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Summary of CMT Results FY 2015 FY 2016 2016
1 July to 30 September 1 October to 31 December
Actual Actual Actual Actual
Gross Revenue (S$'000) 669,002 689,732 169,664 169,346
Net Property Income (S$'000) 466,164 479,679 119,507 116,192
Amount Available for Distribution (S$'000) 404,517 424,368 104,897 107,169
Distributable Income (S$'000) 392,001 1 394,323 2 98,369 1 102,069 3
Distribution Per Unit ("DPU") (cents)

For the period
Annualised


11.25¢
11.25¢


11.13¢
11.13¢


2.78¢
11.06¢


2.88¢
11.46¢

Notes

  1. Capital distribution and tax-exempt income of S$12.5 million and S$6.5 million received from CapitaLand Retail China Trust ("CRCT") in FY 2015 and 3Q 2016 respectively had been retained for general corporate and working capital purposes.
  2. Capital distribution and tax-exempt income of S$12.9 million received from CRCT in FY 2016 had been retained for general corporate and working capital purposes. Following the sale of the office strata units of Westgate Tower on 20 October 2016, 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.
  3. In 4Q 2016, CapitaLand Mall Trust ("CMT") had released S$12.0 million of its taxable income retained in 1H 2016 to holders of units in CMT ("Units" and holder of units, "Unitholders"). CMT had also retained S$17.1 million of capital distribution received from IOT for general corporate and working capital purposes.

Statements of Total Return and Distribution Statements (4Q 2016 vs 4Q 2015)
Statements of Total Return Group Trust
4Q 2016
S$'000
4Q 2015
S$'000
%
Change
4Q 2016
S$'000
4Q 2015
S$'000
%
Change
Gross rental income 156,742 165,163 (5.1) 142,745 151,505 (5.8)
Car park income 4,227 4,694 (9.9) 4,227 4,694 (9.9)
Other income 8,377 10,523 (20.4) 7,823 9,925 (21.2)
Gross revenue 169,346 180,380 (6.1) 154,795 166,124 (6.8)
Property management fees (6,390) (6,842) (6.6) (5,843) (6,291) (7.1)
Property tax (11,771) (13,061) (9.9) (10,455) (11,806) (11.4)
Other property
operating expenses1
(34,993) (34,780) 0.6 (31,971) (32,620) (2.0)
Property operating expenses (53,154) (54,683) (2.8) (48,269) (50,717) (4.8)
Net property income 116,192 125,697 (7.6) 106,526 115,407 (7.7)
Interest income2 2,542 2,999 (15.2) 6,918 6,866 0.8
Investment income3 - - - 39,032 19,393 NM
Asset management fees (11,031) (11,214) (1.6) (9,953) (10,292) (3.3)
Trust expenses (1,221) (871) 40.2 (737) (841) (12.4)
Finance costs (26,911) (28,294) (4.9) (26,911) (28,294) (4.9)
Net income before share of results of associate and joint ventures 79,571 88,317 (9.9) 114,875 102,239 12.4
Share of results (net of tax) of:
- Associate4 2,412 2,594 (7.0) - - -
- Joint ventures5 6,172 16,955 (63.6) - - -
Net income 88,155 107,866 (18.3) 114,875 102,239 12.4
Net change in fair value of investment properties 13,056 53,749 (75.7) 13,081 61,983 (78.9)
Gain on disposal of investment property 6 - 72,741 NM - 72,741 NM
Write back of impairment loss/(impairment loss) 7 - - - 2,245 (3,024) NM
Dilution loss of interest in associate 134 (33) NM - - -
Total return for the period before taxation 101,345 234,323 (56.7) 130,201 233,939 (44.3)
Taxation 8 (1,026) (575) 78.4 (1,026) (575) 78.4
Total return for the period 100,319 233,748 (57.1) 129,175 233,364 (44.6)

Distribution statements
Net income before share of results of associate and joint ventures 79,571 88,317 (9.9) 114,875 102,239 12.4
Net effect of non-tax chargeable items9 (7,328) (3,838) 90.9 (7,706) (1,509) NM
Distributions from joint ventures10 33,848 16,252 NM - - -
Rollover adjustment11 - 1,164 NM - 1,164 NM
Net loss/(profit) from subsidiaries 12 1,078 (1) NM - - -
Amount available for
distribution to Unitholders
107,169 101,894 5.2 107,169 101,894 5.2
Distributable income to
Unitholders13
102,069 101,894 0.2 102,069 101,894 0.2


Notes

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

      Group Trust
    4Q 2016
    S$'000
    4Q 2015
    S$'000
    %
    Change
    4Q 2016
    S$'000
    4Q 2015
    S$'000
    %
    Change
    Depreciation and amortisation 253 258 (1.9) 186 168 10.7
    Allowance for doubtful debts and bad debts written off/ (written back) 2 (10) NM 2 (10) 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 and IMT.
  3. Investment income relates to distributions from BMT, RCS Trust as well as IMT and IOT (collectively, the "Infinity Trusts").
  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 the Infinity Trusts.

    Details are as follows:
      Group
    4Q 2016
    S$'000
    4Q 2015
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 29,229 29,573 (1.2)
    - Property operating expenses (8,427) (8,362) 0.8
    - Net property income 20,802 21,211 (1.9)
    - Finance costs (4,936) (5,874) (16.0)
    - Net change in fair value of investment properties (8,136) 2,162 NM
    - Others(A) (1,558) (544) NM
      6,172 16,955 (63.6)

    (A) Included asset management fees of RCS Trust.

  6. This relates to the gain arising from the disposal of Rivervale Mall which was completed on 15 December 2015.
  7. For 4Q 2016, this relates to write back of impairment loss in respect of CMT's interest in IMT and impairment loss in respect of CMT's interest in BMT. For 4Q 2015, this relates to impairment loss in respect of CMT’s interest in BMT and IMT.
  8. For 4Q 2016, this relates to tax assessed on CMT by the Inland Revenue Authority of Singapore ("IRAS") for year of assessment ("YA") 2012. For 4Q 2015, this relates to tax assessed for YA 2011. The IRAS has disallowed certain expenses incurred in the year ended 31 December 2011 and 31 December 2010 and did not allow such adjustments to be included under the Rollover Income Adjustment ("RIA").
  9. Included in the non-tax chargeable items are the following:

      Group Trust
    4Q 2016
    S$'000
    4Q 2015
    S$'000
    %
    Change
    4Q 2016
    S$'000
    4Q 2015
    S$'000
    %
    Change
    Non-tax chargeable items
    - Trustee's fees 310 317 (2.2) 310 316 (1.9)
    - Temporary differences
    and other adjustments(A)
    (7,638) (4,155) 83.8 (8,016) (1,825) NM
    Net effect of non-tax chargeable items (7,328) (3,838) 90.9 (7,706) (1,509) NM

    (A) Includes capital allowances claim on assets that qualify as plant and machinery under the Income Tax Act.

  10. Distributions from joint ventures relate to CMT's 40.0% interest in RCS Trust and 30.0% interest in the Infinity Trusts.
  11. This is the difference between taxable income previously distributed and the quantum finally agreed with Inland Revenue Authority of Singapore (IRAS) for the year of assessment ("YA") 2011 to 2013.
  12. This relates to CMT MTN Pte. Ltd. ("CMT MTN") and the Victory Trusts.
  13. In 4Q 2016, CMT had released S$12.0 million of its taxable income available for distribution to its unitholders. In addition, S$17.1 million of capital distribution received from IOT had been retained for general corporate and working capital purposes.

    NM – not meaningful
Balance Sheet

As at 31 Dec 2016 vs 31 Dec 2015

  Group Trust
  31 Dec 2016
S$'000
31 Dec 2015
S$'000
%
Change
31 Dec 2016
S$'000
31 Dec 2015
S$'000
%
Change
Non-current assets            
Plant & equipment 2,409 2,955 (18.5) 1,946 2,133 (8.8)
Investment properties1 8,064,000 8,366,000 (3.6) 7,284,000 7,586,000 (4.0)
Investment properties under development2 444,997 - NM 243,688 - NM
Interests in subsidiaries3 - - - 980,718 787,070 24.6
Interest in associate4 191,313 208,866 (8.4) 130,836 130,836 -
Interests in joint ventures5 944,149 969,542 (2.6) 729,315 723,854 0.8
Financial derivatives6 162,685 175,280 (7.2) - - -
Total non-current
assets
9,809,553 9,722,643 0.9 9,370,503 9,229,893 1.5
Current assets
Trade & other
receivables
33,717 28,792 17.1 41,773 28,865 44.7
Cash & cash equivalents 483,462 604,310 (20.0) 450,014 570,653 (21.1)
Total current assets 517,179 633,102 (18.3) 491,787 599,518 (18.0)
 
Total assets 10,326,732 10,355,745 (0.3) 9,862,290 9,829,411 0.3
Current liabilities
Trade & other payables 160,337 144,430 11.0 146,642 133,632 9.7
Current portion of security deposits 54,722 55,300 (1.0) 45,426 54,466 (16.6)
Short-term borrowings7 250,000 - NM 250,000 - NM
Provisions for taxation 1,169 3,564 (67.2) 1,026 575 78.4
Total current liabilities 466,228 203,294 NM 443,094 188,673 NM
Non-current liabilities
Financial derivatives6 30,945 41,731 (25.8) - - -
Long-term borrowings8 3,038,312 3,312,156 (8.3) 2,913,123 3,244,687 (10.2)
Non-current portion of
security deposits
99,025 105,401 (6.0) 94,418 92,690 1.9
Total non-current liabilities 3,168,282 3,459,288 (8.4) 3,007,541 3,337,377 (9.9)
 
Total liabilities 3,634,510 3,662,582 (0.8) 3,450,635 3,526,050 (2.1)
 
Net assets 6,692,222 6,693,163 (0.0) 6,411,655 6,303,361 1.7
 
Unitholders' funds 6,692,222 6,693,163 (0.0) 6,411,655 6,303,361 1.7

FootNotes

  1. Investment properties are stated at valuations performed by independent professional valuers as at 31 December 2016. Funan which is undergoing redevelopment into an integrated development has been reclassified to investment properties under development in 4Q 2016.
  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 and the capital expenditure capitalised.
  3. Interests in subsidiaries include cost of investments in BMT, CMT MTN (including the loans to subsidiaries) and Victory Trusts.
  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 31 December 2016 relate to fair value of the cross currency swaps.
  7. This relates to fixed rate Medium Term Note ("MTN") of S$100.0 million and S$150.0 million due in 1Q 2017 and 3Q 2017 respectively.
  8. These relate mainly to the fixed and floating rates notes issued by CMT MTN through its US$3.0 billion Euro- Medium Term Note ("EMTN") Programme and S$2.5 billion MTN Programme, the S$350.0 million 7-year retail bonds ("Retail Bonds") issued under the S$2.5 billion retail bond programme by CMT as well as unsecured bank borrowings.

    NM – not meaningful