This printed article is located at http://cmt.listedcompany.com/financial_highlights.html

Financial Highlights

Summary of CMT Results FY 2016 FY 2017 2017
1 July to 30 September 1 October to 31 December
Actual Actual Actual Actual
Gross Revenue (S$'000) 689,732 682,469 169,405 172,402
Net Property Income (S$'000) 479,679 478,234 121,365 119,258
Amount Available for Distribution (S$'000) 424,368 413,003 105,257 100,131
Distributable Income (S$'000) 394,3231 395,8242 98,6802 102,9333
Distribution Per Unit ("DPU") (cents)

For the period
Annualised


11.13¢
11.13¢


11.16¢
11.16¢


2.78¢
11.03¢


2.90¢
11.51¢

Notes

  1. Capital distribution and tax-exempt income 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 of S$17.2 million received from CRCT in FY 2017 had been retained for general corporate and working capital purposes. For 3Q 2017, capital distribution received from CRCT of S$6.6 million had been retained for general corporate and working capital purposes.
  3. In 4Q 2017, CMT had released S$7.6 million of its taxable income available for distribution retained in 1H 2017 to holders of units in CMT ("Units" and holder of units, "Unitholders"). Advanced distribution comprising tax-exempt income of S$4.8 million received from CRCT in respect of the period from 1 July 2017 to 6 December 2017 had been retained for general corporate and working capital purposes.

Statements of Total Return and Distribution Statements (4Q 2017 vs 4Q 2016)
Statements of Total Return Group Trust
4Q 2017
S$'000
4Q 2016
S$'000
%
Change
4Q 2017
S$'000
4Q 2016
S$'000
%
Change
Gross rental income 158,226 156,742 0.9 145,258 142,745 1.8
Car park income 5,232 4,227 23.8 4,741 4,227 12.2
Other income 8,944 8,377 6.8 8,176 7,823 4.5
Gross revenue 172,402 169,346 1.8 158,175 154,795 2.2
Property management fees (6,498) (6,390) 1.7 (5,978) (5,843) 2.3
Property tax (14,049) (11,771) 19.4 (12,737) (10,455) 21.8
Other property
operating expenses1
(32,597) (34,993) (6.8) (29,975) (31,971) (6.2)
Property operating expenses (53,144) (53,154) (0.0) (48,690) (48,269) 0.9
Net property income 119,258 116,192 2.6 109,485 106,526 2.8
Interest and other income 2 3,238 2,542 27.4 8,084 6,918 16.9
Investment income3 - - - 25,922 39,032 (33.6)
Management fees (11,326) (11,031) 2.7 (10,272) (9,953) 3.2
Trust expenses (981) (1,221) (19.7) (931) (737) 26.3
Finance costs (26,106) (26,911) (3.0) (26,191) (26,911) (2.7)
Net income before share of results of associate and joint ventures 84,083 79,571 5.7 106,097 114,875 (7.6)
Share of results (net of tax) of:
- Associate4 7,444 2,412 NM - - -
- Joint ventures5 10,812 6,172 75.2 - - -
Net income 102,339 88,155 16.1 106,097 114,875 (7.6)
Net change in fair value of investment properties 25,471 13,056 95.1 25,357 13,081 93.8
Net change in fair value of investment properties under development (516) - NM (281) - NM
Gain on divestment of subsidiary 6 - - - 19,678 - NM
Impairment loss written back 7 - - - 2,129 2,245 (5.2)
Dilution (loss)/gain of interest in associate (23) 134 NM - - -
Total return for the period before taxation 127,271 101,345 25.6 152,980 130,201 17.5
Taxation8 (159) (1,026) (84.5) (159) (1,026) (84.5)
Total return for the period 127,112 100,319 26.7 152,821 129,175 18.3

Distribution statements
Net income before share of results of associate and joint ventures 84,083 79,571 5.7 106,097 114,875 (7.6)
Net effect of non-tax chargeable items 9 (5,955) (7,328) (18.7) (5,966) (7,706) (22.6)
Distribution from associate 4,798 - NM - - -
Distributions from joint ventures10 16,940 33,848 (50.0) - - -
Net loss from subsidiaries 11 265 1,078 (75.4) - - -
Amount available for distribution
to Unitholders
100,131 107,169 (6.6) 100,131 107,169 (6.6)
Distributable income to
Unitholders12
102,933 102,069 0.8 102,933 102,069 0.8


Notes

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

      Group Trust
    4Q 2017
    S$'000
    4Q 2016
    S$'000
    %
    Change
    4Q 2017
    S$'000
    4Q 2016
    S$'000
    %
    Change
    Depreciation and amortisation 163 253 (35.6) 158 186 (15.1)
    Allowance for doubtful debts and bad debts written off 22 2 NM 22 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 to BMT, Victory Trusts and IMT.
  3. For 4Q 2017, this relates to distributions from BMT, RCS Trust, IMT and CRCT. For 4Q 2016, this 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 2017
    S$'000
    4Q 2016
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 28,417 29,229 (2.8)
    - Property operating expenses (7,302) (8,427) (13.3)
    - Net property income 21,115 20,802 1.5
    - Finance costs (4,975) (4,936) 0.8
    - Net change in fair value of investment properties (4,480) (8,136) (44.9)
    - Others(A) (848) (1,558) (45.6)
      10,812 6,172 75.2

    (A) Included management fees of RCS Trust.

  6. This relates to the gain arising from the divestment of VSRT which was completed on 31 October 2017.
  7. For 4Q 2017, this relates to write back of impairment loss in respect of CMT's interest in BMT and IMT. For 4Q 2016, this relates to write back of impairment loss in respect of CMT's interest in IMT partially offset by impairment loss recognised in respect of CMT's interest in BMT.
  8. For 4Q 2017, this relates to tax assessed on CMT by the Inland Revenue Authority of Singapore ("IRAS") for year of assessment ("YA") 2013. For 4Q 2016, this relates to tax assessed for YA 2012. The IRAS has disallowed certain expenses incurred in the year ended 31 December 2012 and 31 December 2011 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 2017
    S$'000
    4Q 2016
    S$'000
    %
    Change
    4Q 2017
    S$'000
    4Q 2016
    S$'000
    %
    Change
    Non-tax chargeable items
    - Trustee's fees 320 310 3.2 319 310 2.9
    - Temporary differences
    and other adjustments (A)
    (6,275) (7,638) (17.8) (6,285) (8,016) (21.6)
    Net effect of non-tax chargeable items (5,955) (7,328) (18.7) (5,966) (7,706) (22.6)

    (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 relates to CMT MTN and the Victory Trusts. For VSRT, it relates to the loss for the period up to 31 October 2017.
  12. In 4Q 2017, CMT had released S$7.6 million of its taxable income available for distribution retain ed in 1H 2017 to Unitholders. Advanced distribution comprising tax-exempt income of S$4.8 million received from CRCT for the period from 1 July 2017 to 6 December 2017 had been retained for general corporate and working capital purposes.
  13. In 4Q 2016, CMT had released S$12.0 million of its taxable income available for distribution to Unitholders. 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 2017 vs 31 Dec 2016

  Group Trust
  31 Dec 2017
S$'000
31 Dec 2016
S$'000
%
Change
31 Dec 2017
S$'000
31 Dec 2016
S$'000
%
Change
Non-current assets            
Plant & equipment 2,120 2,409 (12.0) 1,676 1,946 (13.9)
Investment properties1 8,311,000 8,064,000 3.1 7,530,000 7,284,000 3.4
Investment properties under development2 459,386 444,997 3.2 308,808 243,688 26.7
Interests in subsidiaries3 - - - 935,958 980,718 (4.6)
Interest in associate4 194,389 191,313 1.6 130,836 130,836 -
Interests in joint ventures5 937,895 944,149 (0.7) 708,194 729,315 (2.9)
Financial derivatives6 14,953 162,685 (90.8) - - -
Other assets 137 - NM 137 - NM
Total non-current
assets
9,919,880 9,809,553 1.1 9,615,609 9,370,503 2.6
Current assets
Trade & other
receivables
32,399 33,717 (3.9) 32,738 41,773 (21.6)
Cash & cash equivalents 522,745 483,462 8.1 491,871 450,014 9.3
Financial derivatives6 29,418 - NM - - -
Total current assets 584,562 517,179 13.0 524,609 491,787 6.7
 
Total assets 10,504,442 10,326,732 1.7 10,140,218 9,862,290 2.8
Current liabilities
Trade & other payables 155,588 160,337 (3.0) 139,717 146,642 (4.7)
Current portion of security deposits 57,619 54,722 5.3 54,317 45,426 19.6
Short-term borrowings7 534,692 250,000 NM 505,132 250,000 NM
Provisions for taxation 302 1,169 (74.2) 159 1,026 (84.5)
Total current liabilities 748,201 466,228 60.5 699,325 443,094 57.8
Non-current liabilities
Financial derivatives6 77,013 30,945 NM - - -
Long-term borrowings8 2,648,409 3,038,312 (12.8) 2,681,705 2,913,123 (7.9)
Non-current portion of
security deposits
98,113 99,025 (0.9) 87,509 94,418 (7.3)
Other payables 4,661 - NM 3,992 - NM
Total non-current liabilities 2,828,196 3,168,282 (10.7) 2,773,206 3,007,541 (7.8)
 
Total liabilities 3,576,397 3,634,510 (1.6) 3,472,531 3,450,635 0.6
 
Net assets 6,928,045 6,692,222 3.5 6,667,687 6,411,655 4.0
 
Unitholders' funds 6,928,045 6,692,222 3.5 6,667,687 6,411,655 4.0

FootNotes

  1. Investment properties are stated at valuations performed by independent professional valuers as at 31 December 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 and the capital expenditure capitalised.
  3. Interests in subsidiaries as at 31 December 2017 include cost of investments in BMT, CMT MTN, VO1T and VO2T (including the loans to subsidiaries). VSRT was divested on 31 October 2017.
  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 2017 relate to the fair value of the cross currency swaps.
  7. This relates to 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
Copyright © 2018 CapitaLand Mall Trust Management Limited. All Rights Reserved.