0 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
CapitaMalls Malaysia Trust 4Q 2014 Financial Results
20 January 2015
1 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Disclaimer These materials 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, shifts in
expected levels of property rental income, changes in operating expenses, including reimbursable staff
costs, benefits and training, property expenses and governmental and public policy changes. 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 these materials 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 these materials. Neither
CapitaMalls Malaysia REIT Management Sdn. Bhd. (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, from any use, reliance or distribution of these materials or its contents or
otherwise arising in connection with these materials.
The past performance of CMMT is not indicative of the future performance of CMMT. Similarly, the past
performance of the Manager is not indicative of the future performance of the Manager.
The value of units in CMMT (“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 have
no right to request the Manager to redeem their Units while the Units are listed. It is intended that holders of
Units may only deal in their Units through trading on Bursa Securities. Listing of the Units on Bursa Securities
does not guarantee a liquid market for the Units.
These materials are for information only and does not constitute an invitation or offer to acquire, purchase
or subscribe for Units.
2 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Contents
● Key Highlights
● Financial Results
● Portfolio Update
● Improvement Works & New Initiatives
3 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Key Highlights
Gurney Plaza, Penang, Malaysia
4 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
4Q 2014 Highlights
● Distribution Per Unit
―4Q 2014: 2.26 sen (4Q 2013: 2.24 sen), up 0.9% y-o-y
―FY 2014: 8.91 sen (FY 2013: 8.85 sen), up 0.7% y-o-y
● Net Property Income (“NPI”)
―4Q 2014: RM54.6 mil (4Q 2013: RM54.8 mil), down 0.4% y-o-y
―FY 2014: RM208.9 mil (FY 2013: RM208.6 mil), up 0.1% y-o-y
● Asset Enhancement Initiatives
―Steady performance of the portfolio was mainly due to
contribution from East Coast Mall, which had completed a
two-phase asset enhancement programme.
5 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
4Q 2014 Highlights (Cont’d)
● Sungei Wang Plaza’s NPI continued to be affected by
ongoing Mass Rapid Transit (“MRT”) works nearby in the short
term. The new MRT station is expected to become operational
in 2017.
● Revaluation of Portfolio from RM3.18 billion to RM3.23 billion
―Net asset value1 per unit increased by 3.7% from RM1.1974
to RM1.2420.
● Final Income Distribution of 4.38 sen per unit for the period 1
July 2014 to 31 December 2014
1 After income distribution
6 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
4Q 2014 DPU at 2.26 sen
4Q 2014 4Q 2013 FY 2014 FY 2013
Actual Actual Variance Actual Actual Variance
(Unaudited) (Unaudited) % (Unaudited) (Audited) %
Distributable Income (RM'000) 40,205 39,766 1.1 158,375 156,789 1.0
DPU (sen) 2.26 2.24 0.9 8.91 8.85 0.7
DPU (sen) - annualised 8.97 8.89 0.9 8.91 8.85 0.7
Distribution yield (%) 6.27 6.35 (1.3) 6.23 6.32 (1.4)
(Based on market price of RM1.43 on 31
December 2014 and RM1.40 on 31 December
2013)
Distribution yield (%) 6.27 6.54 (4.1) 6.23 6.51 (4.3)
(Based on market price of RM1.43 on 19 January
2015 and RM1.36 on 22 January 2014)
7 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Final Income Distribution for 2014
1. 4.24 sen per unit is taxable and 0.14 sen per unit is non-taxable in the hands of unitholders.
Distribution period
Distribution per unit (sen)
Distribution timetable
Notice of book closure date
Last day of trading on cum basis
Ex-date
Book closure date
Distribution payment date
1 July to 31 December 2014
4.38 1
20 January 2015 (Tue)
29 January 2015 (Thu)
30 January 2015 (Fri)
5 February 2015 (Thu)
27 February 2015 (Fri)
8 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Financial Results
Sungei Wang Plaza, Kuala Lumpur, Malaysia
9 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Distribution Statement – 2014 vs 2013
1. The difference between distributable income and income available for distribution is due to rollover adjustment for
rounding effect of DPU.
N.M. Not meaningful
4Q 2014 4Q 2013 FY 2014 FY 2013
Actual Actual Variance Actual Actual Variance
RM'000 (Unaudited) (Unaudited) % (Unaudited) (Audited) %
Gross revenue 80,292 78,802 1.9 315,395 305,104 3.4
Less: Property operating expenses (25,738) (24,006) 7.2 (106,493) (96,497) 10.4
Net property income 54,554 54,796 (0.4) 208,902 208,607 0.1
Interest income 1,148 1,076 6.7 4,624 4,309 7.3
Fair value gain of investment
properties18,405 3,299 >100 86,611 81,203 6.7
Net investment income 74,107 59,171 25.2 300,137 294,119 2.0
Manager’s management fee (5,386) (5,275) 2.1 (20,741) (20,294) 2.2
Trust and other expenses (429) (2,124) (79.8) (1,742) (3,274) (46.8)
Finance costs (10,717) (9,922) 8.0 (41,299) (40,891) 1.0
Profit before taxation 57,575 41,850 37.6 236,355 229,660 2.9
Taxation - - - - - -
Profit for the period 57,575 41,850 37.6 236,355 229,660 2.9
Distribution adjustments (17,302) (2,140) N.M. (77,890) (72,858) N.M.
Income available for distribution 40,273 39,710 1.4 158,465 156,802 1.1
Distributable income1 40,205 39,766 1.1 158,375 156,789 1.0
DPU (sen) 2.26 2.24 0.9 8.91 8.85 0.7
10 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
72,175
42,435
71,725
118,769
305,104
67,227
45,846
79,736
122,586
315,395
0 100,000 200,000 300,000 400,000
Sungei Wang
Plaza
East Coast Mall
The Mines
Gurney Plaza
CMMT Portfolio
RM'000
FY 2014 Actual
FY 2013 Actual
FY 2014 Gross Revenue
- Increased by 3.4% vs 2013
Mainly due to:-
• contribution from East Coast Mall ,
which had completed a two-phase
asset enhancement programme
• onselling of electricity to tenants
(TM)
• higher gross rental rates achieved
from new and renewed leases
(except SWP)
11 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
16,338
16,613
27,370
36,176
96,497
18,052
17,954
31,178
39,309
106,493
0 50,000 100,000 150,000
Sungei Wang
Plaza
East Coast Mall
The Mines
Gurney Plaza
CMMT Portfolio
RM'000
FY 2014 Actual
FY 2013 Actual
FY 2014 Property Operating Expenses
- Increased by 10.4% vs 2013
Mainly due to:-
• increase in property assessment fees
(except TM)
• hikes in electricity tariff and
renewable energy surcharge
• higher electricity consumption
• higher administrative and
reimbursable staff costs
12 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
FY 2014 Net Property Income
- Increased by 0.1% vs 2013
55,837
25,822
44,355
82,593
208,607
49,175
27,892
48,558
83,277
208,902
0 100,000 200,000 300,000
Sungei Wang
Plaza
East Coast Mall
The Mines
Gurney Plaza
CMMT Portfolio
RM'000
FY 2014 Actual
FY 2013 Actual
13 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Floating
31%
Fixed
69%520 450
70
300
300
145
145 0
200
400
600
800
1,000
1,200
Total Borrowings
2014 2016 2017 2018
RM'mil Term Loan facilities
Unrated Medium Term Notes
Revolving Credit facilities
Debt Profile (As at 31 December 2014)
Debt Maturity Profile Interest Rate Profile
1. Includes short term revolving
credit facilities of RM145.4 million
1
965
14 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Key Financial Indicators
4Q 2014 3Q 2014
Unencumbered assets as % of total assets 40.4% 40.4%
Gearing ratio 29.0% 28.9%
Net debt / EBITDA (times) 5.0 5.3
Interest coverage (times) 4.7 4.4
Average term of maturity (years) 2.0 2.3
Average cost of debt 4.35% 4.34%
15 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Firm Balance Sheet
1
As at 31 December 2014 RM'mil
Non-current Assets 3,235 NAV (RM'mil)
Current Assets 170 - before income distribution 2,287
Total Assets 3,405 - after income distribution 2,209
Current Liabilities 249
Non-current Liabilities 869 NAV per unit (RM)
Total Liabilities 1,118 - before income distribution 1.29
Net Assets 2,287 - after income distribution 1.24
Total Unitholders' Funds 2,287
Number of Units in Circulation (in
million units)1,779
16 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Valuation of Portfolio
1
Previous
Valuation
Current
Valuation Property Current
Valuation
(30 Jun 2014) (31 Dec 2014) Variance yield (per sf of NLA)
RM 'mil RM 'mil (%) (%) RM
Gurney Plaza 1,275 1,295 1.6 6.4 1,459
Sungei Wang Plaza 839 824 (1.8) 6.0 1,838
The Mines 670 680 1.5 7.1 946
East Coast Mall 392 434 10.7 6.4 894
Total 3,176 3,233 1.8 6.5 1,273
17 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Portfolio Update
The Mines, Selangor, Malaysia
18 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Positive Rental Reversion
From 1 January 2014 to 31 December 2014 1
No. of new leases/renewals
Var. over preceding rental2, 3, 4
(%)
Gurney Plaza 135 +5.3
The Mines 139 +10.4
East Coast Mall 36 +12.0
Sungei Wang Plaza 83 -9.3
CMMT Portfolio 393 +2.9
1. Excluding newly created and reconfigured units.
2. Excluding gross turnover rent component.
3. Majority of leases have rental escalation clause.
4. The % is computed based on the increase in the 1st year rental of the renewed term over last year rental of the preceding term.
19 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Portfolio Lease Expiry (By Year)
1. Based on all committed leases as at 31 December 2014.
2. As percentage of total gross rental income for the month of December 2014.
As at 31 December 2014
CMMT Portfolio
No of Leases1 Gross Rental Income
RM’000 % of Total (Dec’14)2
2015 513 6,164 29.5%
2016 375 6,198 29.7%
2017 382 7,910 37.8%
Beyond 2017 21 634 3.0%
20 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Portfolio Lease Expiry Profile for 2015
1. Based on total committed leases as at 31 December 2014.
2. Based on total committed NLA as at 31 December 2014. 3. Based on total committed monthly gross rental income as at 31 December 2014.
As at 31 December 2014
No. of Leases1
Net Lettable Area Gross Rental Income
Sq ft % of total2 RM’000 % of total 3
Gurney Plaza 111 121,999 4.9% 1,527 7.3%
The Mines 187 357,334 14.4% 2,559 12.2%
East Coast Mall 46 68,556 2.8% 494 2.4%
Sungei Wang Plaza 169 147,628 5.9% 1,584 7.6%
CMMT Portfolio 513 695,517 28.0% 6,164 29.5%
21 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Occupancy Rate Remains Stable
1Q 2014 2Q 2014 3Q 2014 4Q 2014
31 March 141 30 June 141 30 September 141 31 December 141
Gurney Plaza 97.5% 98.0% 96.9% 97.3%
The Mines 99.4% 99.7% 99.4% 98.5%
East Coast Mall 100.0% 98.5% 99.3% 99.5%
Sungei Wang Plaza
97.3% 97.4% 95.9% 95.4%
CMMT Portfolio 98.5% 98.4% 97.9% 97.7%
1. Based on committed leases.
22 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Note:
Shopper traffic and vehicular traffic statistics include East Coast Mall.
Shopper Traffic Remains Stable
Shopper Traffic
3.7% higher than FY 2013 0.6% lower than FY 2012
59,875
57,388
59,526
50,000
52,000
54,000
56,000
58,000
60,000
62,000
FY'12 FY'13 FY'14
Shopper Traffic ('000)
Shopper Traffic
1.6% higher than 4Q 2013 1.1% lower than 4Q 2012
15,299 14,882
15,126
10,000
11,000
12,000
13,000
14,000
15,000
16,000
4Q'12 4Q'13 4Q'14
Shopper Traffic ('000)
23 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Note:
Shopper traffic and vehicular traffic statistics include East Coast Mall.
Vehicular Traffic Remains Stable
Vehicular Traffic
4.0% lower than FY 2013 4.7% lower than FY 2012
Vehicular Traffic
3.8% lower than 4Q 2013 6.9% lower than 4Q 2012
1,937 1,876
1,804
500
800
1,100
1,400
1,700
2,000
4Q'12 4Q'13 4Q'14
Vehicular Traffic ('000)
7,464 7,414
7,115
5,000
5,500
6,000
6,500
7,000
7,500
FY'12 FY'13 FY'14
Vehicular Traffic ('000)
24 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Improvement Works & New Initiatives
East Coast Mall, Kuantan, Malaysia
25 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Gurney Plaza Ground Floor – Asset Enhancement Initiatives
• Reconfigured and increased retail space for existing tenants • Introduced Marks & Spencer as mini anchor tenant for the new wing
AFTER
BEFORE
26 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Gurney Plaza
Ground Floor – Asset Enhancement Initiatives
Newly renovated units New brands in Penang
27 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Gurney Plaza
Installation of Secondary Chilled Water Pumps
Variable Speed Drives (VSD)
Digital Directories
• Installation of digital directories
for shoppers’ convenience and
better shopping experience • Installation of secondary
chilled water pumps VSD for
energy saving
28 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Gurney Plaza
Replacement of
AHU Cooling Coils
Upgrading of
AHU Motorised Valves
BEFORE
AFTER
AFTER
BEFORE
Replacement of PA System
Upgrading of
Digital Video Recording
BEFORE
AFTER
BEFORE
AFTER
29 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
• New standardised car park signages
Sungei Wang Plaza
New Car Park Signages
BEFORE AFTER
30 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
• Replacement of new chiller
for better operational
efficiency
The Mines
Replacement of New Chiller
• Replacement of AHU cooling
coils for better distribution of air
flow
Replacement of
AHU Cooling Coils
AFTER
BEFORE
31 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
East Coast Mall
B
E
F
O
R
E
Asset Enhancement Initiatives (“AEI”) - External Facade
• Upgrading of external facade – new logo and facade cladding
A
F
T
E
R
Day view Night view
32 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
• Upgrading of main entrance of the mall
East Coast Mall
B
E
F
O
R
E
AEI - Ground Floor Reconfiguration
A
F
T
E
R
33 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
East Coast Mall AEI - Ground Floor Reconfiguration
• Reconfiguration of existing alfresco dining area and open car park
Alfresco Dining Area
Open Car Park – Maximised usage of space by realigning the
car park bays
34 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
East Coast Mall AEI - Reconfiguration of Internal Units
• New brands in Kuantan
35 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Achievement and Recognition
• Gurney Plaza was awarded the “Best Shopping Experience:
Excellence Award” on 29 October 2014
Gurney Plaza – Best Shopping Experience
Excellence Award Winner
36 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
• The Mines received the
Green Mark’s Gold
certification from
Singapore’s Building and
Construction Authority (BCA)
on 11 December 2014
• BCA Green Mark is a green
building rating system to
evaluate a building for its
environmental design and
performance
The Mines – BCA Green Mark Award (GOLD)
Achievement and Recognition
37 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015* CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
My Schoolbag 2014
• A key CSR programme of CapitaLand
• Held between 27 November and 12 December 2014 and
benefited 600 underprivileged children from 30 homes in Kuala
Lumpur, Selangor, Kuantan, Penang and Kedah
• 130 volunteers from the malls and the Manager
Corporate Social Responsibility (“CSR”) - My Schoolbag 2014
38 CapitaMalls Malaysia Trust 4Q 2014 Financial Results *20 January 2015*
Thank You
For enquiries, please contact:
Jasmine Loo
(Investor Relations)
Tel: +60 3 2279 9873
Fax: +60 3 2279 9889
Email: [email protected]
www.capitamallsmalaysia.com