CAPITARETAIL CHINA TRUST (CRCT)...2010/05/19 · Saihan Mall 12,113 11,875 Xinwu Mall 138,992 4,824...

CAPITARETAIL CHINA TRUST (CRCT)First China Shopping Mall S-REIT

Merrill Lynch Asian Stars Conference

19 May 2010

Merrill Lynch Asian Stars *19 May 2010*

This presentation shall be read in conjunction with paragraph 8 of CRCT’s Unaudited Financial

Statement and Distribution Announcement for First Quarter 2010.

This presentation may contain forward-looking statements that involve assumptions, risks and

uncertainties. Actual future performance, 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 similar

developments, 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 policy changes, 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 of management on future events.

Disclaimer

1


1. Financial Results 1Q 2010

2. Portfolio Update 1Q 2010

Contents

2


Financial Results 1Q 2010

3


Financial Results

1Q 2010 NPI in RMB exceeds 1Q 2009 by 7.5%

Gross revenue (RMB’000)

NPI (RMB’000)

DPU (Singapore cents)

Annualised DPU (Singapore cents)

Annualised distribution yield(Based on unit price of S$1.23 on 31 Mar 2010)

2.14¢

143,265

93,904

8.68¢

2.14¢

138,992

87,390

8.68¢

N.M.

-

3.1%

7.5%

N.M.

1Q 2010Actual

1Q 2009Actual

Change

4

-

7.1%

Annualised distribution yield(Based on unit price of S$1.24 on 23 Apr 2010)

N.M. N.M.7.0%


0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000

Wangjing Mall

Jiulong Mall

Qibao Mall

Anzhen Mall

Zhengzhou Mall

143,265

32,579

16,375

10,093

6,276

19,514

33,455

9,999

19,320

RMB’000

Xizhimen Mall

Saihan Mall

12,11311,875

Xinwu Mall

138,992

4,824

4,930

17,276

5,521

CRCT Portfolio

41,491

36,616

3.1%

1Q 2010 1Q 2009

Property Gross Revenue (in RMB):1Q2010 vs 1Q 2009

5


0 10,000 20,000 30,000 40,000 50,000 60,000

49,361

9,242

2,031

2,547

3,976

2,260

9,798

3,420

2,213

4.3%

RMB’000

4,053

4,520

51,602

11,916

12,002

2,018

3,451

Qibao Mall

Wangjing Mall

Anzhen Mall

Jiulong Mall

Zhengzhou Mall

Saihan Mall

Xizhimen Mall

Xinwu Mall

CRCT Portfolio

13,33614,180

6

1Q 2010 1Q 2009

Property Operating Expenses (in RMB):1Q2010 vs 1Q 2009


0 20,000 40,000 60,000 80,000 100,000

93,904

23,337

8,062

16,967

2,300

9,853

23,657

15,900

9,662

RMB’000

771410

87,390

4,459

5,274

7,981

2,070

Wangjing Mall

Anzhen Mall

Jiulong Mall

Zhengzhou Mall

Saihan Mall

Xizhimen Mall

Qibao Mall

Xinwu Mall

CRCT Portfolio

28,155

22,436

7.5%

7

1Q 2010 1Q 2009

Net Property Income (in RMB):1Q2010 vs 1Q 2009


Wangjing Mall

Anzhen Mall

Jiulong Mall

Zhengzhou Mall

Saihan Mall

Xizhimen Mall

Qibao Mall

Xinwu Mall

CRCT Portfolio

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000

29,507

6,710

2,078

4,019

1,293

2,494

7,318

4,227

2,597

SGD’000

9941,079

30,403

3,3733,779

2,187

1,207

8,546

8,009

2.9%

8

1Q 2010 1Q 2009

Property Gross Revenue (in SGD):1Q2010 vs 1Q 2009


0 4,000 8,000 12,000 16,000 20,000

19,341

4,807

1,660

3,494

474

2,029

5,175

3,478

2,113

SGD’000

15990

19,116

919

1,155

1,746

452

Wangjing Mall

Anzhen Mall

Jiulong Mall

Zhengzhou Mall

Saihan Mall

Xizhimen Mall

Qibao Mall

Xinwu Mall

CRCT Portfolio

5,7994,907

1.2%

9

1Q 2010 1Q 2009

Net Property Income (in SGD):1Q2010 vs 1Q 2009


Gearing Ratio

Interest Cover

Average Cost of Debt

33.8%

7.5 times

2.4%

Key Statistics of CRCTDebt Maturity Profile

* Net of transaction costs.

Fixed

Rate

48.2%

Variable

Rate

51.8%

200.5

87.3 *

83.0

44.9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

Total Borrowings 2010 2011 2012

Anzhen - Secured (Variable Rate) -Onshore Loan

Trust - Unsecured Money Market Line

Trust - Unsecured Term Loan

68.2%

21.0%

10.8%

S$415.7 m

SGD’ million

In February, we successfully

refinanced the S$88.0 million

term loan at competitive rate.

Debt Capital Information (as at 31 Mar 2010)

10


As of 31 Mar 2010

Investment properties

Other assets

Financial derivatives assets

Cash and cash equivalents

Total Assets

Interest-bearing borrowings

Deferred tax liabilities

Financial derivatives liabilities

Other liabilities

Total Liabilities

Non-controlling interest

S$’000

1,176,099

12,086

7,338

20,700

1,216,223

415,693

35,933

1,878

64,351

517,855

15,909

Net assets attributable to unitholders (S$’000)

Units In Issue (‘000 units)

Net Asset Value (NAV) per unit

Adjusted NAV per unit(net of distribution)

682,459

623,484

S$1.09

S$1.07

11

Balance Sheet


Portfolio Update 1Q 2010

12


1. Excluding gross turnover component.2. Majority of leases have rental escalation clause.

From 1 January to 31 March 2010 (excluding newly created units)

PropertyNo. of new leases/

renewals

Variance over preceding rental 1, 2

(%)

Wangjing Mall 21 +9.2

Qibao Mall 4 - 5.2

Xinwu Mall 4 -2.3

Xizhimen Mall 19 -1.3

Saihan Mall 4 -5.7

CRCT Portfolio 52 +2.4

Overall portfolio rent renewals up 2.4%

Summary of Renewals/ New Leases

13


As of

31 Mar 091As of

30 Jun 091As of

30 Sep 091As of

31 Dec 091As of

31 Mar 101

Xizhimen Mall 95.7% 95.4% 96.8% 94.8% 95.6%

Wangjing Mall 99.8% 98.8% 98.1% 98.1% 98.9%

Anzhen Mall 100% 100% 100% 100% 100%

Zhengzhou Mall 100% 100% 100% 100% 100%

Jiulong Mall 100% 100% 100% 100% 100%

Saihan Mall 96.7%2 86.2%3 79.4%3 92.6%4 94.1%4

Qibao Mall 87.2% 87.4% 85.8% 82.1% 81.0%

Xinwu Mall 93.7% 94.6% 93.8% 92.3% 90.1%

CRCT Portfolio5 96.7% 95.7% 95.0% 95.0% 95.2%

1. Based on committed leases.2. Based on area ready for occupation at Saihan Mall (Phase 1a).3. Based on area ready for occupation at Saihan Mall (Phase 1a & 1b).4. Based on total rentable area at Saihan Mall.5. Based on CRCT’s 51.0% ownership interest of Xinwu Mall.

Occupancy rates remain stable during the quarter

14

Committed Occupancy Rates by Property


No. of Leases1 RMB’000 % of total (Mar 10)3,4

Gross Rental Income2

2010

2011

2012

2013

2014

Beyond 2014

1. Based on all committed leases as of 31 Mar 2010. 2. Based on CRCT’s 51.0% ownership interest of Xinwu Mall.3. As percentage of total gross rental income for the month of Mar 2010.4. Any discrepancies in the tables between the listed figures and totals thereof are due to rounding. Where applicable, figures and percentages are

rounded to one decimal place.

CRCT Portfolio Weighted average lease term to expiry

By Gross Rent2 7.5 years

By Gross Rentable Area2 10.7 years

414

171

81

43

16

36

As of 31 Mar 2010

9,467

5,655

5,310

3,530

923

20,367

20.9%

12.5%

11.7%

7.8%

2.0%

45.0%

15

Portfolio Lease Expiry Profile (By Year)


No. of Leases1

RMB’000% of total (Mar 10)3

Gross Rental Income2

Xizhimen Mall

Wangjing Mall

Anzhen Mall

Zhengzhou Mall

Jiulong Mall

Saihan Mall

Qibao Mall

Xinwu Mall

97

77

0

0

1

85

59

95

4,552

2,310

0

0

175

503

1,591

336

34.2%

22.3%

0.0%

0.0%

5.2%

28.1%

32.5%

35.0%

sq m % of total

Gross Rentable Area2

14,089

7,910

0

0

660

7,548

6,294

2,537

17.6%

11.7%

0.0%

0.0%

1.3%

18.0%

8.7%

10.9%

1. Based on all committed leases as of 31 Mar 2010. 2. Based on CRCT’s 51.0% ownership interest of Xinwu Mall.3. As percentage of total gross rental income for the month of Mar 2010.

16

As of 31 Mar 2010

Portfolio Lease Expiry Profile for 2010


Includes only tenants at Xizhimen Mall, Wangjing Mall, Saihan Mall, Qibao Mall and Xinwu Mall. Excludes Anzhen, Zhengzhou, and Jiulong Mall which are under master leases arrangement.

17

Improving Total Tenant Sales

5.0% 10.1% 7.8%

0

100

200

300

400

500

600

700

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010

Av

e.

mo

nth

ly s

ale

s (

RM

B p

sm

)

Total tenant sales increased by 20.0% Y-o-Y and 9.0% Q-o-Q


Includes only shopper traffic data at Xizhimen Mall, Wangjing Mall, Saihan Mall, Qibao Mall and Xinwu Mall. Jiulong Mall, Anzhen Mall and Zhengzhou Mall do not have traffic counters.

18

Shopper Traffic increased by 6.3% Y-o-Y and decreased 3.1% Q-o-Q

100,000

110,000

120,000

130,000

140,000

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010

Portfolio Shopper Traffic

Ave. Daily No. of Shoppers


Retailers Brand Names Trade Category % of Gross Rental Income (Mar 10)北京华联集团投资控股有限公司 Beijing Hualian Supermarket Supermarket 30.9%Beijing Hualian Department Store Department Store

Costa Coffee Food & Beverages上海联家超市有限公司1Carrefour Supermarket 5.4%北京家乐福商业有限公司1绫致时装（天津）有限公司 Only / Jack & Jones / Selected / Fashion & Accessories 3.0%Vero Moda北京百安居装饰建材有限公司 B&Q Houseware & Furnishings 2.4%上海运动宝体育用品商业有限公司 Sports 100 Sporting Goods & Apparel 1.9%北京肯德基有限公司1 KFC

Food & Beverages 1.4%

上海肯德基有限公司1 Pizza Hut南京肯德基有限公司1天津肯德基有限公司1北京必胜客比萨饼有限公司1北京为之味餐饮有限公司金汤玉线 / “川成元”麻辣香锅 / 姑姑宴 / 夹拣成厨麻辣烫 / 麻辣烫/港仔码头 Food & Beverages 1.2%上海国美电器有限公司 Gome Electrical & Electronics 1.2%北京兴宇班尼路服装服饰有限公司 Ebase / 阿童木 /Calvin Klein Jeans Fashion & Accessories 1.0%/ In-Base沃尔玛深国投百货有限公司中山北路分店 Wal-Mart Supermarket 1.0%

As of 31 Mar 2010

Top 10 Retailers

1. Under the same group of companies.

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Merrill Lynch Asian Stars *19 May 2010*20

By Gross Rent By Net Lettable Area

As of 31 Mar 2010

Trade Sector Analysis

39.7%39.7%39.7%39.7%7.4%7.4%7.4%7.4%24.3%24.3%24.3%24.3%0.9%0.9%0.9%0.9%4.9%4.9%4.9%4.9%5.0%5.0%5.0%5.0%

6.6%6.6%6.6%6.6%4.5%4.5%4.5%4.5%2.4%2.4%2.4%2.4%4.3%4.3%4.3%4.3%

Department Store Fashion & Accessories Food & Beverages

Supermarket Beauty & Health Related Houseware & Furnishings

Leisure & Entertainment Shoes & Bags Sporting Goods & Apparel

Others

20.0%20.0%20.0%20.0%14.7%14.7%14.7%14.7%10.4%10.4%10.4%10.4%6.7%6.7%6.7%6.7%3.4%3.4%3.4%3.4%2.4%2.4%2.4%2.4%2.9%2.9%2.9%2.9%3.0%3.0%3.0%3.0% 9.7%9.7%9.7%9.7% 26.8%26.8%26.8%26.8%


Theater

Ticket CounterCoffee Bar

Hallway

Hall 6

Hall 3

Hall 2

Hall1

Hall 4

Entrance

Hall 5

Food & beverage outlets

with street view

Gla

ss c

urt

ain

wa

ll w

ith

str

ee

t fr

on

tag

e

Updates at Saihan Mall – Level 4AEIs were largely completed

L4 repositioned as entertainment and F&B destination

• Secured Jinyi Cinema (金逸电影院) - one of the largest cinema operators in China

• 5-star theatre occupying 2,769 sqm, with 6 halls

• Scheduled opening in 4Q 2010

*Artist’s impressions

21

Merrill Lynch Asian Stars *19 May 2010*22

For enquiries, please contact:

Angela Tay (Ms)

Investor Relations

Tel: +65 6826 5569

Fax: +65 6536 3884

Email: [email protected]

http://www.capitaretailchina.com

CAPITARETAIL CHINA TRUST (CRCT)...2010/05/19 · Saihan Mall 12,113 11,875 Xinwu Mall 138,992 4,824...

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