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Financial Highlights

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

For the period
Annualised


11.13¢
11.13¢


11.16¢
11.16¢


2.78¢
11.27¢

Notes

  1. Capital distribution and tax-exempt income distr ibution of S$12.9 million received from CapitaLand Retail China Trust ("CRCT") in FY 2016 had been retained f or 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 from 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 from 7 December 2017 to 31 December 2017 had also been retained for general corporate and working capital purposes.

Statements of Total Return and Distribution Statements (1Q 2018 vs 1Q 2017)
Statements of Total Return Group Trust
1Q 2018
S$'000
1Q 2017
S$'000
%
Change
1Q 2018
S$'000
1Q 2017
S$'000
%
Change
Gross rental income 161,728 159,422 1.4 148,843 145,926 2.0
Car park income 5,123 4,681 9.4 4,665 4,681 (0.3)
Other income 8,313 7,920 5.0 7,719 7,535 2.4
Gross revenue 175,164 172,023 1.8 161,227 158,142 2.0
Property management fees (6,742) (6,574) 2.6 (6,203) (6,028) 2.9
Property tax (15,103) (14,985) 0.8 (13,816) (13,740) 0.6
Other property
operating expenses1
(27,668) (30,404) (9.0) (25,405) (27,496) (7.6)
Property operating expenses (49,513) (51,963) (4.7) (45,424) (47,264) (3.9)
Net property income 125,651 120,060 4.7 115,803 110,878 4.4
Interest income 2 2,096 2,265 (7.5) 6,986 6,883 1.5
Investment income3 - - - 20,156 25,554 (21.1)
Management fees (11,021) (11,134) (1.0) (9,993) (10,059) (0.7)
Trust expenses (984) (1,048) (6.1) (933) (1,011) (7.7)
Finance costs (24,382) (25,718) (5.2) (24,480) (25,718) (4.8)
Net income before share of results of associate and joint ventures 91,360 84,425 8.2 107,539 106,527 0.9
Share of results (net of tax) of:
- Associate4 4,134 4,589 (9.9) - - -
- Joint ventures5 14,604 15,052 (3.0) - - -
Net income 110,098 104,066 5.8 107,539 106,527 0.9
Dilution gain/(loss) of interest in associate 357 (634) NM - - -
Total return for the period before taxation 110,455 103,432 6.8 107,539 106,527 0.9
Taxation - - - - - -
Total return for the period 110,455 103,432 6.8 107,539 106,527 0.9

Distribution statements
Net income before share of results of associate and joint ventures 91,360 84,425 8.2 107,539 106,527 0.9
Net effect of non-tax chargeable items 6 1,546 1,255 23.2 1,542 1,250 23.4
Distribution from associate 1,018 5,804 (82.5) - - -
Distributions from joint ventures7 14,746 14,835 (0.6) - - -
Net loss from subsidiaries 8 411 1,458 (71.8) - - -
Amount available for distribution
to Unitholders
109,081 107,777 1.2 109,081 107,777 1.2
Distributable income to
Unitholders9
98,963 96,973 2.1 98,963 96,973 2.1


Notes

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

      Group Trust
    1Q 2018
    S$'000
    1Q 2017
    S$'000
    %
    Change
    1Q 2018
    S$'000
    1Q 2017
    S$'000
    %
    Change
    Depreciation and amortisation 153 185 (17.3) 149 180 (17.2)
    Allowance for doubtful debts and bad debts written off 46 2 NM 43 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, VO1T, VO2T and IMT for 1Q 2018 and interest income from BMT and IMT for 1Q 2017.
  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 IMT and IOT (collectively, the "Infinity Trusts").

    Details are as follows:
      Group
    1Q 2018
    S$'000
    1Q 2017
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 28,608 28,385 0.8
    - Property operating expenses (7,017) (7,033) (0.2)
    - Net property income 21,591 21,352 1.1
    - Finance costs (5,079) (4,772) 6.4
    - Others(A) (1,908) (1,528) 24.9
      14,604 15,052 (3.0)

    (A) Included management fees of RCS Trust.

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

      Group Trust
    1Q 2018
    S$'000
    1Q 2017
    S$'000
    %
    Change
    1Q 2018
    S$'000
    1Q 2017
    S$'000
    %
    Change
    Non-tax deductible items
    - Trustee's fees 309 305 1.3 308 304 1.3
    - Temporary differences
    and other adjustments
    1,237 950 30.2 1,234 946 30.4
    Net effect of non-tax chargeable items 1,546 1,255 23.2 1,542 1,250 23.4
  7. Distributions from joint ventures relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT.
  8. For 1Q 2018, this relates to CMT MTN, VO1T and VO2T. For 1Q 2017, this relates to CMT MTN and 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 2018. For 1Q 2018, CMT has retained S$9.1 million of its taxable income availa ble 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 from 7 December 2017 to 31 December 2017 had also been retained for general corporate and working capital purposes.

    In 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.

    NM – not meaningful
Balance Sheet

As at 31 Mar 2018 vs 31 Dec 2017

  Group Trust
  31 Mar 2018
S$'000
31 Dec 2017
S$'000
%
Change
31 Mar 2018
S$'000
31 Dec 2017
S$'000
%
Change
Non-current assets            
Plant & equipment 2,017 2,120 (4.9) 1,577 1,676 (5.9)
Investment properties1 8,186,626 8,311,000 (1.5) 7,405,627 7,530,000 (1.7)
Investment properties under development2 497,226 459,386 8.2 340,281 308,808 10.2
Interests in subsidiaries3 - - - 938,226 935,958 0.2
Interest in associate4 194,912 194,389 0.3 130,836 130,836 -
Interests in joint ventures5 942,386 937,895 0.5 711,826 708,194 0.5
Financial derivatives6 10,802 14,953 (27.8) - - -
Other assets 137 137 - 137 137 -
Total non-current
assets
9,834,106 9,919,880 (0.9) 9,528,510 9,615,609 (0.9)
Current assets
Asset held for sale 7 126,027 - NM 126,027 - NM
Trade & other
receivables
30,296 32,399 (6.5) 31,042 32,738 (5.2)
Cash & cash equivalents 340,885 522,745 (34.8) 311,732 491,871 (36.6)
Financial derivatives6 - 29,418 NM - - -
Total current assets 497,208 584,562 (14.9) 468,801 524,609 (10.6)
 
Total assets 10,331,314 10,504,442 (1.6) 9,997,311 10,140,218 (1.4)
Current liabilities
Trade & other payables 124,470 155,588 (20.0) 107,111 139,717 (23.3)
Current portion of security deposits 60,627 57,619 5.2 56,509 54,317 4.0
Short-term borrowings8 - 534,692 NM - 505,132 NM
Provisions for taxation 452 302 49.7 - 159 NM
Total current liabilities 185,549 748,201 (75.2) 163,620 699,325 (76.6)
Non-current liabilities
Financial derivatives6 70,467 77,013 (8.5) - - -
Long-term borrowings9 3,029,585 2,648,409 14.4 3,064,485 2,681,705 14.3
Non-current portion of
security deposits
96,699 98,113 (1.4) 86,503 87,509 (1.1)
Other payables 7,538 4,661 61.7 6,691 3,992 67.6
Total non-current liabilities 3,204,289 2,828,196 13.3 3,157,679 2,773,206 13.9
 
Total liabilities 3,389,838 3,576,397 (5.2) 3,321,299 3,472,531 (4.4)
 
Net assets 6,941,476 6,928,045 0.2 6,676,012 6,667,687 0.1
 
Unitholders' funds 6,941,476 6,928,045 0.2 6,676,012 6,667,687 0.1

FootNotes

  1. Investment properties are stated at valuation performed by independent professional valuers as at 31 December 2017, adjusted for capital expenditure capitalised in 1Q 2018. In addition, investment properties as at 31 March 2018 exclude Sembawang Shopping Centre which was reclassified to asset held for sale as a result of the Sale.
  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 2017 and the capital expenditure capitalised.
  3. Interests in subsidiaries include 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 31 March 2018 relate to fair value of the cross currency swaps.
  7. Asset held for sale relates to the reclassification of Sembawang Shopping Centre from investment properties as a result of the Sale.
  8. 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.
  9. 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$3.5 billion retail bond programme by CMT as well as unsecured bank borrowings.

    NM – not meaningful
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