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Summary of CMT Results FY 2015 FY 2016 2017
1 January to 31 March 1 April to 30 June
Actual Actual Actual Actual
Gross Revenue (S$'000) 669,002 689,732 172,023 168,639
Net Property Income (S$'000) 466,164 479,679 120,060 117,551
Amount Available for Distribution (S$'000) 404,517 424,368 107,777 99,838
Distributable Income (S$'000) 392,001 1 394,323 2 96,973 3 97,238 4
Distribution Per Unit ("DPU") (cents)

For the period
Annualised


11.25¢
11.25¢


11.13¢
11.13¢


2.73¢
11.07¢


2.75¢
11.03¢

Notes

  1. Capital distribution and tax-exempt income of S$12.5 million received from CapitaLand Retail China Trust ("CRCT") in FY 2015 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 completion of 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. CMT is committed to distribute 100% of its taxable income available for distribution to holders of units in CMT ("Units" and holders of units, "Unitholders") for the financial year ending 31 December 2017. For 1Q 2017, CMT has retained S$5.0 million of its taxable income available for distribution to Unitholders for distribution in FY 2017. Capital distribution and tax exempt income distribution of $5.8 million received from CRCT in 1Q 2017 had also been retained for general corporate and working capital purposes.
  4. In 2Q 2017, CMT had retained S$2.6 million of its taxable income available for distribution to Unitholders for distribution in FY 2017.

Statements of Total Return and Distribution Statements (2Q 2017 vs 2Q 2016)
Statements of Total Return Group Trust
2Q 2017
S$'000
2Q 2016
S$'000
%
Change
2Q 2017
S$'000
2Q 2016
S$'000
%
Change
Gross rental income 155,441 158,043 (1.6) 143,143 144,088 (0.7)
Car park income 4,793 4,463 7.4 4,793 4,463 7.4
Other income 8,405 8,415 (0.1) 7,904 7,868 0.5
Gross revenue 168,639 170,921 (1.3) 155,840 156,419 (0.4)
Property management fees (6,409) (6,411) (0.0) (5,918) (5,837) 1.4
Property tax (14,751) (15,388) (4.1) (13,540) (14,102) (4.0)
Other property
operating expenses1
(29,928) (33,002) (9.3) (27,546) (31,014) (11.2)
Property operating expenses (51,088) (54,801) (6.8) (47,004) (50,953) (7.8)
Net property income 117,551 116,120 1.2 108,836 105,466 3.2
Interest income2 2,295 2,894 (20.7) 7,028 6,670 5.4
Investment income3 - - - 19,709 21,112 (6.6)
Management fees (11,170) (11,284) (1.0) (10,123) (10,303) (1.7)
Trust expenses (1,216) (1,317) (7.7) (1,098) (1,288) (14.8)
Finance costs (26,053) (25,920) 0.5 (26,100) (25,920) 0.7
Net income before share of results of associate and joint ventures 81,407 80,493 1.1 98,252 95,737 2.6
Share of results (net of tax) of:
- Associate4 2,688 2,751 (2.3) - - -
- Joint ventures5 10,789 14,865 (27.4) - - -
Net income 94,884 98,109 (3.3) 98,252 95,737 2.6
Net change in fair value of investment properties 207,541 55,447 NM 206,810 55,388 NM
Impairment loss 6 - - - (28,457) (977) NM
Dilution gain of interest in associate 73 57 28.1 - - -
Total return for the period before taxation 302,498 153,613 96.9 276,605 150,148 84.2
Taxation - - - - - -
Total return for the period 302,498 153,613 96.9 276,605 150,148 84.2

Distribution statements
Net income before share of results of associate and joint ventures 81,407 80,493 1.1 98,252 95,737 2.6
Net effect of non-tax deductible items7 1,495 1,795 (16.7) 1,457 1,401 4.0
Distributions from joint ventures8 16,024 14,850 7.9 - - -
Rollover adjustment 9 129 - NM 129 - NM
Net loss from subsidiaries 10 783 - NM - - -
Amount available for
distribution to Unitholders
99,838 97,138 2.8 99,838 97,138 2.8
Distributable income to
Unitholders11
97,238 97,138 0.1 97,238 97,138 0.1


Notes

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

      Group Trust
    2Q 2017
    S$'000
    2Q 2016
    S$'000
    %
    Change
    2Q 2017
    S$'000
    2Q 2016
    S$'000
    %
    Change
    Depreciation and amortisation 179 293 (38.9) 175 201 (12.9)
    Allowance for doubtful debts and bad debts written off - 17 NM - 17 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, Victory Office 1 Trust, Victory Office 2 Trust and Victory SR Trust (collectively, the "Victory Trusts") and IMT.
  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 2017
    S$'000
    2Q 2016
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 28,242 29,228 (3.4)
    - Property operating expenses (7,225) (7,484) (3.5)
    - Net property income 21,017 21,744 (3.3)
    - Finance costs (4,581) (5,892) (22.3)
    - Net change in fair value of investment properties (A) (4,063) 558 NM
    - Others(B) (1,584) (1,545) 2.5
      10,789 14,865 (27.4)

    (A) In 2Q 2017, this relates to loss in fair value of investment property in IMT of S$29,680,000 offset by gain in fair value of investment property in RCS Trust of S$25,617,000.
    (B) Included management fees of RCS Trust.

  6. This relates to impairment loss in respect of CMT's interest in IMT as a result of fair value loss on investment property, partially offset by write back of impairment loss in respect of CMT's interest in BMT.
  7. Included in the non-tax deductible items are the following:

      Group Trust
    2Q 2017
    S$'000
    2Q 2016
    S$'000
    %
    Change
    2Q 2017
    S$'000
    2Q 2016
    S$'000
    %
    Change
    Non-tax deductible items/td>
    - Trustee's fees 314 315 (0.3) 314 314 0.0
    - Temporary differences
    and other adjustments
    1,181 1,480 (20.2) 1,143 1,087 5.2
    Net effect of non-tax deductible items 1,495 1,795 (16.7) 1,457 1,401 4.0

  8. Distributions from joint ventures relate to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT.
  9. This is the difference between taxable income previously distributed and the quantum finally agreed with Inland Revenue Authority of Singapore ("IRAS") for year of assessment ("YA") 2014 and 2015.
  10. This relates to CMT MTN and the Victory Trusts.
  11. CMT is committed to distribute 100% of its taxable income available for distribution to Unitholders for the financial year ending 31 December 2017. For 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 June 2017 vs 31 Dec 2016

  Group Trust
  30 Jun 2017
S$'000
31 Dec 2016
S$'000
%
Change
30 Jun 2017
S$'000
31 Dec 2016
S$'000
%
Change
Non-current assets            
Plant & equipment 2,411 2,409 0.1 1,958 1,946 0.6
Investment properties1 8,279,000 8,064,000 2.7 7,499,000 7,284,000 3.0
Investment properties under development2 476,665 444,997 7.1 265,614 243,688 9.0
Interests in subsidiaries3 - - - 999,703 980,718 1.9
Interest in associate4 193,149 191,313 1.0 130,836 130,836 -
Interests in joint ventures5 941,890 944,149 (0.2) 704,529 729,315 (3.4)
Financial derivatives6 41,416 162,685 (74.5) - - -
Total non-current
assets
9,934,531 9,809,553 1.3 9,601,640 9,370,503 2.5
Current assets
Trade & other
receivables
34,471 33,717 2.2 35,336 41,773 (15.4)
Cash & cash equivalents 507,740 483,462 5.0 473,844 450,014 5.3
Financial derivatives6 46,273 - NM - - -
Total current assets 588,484 517,179 13.8 509,180 491,787 3.5
 
Total assets 10,523,015 10,326,732 1.9 10,110,820 9,862,290 2.5
Current liabilities
Trade & other payables 137,827 160,337 (14.0) 124,435 146,642 (15.1)
Current portion of security deposits 54,720 54,722 (0.0) 49,508 45,426 9.0
Short-term borrowings7 700,995 250,000 NM 654,975 250,000 NM
Provisions for taxation 143 1,169 (87.8) - 1,026 NM
Total current liabilities 893,685 466,228 91.7 828,918 443,094 87.1
Non-current liabilities
Financial derivatives6 52,633 30,945 70.1 - - -
Long-term borrowings8 2,594,557 3,038,312 (14.6) 2,589,508 2,913,123 (11.1)
Non-current portion of
security deposits
101,687 99,025 2.7 92,023 94,418 (2.5)
Total non-current liabilities 2,748,877 3,168,282 (13.2) 2,681,531 3,007,541 (10.8)
 
Total liabilities 3,642,562 3,634,510 0.2 3,510,449 3,450,635 1.7
 
Net assets 6,880,453 6,692,222 2.8 6,600,371 6,411,655 2.9
 
Unitholders' funds 6,880,453 6,692,222 2.8 6,600,371 6,411,655 2.9

FootNotes

  1. Investment properties are stated at valuations performed by independent professional valuers as at 30 June 2017.
  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 2017 and the capital expenditure capitalised.
  3. Interests in subsidiaries refer to cost of investments and unitholders' loans to BMT, CMT MTN and the 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 30 June 2017 relate to fair value of the cross currency swaps.
  7. This relates to fixed rate Medium Term Note ("MTN") of S$150.0 million due in 3Q 2017 and Euro-Medium Term Note ("EMTN") of US$400.0 million due in 1Q 2018.
  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