Financial Highlights

Summary of CICT Results
FY 2023 FY 2022
1 July to 31 December 2023
("2H 2023")
1 July to 31 December 2022
("2H 2022")
Actual Actual Actual Actual
Gross Revenue (S$'000) 1,559,934 1,441,747 785,157 754,148
Net Property Income (S$'000) 1,115,907 1,043,283 563,570 541,663
Amount Available for Distribution (S$'000) 728,486 712,968 369,503 361,768
Distributable Income (S$'000) 1,2,3,4 715,726 702,374 362,481 355,078
Distribution Per Unit ("DPU") (cents)

For the period / year


10.75¢


10.58¢


5.45¢


5.36¢

Notes

  1. For 2H 2023, S$7.0 million comprising S$5.0 million and S$2.0 million received/receivable from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  2. For 2H 2022, S$6.7 million comprising S$5.5 million and S$1.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  3. For FY 2023, S$12.7 million comprising S$9.5 million and S$3.2 million received/receivable from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  4. For FY 2022, S$10.6 million comprising S$7.9 million and S$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return Group
2H 2023
S$'000
2H 2022
S$'000
%
Change
FY 2023
S$'000
FY 2022
S$'000
%
Change
Gross revenue 785,157 754,148 4.1 1,559,934 1,441,747 8.2
Property operating expenses (221,587) (212,485) 4.3 (444,027) (398,464) 11.4
Net property income 563,570 541,663 4.0 1,115,907 1,043,283 7.0
Interest income 7,353 2,836 NM 11,285 5,181 NM
Other income 9 26 (65.4) 34,467 155 NM
Investment income 1 7,022 6,690 5.0 12,760 10,594 20.4
Management fees (45,975) (45,174) 1.8 (91,166) (87,934) 3.7
Trust expenses (6,074) (5,671) 7.1 (10,989) (8,536) 28.7
Finance costs (168,106) (138,009) 21.8 (322,075) (242,437) 32.8
Net income before share of results of joint ventures 357,799 362,361 (1.3) 750,189 720,306 4.1
Share of results (net of tax) of:
- Joint Ventures 2
9,970 36,097 (72.4) 15,579 42,467 (63.3)
Net income 367,769 398,458 (7.7) 765,768 762,773 0.4
Net change in fair value of investment derivatives 113,561 (90,438) NM 113,561 (90,438) NM
Net change in fair value of financial properties - (680) NM - 402 NM
Gain on divestment of investment property - - NM - 57,257 NM
Total return before tax 481,330 307,340 56.6 879,329 729,994 20.5
Taxation (3) (5,783) 2,380 NM (10,111) (4,105) NM
Total return 475,547 309,720 53.5 869,218 725,889 19.7
Attributable to
Unitholders 474,726 309,715 53.3 862,570 723,369 19.2
Non-controlling interests 821 5 NM 6,648 2,520 NM
Total return 475,547 309,720 53.5 869,218 725,889 19.7
Distribution Statements
Total return attributable to Unitholders 474,726 309,715 53.3 862,570 723,369 19.2
Net tax and other adjustments (121,799) 40,405 NM (168,722) (71,130) NM
Tax-exempt income 1,944 4,700 (58.6) 3,352 51,376 (93.5)
Capital distributions 8,564 6,919 23.8 22,518 9,289 NM
Distribution income from joint ventures 6,068 29 NM 8,768 64 NM
Amount available for distribution to Unitholders 369,503 361,768 2.1 728,486 712,968 2.2
Distributable income to Unitholders 362,481 355,078 2.1 715,726 702,374 1.9
DPU (in cents)
For the period/year 5.45 5.36 1.7 10.75 10.58 1.6

Footnotes:

  1. This relates to distribution income from equity investments in CLCT and Sentral REIT
  2. For 2H 2023 and FY2023, this relates to CICT's share of results of One George Street LLP ("OGS LLP") (50.0%) and GOT & GSRT (45.0%). For 2H 2022 and FY2022, this mainly relates to CICT's share of results of GOT & GSRT (45.0%).
  3. Taxation includes income tax expenses and deferred tax expenses in relation to the temporary differences arising from the fair value changes of overseas investment properties held by the Group.

NM - Not meaningful.

  Group
  31 Dec 2023
S$'000
31 Dec 2022
S$'000
Non-current assets    
Plant and equipment 4,948 5,311
Investment properties 24,024,909 23,744,817
Joint ventures 348,581 361,198
Equity investments at fair value 150,559 180,989
Financial derivatives 12,616 40,286
Deferred tax asset 1,931 4,216
Other non-current assets 1,044 947
24,544,588 24,337,764
Current assets
Trade and other receivables 50,485 61,837
Cash and cash equivalents 140,700 248,396
Financial derivatives 3,353 18,626
194,538 328,859
 
Total assets 24,739,126 24,666,623
Current liabilities    
Financial derivatives - 25,199
Trade and other payables 342,720 323,881
Current portion of security deposits 91,015 86,594
Loans and borrowings 1,001,356 1,155,045
Lease liabilities 1,471 1,932
Provision for taxation 17,189 12,506
1,453,751 1,605,157
Non-current liabilities
Financial derivatives 137,095 87,541
Trade and other payables 34,644 34,896
Loans and borrowings 8,476,374 8,430,216
Lease liabilities 24,057 24,069
Non-current portion of security deposits 207,851 198,208
Deferred tax liability 3,634 7,143
8,883,655 8,782,073
 
Total liabilities 10,337,406 10,387,230
 
Net assets 14,401,720 14,279,393
Represented by:
Unitholders' funds 14,199,813 14,073,447
Non-controlling interests 201,907 205,946
14,401,720 14,279,393