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Summary of CMT Results 2018
FY 2016 FY 2017 1 January to 31 March 1 April to 30 June
Actual Actual Actual Actual
Gross Revenue (S$'000) 689,732 682,469 175,164 171,366
Net Property Income (S$'000) 479,679 478,234 125,651 120,792
Amount Available for Distribution (S$'000) 424,368 413,003 109,081 104,633
Distributable Income (S$'000) 394,3231 395,8242 98,9633 100,0334
Distribution Per Unit ("DPU") (cents)

For the period
Annualised


11.13¢
11.13¢


11.16¢
11.16¢


2.78¢
11.27¢


2.81¢
11.27¢

Notes

  1. Capital distribution and tax-exempt income distribution of S$12.9 million received from CapitaLand Retail China Trust ("CRCT") in FY 2016 had been retained for general corporate and working capital purposes. Following the completion of the sale of the office strata units of Westgate Tower on 20 October 2016, CapitaLand Mall Trust ("CMT") received S$17.1 million of capital distribution from Infinity Office Trust ("IOT"), which had also been retained for general corporate and working capital purposes.
  2. Capital distribution and tax-exempt income distribution of S$17.2 million, including advanced distribution of tax-exempt income of S$4.8 million for the period 1 July 2017 to 6 December 2017, received from CRCT in FY 2017 had been retained for general corporate and working capital purposes.
  3. CMT is committed to distribute 100% of its taxable income available for distribution to Unitholders for the financial year ending 31 December 2018. For 1Q 2018, CMT has retained S$9.1 million of its taxable income available for distribution to Unitholders for distribution in FY 2018. Capital distribution and tax-exempt income distribution of S$1.0 million received from CRCT in respect of the period 7 December 2017 to 31 December 2017 had also been retained for general corporate and working capital purposes.
  4. In 2Q 2018, CMT had retained S$4.6 million of its taxable income available for distribution to Unitholders for distribution in FY 2018.

Statements of Total Return and Distribution Statements (2Q 2018 vs 2Q 2017)
Statements of Total Return Group Trust
2Q 2018
S$'000
2Q 2017
S$'000
%
Change
2Q 2018
S$'000
2Q 2017
S$'000
%
Change
Gross rental income 156,818 155,441 0.9 143,854 143,143 0.5
Car park income 5,031 4,793 5.0 4,577 4,793 (4.5)
Other income 9,517 8,405 13.2 8,874 7,904 12.3
Gross revenue 171,366 168,639 1.6 157,305 155,840 0.9
Property management fees (6,481) (6,409) 1.1 (5,989) (5,918) 1.2
Property tax (14,441) (14,751) (2.1) (13,155) (13,540) (2.8)
Other property
operating expenses1
(29,652) (29,928) (0.9) (27,459) (27,546) (0.3)
Property operating expenses (50,574) (51,088) (1.0) (46,603) (47,004) (0.9)
Net property income 120,792 117,551 2.8 110,702 108,836 1.7
Interest income 2 2,358 2,295 2.7 7,334 7,028 4.4
Investment income3 - - - 19,105 19,709 (3.1)
Management fees (10,853) (11,170) (2.8) (9,814) (10,123) (3.1)
Trust expenses (1,019) (1,216) (16.2) (939) (1,098) (14.5)
Finance costs (24,110) (26,053) (7.5) (24,277) (26,100) (7.0)
Net income before share of results of associate and joint ventures 87,168 81,407 7.1 102,111 98,252 3.9
Share of results (net of tax) of:
- Associate4 2,272 2,688 (15.5) - - -
- Joint ventures5 31,355 10,789 NM - - -
Net income 120,795 94,884 27.3 102,111 98,252 3.9
Net change in fair value of investment properties 55,490 207,541 (73.3) 54,469 206,810 (73.7)
Net change in fair value of investment properties under development (138) - NM (138) - NM
Gain on disposal of investment property 6 119,734 - NM 119,734 - NM
Impairment loss written back/(recognised) 7 - - - 9,971 (28,457) NM
Dilution (loss)/gain of interest in associate (8) 73 NM - - -
Total return for the period before taxation 295,873 302,498 (2.2) 286,147 276,605 3.4
Taxation - - - - - -
Total return for the period 295,873 302,498 (2.2) 286,147 276,605 3.4

Distribution statements
Net income before share of results of associate and joint ventures 87,168 81,407 7.1 102,111 98,252 3.9
Net effect of non-tax deductible items 8 2,523 1,495 68.8 2,522 1,457 73.1
Distributions from joint ventures9 14,462 16,024 (9.7) - - -
Rollover adjustment 10 274 129 NM - 129 NM
Net loss from subsidiaries 11 206 783 (73.7) - - -
Amount available for distribution
to Unitholders
104,633 99,838 4.8 104,633 99,838 4.8
Distributable income to
Unitholders12
100,033 97,238 2.9 100,033 97,238 2.9


Notes

  1. Included as part of the other property operating expenses are the following:

      Group Trust
    2Q 2018
    S$'000
    2Q 2017
    S$'000
    %
    Change
    2Q 2018
    S$'000
    2Q 2017
    S$'000
    %
    Change
    Depreciation and amortisation 129 179 (27.9) 125 175 (28.6)
    Allowance for doubtful debts and bad debts written off 31 - NM 27 - NM

  2. At Group level, it includes interest income on the unitholders' loans extended to IMT. At Trust level, it includes interest income on the unitholders' loans to BMT, VO1T, VO2T and IMT for 2Q 2018 and interest income from BMT, the Victory Trusts and IMT for 2Q 2017.
  3. Investment income relates to distributions from BMT, RCS Trust and IMT.
  4. Share of result of associate relates to the equity accounting of CRCT's result on a 3-month lag basis.
  5. This relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IMT and IOT (collectively, the "Infinity Trusts").

    Details are as follows:
      Group
    2Q 2018
    S$'000
    2Q 2017
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 28,118 28,242 (0.4)
    - Property operating expenses (7,132) (7,225) (1.3)
    - Net property income 20,986 21,017 (0.1)
    - Finance costs (5,454) (4,581) 19.1
    - Net change in fair value of investment properties 17,726 (4,063) NM
    - Others(A) (1,903) (1,584) 20.1
      31,355 10,789 NM

    (A) Included management fees of RCS Trust.

  6. This relates to gain arising from the disposal of Sembawang Shopping Centre which was completed on 18 June 2018.
  7. In 2Q 2018, this relates to write back of impairment loss in respect of CMT's interest in BMT and IMT. In 2Q 2017, this relates to impairment loss in respect of CMT's interest in IMT, partially offset by write back of impairment loss in respect of CMT's interest in BMT.
  8. Included in the non-tax chargeable items are the following:

      Group Trust
    2Q 2018
    S$'000
    2Q 2017
    S$'000
    %
    Change
    2Q 2018
    S$'000
    2Q 2017
    S$'000
    %
    Change
    Non-tax deductible items
    - Trustee's fees 311 314 (1.0) 311 314 (1.0)
    - Temporary differences
    and other adjustments
    2,212 1,181 87.3 2,211 1,143 93.4
    Net effect of non-tax deductible items 2,523 1,495 68.8 2,522 1,457 73.1
  9. Distributions from joint ventures relate to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT.
  10. For 2Q 2018, this is the difference between taxable income previously distributed by BMT and the quantum finally agreed with Inland Revenue Authority of Singapore ("IRAS") for year of assessment ("YA") 2016 and 2017. For 2Q 2017, this is the difference between taxable income previously distributed by CMT and the quantum finally agreed with IRAS for YA 2014 and 2015.
  11. For 2Q 2018, this relates to CMT MTN, VO1T and VO2T. For 2Q 2017, this relates to CMT MTN and the Victory Trusts.
  12. CMT is committed to distribute 100% of its taxable income available for distribution to Unitholders for the financial year ending 31 December 2018. For 2Q 2018, CMT had retained S$4.6 million of its taxable income available for distribution to Unitholders for distribution in FY 2018.

    In 2Q 2017, CMT had retained S$2.6 million of its taxable income available for distribution to Unitholders for distribution in FY 2017.

    NM – not meaningful
Balance Sheet

As at 30 Jun 2018 vs 31 Dec 2017

  Group Trust
  30 Jun 2018
S$'000
31 Dec 2017
S$'000
%
Change
30 Jun 2018
S$'000
31 Dec 2017
S$'000
%
Change
Non-current assets            
Plant & equipment 1,906 2,120 (10.1) 1,462 1,676 (12.8)
Investment properties1 8,248,000 8,311,000 (0.8) 7,466,000 7,530,000 (0.8)
Investment properties under development2 533,848 459,386 16.2 357,125 308,808 15.6
Interests in subsidiaries3 - - - 941,154 935,958 0.6
Interest in associate4 204,608 194,389 5.3 130,836 130,836 -
Interests in joint ventures5 960,443 937,895 2.4 721,865 708,194 1.9
Financial derivatives6 27,604 14,953 84.6 - - -
Other assets 137 137 - 137 137 -
Total non-current
assets
9,976,546 9,919,880 0.6 9,618,579 9,615,609 0.0
Current assets
Trade & other
receivables
25,931 32,399 (20.0) 28,850 32,738 (11.9)
Cash & cash equivalents 347,668 522,745 (33.5) 331,674 491,871 (32.6)
Financial derivatives6 - 29,418 NM - - -
Total current assets 373,599 584,562 (36.1) 360,524 524,609 (31.3)
 
Total assets 10,350,145 10,504,442 (1.5) 9,979,103 10,140,218 (1.6)
Current liabilities
Trade & other payables 137,780 155,588 (11.4) 119,342 139,717 (14.6)
Current portion of security deposits 60,257 57,619 4.6 57,242 54,317 5.4
Short-term borrowings7 - 534,692 NM - 505,132 NM
Provisions for taxation 452 302 49.7 - 159 NM
Total current liabilities 198,489 748,201 (73.5) 176,584 699,325 (74.7)
Non-current liabilities
Financial derivatives6 55,761 77,013 (27.6) - - -
Long-term borrowings8 2,836,999 2,648,409 7.1 2,842,519 2,681,705 6.0
Non-current portion of
security deposits
98,555 98,113 0.5 87,176 87,509 (0.4)
Other payables 10,905 4,661 NM 8,494 3,992 NM
Total non-current liabilities 3,002,220 2,828,196 6.2 2,938,189 2,773,206 5.9
 
Total liabilities 3,200,709 3,576,397 (10.5) 3,114,773 3,472,531 (10.3)
 
Net assets 7,149,436 6,928,045 3.2 6,864,330 6,667,687 2.9
 
Unitholders' funds 7,149,436 6,928,045 3.2 6,864,330 6,667,687 2.9

FootNotes

  1. Investment properties are stated at valuations performed by independent professional valuers as at 30 June 2018.
  2. Investment properties under development refer to Funan which is undergoing redevelopment into an integrated development. The carrying amount reflects the valuation of the total land value as at 30 June 2018 and the capital expenditure capitalised.
  3. Interests in subsidiaries refer to cost of investments in BMT, CMT MTN, VO1T and VO2T (including the unitholders' loans to subsidiaries).
  4. Interest in associate consists of investment in CRCT. Aggregate investment in CRCT amounts to 122,705,000 units in CRCT at cost of S$130.8 million.
  5. These relate to 40.0% interest in RCS Trust and 30.0% interest in Infinity Trusts (including the unitholders' loans to IMT).
  6. Financial derivative assets and liabilities as at 30 June 2018 relate to fair value of the cross currency swaps.
  7. On 21 March 2018, the Group has repaid the Euro-Medium Term Note ("EMTN") of US$400.0 million issued under its US$3.0 billion EMTN Programme.
  8. These relate mainly to the fixed and floating rates notes issued by CMT MTN through its US$3.0 billion EMTN Programme and S$3.5 billion MTN Programme, the S$350.0 million 7-year retail bonds issued under the S$3.5 billion retail bond programme by CMT as well as unsecured bank borrowings.

    NM – not meaningful