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Summary of CMT Results | ||||
FY 2018 | FY 2019 | 2020 | ||
---|---|---|---|---|
1 April to 30 June |
1 July to 30 September |
|||
Actual | Actual | Actual | Actual | |
Gross Revenue (S$'000) | 697,521 | 786,736 | 114,091 | 150,277 |
Net Property Income (S$'000) | 493,548 | 558,215 | 68,052 | 104,449 |
Amount Available for Distribution (S$'000) | 429,359 | 461,901 | 54,928 | 81,922 |
Distributable Income (S$'000) | 410,6751 | 441,5962 | 78,1283 | 114,2944 |
Distribution Per Unit ("DPU") (cents) For the period |
11.50¢ |
11.97¢ |
2.11¢ |
3.10¢ |
Notes
Statements of Total Return | Group1 | Trust | ||||
---|---|---|---|---|---|---|
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
|
Gross rental income2 | 140,413 | 184,899 | (24.1) | 113,399 | 151,833 | (25.3) |
Car park income | 4,197 | 4,708 | (10.9) | 3,779 | 4,251 | (11.1) |
Other income3 | 5,667 | 11,504 | (50.7) | 4,608 | 9,311 | (50.5) |
Gross revenue | 150,277 | 201,111 | (25.3) | 121,786 | 165,395 | (26.4) |
Property management fees | (5,606) | (7,635) | (26.6) | (4,552) | (6,276) | (27.5) |
Property tax | (11,514) | (16,665) | (30.9) | (9,118) | (13,011) | (29.9) |
Other property operating expenses4 |
(28,708) | (32,589) | (11.9) | (23,747) | (27,256) | (12.9) |
Property operating expenses | (45,828) | (56,889) | (19.4) | (37,417) | (46,543) | (19.6) |
Net property income | 104,449 | 144,222 | (27.6) | 84,369 | 118,852 | (29.0) |
Interest and other income 5 | 24 | 2,511 | (99.0) | 13,364 | 14,347 | (6.9) |
Investment income6 | 4,028 | - | NM | 21,337 | 36,222 | (41.1) |
Management fees | (10,873) | (12,844) | (15.3) | (8,644) | (10,345) | (16.4) |
Trust expenses | (1,012) | (1,139) | (11.2) | (992) | (1,058) | (6.2) |
Transaction costs relating to the Merger7 | (6,632) | - | NM | (6,632) | - | NM |
Finance costs8 | (28,456) | (30,597) | (7.0) | (28,450) | (28,882) | (1.5) |
Net income before share of results of associate and joint ventures | 61,528 | 102,153 | (39.8) | 74,352 | 129,136 | (42.4) |
Share of results (net of tax) of: | ||||||
- Associate9 | - | 9,559 | NM | - | - | - |
- Joint ventures10 | 9,620 | 12,355 | (22.1) | - | - | - |
Net income | 71,148 | 124,067 | (42.7) | 74,352 | 129,136 | (42.4) |
Dilution loss on investment in associate | - | (18) | NM | - | - | - |
Net (loss)/gain on derecognition of investment in associate11 | - | (17,601) | NM | - | 50,768 | NM |
Total return for the period before taxation | 71,148 | 106,448 | (33.2) | 74,352 | 179,904 | (58.7) |
Taxation | - | - | - | - | - | - |
Total return for the period | 71,148 | 106,448 | (33.2) | 74,352 | 179,904 | (58.7) |
Distribution statements |
||||||
Net income before share of results of associate and joint ventures | 61,528 | 102,153 | (39.8) | 74,352 | 129,136 | (42.4) |
Net effect of non-tax deductible/(chargeable) items12 | 8,216 | (3,963) | NM | 7,570 | (3,285) | NM |
Distribution from associate | - | 7,718 | NM | - | - | - |
Distributions from joint ventures13 | 12,501 | 20,327 | (38.5) | - | - | - |
Rollover adjustment14 | 1 | - | NM | - | - | - |
Net gain from subsidiaries15 | (324) | (384) | (15.6) | - | - | - |
Amount available for distribution to Unitholders |
81,922 | 125,851 | (34.9) | 81,922 | 125,851 | (34.9) |
Distributable income to Unitholders16 |
114,294 | 112,973 | 1.2 | 114,294 | 112,973 | 1.2 |
Notes
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 | |||||
---|---|---|---|---|---|---|
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
|
Depreciation and amortisation | 564 | 743 | (24.1) | 460 | 649 | (29.1) |
Allowance for doubtful debts | 156 | - | NM | 144 | - | NM |
Group | |||
---|---|---|---|
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
|
Share of results (net of tax) of joint ventures | |||
- Gross revenue(A) | 19,583 | 22,982 | (14.8) |
- Property operating expenses | (4,962) | (5,486) | (9.6) |
- Net property income | 14,621 | 17,496 | (16.4) |
- Finance costs | (3,491) | (3,566) | (2.1) |
- Others(B) | (1,510) | (1,575) | (4.1) |
9,620 | 12,355 | (22.1) |
Included in the non-tax deductible items are the following:
Group | Trust | |||||
---|---|---|---|---|---|---|
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
3Q 2020 S$'000 |
3Q 2019 S$'000 |
% Change |
|
Non-tax deductible/(chargeable) items | ||||||
- Trustee's fees | 369 | 349 | 5.7 | 335 | 349 | (4.0) |
- Temporary differences and other adjustments |
7,847 | (4,312) | NM | 7,235 | (3,634) | NM |
Net effect of non-tax deductible/(chargeable) items | 8,216 | (3,963) | NM | 7,570 | (3,285) | NM |
As at 30 Sep 2020 vs 31 Dec 2019
Group | Trust | |||||
---|---|---|---|---|---|---|
30 Sep
2020 S$'000 |
31 Dec
2019 S$'000 |
% Change |
30 Sep
2020 S$'000 |
31 Dec
2019 S$'000 |
% Change |
|
Non-current assets | ||||||
Plant & equipment | 4,100 | 3,290 | 24.6 | 2,649 | 1,849 | 43.3 |
Investment properties1 | 10,153,256 | 10,415,843 | (2.5) | 8,007,514 | 8,203,845 | (2.4) |
Subsidiaries2 | - | - | - | 2,081,795 | 2,130,270 | (2.3) |
Joint ventures3 | 797,142 | 840,851 | (5.2) | 596,316 | 593,041 | 0.6 |
Equity instrument at fair value4 | 148,052 | 214,742 | (31.1) | 148,052 | 214,742 | (31.1) |
Financial derivatives5 | 54,154 | 25,001 | NM | - | - | - |
Other non-current asset | 2,266 | 3,343 | (32.2) | 1,128 | 1,927 | (41.5) |
Total non-current assets |
11,158,970 | 11,503,070 | (3.0) | 10,837,454 | 11,145,674 | (2.8) |
Current assets | ||||||
Trade & other receivables6 |
72,257 | 26,391 | NM | 86,771 | 32,990 | NM |
Cash & cash equivalents7 | 67,149 | 202,198 | (66.8) | 27,212 | 156,097 | (82.6) |
Financial derivatives5 | 5,663 | - | NM | - | - | - |
Total current assets8 | 145,069 | 228,589 | (36.5) | 113,983 | 189,087 | (39.7) |
Total assets | 11,304,039 | 11,731,659 | (3.6) | 10,951,437 | 11,334,761 | (3.4) |
Current liabilities | ||||||
Financial derivatives5 | - | 2,542 | NM | - | - | - |
Trade & other payables | 131,384 | 166,857 | (21.3) | 112,024 | 144,712 | (22.6) |
Current portion of security deposits | 50,645 | 62,532 | (19.0) | 41,227 | 48,140 | (14.4) |
Short-term borrowings9 | 643,731 | 259,807 | NM | 637,337 | 261,880 | NM |
Short-term lease liabilities10 | 2,608 | 2,865 | (9.0) | 2,175 | 2,107 | 3.2 |
Provision for taxation | 167 | 167 | - | - | - | - |
Total current liabilities8 | 828,535 | 494,770 | 67.5 | 792,763 | 456,839 | 73.5 |
Non-current liabilities | ||||||
Financial derivatives5 | 18,824 | 31,137 | (39.5) | 10,065 | 775 | NM |
Long-term borrowings11 | 2,960,445 | 3,301,070 | (10.3) | 2,907,981 | 3,278,070 | (11.3) |
Long-term lease liabilities10 | 6,929 | 8,457 | (18.1) | 6,929 | 8,217 | (15.7) |
Non-current portion of security deposits |
93,923 | 128,986 | (27.2) | 72,357 | 105,294 | (31.3) |
Total non-current liabilities | 3,080,121 | 3,469,650 | (11.2) | 2,997,332 | 3,392,356 | (11.6) |
Total liabilities | 3,908,656 | 3,964,420 | (1.4) | 3,790,095 | 3,849,195 | (1.5) |
Net assets | 7,395,383 | 7,767,239 | (4.8) | 7,161,342 | 7,485,566 | (4.3) |
Unitholders' funds | 7,395,383 | 7,767,239 | (4.8) | 7,161,342 | 7,485,566 | (4.3) |
FootNotes