FY2012 Financial Results Presentation
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1 FY2012 Financial Results Presentation 21 January 2013 Knowing. Believing. Delivering ARA-CWT Trust Management (Cache) Limited
2 Agenda Overview & FY12 Key Highlights 4QFY12 & FY12 Full Year Financial Performance Portfolio Update & Details Capital Management Market Outlook & Strategy KNOWING. BELIEVING. DELIVERING 2
3 Overview Sponsor REIT Manager CWT Limited ARA-CWT Trust Management (Cache) Limited Shareholding Structure Direct interests as at 31 Dec 2012 Property Manager Issue Statistics Cache Property Management Pte Ltd Listing Date 12 Apr 2010 Market Cap Approx. S$871 million (1) C&P 31.9% Substantial Institutional Newton Investment Management / Bank of New York Mellon 7.1% (2) Public CWT ARA Unitholders (2) Objectives Mandate Distribution Policy The Capital Group 5.8% Regular and stable distributions Long term growth in DPU and NAV Maintain appropriate capital structure Asia Pacific 100% of Distributable Income for FY % 10.0% 1.7% Notes: (1) Based on closing price of S$1.24 and 702,418,479 issued units as at 31 Dec 2012 (2) As at 14 Jan 13 based on latest information provided by the Substantial Unitholder KNOWING. BELIEVING. DELIVERING 3
4 Distributable Income (S$ million) DPU (cents) Steady Performance since IPO Performance since IPO (1) Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY Distributable Income (S$ million) DPU (cents) Notes: (1) Cache Logistics Trust was listed on 12 April
5 Key Highlights Robust financial performance 4QFY12 Distributable Income increased 12.8% y-o-y to S$15.1 million FY12 DPU rose 1.6% to cents Quality portfolio with proactive asset management Rental escalations of 1.25 to 2.5% for master leases Only 2% of portfolio up for renewal in 2013 Portfolio occupancy at 100% Prudent capital management All-in-financing cost lowered from 3.89% to 3.52% y-o-y Aggregate leverage ratio at 31.7% Lengthened debt expiry profile no debt expiring till 2015 KNOWING. BELIEVING. DELIVERING 5
6 Financial Performance Knowing. Believing. Delivering 6
7 Financial Performance 4QFY12 vs. 4QFY11 Gross Revenue and Net Property Income growth driven by active acquisitions and rental escalations NPI rose 13.9% y-o-y Amount distributable to Unitholders grew 12.8% y-o-y (S$ 000 unless otherwise noted) 4Q FY12 4Q FY11 % Change Gross Revenue 19,127 16, Less: Property Operating Expenses (849) (843) (0.7) Net Property Income (NPI) 18,278 16, Distributable Income 15,151 13, Distribution per unit (DPU) (Cents) (1) (2) 2.5 Notes: (1) Based on 703,353,638 issued units which includes 702,418,479 issued units as at 31 Dec 2012 and 935,159 units to be issued to the Manager by 21 Jan 2013 (2) Based on 638,867,066 issued units which includes 637,827,371 issued units as at 31 Dec 2011 and 1,039,695 units issued as Manager s fees for 4Q11. KNOWING. BELIEVING. DELIVERING 7
8 Financial Performance FY12 vs. FY11 Gross Revenue and Net Property Income growth driven by active acquisitions and rental escalations NPI rose 11.7% in FY12 Amount distributable to Unitholders grew 1.6% in FY12 (S$ 000 unless otherwise noted) FY12 FY11 % Change Gross Revenue 72,638 64, Less: Property Operating Expenses (3,494) (2,685) (30.1) Net Property Income (NPI) 69,144 61, Distributable Income 57,464 52, Distribution per unit (DPU) (Cents) (1) (2) 1.6 Notes: (1) Based on 703,353,638 issued units which includes 702,418,479 issued units as at 31 Dec 2012 and 935,159 units to be issued to the Manager by 21 Jan 2013 (2) Based on 638,867,066 units which includes 637,827,371 issued units as at 31 Dec 2011 and 1,039,695 units issued as Manager s fees for 4Q11. KNOWING. BELIEVING. DELIVERING 8
9 Strong Balance Sheet S$ 000 unless indicated as at 31 Dec Dec 2011 Investment Properties 971, ,788 Other Assets 15,136 12,436 Total Assets 987, ,224 Debt, at amortised cost (308,432) (248,883) Other Liabilities (6,704) (12,256) Total Liabilities (315,136) (261,139) Net assets attributable to Unitholders 671, ,085 Units in Issue (units) 703,353,638 (1) 638,867,066 (2) NAV per Unit (S$) Adjusted NAV per Unit (3) Notes: (1) Based on 703,353,638 issued units which includes 702,418,479 issued units as at 31 Dec 2012 and 935,159 units to be issued to the Manager by 21 Jan 2013 (2) Based on 638,867,066 units which includes 637,827,371 issued units as at 31 Dec 2011 and 1,039,695 units issued as Manager s fees for 4Q11. (3) Excludes income available for distribution KNOWING. BELIEVING. DELIVERING 9
10 Distribution Details Distribution Period 1 October 2012 to 31 December 2012 Distribution per unit (S$) Payment Date cents 27 Feb 2013 Distribution Timetable Last day of trading on cum basis 24 Jan 2013 Ex-Dividend Date 25 Jan 2013 Books Closure Date 29 Jan 2013 Distribution payment date 27 Feb
11 Portfolio Update Knowing. Believing. Delivering 11
12 Quality, Resilient Portfolio Portfolio Summary Number of Investment Properties GFA (approx.) Property Features Total no. of Tenants Investment Properties 12 Properties 11 Singapore 1 China, Shanghai 4.83 million sf Up from 4.30 million sq ft as at 31 Dec 2011 Up from 3.86 million sq ft as at IPO (1) 8 - Ramp-up 2 - Cargo Lift 2 - Single Storey 11 Master Lessees (NNN rental) 2 Tenants in Multi-Tenanted Property S$971.9 million Up from S$842.8 million as at 31 Dec 2011 Up from S$729.0 million as at IPO (1) Note: (1) As at 12 April 2010 KNOWING. BELIEVING. DELIVERING 12
13 Quality, Resilient Portfolio Portfolio Summary 100% occupation with both master & multi-tenanted leases Weighted avg lease expiry ( WALE ) of 3.9 years Rental escalation of between 1.25% % pa for master leases Approximately 23% market share of Singapore s ramp-up logistics warehouses Young portfolio average building age of 5.1 years KNOWING. BELIEVING. DELIVERING 13
14 Quality, Resilient Portfolio End-User Profile Strong and diverse demand by underlying end-users resulting in high underlying end-user occupancy Multinational Corporations, 84% Small and Medium Enterprises 11% Government entities 5% Courier Service 2% Aerospace 5% Food & Cold Storage 6% Hospitality 1% Healthcare 10% Commodity & Chemical 25% Industrial & Consumer goods 51% Over 89% of GFA taken up by MNCs and government agencies End-users from diverse trade sectors Note: Charts reflect breakdown by Occupied GFA. Source: ARA-CWT and master lessees KNOWING. BELIEVING. DELIVERING 14
15 % of GFA Quality, Resilient Portfolio Lease Expiry Profile < 2% of GFA is due for lease renewal in FY13 > 20% of GFA has been committed beyond FY16 Majority of Cache s master lease renewals commence from FY15 onwards 40% 35% 30% 25% 20% 15% 10% 5% 0% 2% 6% 36% 31% 2% 0% 8% 15% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 & beyond Portfolio Lease Expiry (%) as at 31 December 2012 KNOWING. BELIEVING. DELIVERING 15
16 FY12 Acquisitions & Portfolio Details Knowing. Believing. Delivering 16
17 Acquisition of Pan Asia Logistics Centre Property Details Property Type GFA Purchase Price Lease Type Ramp-up logistics warehouse and office facility 197,000 sq ft S$35.2 million Master Lease Completion Date (1) 30 Apr 2012 Note: (1) Acquisition Completion Date 21 Changi North Way, Singapore 17
18 Acquisition of Pandan Logistics Hub Property Details Property Type GFA Purchase Price Lease Type Completion Date (1) Ramp-up logistics warehouse and office facility 329,000 sq ft S$66.0 million Master Lease 3 July Pandan Road, Singapore Note: (1) Acquisition Completion Date 18
19 Quality, Resilient Portfolio Strategic Locations - Singapore Johor Causeway Link Sembawang Wharves Changi North Loyang Second Link (Tuas checkpoint) Pulau Ubin APC Distrihub 10 Pan Asia Logistics Centre 11 6 Changi North Way 21 Changi North Way Air Market Logistics Centre 22 Loyang Lane 2 1 Jurong Port Changi International Airport Airport Logistics Park ( ALPS ) Jurong Island Pasir Panjang Terminal Sentosa Keppel Terminal 5 Schenker Megahub 6 51 ALPS Avenue Hi-Speed Logistics Centre 40 ALPS Avenue Pandan/Penjuru Changi South vv 1 CWT Commodity Hub 2 CWT Cold Hub 3 Kim Heng Warehouse 4 24 Penjuru Road 2 Fishery Port Road 4 Penjuru Lane Pandan Logistics Hub 49 Pandan Road 7 C&P Changi Districentre 8 C&P Changi Districentre 5 Changi South Lane 3 Changi South Street 3 KNOWING. BELIEVING. DELIVERING 19
20 Quality, Resilient Portfolio Portfolio Details Singapore - West Zone As at 31 Dec 2012 CWT Commodity Hub CWT Cold Hub Kim Heng Warehouse Pandan Logistics Hub Lessee CWT CWT Kim Heng CWT Ramp-up feature Single Storey Location Penjuru Penjuru Penjuru Pandan GFA (approx) 2,300,000 sf 342,000 sf 54,000 sf 329,000 sf Valuation (S$m) $360.5 $139.6 $9.4 $66.5 KNOWING. BELIEVING. DELIVERING 20
21 Quality, Resilient Portfolio Portfolio Details Singapore - East Zone As at 31 Dec 2012 Schenker Megahub Hi-Speed Logistics Centre C&P Changi Districentre C&P Changi Districentre 2 Lessee C&P or Subsidiaries C&P or Subsidiaries C&P or Subsidiaries C&P or Subsidiaries Ramp-up feature Cargo Lift Location ALPS ALPS Changi South Changi South GFA (approx) 440,000 sf 309,000 sf 364,000 sf 111,000 sf Valuation (S$m) $110.0 $77.4 $89.7 $21.5 KNOWING. BELIEVING. DELIVERING 21
22 Quality, Resilient Portfolio Portfolio Details Singapore - East Zone China As at 31 Dec 2012 Lessee APC Distrihub APC and Flextronics Pan Asia Logistics Centre Pan Asia Logistics Air Market Logistics Centre Air market Express Jinshan Chemical Warehouse CWT Ramp-up feature Cargo Lift Single Storey Location Changi North Changi North Loyang Shanghai GFA (approx) 177,000 sf 197,000 sf 63,000 sf 144,000 sf Valuation (S$m) $32.3 $36.0 $13.5 RMB 79.0 (c.$15.5) KNOWING. BELIEVING. DELIVERING 22
23 Capital Management Knowing. Believing. Delivering 23
24 Prudent Capital Management Capital Management Exercise in Jun 2012 New S$375m term loan and enlarged revolving credit facility Increased LTV of previously over-collateralized secured assets Lengthened debt expiry profile Decreased all-in financing cost Additional financial flexibility with increased committed line of credit FY2012 Debt Expiry Profile Borrowings (as at 31 Dec 12) Aggregate Leverage (1) (as at 31 Dec 12) S$313.0m 31.7% Present Term Loans In S$ million $187.5 $125.5 Average all-in financing cost (2) 3.82% Interest Cover (3) 7.9 times Notes: (1) Ratio of total debt over Deposited Properties as defined by the Property Fund Appendix (2) Inclusive of margin and amortisation of capitalized upfront fee (3) Ratio of Net Property Income over interest expense (excl amortisation and other debt fees) KNOWING. BELIEVING. DELIVERING 24
25 Market Outlook & Strategy Knowing. Believing. Delivering 25
26 Management Strategy Grow the Portfolio Broad Asia-Pacific mandate Pursue acquisitions conducive to the portfolio Right of first refusal from CWT and C&P Long-Term Growth in DPU and NAV per Unit Participate in Focused Development Work closely with the Master Lessees and end-users Grow organically Minimize re-leasing risk Secure longer-term tenure with strong credit-worthy endusers Leverage on the strengths of the Sponsor and relationships with end-users Prudently Manage the Portfolio KNOWING. BELIEVING. DELIVERING 26
27 ROFR Properties Rights of First Refusal ( ROFR ) Granted by Sponsor (CWT) and C&P on properties in Asia Pacific Properties Covered by ROFR 13 properties with approximately 4.5 million sq ft GFA Located in Singapore, China and Malaysia Selected properties covered by the ROFR No. Name Description Year of Completion Location GFA (sq ft) 1 CWT Logistics Hub 3 5-storey ramp-up warehouse 2011 Singapore 834,430 2 CWT Cold Hub 2 Multi-Storey Warehouse 2013 Singapore 725,000 3 Tampines Distrihub 4-storey ramp-up warehouse 2013 Singapore 454,475 4 CWT Logistics Hub 1 2-storey ramp-up warehouse 2007 Singapore 375,233 5 PKFZ Warehouse Single storey warehouse 2012 Malaysia 112,000 6 CWT Tianjin Logistics Hub (Ph 1) Single storey warehouse 2010 Tianjin 84,668 KNOWING. BELIEVING. DELIVERING 27
28 Market Outlook Singapore s Economy (1) Global economic outlooks remains uncertain with US fiscal cliff, Euro-zone crisis Singapore s economy grew 1.8% q-o-q (seasonally-adjusted annualised basis or SAAB ) in 4Q On a y-o-y basis, the economy expanded 1.1% Manufacturing sector declined 10.8% on a q-o-q SAAB due to weakness in the electronics sector. It is expected to contract 1.5% on a y-o-y basis Services sector grew 7.0% on a q-o-q SAAB due to rebound in the wholesale & retail trade, finance & insurance sectors. It is expected to grow 1.5% on a y-o-y basis MTI forecasts growth of 1 to 3% for 2013 Singapore s Warehouse Market (2) Higher than average industrial supply to become available in the medium term Monthly 75 th percentile warehouse rent increased15.7% in the first nine months of 2012 to S$2.43 per sq ft as of 3Q12. Increase in warehouse space is expected to rise at a slower pace in 2013 Sources: (1) Based on Ministry of Trade & Industry (MTI) Advanced Estimates; (2) Colliers International Market Report KNOWING. BELIEVING. DELIVERING 28
29 Available Space in GFA (sqm) Potential New Supply 800, , , , , , , ,000 Supply of Warehouse Space (By Sector, Development Status & Expected Year of Completion) 0 CWT/C&P (13%) Big Box Retailing (7%) REIT-owned (20%) Jurong Island (6%) Strata Title (7%) Owneroccupied (46%) Source: URA, Cache Expected Year of Completion Planned (Public Sector) Planned (Private Sector) Under Construction (Public Sector) Under Construction (Private Sector) Aside from that under construction, planned development is subject to regulatory approval and may not materialise Only 2% of Cache s GFA is up for renewal in 2013 Majority of renewals for Cache commence from 2015 onwards KNOWING. BELIEVING. DELIVERING 29
30 Summary Good Quality Portfolio Capable Management with Focused Strategy Long-term master lease and multiple lease structures Predominately triple-net income Annual rental escalations for majority of properties Majority of borrowings are hedged with fixed interest rates Predictable cash flows Resilient earnings Sustainable distributions Growth in distributions Clear pipeline of potential acquisitions via the ROFR properties KNOWING. BELIEVING. DELIVERING 30
31 Further Information Investor Relations Contact: Judy Tan Investor Relations Manager ARA-CWT Trust Management (Cache) Limited 6 Temasek Boulevard #16-02 Suntec Tower 4 Singapore Tel: Website: KNOWING. BELIEVING. DELIVERING 31
32 Disclaimer This presentation does not constitute an offer, invitation or solicitation of securities in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation 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, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current views of management on future events. The value of units in Cache ( Units ) and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, ARA-CWT Trust Management (Cache) Limited (as the manager of Cache) (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 the Manager to redeem or purchase their Units for so long as the Units are listed on Singapore Exchange Securities Trading Limited (the SGX-ST ). It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of Cache is not necessarily indicative of the future performance of Cache. KNOWING. BELIEVING. DELIVERING 32
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