Frasers Centrepoint Trust

At this juncture, I would like to introduce the team today. We have Richard, the CEO of the manager, Audrey, the chief financial officer, and Pauline, the head of investment and asset management. So let me invite Richard to bring us through the first quarter highlights of our business update. Richard.

Thanks, Fangling. Good morning, ladies and gentlemen. And first and foremost, a very happy new year. Hopefully, your rabbit year has started off well. Okay, let's get on to the first part of our presentation, Fangling. Okay, just give you a very quick overall highlights of what was achieved during the first queue for FY23. Firstly, in terms of occupancy, we continue to see improvement. We have grown now up to a healthy level of 98.4%. And shopper traffic, retail sales have also grown. Tenant sales is 13.4% year on year. And if you look at comparing with pre-COVID level, the year-to-date average is about 12% higher. Shopper traffic, it's about 38% year-on-year, even though it's not back to pre-COVID, but I think it's at a level whereby it is actually helping us with the sales and the productivity of our customers is actually improving as well. For that part, Pauline will run through in more detail later on. A couple of things that have also happened in terms of looking at hedging strategies, especially financing is one area that I believe everybody is focusing on. We are now at about 73% of our total borrowings being hedged. Next up is in terms of energy purchase. We shared this a couple of rounds before. What's happening is our hedges is only coming in towards the second half of FY 2023. So at the moment, we are continuously monitoring the market. It has been pretty positive as far as we are concerned because the rates, if you compare to probably June last year, it has come off quite a bit. So we're continuing to monitor. And as I've shared before, we have full flexibility in terms of how we intend to hedge our energy purchases. It could be short-term, free-float, etc. One important area to also highlight is Alkang Mall has also been awarded BCA Greenmark Platinum. What that means is all 10 of our buildings including Central Plaza now has been certified at least Gold Plus and above and about 50% of them in fact are actually Platinum rated. Just a little bit about the market. I'm not going to go into the economy The sales of retail sales continue to improve. If you look at for the November numbers, it's up 8.7% year on year. And also certain element or certain component, in fact, has a more impressive growth of 24.7%. Notably, also from the CBRE research report, you can see that from the rental perspective, there's a recovery from both the Orchard Prime area as well as Suburban Prime. For Suburban Prime, rents has gone up 1% quarter on quarter and 2.3% year on year. And CBRE expects the overall rent to continue recovering in 2023. Next up, I'll hand over to Audrey to take you through the financial position. Audrey please.

Thanks Richard. Okay, I'll run through it in terms of capital management. Aggregate leverage as set first quarter of FY2022 is about 33.9%, relatively similar to last quarter level. Average cost of debt for the quarter is at 3.5%, higher with the higher interest rate environment. Our average debt maturity is about 1.8 years. 73% of our borrowings are hedged to interest rate. And 31% of total borrowings is actually relating to green loans. So in terms of facilities-wise, we have about close to 600 million untapped RCF facilities and we're rated by S&P BBB stable and also by Moody's BA2 stable. So with this, I will hand over to Pauline on operational performances.