ARA-CWT Trust Management (Cache) Limited
Knowing. Believing. Delivering
FY2012
Financial Results Presentation
21 January 2013
Agenda
Overview & FY12 Key Highlights
4QFY12 & FY12 Full Year Financial Performance
Portfolio Update & Details
Capital Management
Market Outlook & Strategy
KNOWING. BELIEVING. DELIVERING 2
Overview
Sponsor CWT Limited
REIT Manager ARA-CWT Trust Management (Cache) Limited
Property Manager Cache Property Management Pte Ltd
Issue Statistics Listing Date 12 Apr 2010
Market Cap Approx. S$871 million (1)
Substantial
Institutional
Unitholders(2)
Newton Investment
Management / Bank of
New York Mellon
7.1% (2)
The Capital Group 5.8%
Objectives
Regular and stable distributions
Long term growth in DPU and NAV
Maintain appropriate capital structure
Mandate Asia Pacific
Distribution Policy 100% of Distributable Income for FY12
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
88.3% 10.0% 1.7%
31.9%
C&P
Public CWT ARA
Shareholding Structure Direct interests as at 31 Dec 2012
4
10.8 12.3 12.3 12.4
13.3 13.4 13.4 13.4 13.9 15.1 15.2
1.71
1.94 1.94 1.95 2.09 2.10 2.10 2.09 1.98
2.14 2.15
0.0
0.5
1.0
1.5
2.0
2.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12
DP
U (
ce
nts
)
Dis
trib
uta
ble
In
co
me
(S
$ m
illi
on
)
Performance since IPO(1)
Distributable Income (S$ million) DPU (cents)
Steady Performance since IPO
Notes:
(1) Cache Logistics Trust was listed on 12 April 2010
Key Highlights
Robust financial performance 4QFY12 Distributable Income increased 12.8% y-o-y to S$15.1 million
FY12 DPU rose 1.6% to 8.365 cents
Quality portfolio with proactive asset management Rental escalations of 1.25 to 2.5% for master leases
Only 2% of portfolio up for renewal in 2013
Portfolio occupancy at 100%
Prudent capital management All-in-financing cost lowered from 3.89% to 3.52% y-o-y
Aggregate leverage ratio at 31.7%
Lengthened debt expiry profile – no debt expiring till 2015
KNOWING. BELIEVING. DELIVERING 5
Financial Performance
Knowing. Believing. Delivering
6
Financial Performance 4QFY12 vs. 4QFY11
KNOWING. BELIEVING. DELIVERING
(S$’000 unless otherwise noted) 4Q FY12 4Q FY11 % Change
Gross Revenue 19,127 16,891 13.2
Less: Property Operating Expenses (849) (843) (0.7)
Net Property Income (NPI) 18,278 16,048 13.9
Distributable Income 15,151 13,430 12.8
Distribution per unit (DPU) (Cents) 2.154(1) 2.102(2) 2.5
• 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
7
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 8
Financial Performance FY12 vs. FY11
(S$’000 unless otherwise noted) FY12 FY11 % Change
Gross Revenue 72,638 64,607 12.4
Less: Property Operating Expenses (3,494) (2,685) (30.1)
Net Property Income (NPI) 69,144 61,922 11.7
Distributable Income 57,464 52,489 9.5
Distribution per unit (DPU) (Cents) 8.365(1) 8.235(2) 1.6
• Gross Revenue and Net Property Income growth driven
by active acquisitions and rental escalations
• NPI rose 11.7% in FY12
• Amount distributable to Unitholders grew 1.6% in FY12
Notes:
(1) Based on 703,353,638 issued units which includes 702,418,479 issued units as at 31 Dec 2012 and 935,159 units to be issued to
the Manager by 21 Jan 2013
(2) Based on 638,867,066 units which includes 637,827,371 issued units as at 31 Dec 2011 and 1,039,695 units issued as Manager’s
fees for 4Q11.
Strong Balance Sheet
S$’000 unless indicated as at 31 Dec 2012 31 Dec 2011
Investment Properties 971,876 842,788
Other Assets 15,136 12,436
Total Assets 987,012 855,224
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 671,876 594,085
Units in Issue (units) 703,353,638(1) 638,867,066(2)
NAV per Unit (S$) 0.96 0.93
Adjusted NAV per Unit(3) 0.93 0.91
KNOWING. BELIEVING. DELIVERING 9
Notes:
(1) Based on 703,353,638 issued units which includes 702,418,479 issued units as at 31 Dec 2012 and 935,159 units to be issued to the
Manager by 21 Jan 2013
(2) Based on 638,867,066 units which includes 637,827,371 issued units as at 31 Dec 2011 and 1,039,695 units issued as Manager’s fees for
4Q11.
(3) Excludes income available for distribution
10
Distribution Details
Distribution Period Distribution
per unit (S$) Payment Date
1 October 2012 to
31 December 2012 2.154 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 2013
Portfolio Update
Knowing. Believing. Delivering
11
KNOWING. BELIEVING. DELIVERING
Number of Investment
Properties
12 Properties
• 11 – Singapore
• 1 – China, Shanghai
GFA (approx.) 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)
Property Features • 8 - Ramp-up
• 2 - Cargo Lift
• 2 - Single Storey
Total no. of Tenants • 11 – Master Lessees (NNN rental)
• 2 – Tenants in Multi-Tenanted Property
Investment Properties 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)
12
Note:
(1) As at 12 April 2010
Quality, Resilient Portfolio Portfolio Summary
KNOWING. BELIEVING. DELIVERING
100% occupation with both master & multi-tenanted leases
Weighted avg lease expiry (‘WALE’) of 3.9 years
Rental escalation of between 1.25% - 2.50% pa for master
leases
Approximately 23% market share of Singapore’s ramp-up
logistics warehouses
Young portfolio – average building age of 5.1 years
13
Quality, Resilient Portfolio Portfolio Summary
Quality, Resilient Portfolio End-User Profile
Strong and diverse demand by underlying end-users
resulting in high underlying end-user occupancy
Note: Charts reflect breakdown by Occupied GFA.
Source: ARA-CWT and master lessees
End-users from diverse
trade sectors
Over 89% of GFA taken up by
MNCs and government agencies
KNOWING. BELIEVING. DELIVERING
Multinational Corporations
, 84%
Small and Medium
Enterprises 11%
Government entities
5%
14
Industrial & Consumer
goods 51%
Hospitality 1%
Food & Cold Storage
6%
Healthcare 10%
Aerospace 5%
Courier Service
2%
Commodity & Chemical
25%
< 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
KNOWING. BELIEVING. DELIVERING
% o
f G
FA
15
Quality, Resilient Portfolio Lease Expiry Profile
2%
6%
36%
31%
2% 0%
8%
15%
0%
5%
10%
15%
20%
25%
30%
35%
40%
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 &beyond
Portfolio Lease Expiry (%) as at 31 December 2012
FY12 Acquisitions &
Portfolio Details
Knowing. Believing. Delivering
16
17
Property Details
Property
Type
Ramp-up logistics
warehouse and
office facility
GFA 197,000 sq ft
Purchase
Price S$35.2 million
Lease Type Master Lease
Completion
Date(1) 30 Apr 2012
Acquisition of
Pan Asia Logistics Centre
21 Changi North Way, Singapore Note:
(1) Acquisition Completion Date
18
Property Details
Property
Type
Ramp-up logistics
warehouse and
office facility
GFA 329,000 sq ft
Purchase
Price S$66.0 million
Lease Type Master Lease
Completion
Date(1) 3 July 2012
Acquisition of
Pandan Logistics Hub
49 Pandan Road, Singapore
Note:
(1) Acquisition Completion Date
KNOWING. BELIEVING. DELIVERING
vv
Pandan/Penjuru
1 CWT Cold Hub
2 Fishery Port Road
CWT Commodity Hub
24 Penjuru Road
7
Changi South
C&P Changi Districentre
3 Changi South Street 3
C&P Changi Districentre
5 Changi South Lane
APC Distrihub
6 Changi North Way
8 Kim Heng Warehouse
4 Penjuru Lane
Air Market Logistics
Centre
22 Loyang Lane
Jurong Port
Pasir Panjang Terminal Keppel
Terminal
Changi International
Airport
Sembawang Wharves
Second Link (Tuas checkpoint)
Johor Causeway
Link
Sentosa
Pulau Ubin
Jurong Island
Pan Asia Logistics Centre
21 Changi North Way
2 3 4
9 10 11
Schenker Megahub
51 ALPS Avenue
Airport Logistics Park (“ALPS”)
Hi-Speed Logistics Centre
40 ALPS Avenue 5 6
Pandan Logistics Hub
49 Pandan Road
2 3
1
4
11 9
10
7 8
5
6
7 8
19
Changi North Loyang
Changi South
Quality, Resilient Portfolio Strategic Locations - Singapore
KNOWING. BELIEVING. DELIVERING
Singapore - West Zone
As at 31 Dec 2012 CWT Commodity
Hub CWT Cold Hub
Kim Heng
Warehouse
Pandan
Logistics Hub
Lessee CWT CWT Kim Heng CWT
Ramp-up feature √ √ Single Storey √
Location Penjuru Penjuru Penjuru Pandan
GFA (approx) 2,300,000 sf 342,000 sf 54,000 sf 329,000 sf
Valuation (S$m) $360.5 $139.6 $9.4 $66.5
1 2 3
20
4 3
Quality, Resilient Portfolio Portfolio Details
KNOWING. BELIEVING. DELIVERING
Singapore - East Zone
As at 31 Dec 2012 Schenker
Megahub
Hi-Speed
Logistics
Centre
C&P Changi
Districentre
C&P Changi
Districentre 2
Lessee C&P or
Subsidiaries
C&P or
Subsidiaries
C&P or
Subsidiaries
C&P or
Subsidiaries
Ramp-up feature √ √ √ Cargo Lift
Location ALPS ALPS Changi South Changi South
GFA (approx) 440,000 sf 309,000 sf 364,000 sf 111,000 sf
Valuation (S$m) $110.0 $77.4 $89.7 $21.5
6 7 8 5
21
Quality, Resilient Portfolio Portfolio Details
KNOWING. BELIEVING. DELIVERING
Singapore - East Zone
As at 31 Dec 2012 APC Distrihub
Pan Asia
Logistics
Centre
Air Market
Logistics
Centre
Jinshan
Chemical
Warehouse
Lessee APC and
Flextronics
Pan Asia
Logistics
Air market
Express CWT
Ramp-up feature √ √ Cargo Lift Single Storey
Location Changi North Changi North Loyang Shanghai
GFA (approx) 177,000 sf 197,000 sf 63,000 sf 144,000 sf
Valuation (S$m) $32.3 $36.0 $13.5 RMB 79.0
(c.$15.5)
China
10 11 9 12
22
Quality, Resilient Portfolio Portfolio Details
12
Capital Management
Knowing. Believing. Delivering
23
Prudent Capital Management
FY2012
Borrowings (as at 31 Dec 12)
S$313.0m
Aggregate Leverage(1)
(as at 31 Dec 12) 31.7%
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
$187.5
$125.5
2012 2013 2014 2015 2016
Debt Expiry Profile
Present Term Loans
Capital Management Exercise in Jun 2012
New S$375m term loan and enlarged revolving credit facility
Increased LTV of previously over-collateralized secured assets
Lengthened debt expiry profile
Decreased all-in financing cost
Additional financial flexibility with increased committed line of credit
In S$ million
Market Outlook & Strategy
Knowing. Believing. Delivering
25
Long-Term
Growth in DPU
and
NAV per Unit
Work closely with the
Master Lessees and
end-users
Grow organically
Minimize re-leasing
risk
Secure longer-term
tenure with strong
credit-worthy end-
users
Broad Asia-Pacific
mandate
Pursue acquisitions
conducive to the
portfolio
Right of first refusal
from CWT and C&P
Leverage on the strengths of the Sponsor
and relationships with end-users
Grow the Portfolio Prudently Manage
the Portfolio
Participate in Focused Development
Management Strategy
KNOWING. BELIEVING. DELIVERING 26
• Granted by Sponsor (CWT) and C&P on properties in Asia Pacific
• 13 properties with approximately 4.5 million sq ft GFA
• Located in Singapore, China and Malaysia
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
Selected properties covered by the ROFR
ROFR Properties
KNOWING. BELIEVING. DELIVERING 27
Rights of First Refusal (‘ROFR’)
Properties Covered by ROFR
Market Outlook
KNOWING. BELIEVING. DELIVERING
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 2012. 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
Sources:
(1) Based on Ministry of Trade & Industry (MTI) Advanced Estimates; (2) Colliers International Market Report
28
Higher than average industrial supply to become available in the medium term
Monthly 75th 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
Singapore’s Warehouse Market (2)
Singapore’s Economy (1)
Potential New Supply
29 KNOWING. BELIEVING. DELIVERING
• 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
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2013 2014
Availab
le S
pace in
GF
A (
sq
m)
Expected Year of Completion
Supply of Warehouse Space (By Sector, Development Status & Expected Year of Completion)
Planned (Public Sector)
Planned (Private Sector)
Under Construction (PublicSector)
Under Construction (PrivateSector)
Owner-
occupied
(46%)
Strata Title (7%)
Jurong Island (6%)
REIT-owned (20%)
CWT/C&P
(13%)
Big Box
Retailing
(7%)
Source: URA, Cache
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
Clear pipeline of potential
acquisitions via the ROFR
properties
Predictable cash flows
Resilient earnings
Sustainable distributions
Growth in distributions
KNOWING. BELIEVING. DELIVERING 30
Further Information
Investor Relations Contact:
Judy Tan
Investor Relations Manager
KNOWING. BELIEVING. DELIVERING 31
ARA-CWT Trust Management (Cache) Limited
6 Temasek Boulevard #16-02
Suntec Tower 4
Singapore 038986
Tel: +65 6835 9232
Website: www.cache-reit.com
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