Third Quarter FY2015/16 Financial Results 22 April 2016 Singapore Australia Malaysia China Japan 1
1 Financial Highlights Wisma Atria Singapore
Key highlights DPU of 1.26 cents in 3Q FY15/16 – Annualised yield of 6.50% based on closing price of S$0.780 on 31 March 2016 Group Revenue rose by 12.0% and Group NPI up 7.0% y-o-y in 3Q FY15/16 – Australia portfolio’s NPI up 121.8% y-o-y on contribution from Myer Centre Adelaide Updates on master tenancies in Singapore and Malaysia – Malaysian master tenancy due in June 2016 has been extended at 6.67% higher rents – Rent review (due in June 2016) for Ngee Ann City Property’s master tenant has commenced Asset enhancement initiatives – Myer Centre Adelaide’s upper floors have been partially activated with short term leases. Discussion with prospective tenants to take up on a more permanent basis is ongoing Strong financial position maintained – Average debt maturity of approximately 3.3 years as at 31 March 2016, no significant debt refinancing requirement until 2018 – Affirmation of BBB+ rating by S&P, with stable outlook in March 2016 – Borrowings remain fully hedged via a combination of fixed rate debt and interest rate swaps and caps – Foreign exchange exposures partially mitigated by natural hedge and FX forward contracts 3
3Q FY15/16 financial highlights 3 months ended 3 months ended 31 Mar 2015 Period: 1 Jan – 31 Mar 31 Mar 2016 % Change (3Q FY15/16) (5Q FY14/15) Gross Revenue $53.6 mil $47.9 mil 12.0% Net Property Income $41.6 mil $38.9 mil 7.0% Income Available for Distribution $28.0 mil $28.4 mil (1.5%) (1) Income to be Distributed to Unitholders $27.5 mil $27.1 mil 1.3% (2) Income to be Distributed to CPU holder - $0.3 mil (100.0%) (3) DPU 1.26 cents 1.26 cents - Notes: 1. Approximately $0.5 million (5Q FY14/15: $1.0 million) of income available for distribution for 3Q FY15/16 has been retained for working capital requirements. 2. There is no CPU distribution for 3Q FY15/16, following the conversion of the remaining 20,334,750 CPU into 27,986,168 new ordinary units on 25 June 2015. CPU distribution for 5Q FY14/15 was based on S$ coupon of up to RM0.1322 per CPU, equivalent to a distribution rate of 5.65% per annum. 3. The computation of DPU for 3Q FY15/16 is based on the number of units in issue as at 31 March 2016 of 2,181,204,435 (5Q FY14/15: 2,153,218,267) units. 4
YTD FY15/16 financial highlights 9 months ended 9 months ended Period: 1 Jul – 31 Mar 31 Mar 2016 31 Mar 2015 % Change (YTD FY15/16) (YTD FY14/15) Gross Revenue $166.0 mil $145.4 mil 14.2% Net Property Income $128.9 mil $118.1 mil 9.2% Income Available for Distribution $88.1 mil $86.0 mil 2.4% (1) Income to be Distributed to Unitholders $84.9 mil $82.3 mil 3.2% (2) Income to be Distributed to CPU holder - $0.8 mil (100.0%) (3) DPU 3.89 cents 3.82 cents 1.8% Notes: 1. Approximately $3.2 million (YTD FY14/15: $3.0 million) of income available for distribution for YTD FY15/16 has been retained for working capital requirements. 2. There is no CPU distribution for YTD FY15/16, following the conversion of the remaining 20,334,750 CPU into 27,986,168 new ordinary units on 25 June 2015. CPU distribution for YTD FY14/15 was based on S$ coupon of up to RM0.1322 per CPU, equivalent to a distribution rate of 5.65% per annum. 3. The computation of DPU for YTD FY15/16 is based on the number of units in issue as at 31 March 2016 of 2,181,204,435 (YTD FY14/15: 2,153,218,267) units. 5
DPU performance cents FY 2014/15 7.60 8.00 7.00 1.29 6.00 1.26 5.00 1.29 6Q 4.00 5Q 1.26 4Q 1.27 3.00 3Q 5.00 4.39 4.12 2.00 2Q 1.32 3.90 3.80 1.25 3.58 3.10 1Q 1.00 2.90 1.31 1.24 - FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014/15 YTD FY15/16 Notes: 1. DPU from 1Q 2006 to 2Q 2009 have been restated to include the 963,724,106 rights units issued in August 2009. 2. For the period from FY 2006 to FY 2014/15. DPU for FY 2014/15 (18 months ended 30 June 2015) has been annualised for the purpose of computing CAGR. 6
3Q FY15/16 financial results $’000 3Q FY15/16 5Q FY14/15 % Change Gross Revenue 53,635 47,878 12.0% Less: Property Expenses (12,046) (8,998) 33.9% Net Property Income 41,589 38,880 7.0% Less: Fair Value Adjustment (1) (97) (165) (41.2%) Notes: Borrowing Costs (10,043) (7,523) 33.5% 1. Being accretion of tenancy deposit stated at amortised Finance Income 259 313 (17.3%) cost in accordance with Financial Reporting Management Fees (3,921) (3,642) 7.7% Standard 39. This financial adjustment has no impact Other Trust Expenses (821) (718) 14.3% on the DPU. Loss on Divestment of Investment Property (87) - NM 2. Excludes deferred income Tax Expenses (2) (104) (434) (76.0%) tax. Net Income After Tax (3) 26,775 26,711 0.2% 3. Excludes changes in fair value of derivative instruments and foreign Add: Non-Tax Deductible/(Chargeable) items (4) 1,183 1,687 (29.9%) exchange differences. Income Available for Distribution 27,958 28,398 (1.5%) 4. Includes certain finance costs, sinking fund Income to be Distributed to Unitholders 27,483 27,131 1.3% provisions, straight-line rent, fair value adjustment, trustee fees, commitment Income to be Distributed to CPU holder - 248 (100.0%) fees and reversal of gross profit from Japan DPU (cents) 1.26 1.26 - divestment. 7
YTD FY15/16 financial results YTD YTD $’000 % Change FY15/16 FY14/15 Gross Revenue 166,033 145,366 14.2% Less: Property Expenses (37,102) (27,313) 35.8% Net Property Income 128,931 118,053 9.2% Notes: 1. Being accretion of tenancy Less: Fair Value Adjustment (1) (480) (273) 75.8% deposit stated at amortised Borrowing Costs (29,319) (22,887) 28.1% cost in accordance with Financial Reporting Finance Income 647 874 (26.0%) Standard 39. This financial adjustment has no impact Management Fees (11,929) (11,095) 7.5% on the DPU. Other Trust Expenses (2,623) (2,123) 23.6% 2. Excludes deferred income Loss on Divestment of Investment Property (87) - NM tax. Tax Expenses (2) (1,754) (1,793) (2.2%) 3. Excludes changes in fair value of derivative instruments, investment Net Income After Tax (3) 83,386 80,756 3.3% properties and foreign exchange differences. Add: Non-Tax Deductible/(Chargeable) items (4) 4,678 5,250 (10.9%) 4. Includes certain finance Income Available for Distribution 88,064 86,006 2.4% costs, sinking fund provisions, straight-line Income to be Distributed to Unitholders 84,849 82,254 3.2% rent, fair value adjustment, trustee fees, commitment Income to be Distributed to CPU holder - 770 (100.0%) fees and reversal of gross profit from Japan DPU (cents) 3.89 3.82 1.8% divestment. 8
3Q FY15/16 financial results Revenue Net Property Income $’000 $’000 3Q FY15/16 5Q FY14/15 % Change 3Q FY15/16 5Q FY14/15 % Change Wisma Atria Wisma Atria 14,128 14,684 (3.8%) 11,116 11,681 (4.8%) Retail (1) Retail (1) 2,935 2,849 3.0% 2,184 2,092 4.4% Office Office Ngee Ann City Ngee Ann City 12,118 12,002 1.0% 9,914 9,893 0.2% Retail Retail 3,932 3,864 1.8% 3,153 3,112 1.3% Office Office 33,113 33,399 (0.9%) 26,367 26,778 (1.5%) Singapore Singapore Australia (2) 12,042 4,455 170.3% Australia (2) 7,917 3,569 121.8% Malaysia (3) 6,514 7,135 (8.7%) Malaysia (3) 6,275 6,884 (8.8%) Chengdu (4) 1,181 1,822 (35.2%) Chengdu (4) 487 829 (41.3%) Japan (5) 785 1,067 (26.4%) Japan (5) 543 820 (33.8%) Total 53,635 47,878 12.0% Total 41,589 38,880 7.0% Notes: 1. Mainly due to lower occupancies. 2. Mainly due to contribution from Myer Centre Adelaide, partially offset by depreciation of AUD and lower occupancies. 3. Mainly due to depreciation of RM. 4. Mainly due to lower revenue amidst softening of retail market resulting from government austerity drive and increased competition, partially offset by lower operating expenses. 5. Mainly due to loss of contribution from divested property, partially offset by appreciation of JPY. 9
YTD FY15/16 financial results Revenue Net Property Income YTD YTD YTD YTD $’000 $’000 % Change % Change FY15/16 FY14/15 FY15/16 FY14/15 Wisma Atria Wisma Atria 44,025 43,262 1.8% 34,419 34,023 1.2% Retail Retail 8,923 8,455 5.5% 6,657 6,328 5.2% Office (1) Office (1) Ngee Ann City Ngee Ann City 36,323 35,976 1.0% 29,908 29,598 1.0% Retail Retail 11,784 11,551 2.0% 9,515 9,319 2.1% Office Office 101,055 99,244 1.8% 80,499 79,268 1.6% Singapore Singapore Australia (2) 37,779 14,347 163.3% Australia (2) 25,167 11,505 118.7% Malaysia (3) 19,318 21,996 (12.2%) Malaysia (3) 18,607 21,461 (13.3%) Chengdu (4) 4,803 6,688 (28.2%) Chengdu (4) 2,234 3,420 (34.7%) 3,078 3,091 (0.4%) 2,424 2,399 1.0% Japan Japan Total 166,033 145,366 14.2% Total 128,931 118,053 9.2% Notes: 1. Mainly due to positive rental reversions achieved in previous quarters, partially offset by higher operating expenses. 2. Mainly due to contribution from Myer Centre Adelaide, partially offset by depreciation of AUD and lower occupancies. 3. Mainly due to depreciation of RM and reversal of excess provision of property tax in YTD FY14/15 following the revision in property tax assessment. 4. Mainly due to lower revenue amidst softening of retail market resulting from government austerity drive and increased competition, partially offset by lower operating expenses. 10
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