Financial Highlights

Summary of CICT Results
FY 2021 FY 2020
1 January to 30 June 2022
("1H 2022")
1 January to 30 June 2021
("1H 2021")
Actual Actual Actual Actual
Gross Revenue (S$'000) 1,305,051 745,209 687,599 645,657
Net Property Income (S$'000) 951,082 512,740 501,620 472,163
Amount Available for Distribution (S$'000) 687,416 375,645 351,200 338,061
Distributable Income (S$'000) 674,713 (3) 369,384(4) 347,296(1) 335,894(2)
Distribution Per Unit ("DPU") (cents)

For the period / year


10.40¢


8.69¢


5.22¢


5.18¢

Notes

  1. For 1H 2022, S$3.9 million comprising S$2.4 million and S$1.5 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  2. For 1H 2021, S$2.2 million comprising S$0.8 million and S$1.4 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  3. 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.
  4. For FY 2020, CICT had released S$6.25 million taxable income from RCS Trust. S$12.5 million received from CLCT had been retained for general corporate and working capital purposes.
Statements of Total Return Group
1H 2022
S$'000
1H 2021
S$'000
%
Change
Gross revenue 687,599 645,657 6.5
Property operating expenses (185,979) (173,494) 7.2
Net property income 501,620 472,163 6.2
Interest and other income 2,474 4,038 (38.7)
Investment income1 3,904 2,167 80.2
Management fees (42,760) (40,785) 4.8
Trust expenses (2,865) (3,863) (25.9)
Finance costs (104,428) (105,052) (0.6)
Net income before share of results of joint ventures 357,945 328,668 8.9
Share of results (net of tax) of:
- Joint Ventures2
6,370 6,731 (5.4)
Net income 364,315 335,399 8.6
Net change in fair value of financial derivatives 1,082 - NM
Gain on divestment of investment property 57,257 - NM
Total return before tax 422,654 335,399 26.0
Taxation(3) (6,485) (7,411) (12.5)
Total return 416,169 327,988 26.9
Attributable to
Unitholders 413,654 327,431 26.3
Non-controlling interests 2,515 557 NM
Total return 416,169 327,988 26.9
Distribution Statements
Total return attributable to Unitholders 413,654 327,431 26.3
Net tax and other adjustments (111,535) (1,682) NM
Tax-exempt income from subsidiaries 46,676 4,800 NM
Capital distribution from subsidiaries 2,370 - NM
Distribution income (taxable) from joint ventures 35 7,512 (99.5)
Amount available for distribution to Unitholders 351,200 338,061 3.9
Distributable income to Unitholders 347,296 335,894 3.4
DPU (in Cents)
For the period 5.22 5.18 0.8

Notes

  1. This relates to distribution income from equity investments in CLCT and Sentral REIT.
  2. For 1H 2022, this relates to CICT's share of results of GOT & GSRT (45.0%). For 1H 2021, 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%).
  3. Taxation includes income tax expenses and deferred tax expenses in relation to the temporary differences arising from the fair value changes of overseas investment properties held by the Group.

NM - Not meaningful.

  Group
  30 Jun 2022
S$'000
31 Dec 2021
S$'000
Non-current assets    
Plant and equipment 5,851 6,121
Investment properties 23,811,343 21,431,071
Subsidiaries - -
Joint ventures 328,621 320,347
Equity investments at fair value 188,960 193,168
Financial derivatives 39,924 20,639
Deferred tax asset 5,502 6,855
Other non-current asset 1,258 1,608
Total non-current assets 24,381,459 21,979,809
Current assets
Asset held for sale - 278,000
Trade and other receivables 52,798 108,668
Cash and cash equivalents 227,100 365,133
Financial derivatives 24,928 10,240
Total current assets 304,826 762,041
 
Total assets 24,686,285 22,741,850
Current liabilities    
Financial derivatives 24,164 -
Trade and other payables 257,024 557,481
Current portion of security deposits 114,853 94,318
Loans and borrowings 1,113,134 594,641
Lease liabilities 1,815 2,261
Provision for taxation 11,522 10,108
Total current liabilities 1,522,512 1,258,809
Non-current liabilities
Financial derivatives 31,005 32,428
Trade and other payables 35,147 1,072
Loans and borrowings 8,597,897 7,582,636
Lease liabilities 25,175 5,963
Non-current portion of security deposits 153,359 153,578
Deferred tax liability 12,216 11,664
Total non-current liabilities 8,854,799 7,787,341
 
Total liabilities 10,377,311 9,046,150
 
Net assets 14,308,974 13,695,700
Represented by:
Unitholders' funds 14,099,269 13,667,754
Non-controlling interests 209,705 27,946
Total equity 14,308,974 13,695,700