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Summary of CMT Results

FY 2014
FY 2015
1 October 2015 to
31 December 2015
Actual
Actual
Actual
Forecast1
% Change
Gross Revenue (S$'000)
658,851
669,002
180,380
178,768
0.9
Net Property Income (S$'000)
448,363
466,164
125,697
120,029
4.7
Amount Available for Distribution (S$'000)
412,2702
404,517
101,894
97,216
4.8
Distributable Income (S$'000)
375,3343
392,0014
101,894
97,216
4.8

Distribution Per Unit ("DPU") (cents)

For the period
Annualised



10.84¢
10.84¢


11.25¢
11.25¢


2.88¢
11.43¢


2.75¢
10.89¢


4.7
4.7

Notes

  1. The forecast is based on the CapitaLand Mall Trust's ("CMT") circular dated 20 August 2015.

  2. In FY 2014, amount available for distribution included the S$30.0 million partial distribution received from Infinity Office Trust ("IOT") relating to the profit arising from the sale of office strata units in Westgate Tower which obtained the temporary occupation permit on 9 October 2014

  3. Capital distribution and tax-exempt income of S$11.4 million received from CapitaLand Retail China Trust ("CRCT") in FY 2014 had been retained for general corporate and working capital purposes. In addition, CMT had received partial distribution of S$30.0 million from IOT relating to the profit arising from the sale of office strata units in Westgate Tower, of which S$4.5 million had been released as one-off other gain distribution in 4Q 2014 to holders of units in CMT ("Units" and holder of units, "Unitholders") while the balance of S$25.5 million had been retained for general corporate and working capital purposes.

  4. Capital distribution and tax-exempt income of S$12.5 million received from CRCT in FY 2015 had been retained for general corporate and working capital purposes.


STATEMENTS OF TOTAL RETURN AND DISTRIBUTION STATEMENTS (4Q 2015 VS 4Q 2014)

Statements of Total Return

Group

Trust

4Q 2015 1,2
S$'000
4Q 2014
S$'000
%
Change
4Q 2015 2
S$'000
4Q 2014
S$'000
%
Change
Gross rental income
165,163
152,634
8.2
151,505
152,634
(0.7)
Car park income
4,694
4,698
(0.1)
4,694
4,698
(0.1)
Other income
10,523
7,870
33.7
9,925
7,870
26.1
Gross revenue
180,380
165,202
9.2
166,124
165,202
0.6
Property management fees
(6,842)
(6,027)
13.5
(6,291)
(6,027)
4.4
Property tax
(13,061)
(14,014)
(6.8)
(11,806)
(14,014)
(15.8)
Other property
operating expenses 3
(34,780)
(39,207)
(11.3)
(32,620)
(39,207)
(16.8)
Property operating expenses
(54,683)
(59,248)
(7.7)
(50,717)
(59,248)
(14.4)
Net property income
125,697
105,954
18.6
115,407
105,954
8.9
Interest and other income 4
2,999
6,760
(55.6)
6,866
3,406
NM
Investment income 5
-
-
-
19,393
44,597
(56.5)
Asset management fees
(11,214)
(10,574)
6.1
(10,292)
(10,574)
(2.7)
Trust expenses
(871)
(1,865)
(53.3)
(841)
(1,865)
(54.9)
Finance costs
(28,294)
(27,989)
1.1
(28,294)
(27,989)
1.1
Net income before share of results of associate and joint ventures
88,317
72,286
22.2
102,239
113,529
(9.9)
Share of results (net of tax) of:
- Associate 6
2,594
2,306
12.5
-
-
-
- Joint ventures 7
16,955
70,025
(75.8)
-
-
-
Net income
107,866
144,617
(25.4)
102,239
113,529
(9.9)
Net change in fair value of
investment properties
53,749
29,061
85.0
61,983
29,061
NM
Gain on disposal of
investment property 8
72,741
-
NM
72,741
-
NM
Impairment loss 9
-
-
-
(3,024)
-
NM
Dilution (loss)/gain of interest in associate
(33)
117
NM
-
-
-
Total return for the period before taxation
234,323
173,795
34.8
233,939
142,590
64.1
Taxation 10
(575)
(37)
NM
(575)
(37)
NM
Total return for the period
233,748
173,758
34.5
233,364
142,553
63.7

Distribution statements
Net income before share of results of associate and joint ventures
88,317
72,286
22.2
102,239
113,529
(9.9)
Net effect of non-tax chargeable items11
(3,838)
(3,471)
10.6
(1,509)
(117)
NM
Distribution from joint ventures12
16,252
44,597
(63.6)
-
-
-
Rollover adjustment 13
1,164
-
NM
1,164
-
NM
Net profit from subsidiary 14
(1)
-
NM
-
-
-
Amount available for
distribution to Unitholders
101,894
113,412
(10.2)
101,894
113,412
(10.2)
Distributable income to
Unitholders 15
101,894
99,112
2.8
101,894
99,112
2.8


Notes

  1. The acquisition of Bedok Mall through BMT was completed on 1 October 2015.

  2. The sale of Rivervale Mall was completed on 15 December 2015.

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

     
    Group
    Trust
    4Q 2015
    S$'000
    4Q 2014
    S$'000
    %
    Change
    4Q 2015
    S$'000
    4Q 2014
    S$'000
    %
    Change
    Depreciation and amortisation
    258
    389
    (33.7)
    168
    389
    (56.8)
    Allowance for doubtful debts and bad debts written off
    (10)
    26
    NM
    (10)
    26
    NM

  4. At Group level, includes interest income on the unitholders' loans extended to IMT in 4Q 2015 and IMT and IOT (collectively, the "Infinity Trusts") in 4Q 2014. At Trust level, it includes interest income on the unitholders' loans extended to BMT and IMT in 4Q 2015 and Infinity Trusts in 4Q 2014.

  5. Investment income relates to distributions from RCS Trust, IMT and BMT for 4Q 2015 and distributions from RCS Trust and IOT for 4Q 2014.

  6. Share of result of associate relates to the equity accounting of CRCT's result on a 3-month lag basis.

  7. This relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in Infinity Trusts.

    Details are as follows:
     
    Group
    4Q 2015
    S$'000
    4Q 2014
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue
    29,573
    29,576
    (0.0)
    - Property operating expenses
    (8,362)
    (9,038)
    (7.5)
    - Net property income
    21,211
    20,538
    3.3
    - Profit from sale of office strata units in Westgate Tower, net of tax
    -
    47,456
    NM
    - Finance costs
    (5,874)
    (5,911)
    (0.6)
    - Net change in fair value of investment properties
    2,162
    9,975
    (78.3)
    - Others (A)
    (544)
    (2,033)
    (73.2)
     
    16,955
    70,025
    (75.8)


    (A) Includes asset management fees of RCS Trust.

  8. This relates to gain arising from the disposal of Rivervale Mall which was completed on 15 December 2015

  9. This relates to impairment loss and partial reversal of impairment loss in respect to CMT's interest in BMT and IMT respectively.

  10. For 4Q 2015 and 4Q 2014, these relate to tax assessed on CMT by the Inland Revenue Authority of Singapore ("IRAS") for the years of assessment 2011 and 2010 respectively. The IRAS has disallowed certain expenses incurred in the years ended 31 December 2010 and 31 December 2009 and did not allow such adjustments to be included under the Rollover Income Adjustment ("RIA").

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

     
    Group
    Trust
    4Q 2015
    S$'000
    4Q 2014
    S$'000
    %
    Change
    4Q 2015
    S$'000
    4Q 2014
    S$'000
    %
    Change
    Non-tax chargeable items
    - Trustee's fees
    317
    305
    3.9
    316
    305
    3.6
    - Temporary differences
    and other adjustments (A)
    (4,155)
    (3,776)
    10.0
    (1,825)
    (422)
    NM
    Net effect of non-tax chargeable items
    (3,838)
    (3,471)
    10.6
    (1,509)
    (117)
    NM


    (A) 4Q 2015 and 4Q 2014 included non-tax chargeable items.

  12. For 4Q 2015, distribution from joint ventures relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT. For 4Q 2014, distribution from joint ventures relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IOT.

  13. This is the difference between the taxable income previously distributed and the quantum finally agreed with IRAS for the years of assessment 2011 to 2013.

  14. This relates to CMT MTN Pte. Ltd. ("CMT MTN").

  15. Distribution for 4Q 2014 includes S$11.2 million of taxable income retained in 1H 2014. In addition, CMT had received partial distribution of S$30.0 million from IOT relating to the profit arising from the sale of office strata units in Westgate Tower of which S$4.5 million had been distributed as one-off other gain distribution for 4Q 2014 to Unitholders while the balance of S$25.5 million had been retained for general corporate and working capital purposes.

    NM - not meaningful


Balance Sheet

As at 31 Dec 2015 vs 31 Dec 2014

  Group Trust
 
30 Dec 2015
S$'000
31 Dec 2014
S$'000
%
Change
30 Dec 2015
S$'000
31 Dec 2014
S$'000
%
Change
Non-current assets            
Plant & equipment
2,955
2,143
37.9
2,133
2,143
(0.5)
Investment properties 1
8,366,000
7,510,000
11.4
7,586,000
7,510,000
1.0
Interests in subsidiary 2
-
-
-
787,070
80
NM
Interest in associate 3
208,866
182,790
14.3
130,836
130,836
-
Interests in joint ventures 4
969,542
951,236
1.9
723,854
705,794
2.6
Financial derivatives 5
175,280
57,488
NM
-
-
-
Total non-current
assets
9,722,643
8,703,657
11.7
9,229,893
8,348,853
10.6
Current assets
Trade & other
receivables
28,792
25,098
14.7
28,865
25,098
15.0
Cash & cash equivalents
604,310
1,129,552
(46.5)
570,653
1,129,458
(49.5)
Total current assets
633,102
1,154,650
(45.2)
599,518
1,154,556
(48.1)
 
Total assets 6
10,355,745
9,858,307
5.0
9,829,411
9,503,409
3.4
Current liabilities
Financial derivatives
-
35,801
NM
-
-
-
Trade & other payables
199,730
217,414
(8.1)
188,098
217,401
(13.5)
Short-term borrowings 7
-
762,275
NM
-
799,500
NM
Provisions for taxation
3,564
37
NM
575
37
NM
Total current liabilities
203,294
1,015,527
(80.0)
188,673
1,016,938
(81.4)
Non-current liabilities
Financial derivatives 8
41,731
66,744
(37.5)
-
-
-
Long-term borrowings 9
3,312,156
2,407,044
37.6
3,244,687
2,433,264
33.3
Non-current portion of
security deposits
105,401
86,553
21.8
92,690
86,553
7.1
Total non-current liabilities
3,459,288
2,560,341
35.1
3,337,377
2,519,817
32.4
 
Total liabilities
3,662,582
3,575,868
2.4
3,526,050
3,536,755
(0.3)
 
Net assets
6,693,163
6,282,439
6.5
6,303,361
5,966,654
5.6
 
Unitholders' funds
6,693,163
6,282,439
6.5
6,303,361
5,966,654
5.6

Notes

  1. Investment properties are stated at valuation performed by independent professional valuers as at 31 December 2015.

  2. As at 31 December 2015, interests in subsidiaries include cost of investments in BMT and CMT MTN (including the loans to subsidiaries).

  3. 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.

  4. These relate to 40.0% interest in RCS Trust and 30.0% interest in Infinity Trusts (including the unitholders' loans to IMT).

  5. Financial derivative assets as at 31 December 2015 relate to fair value of the cross currency swaps in respect of the US$400.0 million Euro-Medium Term Note ("EMTN") issuance on 21 March 2012, HK$1.15 billion and HK$885.0 million EMTN issuances on 28 June 2012 and 27 November 2012 respectively, HK$650.0 million and HK$1.104 billion Medium Term Notes ("MTN") issuances on 12 November 2014 and 5 February 2015 respectively as well as ¥8.6 billion MTN issuance on 9 February 2015.

  6. Total assets was S$10,355.7 million as at 31 December 2015 (31 December 2014: S$9,858.3 million). Total deposited property, including CMT's 40.0% interest in RCS Trust and 30.0% interest in Infinity Trusts, as at 31 December 2015 was S$11,096.4 million (31 December 2014: S$10,610.5 million).

  7. On 28 January 2015 and 8 April 2015, the Group has repaid the MTN of S$100.0 million issued by CMT MTN under its S$2.5 billion Medium Term Note Programme ("MTN Programme") and the EMTN of US$500.0 million issued under its US$3.0 billion Euro-Medium Term Notes Programme ("EMTN Programme") respectively.

  8. Financial derivative liabilities as at 31 December 2015 relate to the fair value of the cross currency swaps.

  9. These relate mainly to the fixed and floating rates notes issued by CMT MTN through its EMTN Programme and 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