Financial Highlights

Notes

1. Group refers to the Trust and its subsidiaries.

2. For 1Q 2020, this includes amortisation of the rental rebates granted to tenants affected by COVID-19.
   
   In March 2020, rental rebates of up to 0.5 months were granted to tenants affected by COVID-19. The rental rebates will be amortised in the Statement of Total Return over the remaining lease periods, in accordance with the principles of FRS 116 Leases.

3. Other income comprises various types of miscellaneous income, other than rental income, ancillary to the operation of investment properties. This includes income earned from atrium space and advertisement panels.

4. Other property operating expenses comprise utilities, property management reimbursements, marketing, maintenance and other expenses that are ancillary to the operation of investment properties. Included as part of the other property operating expenses are the following:

	Group			Trust
	1Q 2020 S$'000	1Q 2019 S$'000	% Change	1Q 2020 S$'000	1Q 2019 S$'000	% Change
Depreciation and amortisation	536	115	NM	439	106	NM
Allowance for doubtful debts and bad debts written off	-	30	NM	-	29	NM



5. At Trust level, it includes interest income on the unitholders' loans extended to BMT, VO1T, VO2T and IMT.
6. Investment income relates to distributions from BMT, IMT, RCS Trust and CRCT for both periods as well as distributions from VO1T and VO2T for 1Q 2020.
7. This 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.
8. For 1Q 2019, this relates to the equity accounting of CRCT's results on a 3-month lag basis, before it was reclassified to "Equity instrument at fair value" in 3Q 2019.
9. This relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IOT.
Details are as follows:


	Group
	1Q 2020 S$'000	1Q 2019 S$'000	% Change
Share of results (net of tax) of joint ventures
- Gross revenue	21,643	23,706	(8.7)
- Property operating expenses	(2,948)	(5,225)	(43.6)
- Net property income	18,695	18,481	1.2
- Finance costs	(3,541)	(3,738)	(5.3)
- Others(A)	(1,653)	3,163	NM
	13,501	17,906	(24.6)

^(A) Included management fees.


Included in the non-tax (chargeable)/deductible items are the following:

	Group			Trust
	1Q 2020 S$'000	1Q 2019 S$'000	% Change	1Q 2020 S$'000	1Q 2019br/> S$'000	% Change
Non-tax (chargeable)/deductible items
- Trustee's fees	371	343	8.2	341	339	0.6
- Temporary differences and other adjustments(A)	(15,641)	419	NM	(12,960)	450	NM
Net effect of non-tax (chargeable)/deductible items	(15,270)	762	NM	(12,619)	789	NM



^(A)Includes claim for deduction of rental rebates granted in March 2020, to tenants affected by COVID-19.
10. This relates to CMT's 40.0% interest in RCS Trust. In 1Q 2020, RCS Trust has retained S$9.0 million of its taxable income available for distribution, CMT's 40.0% share of the retention is S$3.6 million.
11. In 1Q 2020, this relates to CMT MTN Pte. Ltd. ("CMT MTN"). In 1Q 2019, this relates to CMT MTN, VO1T and VO2T.
12. For 1Q 2020, in view of the uncertainty and challenges brought about by the rapidly evolving COVID-19 pandemic, CMT had retained S$69.6 million of its taxable income available for distribution to Unitholders. In addition, capital distribution of S$4.8 million for the period from 14 August 2019 to 31 December 2019 received from CRCT in 1Q 2020 had been retained for general corporate and working capital purposes.
    
    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.
NM - not meaningful

FootNotes

1. The carrying amounts of the investment properties were assessed by the Manager as at 31 March 2020, based on methodologies including discounted cash flow, capitalisation and comparison methods. The key inputs used in the assessment were the discount rates, terminal yields and capitalisation rates, which were unobservable. As at 31 December 2019, the carrying amounts of the investment properties were based on valuations performed by the independent external valuers. 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.
   
   The outbreak of the COVID-19 continues to affect the retail sector negatively. Given that, the potential impact of COVID-19 is fluid and evolving, significant market uncertainty exists. Consequently, valuations of investment properties are subject to significant estimation uncertainty. Therefore the carrying amounts of the investment properties may change significantly after 31 March 2020.
2. This refers to investments in BMT, IMT, CMT MTN, VO1T and VO2T and the unitholders' loans to subsidiaries.
3. This refers to 40.0% interest in RCS Trust and 30.0% interest in IOT.
4. As at 31 March 2020, this relates to CMT's interest in CRCT of 10.9%, CMT's investment in CRCT was 133,380,335 units at fair value of S$162.7 million.
5. Financial derivative assets and liabilities relate to fair value of the cross currency and interest rate swaps.
6. As of 31 March 2020, these relate to Medium Term Notes ("MTNs") of S$100.0 million and JPY10.0 billion as well as unsecured bank borrowings due in FY 2020. It also includes MTN of JPY 5.0 billion and the S$350.0 million 7-year retail bonds issued under the S$2.5 billion retail bond programme by CMT due in 1Q 2021.
7. 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.
8. As of 31 March 2020, these relate mainly to the fixed and floating rate notes issued by CMT MTN through its US$3.0 billion Euro-Medium Term Note ("EMTN") Programme and S$3.5 billion Multicurrency Medium Term Note Programme as well as unsecured bank borrowings of the Group.
NM - not meaningful