseven times the expected average growth of the advanced economies. Malaysia is expected toexpand between 5.0% and 6.0%.
2012 will be an inflection point for CMA. Based on the NAV as at 31 Dec 2011 and including theadditional 50% stakes that CMA is acquiring in Minhang Plaza and Hongkou Plaza (both inShanghai), our operational China malls now make up more than 60% of Chinas NAV. On thesame NAV basis, for our entire portfolio of 97 malls, 73% are operational with the rest to open inthe next few years. Our operational malls will provide income stability and this ties in well withour 2-thrust investment and development strategy1.
We target to open nine malls this year seven in China and two in Singapore.
Going forward, we expect our expenses to be in line with inflation and revenue growth as weentrench in the cities and regions that we are currently in and achieve economies of scale.
With our strong balance sheet and gearing capacity, we remain ready and flexible for bothselective acquisitions as well as any challenges in the macro environment.
Note:(1) Refers to rental income derived from our operational investment properties and developing of new malls in key markets.
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Thank You
For enquiries from analysts/investors,please contact:Caroline Fong
Investor RelationsTel: (65) 6536 1188Fax: (65) 6536 3884
Email: caroline.fong@capitaland.comhttp://www.capitamallsasia.com
57
Acknowledgements:CapitaLand-National Geographic Channel Building People Photographic Contest 2011 Divider page of presentation: Clarke Quay by Olivia Koh Ai Lyn (Singapore), ION Orchard by Shanti Haniyarti (Indonesia), TampinesMall by Dennis Lee Her Meng (Singapore), The Mines, Selangor by Jennifer Thomas (Malaysia)
Financial Results of CMT, CRCT & CMMT
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
FY 2011 financial results18 Jan 2012
http://www.capitamall.com/ir_financial_results.html
FY 2011 financial results26 Jan 2012
http://www.capitaretailchina.com/ir_financial_result.html
FY 2011 financial results19 Jan 2012
http://www.capitamallsmalaysia.com/financials.html
58
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Appendix
Clarke Quay, Singapore
Geographical Segments (100% Basis)As at 31 Dec 2011 Singapore China Malaysia Japan India Total
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*60
49%
42%
5%
2%2%
Singapore China Malaysia Japan India
(1) For projects under development, GFA is estimated.(2) For committed projects whose acquisitions have not been completed, property value is based on deposits paid.
GFA (mil sq ft)1 13.2 61.1 4.7 1.8 6.6 87.4
Property Value (S$ bil)2 14.5 12.5 1.4 0.6 0.4 29.4
No. of Malls 20 56 5 7 9 97
21%
58%
5%
7%
9%
GFA Property Value No. of Malls
16%
70%
5%2%
7%
NPI Breakdown by Country (effective stake)
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*61
Note: The above figures are on the basis of CMAs effective stakes in the respective properties. This analysis takes intoaccount all malls that were open as at 31 Dec 2011 and 31 Dec 2010 respectively.
(1) Excludes JCube, which is undergoing redevelopment. Clarke Quay was monetised to CMT in Jul 2010,while Iluma was acquired by CMT in April 2011.(2) The China portfolio includes Raffles City portfolio but excludes malls swapped out under the SZITIC Asset Swap arrangement announced by CapitaLand
Limited on 29 September 2009. The Asset Swap is assumed to be completed on 1 Jan 2010.(3) Gurney Plaza, Sungei Wang Plaza and The Mines were monetised to CMMT in Jul 2010.(4) Decrease in effective-stake basis NPI is due to pre-opening costs of Celebration Mall, Udaipur.
Country LocalCurrency
(mil)
FY 2011 FY 2010
Singapore1 S$ 197 197
China2 RMB 354 264
Malaysia3 RM 94 99
Japan JPY 404 378
India4 INR 8 22
Review of Financial Performance By Country
Healthy ROE and Strong Contribution from Singapore, China and Malaysia
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*62
Notes: figures are rounded for presentational purposes
(1) NAV is estimated based on CMAs proportionate share of property book value plus cash and less debt as at 31 Dec 2011.Excludes additional 50% stakes in Minhang Plaza and Hongkou Plaza, the acquisition of which is pending completion.(2) ROE is defined as PATMI divided by CMAs effective stake of NAV.(3) Japans loss mainly due to revaluation losses and Indias loss mainly due to pre -operation expenses of Celebration Mall.(4) HQ Corporate, treasury costs and Hong Kong listing expenses.(5) Net Cash/(Debt) at Treasury and Country HQs.
In S$ mil Singapore China Malaysia Japan India HQ Total
FY 2011 PATMI320 206 56 (18) (4) (104)
4
456
Total NAV1 2,800 3,200 500 100 100 (400)5 6,300
- Completed Property 2,100 1,600 500 100 40 - 4,340
- Projects underDevelopment
700 1,600 - - 60 - 2,360
ROE2based on Total NAV
11% 6% 11% (16%)3 (5%)3 - 7%
ROE2
based on CompletedProperty NAV
15% 13% 11% (16%)3 (15%)3 - 11%
Healthy ROE and Strong Contribution from Singapore, China and Malaysia
4Q 2011 PATMI Contribution(S$ mil)
4Q 2011 Contribution by Country
Spore China Msia Japan India Total
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
S pore China M sia Japan India Total
Subs
EBIT
Property Income 0 4 4 0 0 8
Dilution Gain 6 0 7 0 0 13
Revaluation 0 133 0 0 0 133
Management Fee Business 13 (4) 3 (1) 0 11
Foreign Exchange 0 12 1 1 0 14
Others 3 0 1 0 0 4
Subsidiaries Contribution to EBIT (A) 22 145 16 0 0 183
Assoc & JCE
Share of Results (net of interest and tax)
Property Income 31 (4) 5 0 0 32
Development Profits (7)1 0 0 0 0 (7)
Revaluation Excl REITs 62 16 0 0 0 78
Revaluation REITs 11 8 2 0 0 21
Foreign Exchange 0 2 0 0 0 2
Assoc & JCE Contribution to PATMI (B) 97 22 7 0 0 126
EBIT (A) + (B) 119 167 23 0 0 309
Less : Country Finance Cost, Tax and NCI (5) (59) (2) 0 0 (66)
PATMI by Country 114 108 21 0 0 243
Less : Corporate and Treasury Finance Cost (37) *
Total PATMI 206
63
(1) Includes expenses relating to the Bedok Residences launched in 4Q 2011 and finalisation of costs at The Orchard Residences.
* Includes corporate costs of S$29 mil, treasury f inance costs of S$5 mil and Hong Kong listing expenses of S$3 mi l.
Statement of Financial PositionSubsidiaries (S$ mil) 31 Dec 2011 31 Dec 2010
5 China malls
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
(51% owned by CMA and
49% owned by CMCIF)
Queensbay Mall
One North
CapitaMall Tianfu
CapitaMall Luwan
JCEs & Associates
Orchard Residences
ION Orchard
Bedok Site,Westgate and others
CMT 1,527 1,513
CRCT 206 159
CMMT 285 251
Private Funds & Others 1,503 1,197
Cash & Cash Equivalents4 976 1,318
Others Investments 426 379
Other Assets 339 528
Total Assets 8,078
Other Liabilities 371 394
Debt5 1,230 700
Non-Controlling Interest 250 60
Equity attributable to owners 6,227 5,828
1,044
Other Assets
Liabilities
Jointly-Controlled Entities3
Associates
1,137
Investment Properties (IP)1 619 304
Properties Under Development (PUD)21,060 289
6,982
64
1. The increase was mainly due to acquisition of Queensbay Mall in Malaysia.
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
2. The increase was mainly due to acquisition of Luwan Integrated Development (Luwan),development cost capitalised for The Star Vista and CapitaMall Tianfu (Tianfu) andrevaluation gain recognised for Luwan and Tianfu.
3. The increase was mainly due to loans to JCEs for Bedok and Westgate. This was partiallyoffset by repayment of shareholders loan and dividend from Orchard Turn Holdings PteLtd.
4. The decrease was mainly due to the loans extended out to JCEs for Westgate, payment foracquisition of Raffles City Changning and Luwan and payment of dividends for 2010 and2011.
5. The increase was mainly due to the issuance of S$200 mil of retail bonds, S$82 mil ofsenior notes and a new loan drawn down of S$260 mil.
65
1,40010.0%
NPI Growth Supported by Strong Tenant Sales(100% basis)
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
(1.9%)
3.6%5.1%
6.1% 6.4%
8.0%
5.9%
300
700
1,100
1,500
1,900
2,3002,700
3,100
3,500
3,900
-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%
7.0%8.0%9.0%
10.0%
2005 2006 2007 2008 2009 2010 2011
(1.4%) (0.8%)0.9%
1.9%
3.1% 3.5%4.7% 4.7%
400
600
800
1,000
1,200
(2.0%)(1.0%)
0.0%1.0%2.0%3.0%
4.0%5.0%6.0%7.0%8.0%9.0%
2005 2006 2007 2008 2009 2010 2011
NPI Yield on CostNPI Yield on Valuation
Tenant Sales Growth (FY 2011 vs FY 2010).Tenant sales
are based on a same-mall basis (100%) and excludes sales
from supermarkets and department stores.
20051
20062
10.1%
16.2%
+111%
+63% +13%
+34%
+42%+20%
+5%
+25%
Year of OpeningValuation Trend (100% basis, RMB mil)
Note: Please refer to our Property Details Spreadsheet for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx.(1) Excludes Raffles City Shanghai(2) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall
Saihan
66
Note: Please refer to our Property Details Spreadsheet for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx.
8.1%2 250
2,500
9.0%
10.0%
+25%
NPI Growth Supported by Strong Tenant Sales(100% basis)
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
(0.03%)
4.7%5.7%
6.5%5.9%
750
1,000
1,250
1,500
1,750
2,000
2,250
-1.0%
0.0%
1.0%
2.0%3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2005 2006 2007 2008 2009 2010 2011
Year of Opening
NPI Yield on Cost
NPI Yield on Valuation
2007+21%
+14%
Tenant Sales Growth (FY 2011 vs FY 2010).Tenant salesare based on a same-mall basis (100%) and excludes sales
from supermarkets and department stores.
+25%
Valuation Trend (100% basis, RMB mil)
Note: Please refer to our Property Details Spreadsheet for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx.
67
(0.6%)
2.7% 3.1%4.7% 4.5%
2400
2600
2800
3000
3200
-0.02
-0.01
0
0.01
0.02
0.03
0.040.05
0.06
0.07
0.08
0.09
0.1
2005 2006 2007 2008 2009 2010 2011
2008
15.2%
12.2%+24%
+52%
5,2500.1
NPI Growth Supported by Strong Tenant Sales(100% basis)
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
1.9% 1.8%
2,500
2,525
2,550
2,575
2,600
2,6252,650
2,675
2,700
-0.01
0
0.01
0.02
0.03
0.04
0.05
0.060.07
0.08
0.09
0.1
2005 2006 2007 2008 2009 2010 2011
(0.7%)
3.7%
5.8%
4.6%
3,500
3,750
4,000
4,250
4,500
4,750
5,000
-0.01
0
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
2005 2006 2007 2008 2009 2010 2011
Year of Opening
NPI Yield on Cost
NPI Yield on Valuation
2009
2010
24.6%+57%
(1.0%)
Valuation Trend (100% basis, RMB mil)
68
Tenant Sales Growth (FY 2011 vs FY 2010).Tenant sales
are based on a same-mall basis (100%) and excludes sales
from supermarkets and department stores.
Note: Please refer to our Property Details Spreadsheet for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx.
Case Study: CapitaMall Wangjing, Beijing
8 7 9 5
CAGR 7%
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
8.7% 8.9% 9.3%9.8%
11.4%
2007 2008 2009 2010 2011
69
7.4 7.6 7.9 8.79.5
2007 2008 2009 2010 2011
Shopper traffic
(mil)
805 1,018 1,0061,320
1,573
2007 2008 2009 2010 2011
Tenant sales psm
(RMB/sqm/m)
CAGR 18%
NPI yield
(On cost)
Valuation
(RMB mil)
1,193 1,220 1,239 1,3621,506
2007 2008 2009 2010 2011
GrossYield
16.2%
11%
16%
Case Study: CapitaMall Guicheng, FoshanCAGR 10%
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*70
Shopper traffic
(mil)6.2 7.4 7.2
7.9 9.0
2007 2008 2009 2010 2011
Tenant sales psm
(RMB/sqm/m)
614824 845 893 963
2007 2008 2009 2010 2011
CAGR 12%
333 334 351 370460
2007 2008 2009 2010 2011
Valuation
(RMB mil)
NPI yield
(On cost) 2.9%5.9% 6.5% 7.1%
8.7%
2007 2008 2009 2010 2011
GrossYield:17.6%
24%
23%
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*Raffles City Beijing, Beijing, China Development Projects
CapitaMall Jinniu Phase II, Chengdu, ChinaOpening in 2013
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Total GFA: 90,600 sqm
72
CapitaMall Tianfu, Chengdu, ChinaOpening in 2013
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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*
Total GFA: 197,064 sqm
73