1 q11 m_log results presentation _final

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Transcript of 1 q11 m_log results presentation _final

  • 1. Results for the First Quarter Ended 31 March 2011

2. Disclaimer
This Presentation is focused on comparing results for the three months ended 31 March 2011 versus results achieved in the three months ended 31 March 2010 and versus results achieved in the previous quarter ended 31 December 2010. This shall be read in conjunction with Mapletree Logistics Trusts financial results for the three months ended 31 March 2011 in the SGXNET announcement.
This release 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 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 current view of management on future events.
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3. Agenda

  • Key Highlights

4. Capital Management 5. Resilient Portfolio 6. Outlook 7. Summary 8. Appendix2
9. Key Highlights
10. Key Highlights

  • Stable and positive 1Q 2011 results

11. Amount Distributable increased by about 22% to S$37.5 million for 1Q 2011 12. Improvement in results attributed to contribution from acquisitions completed in last 2 quarters 13. DPU for 1Q 2011 grew to 1.55 cents from 1.50 cents in 1Q 2010 14. Overall occupancy rate improved marginally 15. High occupancy rate of 98.3%; contributed by the increase in Singapore and Hong Kong 16. No balance sheet risk 17. Comfortable gearing ratio of 39.4% as at 31 Mar 2011 18. Interest cover ratio increased to 6.7x as at 31 Mar 2011 19. Debt maturity profile improved with extension of HKD loans 2012 debt tower reduced to 33% from 53%4
20. Key Highlights (contd)

  • Yield + Growth strategy

21. Continued focus on yield optimisationand proactive portfolio management 22. Growth through acquisition pipeline in Singapore and rest of Asia 23. Disciplined approach in respect to acquisitions 2 accretive acquisitions in 1Q2011 at initial NPI yield of 7% - 8%

  • Greenfield pipeline from Sponsor approximately S$300 million completed or nearly completion; MapletreeLog has right of first refusal.

24. Portfolio rejuvenation initiatives 25. On-going effort to evaluate and identify properties for rejuvenation potential create additional value and improve marketability 26. Asset enhancement initiatives: 27. Multi-Q Centre: S$4 mil to add 3-storey warehouse; increase GFA by 4,100 sqm 28. Divestment of two Singapore assets; proceeds to fund acquisition of Jian Huang Building recycle capital for organic growth 29. Exploring potential redevelopment of existing asset to unlock value5
30. Statement of Total Return 1Q 2010 vs 1Q 2011
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31. Statement of Total Return 4Q 2010 vs 1Q 2011
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32. Scorecard Since IPO (Amount Distributable)
1: Period for 3Q 2005 is from 28 Jul 2005 (Listing Date) to 30 Sep 2005
2: Decline in portfolio asset value is due to currency movements
3: Excludes the one-time consideration from Prima Limited to extend the leases and licenses with them at 201 Keppel Road by 8 years. For details, please see SGXNET announcement dated 31 December 2009. Including this, amount distributable is S$31.8 million for 4Q 2009 and S$ 117.9 million for FY 2009.
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33. Scorecard Since IPO (DPU)
1: Period for 3Q 2005 is from 28 Jul 2005 (Listing Date) to 30 Sep 2005
2: Drop in DPU in 4Q 2008 is due to increase in number of units following the 3 for 4 rights issue in August 2008 which increased the number of units from 1,108 million to 1,939 million
3: Decline in portfolio asset value is due to currency movements
4: Excludes the one-time consideration from Prima to extend the leases and licenses with them at 201 Keppel Road by 8 years. For details, please see SGXNET announcement dated 31 December 2009. Including this, DPU is 1.59 cents for 4Q 2009 and 6.02 cents for FY 2009.
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34. Capital Management
35. Balance Sheet
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Footnotes:
Includes S$12 million investment property held-for-sale (9 Tampines St 92) classified under current assets.
Total liabilities increased by S$92.5 million largely due to additional JPY borrowings taken to fund the purchase of Hiroshima.
Includes derivative financial instruments, at fair value, liability of S$42.1 million.
Includes derivative financial instruments, at fair value, liability of S$35.5 million.
Includes net derivative financial instruments, at fair value, liability of S$35.8 million.Excluding this, the NAV per unit would be S$0.87.
Includes net derivative financial instruments, at fair value, liability of S$24.3 million.Excluding this, the NAV per unit would be S$0.86.
36. Capital Management
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Footnote:
For the quarter ended.
Ratio of EBITDA over interest expense for period up to balance sheet date.
37. Debt Profile as at 31 Mar 11
Debts as at 31 Dec 10
Debts as at 31 Mar 11
Average Duration ~ 2.20 years
Average Duration ~ 2.22 years
SGD mil
SGD mil
53%
33%
SGD247mil
17%
18%
18%
17%
SGD172mil
13%
12%
13%
3%
3%
Debt Amount
SGD1,452 mil
SGD1,354 mil
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38. Natural Hedge Our Preferred Hedge Strategy
Local currency loans set up natural hedge against currency fluctuations
Gearing level by country (as at 31 Mar 2011)
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39. Approximately 89% of Amount Distributable Hedged for FY 2011
FY2011
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40. Prudent Capital Management

  • Sufficient resources to meet 2011 debt obligations

41. Comfortable gearing ratio of 39.4%, which is lower than our medium-term target range of 40%-50% 42. Healthy interest cover ratio of 6.7 times 43. Hedged / Fixed rate borrowings at approximately 65% 44. All loans are unsecured with minimal financial covenants 45. Credit rating of Baa2 with outlook upgraded to Positive by Moodys in October 201016
46. Resilient Portfolio
47. Resilient Portfolio

  • Occupancy rate high at about 98.3%

48. Higher occupancy rates for Singapore, China and Hong Kong 49. Diversification in terms of geography, customers and end-users 50. Exposure to wide variety of stable end-users 51. Stability from long leases 52. Weighted average lease term to expiry (WALE) maintained at about 6 years 53. Ample cushion from security deposits 54. Equivalent to about 60% of FY 2011 annualized gross revenue, or average of 7.5 months coverage (Singapore only: 10.8 months) 55. Low arrears ratio 56. Typically less than 1% of annualized gross revenue18
57. Successful Lease Renewals in 2011

  • In FY 2011, around 13.6% of leases (by NLA) are up for renewal these are mostly in Singapore, Hong Kong, China and Malaysia

58. Successfully renewed/replaced 94% of NLA due in 1Q 2011 59. Renewal/replacement at higher average rentalNLA renewed/replaced in FY 2011 (in 000 sqm)
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1 - Excludes about 7,500 sqm of a lease renewed in 1Q 2011 that is due in 4Q 2011. If we include this, balance space renewable in 2011 is 229,000 sqm or 9.4% of portfolio NLA.
60. Successful Lease Renewals in FY 2011
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% Renewed to date
61. High Occupancy Levels Sustained
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62. Multinational logistics operators
Singapore listed groups
Private groups
Diversified Customer Mix Portfolio Stability
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  • 306 customers in portfolio; no single customer accounts for >5% of total revenue

63. Top 10 customers ~ approx 30% of total gross revenue