CapitaLand Retail China Trust Financial Results for FY 2018 1 February 2019 0 Financial Results for FY 2018 *1 February 2019*
Disclaimer 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 other developments 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 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. 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 or correctness of the information or opinions contained in this presentation. Neither CapitaLand Retail China Trust Management Limited (the “Manager”) or any of its affiliates, 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 CapitaLand Retail China Trust (“CRCT”) is not indicative of the future performance of CRCT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in CRCT (“Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they will have no right to request that the Manager redeem or purchase their Units for as long as the Units are listed on the Singapore Exchange Securities Trading Limited (“SGX - ST”) . It is intended that holders of Units (Unitholders) may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units. 1 Financial Results for FY 2018 *1 February 2019*
Contents 4Q 2018 and FY 2018 Key Highlights ▪ Financial Highlights ▪ Capital Management ▪ Portfolio Update ▪ Rock Square, Guangzhou Proactive Asset Management ▪ Outlook ▪ Appendix ▪ CapitaMall Grand Canyon, Beijing 2 Financial Results for FY 2018 *1 February 2019*
4Q 2018 and FY 2018 Key Highlights 4Q 2018 FY 2018 Distributable Income 1 Distributable Income 1 (S$ million) (S$ million) S$23.7 S$99.7 million million 7.7% y-o-y 9.4% y-o-y 4Q 2018 DPU 2 FY 2018 DPU 2 (S cents) (S cents) 2.42 10.22 cents cents 2.1% y-o-y 1.2% y-o-y 6.1% y-o-y 7.6% y-o-y Adjusted 4Q 2017 DPU Adjusted FY 2017 DPU of 2.28 3 cents of 9.50 3 cents Notes: 1. Includes distributable income contribution from 51% interest in Rock Square which is accounted for as a joint venture. 2. 4Q 2018 DPU was based on 980.5 million Units. FY 2018 DPU was based on 969.9 million Units from 1 Jan 2018 to 30 Jun 2018 and 980.5 million Units from 1 Jul 2018 to 31 Dec 2018. 3. Adjusted DPU for 4Q 2017 of 2.28 cents was based on 966.2 million Units and FY 2017 of 9.50 cents was based on 953.1 million Units from 1 Jan 2017 to 30 Jun 2017 and 966.2 million Units from 1 Jul 2017 to 31 Dec 2017. 3 Financial Results for FY 2018 *1 February 2019*
4Q 2018 and FY 2018 Key Highlights Strong Operating Metrics 4Q 2018 FY 2018 +9.1% y-o-y +10.9% y-o-y Rental Reversion 1 Rental Reversion 1 +28.1% y-o-y +19.4% y-o-y Portfolio Shopper Traffic 2 Portfolio Shopper Traffic 2 +19.9% y-o-y +18.8% y-o-y Portfolio Tenants’ Sales 2,3 Portfolio Tenants’ Sales 2,3 Notes: 1. Based on all committed leases as of 31 Dec 2018. 2. Includes only multi-tenanted malls based on 100% ownership. 3. Excludes tenant sales from Supermarket and Department Store. 4 Financial Results for FY 2018 *1 February 2019*
4Q 2018 and FY 2018 Key Highlights Portfolio Statistics Prudent Financial Management RMB15,754 million Completed Portfolio Property Valuation All Term Loan as at 31 Dec 2018 1 Refinancing in 2019 80% +1.7% Total Debt on Fixed Rates in Portfolio Valuation to Mitigate Rising Interest against 30 June 2018 1 Rates 97.5% 3.47 years Portfolio Occupancy as at Well Staggered Debt 31 Dec 2018 2 Maturity at Favourable Interest Rates 3 Notes: 1. Includes Rock Square and CapitaMall Wuhu based at 100% ownership. 2. Based on all committed leases. Excludes CapitaMall Wuhu as the mall is closed following the market exit of its anchor tenant. 3. Taking into account that the S$120 million bridge loan has been refinanced and maturity extended to 2024. 5 Financial Results for FY 2018 *1 February 2019*
Financial Highlights 6 Rock Square, Guangzhou Financial Results for FY 2018 *1 February 2019*
4Q 2018 Distributable Income Up 7.7% Y-o-Y 4Q 2018 4Q 2017 Change Actual Actual Gross Revenue (RMB’000) 281,033 264,810 6.1% NPI (RMB’000) 181,070 161,441 12.2% NPI (S$'000) 35,878 32,987 8.8% Distributable Income from joint 2,524 - 100.0% venture (S$’000) 1 Distributable Income (S$’000) 2 23,734 22,035 7.7% DPU (Singapore cents) 3 2.42 2.37 2.1% Annualised Distribution Yield 7.1% (Based on unit price of S$1.36 on 31 Dec 2018) Annualised Distribution Yield 6.4% (Based on unit price of S$1.50 on 31 Jan 2019) Notes: 1. This relates to 51% interest in Rock Square for 4Q 2018 . 2. Includes capital distribution from a portion of the gain from the disposal of CapitaMall Anzhen. 3. 4Q 2018 DPU was based on 980.5 million Units. 4Q 2017 DPU was based on 901.8 million Units from 1 Oct 2017 to 6 Dec 2017 and 966.2 million Units from 7 Dec 2017 to 31 Dec 2017. 7 Financial Results for FY 2018 *1 February 2019*
FY 2018 Distributable Income Up 9.4% Y-o-Y FY 2018 FY 2017 Change Actual Actual 1 Gross Revenue (RMB’000) 1,092,289 1,122,164 (2.7) % 1 NPI (RMB’000) 722,948 730,567 (1.0) % 1 NPI (S$’000) 147,423 149,212 (1.2) % Distributable Income from joint 7,601 - 100.0% venture (S$’000) 2 Distributable Income (S$’000) 3 99,741 91,136 9.4% 10.22 10.10 1.2% DPU (Singapore cents) 4 Annualised Distribution Yield 7.5% (Based on unit price of S$1.36 on 31 Dec 2018) Annualised Distribution Yield 6.8% (Based on unit price of S$1.50 on 31 Jan 2019) Notes: 1. Due to the loss of contribution from CapitaMall Anzhen following its divestment with effect from 1 July 2017. 2. This relates to 51% interest in Rock Square for period from 1 Feb 2018 to 31 Dec 2018. 3. Includes capital distribution from a portion of the gain from the disposal of CapitaMall Anzhen. 4. The DPU is calculated on an enlarged unit base through a private placement in which 64,392,000 units were issued on 7 December 2017. 8 Financial Results for FY 2018 *1 February 2019*
Healthy Balance Sheet As at 31 Dec 2018 S$’000 Investment Properties 2,439,106 Net assets attributable 1,553,220 to unitholders (S$'000) Interest in joint venture 257,679 Other Assets 110,829 Financial Derivatives Assets 1,172 Units In Issue (‘000 units) 980,549 Cash & Cash Equivalents 173,904 Net Asset Value (NAV) 1.58 per unit Total Assets 2,982,690 Interest-bearing Borrowings 1,038,022 Adjusted NAV per unit 1.54 (net of distribution) Deferred Tax Liabilities 250,652 Financial Derivatives Liabilities 3,022 Other Liabilities 119,432 Total Liabilities 1,411,128 Non-controlling Interest 18,342 9 Financial Results for FY 2018 *1 February 2019*
Distribution Details For 1 July 2018 to 31 December 2018 Distribution Period Distribution Per Unit 4.83 cents Distribution Timetable Last Day of Trading on “cum” Basis 11 February 2019, 5.00 pm Ex-Date 12 February 2019, 9.00 am Book Closure Date 13 February 2019, 5.00 pm Announcement of Issue Price (DRP) 14 February 2019 Last Day of Election (DRP) 8 March 2019 Distribution Payment Date 28 March 2019 10 10 10 Financial Results for FY 2018 *1 February 2019*
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