CapitaMalls Asia Limited Asia’s Leading Mall Developer, Owner and Manager
Listing by Introduction on HKEx
Listing30 bySeptember Introduction on HKEx *Sep 2011 2011* Disclaimer 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, 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 CMA’s current view of 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 CapitaMalls Asia (“CMA”) 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 CMA is not necessarily indicative of the future performance of CMA.
An investment in the shares of CMA (“Shares”) is subject to investment risks, including the possible loss of the principal amount invested.
This document does not constitute a prospectus, notice, circular, brochure, advertisement or other document offering to sell any securities to the public, nor is it an invitation to the public to make offers to subscribe for or purchase any securities, nor is it calculated to invite or solicit offers by the public to subscribe for or purchase any securities. No new Shares will be allotted and issued in connection with, or pursuant to, the proposed secondary listing ("Listing") of the Shares on the Main Board of The Stock Exchange of Hong Kong Limited ("HKEx").
The directors of CMA wish to highlight to shareholders that as the Listing is still subject to the fulfilment of certain conditions, the Listing may or may not occur.
There is no assurance that the final approval of the HKEx and relevant authorities for the listing of, and permission to deal in, the Shares on the Main Board of the HKEx will be granted.
This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Shares.
1 Listing by Introduction on HKEx *Sep 2011* Contents
1. Who is CMA? 2. Rationale of Listing by Introduction on HKEx 3. Key Milestones and Timeline 4. Our Growth Story 5. Financial Performance 6. Next Phase of Growth 7. Appendix
2 Listing by Introduction on HKEx *Sep 2011* 1. Who is CMA?
3 Listing by Introduction on HKEx *Sep 2011* CMA is the Leading Asian Shopping Mall Developer, Owner and Manager Pan Asian footprint across 51 cities in 5 countries of Singapore, China, Malaysia, Japan and India
5 Countries
96 Retail Properties
78.9 million sq ft Gross Floor Area
S$25.6 billion Property Value
~3,500 Employees
Market Capitalisation of S$5.7 billion
1. As at 30 Jun 2011, CMA has 95 retail properties. 2. Data as at 29 Sep 2011 includes the acquisition of Suzhou which is subjected to the Government’s approval . 3. Market capitalisation as at 30 Jun 2011. 4 Listing by Introduction on HKEx *Sep 2011* CMA’s Real Estate Value Chain 3 Sources of Revenue
1. Development 2. Mall 3. Capital Management Management
- Development Profits - Revaluation
Recurring Income Recurring Income - Net Property Income - Fund Management - Property Management Fees Fees
Fund Management 1 1H FY2011 PATMI Business of $214 mil • Manager of 3 Listed REITs & 5 Private Funds • AUM 2 of $19.5 bil (1) Profit after tax and minority interest 3 (2) Assets under management • EBIT of $32 mil for 1H (3) Earnings before interest and taxes FY2011
5 Listing by Introduction on HKEx *Sep 2011* CMA’s Business Structure CMA is the Leading Asian Shopping Mall Developer, Owner and Manager
39.4%
65.5%
Singapore China Malaysia Japan India
Data as at 30 Jun 2011
6 Listing by Introduction on HKEx *Sep 2011* Singapore (20 Malls) – Market Leader
ION Orchard Raffles City Singapore Plaza Singapura
Bugis Junction Iluma Bedok Site 1
(1) Based on artist’s impression, to be opened in 2014 7 Listing by Introduction on HKEx *Sep 2011* China (55 Malls) – First Mover Advantage
Raffles City Shanghai, Shanghai Raffles City Beijing, Beijing CapitaMall Xizhimen, Beijing
CapitaMall Jinniu, Chengdu CapitaMall Deyang, Deyang CapitaMall Guicheng, Foshan
8 Listing by Introduction on HKEx *Sep 2011* Malaysia (5 Malls) – Market Leader
Queensbay Mall, Penang East Coast Mall, Kuantan
Sungei Wang Plaza, Kuala Lumpur The Mines, Selangor Gurney Plaza, Penang
9 Listing by Introduction on HKEx *Sep 2011* Japan (7 Malls) – Consolidating Our Position
Chitose Mall, Hokkaido
Vivit Square, Tokyo La Park Mizue, Tokyo 10 Listing by Introduction on HKEx *Sep 2011* India (9 Malls) – Emerging Star
The Forum Value Mall, Bangalore The Celebration Mall, Udaipur
11 Listing by Introduction on HKEx *Sep 2011* Experienced Management Team
Proven Management with Extensive Real Estate Operational and Financial Experience
LIM Beng Chee EuroMoney Real Estate Awards 2011 CEO • Best Retail Developer in Asia, Singapore and China • Played an instrumental role in the creation of EuroMoney Magazine CMA’s retail real estate funds and REITs • More than 10 years of real estate investment EuroMoney Real Estate Awards 2010 • Best Retail Developer Globally, Asia, and asset management experience in Singapore and China CapitaLand EuroMoney Magazine • CMA’s CEO since November 2008 Top 10 Famous Retail Real Estate Experienced Developer in China Leadership China Commercial Real Estate Association (CCREA) NG Kok Siong CFO Most Transparent Company Award – New Issues • Over 15 years of experience in finance and • Runner-up investment management Securities Investors Association (Singapore) • Joined CapitaLand in 2005 Golden Co-ordinates – Retail Real Estate • Has held various senior positions such as SVP Leader (CapitaLand Eurasia) and SVP, Strategic Commerce Promoting Real Estate (CPRE) n the 60th Finance (CapitaLand) Anniversary of the People’s Republic of China
12 Listing by Introduction on HKEx *Sep 2011* Widely Covered by International and Local Houses
13 Listing by Introduction on HKEx *Sep 2011* 2. Rationale of Listing by Introduction on HKEx
14 Listing by Introduction on HKEx *Sep 2011* Transaction Background
CMA is proceeding with a dual-listing on HKEx for the following strategic rationale:
1 Widen investor base
Platform to widen investor base and enhance CMA’s attractiveness to investors in Hong Kong and China.
2 Enhance CMA’s research coverage, profile and liquidity
Attract research coverage on CMA and help raise profile and enhance market visibility of CMA
3 Additional avenues of financing
Enhancing CMA’s ability to access additional sources of capital in two leading global capital markets in Singapore and Hong Kong.
15 Listing by Introduction on HKEx *Sep 2011* 3. Key Milestones and Timeline
16 Listing by Introduction on HKEx *Sep 2011* Key Milestones & Timeline
Approval In Principle 30 September, 2011
Listing Document Availability 30 September, 2011 -
Listing Date 18 October, 2011
Listing Document Available at: • CICC office • J.P. Morgan office 29th Floor, One International Finance Centre, 1 Ground Floor, Chater House, 8 Connaught Road Harbour View Street, Central, Hong Kong Central, Hong Kong
• Computershare office 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong
17 Listing by Introduction on HKEx *Sep 2011* Batch Transfer Process for Current Shareholders Date Process Batch 1 Batch 2 30 Sep 2011 30 Sep 2011 • Approval-in-principle from HKEx on 30 Sep 2011 • Batch transfer announcement 4 Oct 20111 20 Oct 2011 • Last date for each Batch Transfer. Shareholders to submit: 1. ‘Withdrawal of Securities Form’ (CDP Form 3)2 to CDP (by 5:00 pm Singapore (by 5:00 pm Singapore time) 2. Bank draft to CDP for share withdrawal costs time) 3. Share removal form3 to Boardroom 14 Oct 2011 2 Nov 2011 • Brokers of shareholders/nominees in HK to collect the physical share certificates and deposit into CCASS4 18 Oct 2011 3 Nov 2011 • Shares will be ready for trading in HK provided share certificates are (Listing of CMA on HKEx) deposited into CCASS by the stipulated date above.
Costs: - CDP charges a fee of S$10.00 for each withdrawal request for 1,000 shares or below, or S$25.00 for >1,000 shares. - Boardroom charges a fee of S$30.00 and S$2.00 per certificate for each removal request. - Computershare offers two levels of service – express and standard. Under the express route (10 business days), Computershare charges the higher of 0.05% of market value or HK$20.00 per certificate, subject to a minimum charge of HK$5,000.00. Alternatively, the standard route, for which Computershare charges a base fee of HK$200.00 and HK$2.50 per certificate, would take an additional 4 business days and the whole process would take 14 business days to complete. However, the fees can be waived if your removal takes place before the dual listing date. - Boardroom and Computershare have agreed to waive their charges to shareholders in respect of the batch transfers. CDP’s existing charges will still apply, together with any other costs to be levied by shareholders’ own brokers, nominees or custodians (where relevant).
1. Shares will not be available for trading on 4 Oct. 2. To obtain form from CDP. 3. To obtain form from Appendix of Batch Transfer Announcement by CapitaMalls Asia dated 30 Sep 2011. 18 4. Central Clearing and Settlement System. Listing by Introduction on HKEx *Sep 2011* 4. Our Growth Story
19 Listing by Introduction on HKEx *Sep 2011* Well- Positioned for Growth Opportunities in Asia Retail Sector…
CMA is located in fast growing countries… …with low penetration of shopping spend per capita
GDP per capita (US$) CAGR 2010-2015E Retail spending per capita (US$)
10.7% 10.0% 8,904
7.0%
4.7% 4.2% 3,591
809 1,033 234
Singapore China Malaysia Japan India Singapore China Malaysia Japan India Source: EIU, 2011 Source: Euromonitor, 2011
…and low penetration of organised retail …and high consumption growth
Size represents population size 100% 25% China India 80% 20% Malaysia 60% 15% 10% 40% Japan Singapore 20% CAGR'05-'10 5% 0% consumption Private 0% Singapore China Malaysia India -5% 0% 5% 10% 15% Real GDP Organised Traditional CAGR '05-'10 Source: Company data, CICC Research Source: EIU, Euromonitor, 2011 20 Listing by Introduction on HKEx *Sep 2011* Strong Growth in Shopper Traffic & Tenant Sales
1H 2011 vs 1H 2010 (%) Occupancy Country 1 Shopper Rate (%) Tenant Sales Traffic Singapore2 98.0 4.1 7.9 China3 96.7 10.4 15.2 Malaysia4 97.3 0.2 - Japan5 94.8 4.3 28.5 India 91.6 3.0 18.8
(1) Occupancy rate is based on malls opened before 1 Jan 2010 (2) Excludes JCube, Hougang Plaza, The Atrium@Orchard and Iluma (3) Excludes 3 master leased malls under CRCT and CapitaMall Kunshan (no sales record until Apr 2010). Excludes the tenant sales from supermarket, department stores and cinema. (4) Point of sales system installation under progress (5) Excludes Ito Yokado Eniwa for shopper traffic. Tenant sales for Vivit Square and Chitose Mall only
21 Listing by Introduction on HKEx *Sep 2011* Same Mall NPI Growth (100% basis) (for malls opened before 1 Jan 2010)
NPI from China Grew 22.2% on a Same Store Basis
Country Local 1H 2011 1H 2010 Change Currency (%) (mil) Singapore1 S$ 330.5 318.5 3.8 China RMB 680.1 556.7 22.2 Malaysia2 RM 77.5 66.1 17.3 Japan JPY 727.6 744.9 (2.3) India INR 65.1 64.8 0.4
Note: The above figures are on a 100% basis, where the NPI of each mall is taken in its entirety regardless of our interest. This analysis compares the performance of the same set of malls opened prior to 1 Jan 2010.
(1) Excludes JCube, which is undergoing redevelopment, and Iluma, the acquisition of which by CMT was completed on 1 Apr 2011 (2) Excludes Queensbay Mall, the acquisition of which by CMA was completed on 1 Apr 2011. Includes new contribution from Gurney Plaza Extension from 28 Mar 2011
22 Listing by Introduction on HKEx *Sep 2011* Pipeline of Malls Opening in the Next 3 Years
No. of Properties as at 30 Jun 2011
Countries Target to be Target to be Target to be Completed opened in opened in opened in 2013 Total 2011 2012 & beyond
Singapore 16 - 2 2 20
China 40 3 6 6 55
Malaysia 51 - - - 5
Japan 7 - - - 7
India 22 - - 7 9 Total 70 3 8 15 96
(1) Includes East Coast Mall, Kuantan, which is subject for approval by the Securities Commission of Malaysia and Bursa Malaysia Securities Berhad (2) The Celebration Mall, Udaipur, was opened in early Jul 2011
23 Listing by Introduction on HKEx *Sep 2011* Singapore Continues to Shine Forecast tourist arrivals of 12.0 to 13.0 million in 2011, up from 11.6 million in 2010 1
million Marina Bay Sands 12 50% 11.64
10.3 10.1 9.8 9.7 25% 8 8.9 8.3 7.7 7.5 7.6 7.62 0% 6.1 4 (25%)
0 (50%) Singapore Visitor Arrivals Singapore Visitor 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Jul-11
Source: Singapore Tourism Board Formula 1 Night Race 24 Listing by Introduction on HKEx *Sep 2011* Strong Tenant Sales in Singapore
2 (1)
Source: CMTML, CMA (1) Services include convenience store, bridal shop, optical, film processing, florist, magazine / pet shop / grooming, travel agency, cobbler / locksmith, laundromat and clinics.
25 Listing by Introduction on HKEx *Sep 2011* Window for Expansion in China Attractive opportunity to acquire land and invest in shopping malls
1 Recent residential property cooling measures
2 Strong investment in infrastructure Rising urbanisation, disposal income and consumption resulting in 3 strong retail sales growth 4 Significant growth potential in shopping malls in China
26 Listing by Introduction on HKEx *Sep 2011* Income & Consumption in China’s Tier 2 & 3 Cities Catching Up
Year 1980s – 2007 2008 – Moving Forward SMEs built their plants in the Industries are moving inland as coastal regions coastal region (E.g. Foxconn, become more expensive and crowded Intel, Hewlett-Packard, IBM)
Workers traveled to coastal Suppliers (both upstream & downstream) are cities for work also moving inland to be closer Following that, workers are moving back to their hometown/cities to work
Beijing
Tianjin
Anyang Mall CMA’s malls in the west region Xinxiang Zhengzhou Zhengzhou witnessed an increase of 32.4% Kunshan Mianyang in tenant sales Chengdu Wuhan Chengdu Chongqing Yibin Changsha
Guangxi Inland Plants Foshan Coastal Cities Shenzhen
27 Listing by Introduction on HKEx *Sep 2011* China: 3 Malls to Open in 2H 2011
GFA of 96,635 sq m GFA of 72,649 sq m
CapitaMall Xuefu, Harbin CapitaMall Crystal, Beijing
GFA of 227,120 sq m
Hongkou Plaza, Shanghai
28 Listing by Introduction on HKEx *Sep 2011* NPI Growth Supported by Strong Tenant Sales +33% China Malls’ NPI Yield by Opening Year (effective stake) 5.3% 5.1% 4.3% 3.8% 4.0% 3.3% +15% 10.5% 2.1% +57% +91% 20051 1.1% (1.7%) (0.7%)
2005 2006 2007 2008 2009 2010 1H2010 1H2011 +23% 7.6% 6.2% 6.1% +9% 5.8% 5.8% +23% 5.3% 4.3% +48% 2 2006 2.9% 20.0%
(1.7%)
2005 2006 2007 2008 2009 2010 1H2010 1H2011 Year of Opening NPI Yield on Cost Tenant Sales Growth (1H11 vs 1H10). Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores. NPI Yield on Valuation
Note: Half-Yearly NPI yields on annualised basis, which may not be representative of full year actual performance. (1) Excludes Raffles City Shanghai (2) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Zhengzhou and CapitaMall Saihan
29 Listing by Introduction on HKEx *Sep 2011* NPI Growth Supported by Strong Tenant Sales +24% 7.8% China Malls’ NPI Yield by Opening Year (effective stake) +16% 6.4% 6.3% 6.2% 5.5% 5.8% +25% 4.4%
2007 17.9%
(0.05%)
2005 2006 2007 2008 2009 2010 1H2010 1H2011
CapitaMall Peace Plaza’s asset enhancement +31% in 2009-2010, expected to complete in mid-2011 4.7% 4.5% 3.6% 3.4% +16% 2.9% 2.5% 11.4% 2008
(1.0%) 2005 2006 2007 2008 2009 2010 1H2010 1H2011 Year of Opening NPI Yield on Cost Tenant Sales Growth (1H11 vs 1H10). Tenant sales are based on a same- mall basis (100%) and excludes sales from supermarkets and department NPI Yield on Valuation stores.
Note: Half-Yearly NPI yields on annualised basis, which may not be representative of full year actual performance.
30 Listing by Introduction on HKEx *Sep 2011* NPI Growth Supported by Strong Tenant Sales
China Malls’ NPI Yield by Opening Year (effective stake) +56% 5.3% 4.3% 3.5% 3.4% 3.0% 26.7% 2009
(0.4%)
2005 2006 2007 2008 2009 2010 1H2010 1H2011
1.8% 1.7% 2010 (1.0%) (0.1%)
(0.1%)
2005 2006 2007 2008 2009 2010 1H2010 1H2011
Year of Opening NPI Yield on Cost Tenant Sales Growth (1H11 vs 1H10). Tenant sales are based on a same- mall basis (100%) and excludes sales from supermarkets and department NPI Yield on Valuation stores.
Note: Half-Yearly NPI yields on annualised basis, which may not be representative of full year actual performance.
31 Listing by Introduction on HKEx *Sep 2011* China: Operational Malls to Make Up ~60% of Net Asset Value (NAV) by end of 2011
After acquisition of Suzhou site and additional 50% stakes in Minhang Plaza & Hongkou Plaza in Shanghai NAV as at 30 Jun 2011: S$2.55 bil Pro Forma NAV4 as at 30 Jun 2011: S$4.0 bil (Based on effective stakes) (Based on effective stakes in property value on a completed basis for properties under development) Year of Opening 2005(2) (2) >2013 % of Portfolio by 2005 5% 2006(3) 2007:2% 8% 21% Effective Stakes >2013(1) 7% 2008:3% 18% 2006(3) (Suzhou 12% 10%) 2009:4% 2007:4% 2013 2013 2010:3% 12% 2008:5% 11% 1H2011:2% 2009 6% 2H2011 to open:10% 2012 2010 2012 10% 5% 9% 2H2011 1H2011 17% 2011Additional 3% 50% stakes in Minhang & Hongkou 23% Malls: 54 Malls: 55 Operational Malls: 43% by NAV Operational Malls by end of 2011: 59% by NAV Projects under development: property value is calculated based on total estimated project cost Operational malls (1) Includes S$450m of capital commitment for Luwan Integrated Development and Raffles City Changning (2) Includes Raffles City Shanghai and CapitaMall Minzhongleyuan (3) Includes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan (4) For projects under development, we assume a 40% gearing. For those completed, actual debt will be used. 32 Listing by Introduction on HKEx *Sep 2011* 5. Financial Performance
33 Listing by Introduction on HKEx *Sep 2011* 1H 2011 Financial Results
1H 2011 1H 2010 Change (S$ mil) (restated) % PATMI 214.0 146.9 45.7
Rev under mgt 718.9 685.9 4.8
Revenue 113.0 147.6 (23.4)
EBIT 277.6 175.5 58.2
Revaluation Gain 143.3 19.5 N.M.
EPS 5.5cts 3.8cts 44.7
NTA per share S$1.52 S$1.41 7.8
Note: The comparable 1H 2010 results had been restated to take into account the reclassification of tax payable on distribution received from an associated company to income tax expense to conform to current year’s presentation, as well as the retrospective adjustments relating to INT FRS 115 – Agreements for the Construction of Real Estate.
34 Listing by Introduction on HKEx *Sep 2011* Balance Sheet & Liquidity Position
30 Jun 11 31 Mar 11 Change
Equity (S$ mil) 6,104 6,031 1%
Cash (S$ mil) 1,192 1,145 4%
Net Debt/Equity - - N.M.
% Fixed Rate Debt 80% 78% 2%
Ave Debt Maturity (Yr) 3.44 3.70 (7%)
35 Listing by Introduction on HKEx *Sep 2011* 6. Next Phase of Growth
36 Listing by Introduction on HKEx *Sep 2011* 11 Acquisitions Totaling S$4 billion since IPO
New MinZhong LeYuan, 7 Acquisitions in China, Wuhan, 2 in Singapore, China Suzhou Raffles City site, East Coast 2 in Malaysia Changning, Suzhou, Mall, Shanghai, China Kuantan, China Iluma, Malaysia Add’l 50% Queensbay Singapore stake in Mall, Jurong Minhang & Hongkou, Tianfu Mall, Penang, Conversion Gateway Shanghai Chengdu, Malaysia of CRCDF1 site, to Income China Luwan site. Singapore Fund Bedok site, Shanghai, Meili Mall, Singapore China Chengdu, IPO of CMA China
Clarke Quay, Singapore
Listing of CMMT, Acquisitions Malaysia Acquisitions by REITs Divestments Upsize & Conversion of China Fund 37 Listing by Introduction on HKEx *Sep 2011* Outlook
Retail demand underpinned by positive macro factors GDP growth forecast of 5.0% to 6.0% for 2011 Forecasted tourist arrivals of 12 - 13 mil in 2011 Unemployment rate in Jun 2011 at 2.1%
Singapore Retail sales index for Jul 2011 increased by 10.7% y-o-y
Robust retail sales growth underpinned by growing disposable income and increasing urbanisation in tier 2 & 3 cities GDP forecast of 9.5% for 2011 In 1Q 2011, 13 Chinese municipalities and cities raised the minimum wage by 21%
China Strong income growth of 11.5%, more than the 6.4% CPI increase in 1H 2011 y-o-y China retail sales remain strong with retail sales growing 16.8% in 1H 2011
38 Listing by Introduction on HKEx *Sep 2011* 7. Appendix
39 Listing by Introduction on HKEx *Sep 2011* Geographical Segments (100% Basis)
As at 30 Sep 2011 Singapore China3 Malaysia Japan India Total GFA (mil sq ft)1 13.2 52.8 4.7 1.8 6.4 78.9 Property Value (S$bil)2 12.7 10.5 1.3 0.6 0.5 25.6 No. of Malls 20 55 54 7 9 96
GFA Property Value No. of Malls 2% 2% 9% 8% 5% 21% 2% 17% 7% 6% 5% 50% 41%
67% 57%
Singapore China Malaysia Japan India
(1) For projects under development, GFA is estimated. (2) For committed projects whose acquisitions have not been completed, property value is based on deposits paid. (3) Includes the acquisition of Suzhou announced on 29 Sep 2011 (subject to Chinese government approval) (4) Include East Coast Mall which acquisition has not been completed. 40 Listing by Introduction on HKEx *Sep 2011* Performance of Operational Malls (for malls opened before 1 Jan 2010)
Country 1H 2011 Annualised Committed NPI Yield (%)1 Occupancy Rate (%)2 on valuation as at as at 30 Jun 2011 30 Jun 2011 Singapore 5.7 98.0 China 5.9 96.7 China excl. CRCT 5.5 96.1 Malaysia 6.4 97.3 Japan 3.7 94.8 India 6.3 91.6
Note: The above figures are on a 100% basis, where the NPI yield and occupancy of each mall are taken in their entirety regardless of CMA’s interest. This analysis takes into account all malls that are opened prior to 1 Jan 2010.
(1) Refers to weighted average yield of our operational malls, computed by using the annualised net property income. Note that annualised NPI yield may not be representative of the full year actual performance. (2) Refers to the weighted average committed occupancy rate.
41 Listing by Introduction on HKEx *Sep 2011* 1H 2011 PATMI Contribution
1H 2011 Contribution by Country (S$ mil) S’pore China M’sia Japan India Total EBIT Property Income 0 7 4 0 0 11 Revaluation 0 65 3 0 0 68 Management Fee Business 32 0 1 (1) 0 32 Subsidiaries Foreign Exchange 0 0 (2) 0 0 (2) Others 2 6 4 0 0 12 Subsidiaries’ Contribution to EBIT (A) 34 78 10 (1) 0 121 Share of Results (net of interest and tax) Property Income 64 (3) 10 1 (2) 70 Development Profits 12 0 0 0 0 12 Associates & Revaluation Excl REITs 35 42 0 (18) 0 59 JCE Revaluation REITs 25 12 9 0 0 46 Foreign Exchange 0 4 0 0 0 4
Associates’ & JCE’s Contribution to PATMI (B) 136 55 19 (17) (2) 191 EBIT (A) + (B) 170 133 29 (18) (2) 312 Less : Fin Cost, Tax, NCI & Others (C) (55)* (40) (3) 0 0 (98) PATMI (A) + (B) + (C) 115 93 26 (18) (2) 214
* Includes HQ costs.
42 Listing by Introduction on HKEx *Sep 2011* Balance Sheet Subsidiaries (S$mil) 30 Jun 2011 31 Dec 2010 5 China malls (51% owned by CMA and 1 582 304 49% owned by CMCIF) Investment Properties Queensbay Mall One North CapitaMall Tianfu Properties Under Development 2 783 289 CapitaMall Luwan JCEs & Associates Orchard Residences ION Orchard Jointly-Controlled Entities 3 911 1,044 Bedok Site and Jurong Site
CMT 1,516 1,513 CRCT 180 159 Associates CMMT 277 251 Private Funds & Others 1,282 1,197
Cash & Cash Equivalents 1,192 1,318 Other Assets Others Investments 388 379 Other Assets 257 528
Total Assets 7,378 6,982
Other Liabilities 302 394 Liabilities Debt 972 700 2 Non-Controlling Interest 213 60
Equity attributable to owners 5,891 5,828 (1) The increase in IP was due to acquisition of Queensbay Mall in Apr 11. (2) The increase in PUD & NCI was due to CapitaMall Luwan which was acquired in Feb 11. (3 ) Mainly due to repayment of shareholder’s loan and payment of dividend from OTH. 43 Listing by Introduction on HKEx *Sep 2011* Total Assets by Country (excl Cash holding)
Japan, India, S$107mil, 2% S$139mil, 2%
Malaysia, S$560mil, 9%
Singapore, S$2,661mil, 43% China, S$2,719mil, 44%
Total: S$6,186 million
44 Listing by Introduction on HKEx *Sep 2011* Earnings by Country and Business
EBIT by Country Main Contributors to EBIT
Foreign Malaysia Development Exchange Profit S$29mil, S$2mil, 1% 10% S$12mil, 4% Management Fee Business Property S$32mil, 10% Income Singapore S$80mil, 27% S$137mil, 46%
China S$133mil, 44% Revaluation S$173mil, 58%
Total: S$278 million Total: S$278 million
Note: Includes India (-S$3 million), Japan (-S$18 million). Note: Includes Others (-S$21 million)
45 Listing by Introduction on HKEx *Sep 2011*