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Financial Highlights

Summary of CMT Results 2018
FY 2016 FY 2017 1 April to 30 June 1 July to 30 September
Actual Actual Actual Actual
Gross Revenue (S$'000) 689,732 682,469 171,366 170,527
Net Property Income (S$'000) 479,679 478,234 120,792 122,680
Amount Available for Distribution (S$'000) 424,368 413,003 104,633 106,156
Distributable Income (S$'000) 394,3231 395,8242 100,0333 103,5424
Distribution Per Unit ("DPU") (cents)

For the period
Annualised


11.13¢
11.13¢


11.16¢
11.16¢


2.81¢
11.27¢


2.92¢
11.58¢

Notes

  1. Capital distribution and tax-exempt income distribution of S$12.9 million received from CapitaLand Retail China Trust ("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, 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 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 holders of units in CMT ("Units" and holder of units, "Unitholders") for the financial year ending 31 December 2018. For 2Q 2018, CMT has retained S$4.6 million of its taxable income available for distribution to Unitholders for distribution in FY 2018.
  4. In 3Q 2018, CMT had released S$4.0 million of its taxable income available for distribution retained in 1H 2018 to Unitholders. Capital distribution and tax-exempt income distribution of S$6.6 million received from CRCT in 3Q 2018 had been retained for general corporate and working capital purposes.

Statements of Total Return and Distribution Statements (3Q 2018 vs 3Q 2017)
Statements of Total Return Group Trust
3Q 2018
S$'000
3Q 2017
S$'000
%
Change
3Q 2018
S$'000
3Q 2017
S$'000
%
Change
Gross rental income 155,134 156,277 (0.7) 142,025 143,626 (1.1)
Car park income 5,073 5,248 (3.3) 4,612 4,803 (4.0)
Other income 10,320 7,880 31.0 9,502 7,478 27.1
Gross revenue 170,527 169,405 0.7 156,139 155,907 0.1
Property management fees (6,615) (6,521) 1.4 (6,004) (5,999) 0.1
Property tax (12,769) (13,143) (2.8) (11,685) (11,834) (1.3)
Other property
operating expenses1
(28,463) (28,376) 0.3 (26,235) (26,129) 0.4
Property operating expenses (47,847) (48,040) (0.4) (43,924) (43,962) (0.1)
Net property income 122,680 121,365 1.1 112,215 111,945 0.2
Interest income 2 2,428 2,280 6.5 7,543 7,078 6.6
Investment income3 - - - 27,125 26,644 1.8
Management fees (11,056) (11,421) (3.2) (9,970) (10,334) (3.5)
Trust expenses (918) (626) 46.6 (847) (572) 48.1
Finance costs (22,705) (26,222) (13.4) (23,012) (26,291) (12.5)
Net income before share of results of associate and joint ventures 90,429 85,376 5.9 113,054 108,470 4.2
Share of results (net of tax) of:
- Associate4 4,928 4,111 19.9 - - -
- Joint ventures5 52,683 14,888 NM - - -
Net income 148,040 104,375 41.8 113,054 108,470 4.2
Net change in fair value of assets held for sale - 20,197 NM - - -
Impairment loss written back6 - - - 21,779 - NM
Dilution (loss)/gain of interest in associate (296) 34 NM - - -
Total return for the period before taxation 147,744 124,606 18.6 134,833 108,470 24.3
Taxation - - - - - -
Total return for the period 147,744 124,606 18.6 134,833 108,470 24.3

Distribution statements
Net income before share of results of associate and joint ventures 90,429 85,376 5.9 113,054 108,470 4.2
Net effect of non-tax chargeable items 7 (6,892) (3,216) NM (6,898) (3,213) NM
Distribution from associate 6,614 6,577 0.6 - - -
Distributions from joint ventures8 15,642 16,092 (2.8) - - -
Net loss from subsidiaries 9 363 428 (15.2) - - -
Amount available for distribution
to Unitholders
106,156 105,257 0.9 106,156 105,257 0.9
Distributable income to
Unitholders10
103,542 98,680 4.9 103,542 98,680 4.9


Notes

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

      Group Trust
    3Q 2018
    S$'000
    3Q 2017
    S$'000
    %
    Change
    3Q 2018
    S$'000
    3Q 2017
    S$'000
    %
    Change
    Depreciation and amortisation 111 177 (37.3) 106 172 (38.4)
    Allowance for doubtful debts and bad debts written off 57 - NM 39 - 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, VO1T, VO2T and IMT for 3Q 2018 and interest income from BMT, the Victory Trusts and IMT for 3Q 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
    3Q 2018
    S$'000
    3Q 2017
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 27,974 27,923 0.2
    - Property operating expenses (6,274) (6,607) (5.0)
    - Net property income 21,700 21,316 1.8
    - Finance costs (6,021) (4,869) 23.7
    - Net change in fair value of investment properties 38,996 - NM
    - Others(A) (1,992) (1,559) 27.8
      52,683 14,888 NM

    (A) Included management fees.

  6. In 3Q 2018, this relates to write back of impairment loss in respect of CMT's interest in IMT.
  7. Included in the non-tax chargeable items are the following:

      Group Trust
    3Q 2018
    S$'000
    3Q 2017
    S$'000
    %
    Change
    3Q 2018
    S$'000
    3Q 2017
    S$'000
    %
    Change
    Non-tax deductible items
    - Trustee's fees 319 318 0.3 317 318 (0.3)
    - Temporary differences
    and other adjustments(A)
    (7,211) (3,534) NM (7,215) (3,531) NM
    Net effect of non-tax chargeable items (6,892) (3,216) NM (6,898) (3,213) NM

    (A) Included non-tax chargeable items for 3Q 2018 and 3Q 2017.
  8. Distributions from joint ventures relate to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT.
  9. For 3Q 2018, this relates to CMT MTN, VO1T and VO2T. For 3Q 2017, it relates to CMT MTN and the Victory Trusts.
  10. CMT is committed to distribute 100% of its taxable income available for distribution to Unitholders for the financial year ending 31 December 2018. In 3Q 2018, CMT had released S$4.0 million of its taxable income available for distribution retained in 1H 2018 to Unitholders. Capital distribution and tax-exempt income distribution of S$6.6 million received from CRCT in 3Q 2018 had been retained for general corporate and working capital purposes.

    Capital distribution of S$6.6 million received from CRCT in 3Q 2017 had been retained for general corporate and working capital purposes.

    NM – not meaningful
Balance Sheet

As at 30 Sep 2018 vs 31 Dec 2017

  Group Trust
  30 Sep 2018
S$'000
31 Dec 2017
S$'000
%
Change
30 Sep 2018
S$'000
31 Dec 2017
S$'000
%
Change
Non-current assets            
Plant & equipment 1,917 2,120 (9.6) 1,478 1,676 (11.8)
Investment properties1 8,252,574 8,311,000 (0.7) 7,470,587 7,530,000 (0.8)
Investment properties under development2 611,414 459,386 33.1 409,408 308,808 32.6
Interests in subsidiaries3 - - - 966,669 935,958 3.3
Interest in associate4 202,465 194,389 4.2 130,836 130,836 -
Interests in joint ventures5 998,442 937,895 6.5 744,470 708,194 5.1
Financial derivatives6 24,366 14,953 63.0 - - -
Other assets 137 137 - 137 137 -
Total non-current
assets
10,091,315 9,919,880 1.7 9,723,585 9,615,609 1.1
Current assets
Trade & other
receivables
28,591 32,399 (11.8) 31,161 32,738 (4.8)
Cash & cash equivalents 347,122 522,745 (33.6) 328,863 491,871 (33.1)
Financial derivatives6 - 29,418 NM - - -
Total current assets 375,713 584,562 (35.7) 360,024 524,609 (31.4)
 
Total assets 10,467,028 10,504,442 (0.4) 10,083,609 10,140,218 (0.6)
Current liabilities
Trade & other payables 147,118 155,588 (5.4) 128,905 139,717 (7.7)
Current portion of security deposits 60,491 57,619 5.0 57,360 54,317 5.6
Short-term borrowings7 - 534,692 NM - 505,132 NM
Provisions for taxation 452 302 49.7 - 159 NM
Total current liabilities 208,061 748,201 (72.2) 186,265 699,325 (73.4)
Non-current liabilities
Financial derivatives6 63,822 77,013 (17.1) - - -
Long-term borrowings8 2,886,042 2,648,409 9.0 2,896,781 2,681,705 8.0
Non-current portion of
security deposits
100,426 98,113 2.4 88,692 87,509 1.4
Other payables 16,494 4,661 NM 11,596 3,992 NM
Total non-current liabilities 3,066,784 2,828,196 8.4 2,997,069 2,773,206 8.1
 
Total liabilities 3,274,845 3,576,397 (8.4) 3,183,334 3,472,531 (8.3)
 
Net assets 7,192,183 6,928,045 3.8 6,900,275 6,667,687 3.5
 
Unitholders' funds 7,192,183 6,928,045 3.8 6,900,275 6,667,687 3.5

FootNotes

  1. Investment properties are stated at valuations performed by independent professional valuers as at 30 June 2018, adjusted for capital expenditure capitalized in 3Q 2018.
  2. Investment properties under development refer to Funan (excluding the serviced residence component), which is undergoing redevelopment into an integrated development. The carrying amount reflects the valuation of the total land value as at 30 June 2018 and the capital expenditure capitalised.
  3. Interest in subsidiaries refers to cost of investments in BMT, CMT MTN, VO1T and VO2T (including the unitholders' loans to subsidiaries).
  4. Interest in associate refers to cost 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 September 2018 relate to fair value of the cross currency swaps.
  7. 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.
  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
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