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

For the period
Annualised


11.25¢
11.25¢


11.13¢
11.13¢


2.73¢
11.07¢

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 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 S$5.8 million received from CRCT in 1Q 2017 had also been retained for general corporate and working capital purposes.

Statements of Total Return and Distribution Statements (1Q 2017 vs 1Q 2016)
Statements of Total Return Group Trust
1Q 2017
S$'000
1Q 2016
S$'000
%
Change
1Q 2017
S$'000
1Q 2016
S$'000
%
Change
Gross rental income 159,422 167,403 (4.8) 145,926 153,251 (4.8)
Car park income 4,681 4,462 4.9 4,681 4,462 4.9
Other income 7,920 7,936 (0.2) 7,535 7,518 0.2
Gross revenue 172,023 179,801 (4.3) 158,142 165,231 (4.3)
Property management fees (6,574) (6,871) (4.3) (6,028) (6,310) (4.5)
Property tax (14,985) (14,454) 3.7 (13,740) (13,182) 4.2
Other property
operating expenses1
(30,404) (30,616) (0.7) (27,496) (28,710) (4.2)
Property operating expenses (51,963) (51,941) 0.0 (47,264) (48,202) (1.9)
Net property income 120,060 127,860 (6.1) 110,878 117,029 (5.3)
Interest income2 2,265 3,095 (26.8) 6,883 6,732 2.2
Investment income3 - - - 25,554 27,451 (6.9)
Management fees (11,134) (11,123) 0.1 (10,059) (10,196) (1.3)
Trust expenses (1,048) (954) 9.9 (1,011) (928) 8.9
Finance costs (25,718) (26,452) (2.8) (25,718) (26,452) (2.8)
Net income before share of results of associate and joint ventures 84,425 92,426 (8.7) 106,527 113,636 (6.3)
Share of results (net of tax) of:
- Associate4 4,589 4,630 (0.9) - - -
- Joint ventures5 15,052 14,993 0.4 - - -
Net income 104,066 112,049 (7.1) 106,527 113,636 (6.3)
Dilution loss of interest in associate (634) (635) (0.2) - - -
Total return for the period before taxation 103,432 111,414 (7.2) 106,527 113,636 (6.3)
Total return for the period 103,432 111,414 (7.2) 106,527 113,636 (6.3)

Distribution statements
Net income before share of results of associate and joint ventures 84,425 92,426 (8.7) 106,527 113,636 (6.3)
Net effect of non-tax deductible items6 1,255 1,306 (3.9) 1,250 1,528 (18.2)
Distribution from associate 5,804 6,417 (9.6) - - -
Distributions from joint ventures7 14,835 15,016 (1.2) - - -
Net loss/(profit) from subsidiaries 8 1,458 (1) NM - - -
Amount available for
distribution to Unitholders
107,777 115,164 (6.4) 107,777 115,164 (6.4)
Distributable income to
Unitholders9
96,973 96,747 0.2 96,973 96,747 0.2


Notes

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

      Group Trust
    1Q 2017
    S$'000
    1Q 2016
    S$'000
    %
    Change
    1Q 2017
    S$'000
    1Q 2016
    S$'000
    %
    Change
    Depreciation and amortisation 185 294 (37.1) 180 203 (11.3)
    Allowance for doubtful debts and bad debts written off/ (written back) 2 (2) NM 2 (2) 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 extended to BMT and IMT.
  3. Investment income relates to distributions from BMT, RCS Trust, IMT and CRCT.
  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
    1Q 2017
    S$'000
    1Q 2016
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 28,385 30,099 (5.7)
    - Property operating expenses (7,033) (7,502) (6.3)
    - Net property income 21,352 22,597 (5.5)
    - Finance costs (4,772) (6,016) (20.7)
    - Finance costs (4,772) (6,016) (20.7)
    - Others(A) (1,528) (1,588) (3.8)
      15,052 14,993 0.4

    (A) Included asset management fees of RCS Trust.

  6. Included in the non-tax deductible items are the following:

      Group Trust
    1Q 2017
    S$'000
    1Q 2016
    S$'000
    %
    Change
    1Q 2017
    S$'000
    1Q 2016
    S$'000
    %
    Change
    Non-tax deductible items/td>
    - Trustee's fees 305 312 (2.2) 304 312 (2.6)
    - Temporary differences
    and other adjustments
    950 994 (4.4) 946 1,216 (22.2)
    Net effect of non-tax chargeable items 1,255 1,306 (3.9) 1,250 1,528 (18.2)

  7. Distribution from joint ventures relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT.
  8. This relates to CMT MTN and Victory Office 1 Trust, Victory Office 2 Trust and Victory SR Trust (collectively, the "Victory Trusts").
  9. CMT is committed to distribute 100% of its taxable income available for distribution to 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 S$5.8 million received from CRCT in 1Q 2017 had also been retained for general corporate and working capital purposes.
  10. In 1Q 2016, CMT had retained S$12.0 million of its taxable income available for distribution to Unitholders for distribution in 4Q 2016. Capital distribution and tax exempt income distribution of S$6.4 million received from CRCT in 1Q 2016 had also been retained for general corporate and working capital purposes.

    NM – not meaningful
Balance Sheet

As at 31 Mar 2017 vs 31 Dec 2016

  Group Trust
  31 Mar 2017
S$'000
31 Dec 2016
S$'000
%
Change
31 Mar 2017
S$'000
31 Dec 2016
S$'000
%
Change
Non-current assets            
Plant & equipment 2,477 2,409 2.8 2,019 1,946 3.8
Investment properties1 8,064,546 8,064,000 0.0 7,285,344 7,284,000 0.0
Investment properties under development2 474,729 444,997 6.7 262,940 243,688 7.9
Interests in subsidiaries3 - - - 993,288 980,718 1.3
Interest in associate4 194,756 191,313 1.8 130,836 130,836 -
Interests in joint ventures5 947,014 944,149 0.3 732,925 729,315 0.5
Financial derivatives6 54,786 162,685 (66.3) - - -
Total non-current
assets
9,738,308 9,809,553 (0.7) 9,407,352 9,370,503 0.4
Current assets
Trade & other
receivables
33,473 33,717 (0.7) 35,549 41,773 (14.9)
Cash & cash equivalents 502,008 483,462 3.8 466,106 450,014 3.6
Financial derivatives6 55,285 - NM - - -
Total current assets 590,766 517,179 14.2 501,655 491,787 2.0
 
Total assets 10,329,074 10,326,732 0.0 9,909,007 9,862,290 0.5
Current liabilities
Trade & other payables 141,098 160,337 (12.0) 121,028 146,642 (17.5)
Current portion of security deposits 52,640 54,722 (3.8) 46,395 45,426 2.1
Short-term borrowings7 708,377 250,000 NM 654,897 250,000 NM
Provisions for taxation 143 1,169 (87.8) - 1,026 NM
Total current liabilities 902,258 466,228 93.5 822,320 443,094 85.6
Non-current liabilities
Financial derivatives6 37,804 30,945 22.2 - - -
Long-term borrowings8 2,598,994 3,038,312 (14.5) 2,573,009 2,913,123 (11.7)
Non-current portion of
security deposits
102,214 99,025 3.2 93,925 94,418 (0.5)
Total non-current liabilities 2,739,012 3,168,282 (13.5) 2,666,934 3,007,541 (11.3)
 
Total liabilities 3,641,270 3,634,510 0.2 3,489,254 3,450,635 1.1
 
Net assets 6,687,804 6,692,222 (0.1) 6,419,753 6,411,655 0.1
 
Unitholders' funds 6,687,804 6,692,222 (0.1) 6,419,753 6,411,655 0.1

FootNotes

  1. Investment properties are stated at valuation performed by independent professional valuers as at 31 December 2016, adjusted for capital expenditure capitalised in 1Q 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 31 December 2016 and the capital expenditure capitalised.
  3. Interests in subsidiaries include cost of investments in BMT, CMT MTN and Victory Trusts (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 31 March 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 ("Retail Bonds") issued under the S$2.5 billion retail bond programme by CMT as well as unsecured bank borrowings.

    NM – not meaningful