Financial Highlights
Summary of CICT Results | ||||
FY 2022 | FY 2021 | |||
---|---|---|---|---|
1 July to 31 December
2022 ("2H 2022") |
1 July to 31
December
2021 ("2H 2021") |
|||
Actual | Actual | Actual | Actual | |
Gross Revenue (S$'000) | 1,441,747 | 1,305,051 | 754,148 | 659,394 |
Net Property Income (S$'000) | 1,043,283 | 951,082 | 541,663 | 478,919 |
Amount Available for Distribution (S$'000) | 712,968 | 687,416 | 361,768 | 349,355 |
Distributable Income (S$'000)1,2,3,4 | 702,374 | 674,713 | 355,078 | 338,819 |
Distribution Per Unit ("DPU") (cents) For the period / year |
10.58¢ |
10.40¢ |
5.36¢ |
5.22¢ |
Notes
- For 2H 2022, S$6.7 million comprising S$5.5 million and S$1.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
- For 2H 2021, S$10.5 million comprising S$9.2 million and S$1.3 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
- For FY 2022, S$10.6 million comprising S$7.9 million and S$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
- For FY 2021, S$12.7 million comprising S$10.0 million and S$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return | Group | |||||
---|---|---|---|---|---|---|
2H 2022 S$'000 |
2H 2021 S$'000 |
% Change |
FY 2022 S$'000 |
FY 2021 S$'000 |
% Change |
|
Gross revenue | 754,148 | 659,394 | 14.4 | 1,441,747 | 1,305,051 | 10.5 |
Property operating expenses | (212,485) | (180,475) | 17.7 | (398,464) | (353,969) | 12.6 |
Net property income | 541,663 | 478,919 | 13.1 | 1,043,283 | 951,082 | 9.7 |
Interest and other income | 2,862 | 2,326 | 23.0 | 5,336 | 6,364 | (16.2) |
Investment income1 | 6,690 | 10,536 | (36.5) | 10,594 | 12,703 | (16.6) |
Management fees | (45,174) | (41,389) | 9.1 | (87,934) | (82,174) | 7.0 |
Trust expenses | (5,671) | (2,775) | NM | (8,536) | (6,638) | 28.6 |
Finance costs | (138,009) | (84,705) | 62.9 | (242,437) | (189,757) | 27.8 |
Net income before share of results of joint ventures | 362,361 | 362,912 | (0.2) | 720,306 | 691,580 | 4.2 |
Share of results (net of tax) of: - Joint Ventures2 |
36,097 | 133,471 | (73.0) | 42,467 | 140,202 | (69.7) |
Net income | 398,458 | 496,383 | (19.7) | 762,773 | 831,782 | (8.3) |
Net change in fair value of investment properties | (90,438) | 270,507 | NM | (90,438) | 270,507 | NM |
Net change in fair value of financial derivatives | (680) | - | NM | 402 | - | NM |
Gain on divestment of investment property | - | - | 57,257 | - | NM | |
Total return before tax | 307,340 | 766,890 | (59.9) | 729,994 | 1,102,289 | (33.8) |
Taxation(3) | 2,380 | (11,813) | NM | (4,105) | (19,224) | (78.6) |
Total return | 309,720 | 755,077 | (59.0) | 725,889 | 1,083,065 | (33.0) |
Attributable to | ||||||
Unitholders | 309,715 | 755,655 | (59.0) | 723,369 | 1,083,086 | (33.2) |
Non-controlling interests | 5 | (578) | NM | 2,520 | (21) | NM |
Total return | 309,720 | 755,077 | (59.0) | 725,889 | 1,083,065 | (33.0) |
Distribution Statements | ||||||
Total return attributable to Unitholders | 309,715 | 755,655 | (59.0) | 723,369 | 1,083,086 | (33.2) |
Net tax and other adjustments | 40,405 | (436,692) | NM | (71,130) | (438,374) | (83.8) |
Tax-exempt income from subsidiaries | 4,700 | 23,642 | (80.1) | 51,376 | 28,442 | 80.6 |
Capital distribution from subsidiaries | 6,919 | - | NM | 9,289 | - | NM |
Distribution income (taxable) from joint ventures | 29 | 6,750 | NM | 64 | 14,262 | NM |
Amount available for distribution to Unitholders | 361,768 | 349,355 | 3.6 | 712,968 | 687,416 | 3.7 |
Distributable income to Unitholders | 355,078 | 338,819 | 4.8 | 702,374 | 674,713 | 4.1 |
DPU (in Cents) | ||||||
For the period | 5.36 | 5.22 | 2.7 | 10.58 | 10.40 | 1.7 |
Notes
- This relates to distribution income from equity investments in CLCT and Sentral REIT.
- For 2H 2022 and FY2022 this relates to CICT's share of results of GOT & GSRT (45.0%). For 2H 2021 and FY2021, this relates to CICT's share of results of Infinity Office Trust ("IOT") (30.0%), One George Street LLP ("OGS LLP") (50.0%) and GOT & GSRT (45.0%).
- For 2H 2022 and FY2022 this relates to CICT's share of results of GOT & GSRT (45.0%). For 2H 2021 and FY2021, this relates to CICT's share of results of Infinity Office Trust ("IOT") (30.0%), One George Street LLP ("OGS LLP") (50.0%) and GOT & GSRT (45.0%).
NM - Not meaningful.
Group | |||
---|---|---|---|
31 Dec 2022 S$'000 |
31 Dec 2021 S$'000 |
||
Non-current assets | |||
Plant and equipment | 5,311 | 6,121 | |
Investment properties | 23,744,817 | 21,431,071 | |
Subsidiaries | - | - | |
Joint ventures | 361,198 | 320,347 | |
Equity investments at fair value | 180,989 | 193,168 | |
Financial derivatives | 40,286 | 20,639 | |
Deferred tax asset | 4,216 | 6,855 | |
Other non-current asset | 947 | 1,608 | |
24,337,764 | 21,979,809 | ||
Current assets | |||
Asset held for sale | - | 278,000 | |
Trade and other receivables | 61,837 | 108,668 | |
Cash and cash equivalents | 248,396 | 365,133 | |
Financial derivatives | 18,626 | 10,240 | |
328,859 | 762,041 | ||
Total assets | 24,666,623 | 22,741,850 | |
Current liabilities | |||
Financial derivatives | 25,199 | - | |
Trade and other payables | 323,881 | 557,481 | |
Current portion of security deposits | 86,594 | 94,318 | |
Loans and borrowings | 1,155,045 | 594,641 | |
Lease liabilities | 1,932 | 2,261 | |
Provision for taxation | 12,506 | 10,108 | |
1,605,157 | 1,258,809 | ||
Non-current liabilities | |||
Financial derivatives | 87,541 | 32,428 | |
Trade and other payables | 34,896 | 1,072 | |
Loans and borrowings | 8,430,216 | 7,582,636 | |
Lease liabilities | 24,069 | 5,963 | |
Non-current portion of security deposits | 198,208 | 153,578 | |
Deferred tax liability | 7,143 | 11,664 | |
8,782,073 | 7,787,341 | ||
Total liabilities | 10,387,230 | 9,046,150 | |
Net assets | 14,279,393 | 13,695,700 | |
Represented by: | |||
Unitholders' funds | 14,073,447 | 13,667,754 | |
Non-controlling interests | 205,946 | 27,946 | |
14,279,393 | 13,695,700 |