CapitaLand 3Q 2005 Results 3Q 2005 Results CapitaLand 11 November 2005
Disclaimer Disclaimer These slides may contain forward-looking statements that involve 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, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, 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 current view of management on future events. CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
9M 2005 Financial Results 9M 2005 Financial Results (S$ million) Continuing Operations 9M 2004 9M 2005 Change Continuing Operations 2,113.4 2,946.8 39.4% Revenue 554.1 630.2 13.7% EBIT 370.0 438.0 18.4% PBT 190.8 243.5 27.6% PATMI All Operations All Operations Change 657.3* 238.5% PATMI (Total) 194.2 25.2 227.3% EPS (S cents) 7.7 * 9M 2005 total PATMI includes divestment gains from the sale of PREMAS (S$31.1 mil) and the hotel business (S$364.4 mil) CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Key Financial Ratios Key Financial Ratios 9M 2004 9M 2005 Change EPS (S cents) 7.7 25.2 Improved NTA per share (S$) 2.08 2.30 Improved Net Debt / Equity 0.68 0.35 Improved Interest Cover Ratio (ICR) 4.5 10.4 Improved Interest Service Ratio (ISR) 4.3 7.7 Improved Strong Financial Capacity Strong Financial Capacity Strong Financial Capacity ICR = EBITDA Net Interest Expense ISR = Operating cashflow Net Interest Paid CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Analysis Of Revenue By SBU Analysis Of Revenue By SBU SBU Change Comments 9M 2004 9M 2005 (S$ m ) (S$ m) Residential • Better sales across all regions, particularly Australia which 1,531.5 2,319.4 51.4% included Freshwater Commercial Tower & residential developments recognised upon completion. • Sold more Singapore units at higher value per transaction. Commercial & • De-consolidation of 7 buildings transferred to CCT, sale of 213.0 94.8 (55.5%) Integrated Dev 268 Orchard Rd & Canary Riverside apts in 2004 offset by divestment gains of Pidemco Tower Shanghai in 2005. • Lower project management revenue from One George St. Retail • Divestment of Plaza Singapura to CMT (Aug 04) and lower 75.5 31.6 (58.1%) project management fee from asset enhancement in Junction 8 partly offset by new China malls contributions. Financial Svcs • Higher fund management fees from enlarged AUM. 32.0 41.1 28.3% • Increased revenue from structuring and advisory business. Serviced • Consolidation of Citadines and improved performance by 156.6 331.4 111.6% Residences serviced residence operations in China. Others • Improved contribution from RC Hotels. 128.5 104.7 22.7% Discontinued • De-consolidation of PREMAS partially mitigated by recovery 476.4 458.2 (3.8%) operations in global travel and demand for hotel business. Revenue 2,589.8 3,405.0 31.5% CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Analysis Of EBIT By SBU Analysis Of EBIT By SBU Comments SBU 9M 2004 9M 2005 Change (S$ m) (S$ m) Residential • Increased EBIT due to higher contributions from 303.4 278.4 9.0% stapling of AWPT 4&5, stronger sales in Singapore. • China operations stable despite government measures. Commercial & • Divestment gain from Pidemco Tower & Moorgate more 94.7 109.9 16.1% Integrated Dev than offset contribution loss from de-consolidation of 7 buildings transferred to CCT, lower management fee from One George St & gain from disposal of Shinjuku Square Tower. Retail • Higher share of results from CMT insufficient to offset 51.8 39.6 (23.6%) contribution from divested Plaza Singapura. • Higher recurring fund management, advisory and Financial Svcs 25.1 24.3 3.3% structuring fees. Serviced • Improved contributions from core serviced residence 66.8 95.7 43.3% Residences operations in China and Europe. • Improved RevPAR and higher interest income. Others 56.5 38.1 48.3% Discontinued • Improved RevPAR and divestment gains from hotel 19.4 706.3 nm operations business and PREMAS. EBIT 573.5 1,336.5 133.0% CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Overseas Contributions – – 9M 2005 9M 2005 Overseas Contributions Continuing Operations Continuing Operations 47% of Assets 7% of Assets Overseas contributed 69% 9% 4 as contributed 6 Overse o Group EBIT to Group EBIT t By Geographical Location Total Assets Revenue EBIT Australia & NZ China China 13% 51% Asia* 29% 8% Australia & NZ Australia & NZ 23% 18% Asia* China Europe 12% 8% 8% Europe Asia* Europe 7% 2% 9% Singapore Singapore Singapore 53% 31% 28% Total: S$16.7b Total: S$16.7b Total: S$2,946.8m Total: S$630.2m Total: S$2,946.8m Total: S$630.2m * Exclude China & Singapore 7 CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Overseas EBIT Growth Overseas EBIT Growth Continuing Operations Continuing Operations Overseas EBIT Growth 725 (S$ million) 478 434 425 420 340 295 196 177 111 74 (110) 2000 2001 2002 2003 2004 9M05 Singapore Overseas CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Robust Balance Sheet Robust Balance Sheet 77% 74% 68% 65% 43% 42% % of Fixed Rate Loans 2000 2001 2002 2003 2004 9M05 S$423m S$408m S$284m S$272m S$256m* S$241m Finance Costs 2000 2001 2002 2003 2004 9M05 S$8.2b S$6.9b S$6.2b S$5.7b S$5.3b Net Debt S$3.1b 2000 2001 2002 2003 2004 9M05 * Annualised figure CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Improved Financial Profile Improved Financial Profile 0.92 0.87 0.77 0.72 0.71 Gearing 0.35 2000 2001 2002 2003 2004 9M05 10.4 4.8 3.6 3.4 Interest Cover Ratio 0.9 0.7 2000 2001 2002 2003 2004 9M05 7.7 5.3 5.1 4.6 3.3 2.7 Interest Service Ratio 2000 2001 2002 2003 2004 9M05 CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
9M 2005 Financial Results 9M 2005 Financial Results Combining Continuing & Discontinued Ops Combining Continuing & Discontinued Ops 9M 2004 9M 2005 Change (S$ million) Revenue 2,589.8 3,405.0 31.5% EBIT 573.5 1,336.5 133.0% PBT 383.1 1,138.7 197.3% PATMI 194.2 657.3 238.5% CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Residential Geographical Breakdown Residential Geographical Breakdown Revenue (S$ million) 9M 2004 9M 2005 Change Singapore 446 521 17% China 290 321 11% Australia & Others 796 1,477 86% Total 1,532 2,319 51% EBIT (S$ million) 9M 2004 9M 2005 Change Singapore 36 37 4% China 103 103 - Australia & Others 139 163 17% Total 278 303 9% CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Stages of Income Recognition - - S’pore S’pore Stages of Income Recognition PROJECT UNITS % Sold* % Completed Sep-05 Sep-05 Launched in 2002 Casabella 82 73% 98% Launched in 2003 The Imperial 187 90% 55% The Botanic on Lloyd 66 89% 67% Launched in 2004/2005 Tanglin Residences 43 67% 100% Varsity Park Condominium 448 69% 9% (launched) Citylights 390 46% 18% (launched) RiverGate 370 53% 4% (launched) * Actual booking of proceeds based on S&P exchanged and revenue accrued based on same basis. CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Stages of Income Recognition - - China China Stages of Income Recognition PROJECT UNITS % Sold* % Completed Sep-05 Sep-05 La Cité 712 100% 100% Oasis Riviera II 446 100% 51% (launched) Oasis Riviera III 328 50% 54% (launched) La Forêt (Zone A) 172 97% 99% (launched) La Forêt (Zone B) 495 56% 49% (launched) * Actual booking of proceeds based on S&P exchanged and revenue accrued based on same basis. CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
Singapore Residential – – New Launches New Launches Singapore Residential Project Description Citylights (Ph 2), 99-year leasehold 210 high-rise city units awaiting launch RiverGate (Phase 2), Freehold 175 riverfront units awaiting launch RiverEdge, 99-year leasehold 135-unit riverfront development Melia at Scotts site, Freehold 80-unit luxury city development Meyer Tower/First Mansion site 350-unit freehold development at East Coast Tanglin Residences Residences Tanglin RiverGate RiverGate CapitaLand 3Q 2005 Presentation * 11 November 2005 * Singapore
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