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Summary of CMT Results
FY 2017 FY 2018 1 January 2019 to 31 March 2019
Actual Actual Actual
Gross Revenue (S$'000) 682,469 697,521 192,722
Net Property Income (S$'000) 478,234 493,548 140,098
Amount Available for Distribution (S$'000) 413,003 429,359 121,420
Distributable Income (S$'000) 395,8241 410,6752 106,2933
Distribution Per Unit ("DPU") (cents)

For the period
Annualised


11.16¢
11.16¢


11.50¢
11.50¢


2.88¢
11.68¢

Notes

  1. 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 CapitaLand Retail China Trust ("CRCT") in FY 2017 had been retained for general corporate and working capital purposes.
  2. Capital distribution and tax-exempt income distribution of S$7.6 million received from CRCT in FY 2018 and capital distribution of S$11.1 million received from Infinity Mall Trust ("IMT") had been retained for general corporate and working capital purposes.
  3. CapitaLand Mall Trust ("CMT") is committed to distribute 100% of its taxable income available for distribution to holders of units in CMT ("Units" and holders of units, "Unitholders") for the financial year ending 31 December 2019. In 1Q 2019, CMT had retained S$9.2 million of its taxable income available for distribution to Unitholders for distribution in FY 2019. Capital distribution and tax-exempt income distribution of S$5.9 million received from CRCT in 1Q 2019 had also been retained for general corporate and working capital purposes.

Statements of Total Return and Distribution Statements (1Q 2019 vs 1Q 2018)
Statements of Total Return Group Trust
1Q 2019
S$'000
1Q 2018
S$'000
%
Change
1Q 2019
S$'000
1Q 2018
S$'000
%
Change
Gross rental income 176,705 161,728 9.3 145,378 148,843 (2.3)
Car park income 4,929 5,123 (3.8) 4,474 4,665 (4.1)
Other income 11,088 8,313 33.4 9,181 7,719 18.9
Gross revenue 192,722 175,164 10.0 159,033 161,227 (1.4)
Property management fees (7,456) (6,742) 10.6 (6,144) (6,203) (1.0)
Property tax (16,406) (15,103) 8.6 (13,578) (13,816) (1.7)
Other property
operating expenses1
(28,762) (27,668) 4.0 (24,059) (25,405) (5.3)
Property operating expenses (52,624) (49,513) 6.3 (43,781) (45,424) (3.6)
Net property income 140,098 125,651 11.5 115,252 115,803 (0.5)
Interest income 2 1,605 2,096 (23.4) 11,690 6,986 67.3
Investment income3 - - - 29,562 20,156 46.7
Management fees (12,444) (11,021) 12.9 (10,012) (9,993) 0.2
Trust expenses (856) (984) (13.0) (776) (933) (16.8)
Finance costs4 (27,773) (24,382) 13.9 (25,085) (24,480) 2.5
Net income before share of results of associate and joint ventures 100,630 91,360 10.1 120,631 107,539 12.2
Share of results (net of tax) of:
- Associate5 5,933 4,134 43.5 - - -
- Joint ventures6 17,906 14,604 22.6 - - -
Net income 124,469 110,098 13.1 120,631 107,539 12.2
Dilution (loss)/gain of interest in associate (95) 357 NM - - -
Total return for the period before taxation 124,374 110,455 12.6 120,631 107,539 12.2
Taxation - - - - - -
Total return for the period 124,374 110,455 12.6 120,631 107,539 12.2

Distribution statements
Net income before share of results of associate and joint ventures 100,630 91,360 10.1 120,631 107,539 12.2
Net effect of non-tax deductible items7 762 1,546 (50.7) 789 1,542 (48.8)
Distributions from associate 5,927 1,018 NM - - -
Distributions from joint ventures8 13,848 14,746 (6.1) - - -
Net loss from subsidiaries 9 253 411 (38.4) - - -
Amount available for distribution
to Unitholders
121,420 109,081 11.3 121,420 109,081 11.3
Distributable income to
Unitholders10
106,293 98,963 7.4 106,293 98,963 7.4


Notes

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

      Group Trust
    1Q 2019
    S$'000
    1Q 2018
    S$'000
    %
    Change
    1Q 2019
    S$'000
    1Q 2018
    S$'000
    %
    Change
    Depreciation and amortisation 115 153 (24.8) 106 149 (28.9)
    Allowance for doubtful debts and bad debts written off 30 46 (34.8) 29 43 (32.6)

  2. At Group level, it includes interest income on the unitholders' loans extended to IMT for 1Q 2018. At Trust level, it includes interest income on the unitholders' loans extended to BMT, VO1T, VO2T and IMT for both periods.
  3. Investment income relates to distributions from BMT, IMT, RCS Trust and CRCT. With effect from 1 November 2018, IMT is a wholly owned subsidiary of CMT.
  4. For 1Q 2019, it includes the interest expense on lease liabilities in relation to the Group's existing operating lease arrangements, in accordance with the principles of FRS 116 Leases.
  5. Share of results of associate relates to the equity accounting of CRCT's results on a 3-month lag basis.
  6. For 1Q 2019, this relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in Infinity Office Trust ("IOT"). For 1Q 2018, this relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IMT and IOT.

    Details are as follows:
      Group
    1Q 2019
    S$'000
    1Q 2018
    S$'000
    %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue 23,706 28,608 (17.1)
    - Property operating expenses (5,225) (7,017) (25.5)
    - Net property income 18,481 21,591 (14.4)
    - Finance costs (3,738) (5,079) (26.4)
    - Others(A) 3,163 (1,908) NM
      17,906 14,604 22.6

    (A) Included management fees.

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

      Group Trust
    1Q 2019
    S$'000
    1Q 2018
    S$'000
    %
    Change
    1Q 2019
    S$'000
    1Q 2018
    S$'000
    %
    Change
    Non-tax deductible/(chargeable) items
    - Trustee's fees 343 309 11.0 339 308 10.1
    - Temporary differences
    and other adjustments
    419 1,237 (66.1) 450 1,234 (63.5)
    Net effect of non-tax deductible/ (chargeable) items 762 1,546 (50.7) 789 1,542 (48.8)

  8. For 1Q 2019, distributions from joint ventures relate to CMT's 40.0% interest in RCS Trust. For 1Q 2018, it relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IMT.
  9. This relates to CMT MTN, VO1T and VO2T.
  10. CMT is committed to distribute 100% of its taxable income available for distribution to Unitholders for the financial year ending 31 December 2019. In 1Q 2019, CMT had retained S$9.2 million of its taxable income available for distribution to Unitholders for distribution in FY 2019. Capital distribution and tax-exempt income distribution of S$5.9 million received from CRCT in 1Q 2019 had also been retained for general corporate and working capital purposes.

    In 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 1Q 2018 had also been retained for general corporate and working capital purposes.

    NM - not meaningful
Balance Sheet

As at 31 Mar 2019 vs 31 Dec 2018

  Group Trust
  31 Mar 2019
S$'000
31 Dec 2018
S$'000
%
Change
31 Mar 2019
S$'000
31 Dec 2018
S$'000
%
Change
Non-current assets            
Plant & equipment 2,831 2,813 0.6 1,416 1,414 0.1
Investment properties1 9,422,264 9,411,000 0.1 7,510,215 7,499,000 0.1
Investment properties under development2 706,207 664,576 6.3 460,803 433,165 6.4
Interests in subsidiaries3 - - - 1,724,430 1,709,581 0.9
Interest in associate4 187,522 191,959 (2.3) 130,836 130,836 -
Interests in joint ventures5 835,684 828,545 0.9 591,788 588,569 0.5
Financial derivatives6 30,426 26,619 14.3 - - -
Other non-current asset 137 137 - 137 137 -
Total non-current
assets
11,185,071 11,125,649 0.5 10,419,625 10,362,702 0.5
Current assets
Trade & other
receivables
26,981 27,518 (2.0) 35,549 30,235 17.6
Cash & cash equivalents 401,444 348,503 15.2 332,167 286,117 16.1
Total current assets 428,425 376,021 13.9 367,716 316,352 16.2
 
Total assets 11,613,496 11,501,670 1.0 10,787,341 10,679,054 1.0
Financial derivatives6 35,265 34,670 1.7 - - -
Trade & other payables 179,622 199,271 (9.9) 140,420 159,034 (11.7)
Current portion of security deposits 67,208 63,408 6.0 55,426 55,021 0.7
Short-term borrowings7 527,429 528,557 (0.2) 157,522 157,506 0.0
Short-term lease liabilities8 1,336 - NM 1,336 - NM
Provision for taxation 1,794 1,794 - - - -
Total current liabilities 812,654 827,700 (1.8) 354,704 371,561 (4.5)
Non-current liabilities
Financial derivatives6 20,008 27,733 (27.9) - - -
Long-term borrowings9 3,136,631 3,099,260 1.2 3,118,339 3,070,129 1.6
Long-term lease liabilities8 7,547 - NM 7,547 - NM
Non-current portion of
security deposits
118,845 117,677 1.0 92,300 89,247 3.4
Total non-current liabilities 3,283,031 3,244,670 1.2 3,218,186 3,159,376 1.9
 
Total liabilities 4,095,685 4,072,370 0.6 3,572,890 3,530,937 1.2
 
Net assets 7,517,811 7,429,300 1.2 7,214,451 7,148,117 0.9
 
Unitholders' funds 7,517,811 7,429,300 1.2 7,214,451 7,148,117 0.9

FootNotes

  1. Investment properties are stated at valuations performed by independent professional valuers as at 31 December 2018, adjusted for capital expenditure capitalised in 1Q 2019. In addition, the Group has recognised its existing operating lease arrangements where the Group is a lessee as right of use assets in accordance with the principles of FRS 116 Leases, with effect from 1 January 2019.
  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 2018 and the capital expenditure capitalised to-date.
  3. Interest in subsidiaries refers to cost of investments in BMT, IMT, 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. Interest in joint ventures refers to 40.0% interest in RCS Trust and 30.0% interest in IOT.
  6. Financial derivative assets and liabilities relate to fair value of the cross currency and interest rate swaps.
  7. As of 31 March 2019, this relates to Euro-Medium Term Note ("EMTN") of JPY10.0 billion and secured bank borrowings of S$405.0 million due in October 2019.
  8. This relates to the lease liabilities recognised by the Group on its existing operating lease arrangements in accordance with the principles of FRS 116 Leases, with effect from 1 January 2019.
  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 issued under the S$3.5 billion retail bond programme by CMT as well as unsecured bank borrowings.

    NM - not meaningful