Fourth consecutive quarter of double-digit growth in tenant sales and net property income
Singapore, 27 January 2012 - CapitaRetail China Trust Management Limited ("CRCTML"), the manager of CapitaRetail China Trust ("CRCT"), announced today distribution per unit ("DPU") of 2.28 cents for 4Q 2011, an increase of 10.1% over the same quarter last year. Total distribution per unit for FY 2011 is 8.70 cents, an increase of 4.1% over FY 2010. The distribution yield is 7.6% based on CRCT's closing price of S$1.140 on 26 January 2012.
Unitholders can expect to receive DPU of 4.42 cents for the
period 30 June 2011 to
31 December 20111 on 28 March 2012. The book
closure date is 9 March 2012.
Mr Victor Liew, Chairman of CRCTML, said, "The global economy
continues to face uncertain times but we are positive about
our prospects in China. The International Monetary Fund
projected China's GDP growth for 2012 to be 8.2%, which is
almost seven times the projected average GDP growth rate of
advanced economies. China's retail sales in 2011 grew 17.1%
and we believe it continues to be an attractive market for
retailers. Increasing urbanisation, growing disposable income
and pro-consumption government policies will support the
sustainable growth of China's consumption."
Mr Tony Tan, CEO of CRCTML, said, "We are pleased to deliver
a set of strong financial results with our nine
income-producing malls operating at close to full occupancy
rate of 98.1%. In 4Q 2011, we achieved our fourth consecutive
quarter of double-digit year-on-year growth in tenant
sales2 and net property income ("NPI") at
27.1% and 17.1% respectively. Unitholders will receive DPU of
2.28 cents for 4Q
2011, 10.1% higher than 4Q 2010. For FY 2011, we registered
robust NPI growth of
1 DPU of 4.42 cents comprises 0.02 cents for 30 June 2011 (1 day) announced in 2Q 2011, 2.12 cents for 3Q 2011 and 2.28 cents for 4Q 2011.
2 Includes only tenants at CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Saihan, CapitaMall
Qibao and CapitaMall Wuhu.
1
15.9% year-on-year, including contribution from CapitaMall
Minzhongleyuan which was acquired in June 2011. On a
comparable portfolio basis, NPI grew 11.7% year- on-year.
Across the portfolio, we achieved strong rental reversion of
11.5%. CRCT's net asset value per unit as at 31 December 2011
grew 13.7% year-on-year to reach S$1.33 per unit."
"We recorded strong organic growth. The two largest
contributors to our portfolio's
NPI, CapitaMall Xizhimen and CapitaMall Wangjing, delivered
NPI growth of about
12.0% for FY 2011. CapitaMall Wuhu, CapitaMall Qibao and
CapitaMall Saihan continued their positive growth momentum
and recorded NPI growth of 37.6%,
60.8% and 91.7% for FY 2011 respectively."
"Going forward, we will capitalise on the wave of retailer
expansion into China and generate organic growth by
optimising our portfolio mix and improving the retail
offerings in our malls. At CapitaMall Minzhongleyuan, we are
evaluating options to strengthen the mall's long term
potential through asset enhancement. We are also on the
lookout for potential acquisition opportunities."
"We will continue to be proactive and prudent in our capital
management. We have refinanced majority of our debt maturing
this year and with a low gearing of 28.0%, CRCT enters the
new financial year with increased confidence and flexibility
for
growth."
2
Summary of CRCT Results4Q 2011 | 4Q 2010 | FY 2011 | FY 2010 | |||
Actual1 S$'000 | Actual S$'000 | Change % | Actual1 S$'000 | Actual S$'000 | Change % | |
Gross Revenue | 36,438 | 30,154 | 20.8 | 131,863 | 118,983 | 10.8 |
Net Property Income | 22,799 | 19,035 | 19.8 | 85,806 | 77,226 | 11.1 |
Income available for Distribution | 15,700 | 12,971 | 21.0 | 57,225 | 52,200 | 9.6 |
Distribution Per Unit ("DPU") (cents) | ||||||
For the period | 2.28 | 2.07 | 10.1 | 8.70 | 8.36 | 4.1 |
Annualised | 9.05 | 8.21 | 10.2 | 8.70 | 8.36 | 4.1 |
4Q 2011 | 4Q 2010 | FY 2011 | FY 2010 | |||
Actual1 RMB'000 | Actual RMB'000 | Change % | Actual1 RMB'000 | Actual RMB'000 | Change % | |
Gross Revenue | 181,789 | 153,470 | 18.5 | 680,797 | 589,068 | 15.6 |
Net Property Income | 113,526 | 96,979 | 17.1 | 443,009 | 382,334 | 15.9 |
4Q 2011 | 4Q 2011 | 4Q 2011 | 4Q 2011 | |||
Actual1 S$'000 | Forecast1 S$'000 | Change % | Actual1 RMB'000 | Forecast1 RMB'000 | Change % | |
Gross Revenue | 36,438 | 35,108 | 3.8 | 181,789 | 179,051 | 1.5 |
Net Property Income | 22,799 | 22,025 | 3.5 | 113,526 | 112,335 | 1.1 |
Income available for Distribution | 15,700 | 14,401 | 9.0 | N.M. | N.M. | N.M. |
Distribution Per Unit ("DPU") (cents) | ||||||
For the period | 2.28 | 2.15 | 6.0 | N.M. | N.M. | N.M. |
Annualised | 9.05 | 8.52 | 6.2 | N.M. | N.M. | N.M. |
N.M. - not meaningful
Footnote:
1. The forecast is based on the forecast set out in CRCT's Circular to Unitholders dated 30 May 2011.
The actual and forecast results include contribution from CapitaMall Minzhongleyuan which was acquired on 30 June 2011.
Revenue and Net Property IncomeIn RMB Terms
Gross revenue in 4Q 2011 increased to RMB181.8 million, an
increase of 18.5% year-on-year. This was due to the
contribution from CapitaMall Minzhongleyuan, higher
occupancies achieved in CapitaMall Qibao and CapitaMall
Saihan, and higher rental growth in CapitaMall Xizhimen.
Gross revenue and NPI in FY 2011 increased 15.6% and 15.9%
respectively year- on-year to RMB680.8 million and RMB443.0
million respectively, driven by the contribution from
CapitaMall Minzhongleyuan as well as rental growth,
higher
occupancies and higher tenant sales registered in CRCT's
multi-tenanted malls.
3
In SGD Terms
Gross revenue and NPI in 4Q 2011 increased 20.8% and 19.8%
year-on-year to S$36.4 million and S$22.8 million
respectively, due to a stronger RMB against SGD in 4Q 2011
compared to 4Q 2010.
In FY 2011, gross revenue and NPI was S$131.9 million and
S$85.8 million, an increase of 10.8% and 11.1% year-on-year.
As at 31 December 2011, CRCT's total portfolio valuation was
RMB7.1 billion, which
was 3.5% or RMB239.0 million higher than the previous
valuation as at 30 June
2011.
CRCT has secured the refinancing for 88.2% of the debt maturing in 2012. There is no major refinancing in 2012. CRCT's gearing as at 31 December 2011 is 28.0%.
4
About CapitaRetail China Trust (www.capitaretailchina.com)
CRCT is the first and only China shopping mall Real Estate
Investment Trust (REIT) in Singapore, with a portfolio of
nine income-producing shopping malls. Listed on the Singapore
Exchange Securities Trading Limited on 8 December 2006, it is
established with the objective of investing on a long-term
basis in a diversified portfolio of income-producing real
estate used primarily for retail purposes and located
primarily in China, Hong Kong and Macau.
The geographically diversified portfolio of quality shopping
malls is located in six of China's cities. The properties are
CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall
Shuangjing and CapitaMall Anzhen in Beijing; CapitaMall Qibao
in Shanghai; CapitaMall Erqi in Zhengzhou, Henan Province;
CapitaMall Saihan in Huhhot, Inner Mongolia; CapitaMall Wuhu
in Wuhu, Anhui Province; and CapitaMall Minzhongleyuan in
Wuhan, Hubei Province. As at 31 December 2011, the total
asset size of CRCT is approximately S$1.5 billion.
All the malls in the portfolio are positioned as one-stop
family-oriented shopping, dining and entertainment
destinations for the sizeable population catchment areas in
which they are located, and are accessible via major
transportation routes or access points. A significant portion
of the properties' tenancies consists of major international
and domestic retailers such as Wal-Mart, Carrefour and
Beijing Hualian Group under master leases or long-term
leases, which provide unitholders with stable and sustainable
returns. The anchor tenants are complemented by popular
specialty brands such as Vero Moda, ZARA, Sephora, Uniqlo,
Watsons, KFC, Pizza Hut, BreadTalk, etc.
CRCT is managed by an external manager, CRCTML, which is an
indirect wholly- owned subsidiary of CapitaMalls Asia
Limited, one of Asia's largest listed shopping mall
developers, owners and managers.
(Company Registration No. 200611176D)
Analyst / Investor Contact Media Contact
Ms Mark Wai Ling Mr Lim Seng Jin
Investor Relations Corporate Communications
DID: (65) 6826 5521 DID: (65) 6826 5778
Email: mark.wailing@capitaland.comEmail: lim.sengjin@capitaland.com
5
IMPORTANT NOTICE AND DISCLAIMERThis release 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 release 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 release. Neither CapitaRetail 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 release or its contents or otherwise arising in connection with this release.
The past performance of CapitaRetail 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 have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that holders of Units (Unitholders) may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX- ST does not guarantee a liquid market for the Units.
This release is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units.
6
distribué par | Ce noodl a été diffusé par Capitaland Ltd. et initialement mise en ligne sur le site http://www.capitaland.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-27 02:20:19 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
CMA: CRCT achieves 4q 2011 distribution per unit growth of 10.1% |