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

Financial Highlights

Summary of CMT Results
FY 2018 FY 2019
1 January 2020 to
31 March 2020
Actual Actual Actual
Gross Revenue (S$'000) 697,521 786,736 204,296
Net Property Income (S$'000) 493,548 558,215 148,300
Amount Available for Distribution (S$'000) 429,359 461,901 106,007
Distributable Income (S$'000) 410,6751 441,5962 31,5923
Distribution Per Unit ("DPU") (cents)

For the period


11.50¢


11.97¢


0.85¢

Notes

  1. Capital distribution and tax-exempt income distribution of S$7.6 million received from CapitaLand Retail China Trust ("CRCT") in FY 2018 had been retained for general corporate and working capital purposes. Prior to the completion of the acquisition of the balance 70.0% of the units in Infinity Mall Trust ("IMT") on 1 November 2018, CMT received capital distribution of S$11.1 million from IMT, which had been retained for general corporate and working capital purposes.
  2. Capital distribution and tax-exempt income distribution of S$13.6 million received from CRCT and capital distribution of S$6.7 million received from Infinity Office Trust ("IOT") in FY 2019 had been retained for general corporate and working capital purposes.
  3. For 1Q 2020, in view of the uncertainty and challenges brought about by the rapidly evolving Novel Coronavirus ("COVID-19") pandemic, CapitaLand Mall Trust ("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.

Statements of Total Return and Distribution Statements (1Q 2020 vs 1Q 2019)
Statements of Total Return Group1 Trust
1Q 2020
S$'000
1Q 2019
S$'000
%
Change
1Q 2020
S$'000
1Q 2019
S$'000
%
Change
Gross rental income2 188,811 176,705 6.9 153,798 145,378 5.8
Car park income 4,400 4,929 (10.7) 3,976 4,474 (11.1)
Other income3 11,085 11,088 (0.0) 9,107 9,181 (0.8)
Gross revenue 204,296 192,722 6.0 166,881 159,033 4.9
Property management fees (7,469) (7,456) 0.2 (6,069) (6,144) (1.2)
Property tax (17,923) (16,406) 9.2 (14,548) (13,578) 7.1
Other property
operating expenses4
(30,604) (28,762) 6.4 (25,441) (24,059) 5.7
Property operating expenses (55,996) (52,624) 6.4 (46,058) (43,781) 5.2
Net property income 148,300 140,098 5.9 120,823 115,252 4.8
Interest income 5 712 1,605 (55.6) 14,138 11,690 20.9
Investment income6 4,815 - NM 23,587 29,562 (20.2)
Management fees (12,848) (12,444) 3.2 (10,255) (10,012) 2.4
Trust expenses (985) (856) 15.1 (896) (776) 15.5
Finance costs7 (28,784) (27,773) 3.6 (28,771) (25,085) 14.7
Net income before share of results of associate and joint ventures 111,210 100,630 10.5 118,626 120,631 (1.7)
Share of results (net of tax) of:
- Associate8 - 5,933 NM - - -
- Joint ventures9 13,501 17,906 (24.6) - - -
Net income 124,711 124,469 0.2 118,626 120,631 (1.7)
Dilution loss on investment in associate - (95) NM - - -
Total return for the period before taxation 124,711 124,374 0.3 118,626 120,631 (1.7)
Taxation - - - - - -
Total return for the period 124,711 124,374 0.3 118,626 120,631 (1.7)

Distribution statements
Net income before share of results of associate and joint ventures 111,210 100,630 10.5 118,626 120.631 (1.7)
Net effect of non-tax (chargeable)/deductible items10 (15,270) 762 NM (12,619) 789 NM
Distribution from associate - 5,927 NM - - -
Distributions from joint ventures11 10,064 13,848 (27.3) - - -
Net loss from subsidiaries 12 3 253 (98.8) - - -
Amount available for distribution
to Unitholders
106,007 121,420 (12.7) 106,007 121,420 (12.7)
Distributable income to
Unitholders13
31,592 106,293 (70.3) 31,592 106,293 (70.3)


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:

  5.   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

  6. At Trust level, it includes interest income on the unitholders' loans extended to BMT, VO1T, VO2T and IMT.
  7. 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.
  8. 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.
  9. 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.
  10. This relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IOT.
  11. 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.

  12. Included in the non-tax (chargeable)/deductible items are the following:
  13.   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.
  14. 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.
  15. In 1Q 2020, this relates to CMT MTN Pte. Ltd. ("CMT MTN"). In 1Q 2019, this relates to CMT MTN, VO1T and VO2T.
  16. 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.
  17. NM - not meaningful
Balance Sheet

As at 31 Mar 2020 vs 31 Dec 2019

  Group Trust
  31 Mar 2020
S$'000
31 Dec 2019
S$'000
%
Change
31 Mar 2020
S$'000
31 Dec 2019
S$'000
%
Change
Non-current assets            
Plant & equipment 3,426 3,290 4.1 1,965 1,849 6.3
Investment properties1 10,423,337 10,415,843 0.1 8,211,113 8,203,845 0.1
Subsidiaries2 - - - 2,128,408 2,130,270 (0.1)
Joint ventures3 847,015 840,851 0.7 596,316 593,041 0.6
Equity instrument at fair value4 162,724 214,742 (24.2) 162,724 214,742 (24.2)
Financial derivatives5 128,504 25,001 NM - - -
Other non-current asset 2,971 3,343 (11.1) 1,650 1,927 (14.4)
Total non-current
assets
11,567,977 11,503,070 0.6 11,102,176 11,145,674 (0.4)
Current assets
Trade & other
receivables
23,788 26,391 (9.9) 34,295 32,990 4.0
Cash & cash equivalents 131,262 202,198 (35.1) 87,615 156,097 (43.9)
Financial derivatives5 7,194 - NM - - -
Total current assets 162,244 228,589 (29.0) 189,087 316,352 (35.5)
 
Total assets 11,730,221 11,731,659 (0.0) 11,224,086 11,334,761 (1.0)
Current Liabilities
Financial derivatives5 - 2,542 NM - - -
Trade & other payables 135,407 166,857 (18.8) 113,621 144,712 (21.5)
Current portion of security deposits 46,660 62,532 (25.4) 37,595 48,140 (21.9)
Short-term borrowings6 682,810 259,807 NM 673,863 261,880 NM
Short-term lease liabilities7 2,882 2,865 0.6 2,119 2,107 0.6
Provision for taxation 167 167 - - - -
Total current liabilities 867,926 494,770 75.4 827,198 456,839 81.1
Non-current liabilities
Financial derivatives5 5,445 31,137 (82.5) 5,445 775 NM
Long-term borrowings8 2,974,495 3,301,070 (9.9) 2,869,230 3,278,070 (12.5)
Long-term lease liabilities7 7,764 8,457 (8.2) 7,717 8,217 (6.1)
Non-current portion of
security deposits
101,009 128,986 (21.7) 78,439 105,294 (25.5)
Total non-current liabilities 3,088,713 3,469,650 (11.0) 2,960,831 3,392,356 (12.7)
 
Total liabilities 3,956,639 3,964,420 (0.2) 3,788,029 3,849,195 (1.6)
 
Net assets 7,773,582 7,767,239 0.1 7,436,057 7,485,566 (0.7)
 
Unitholders' funds 7,773,582 7,767,239 0.1 7,436,057 7,485,566 (0.7)

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.
  9. NM - not meaningful
Copyright © 2020 CapitaLand Mall Trust Management Limited. All Rights Reserved.