Financial Highlights

Summary of CICT Results
FY 2022 FY 2021
1 January to 30 June 2023
("1H 2023") 		1 January to 30 June 2022
("1H 2022")
Actual Actual Actual Actual
Gross Revenue (S$'000) 1,441,747 1,305,051 774,777 687,599
Net Property Income (S$'000) 1,043,283 951,082 552,337 501,620
Amount Available for Distribution (S$'000) 712,968 687,416 358,983 351,200
Distributable Income (S$'000) 1,2,3,4 702,374 674,713 353,245 347,296
Distribution Per Unit ("DPU") (cents)

For the period / year

10.58¢

10.40¢

5.30¢

5.22¢

Notes

  1. For 1H 2023, S$5.7 million comprising S$4.5 million and S$1.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  2. 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.
  3. 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.
  4. For FY 2021, S$12.7 million comprising S$10.0 million and S$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return Group
1H 2023
S$'000 		1H 2022
S$'000 		%
Change
Gross revenue 774,777 687,599 12.7
Property operating expenses (222,440) (185,979) 19.6
Net property income 552,337 501,620 10.1
Interest income 3,932 2,345 67.7
Other income 34,458 129 NM
Investment income 1 5,738 3,904 47.0
Management fees (45,191) (42,760) 5.7
Trust expenses (4,915) (2,865) 71.6
Finance costs (153,969) (104,428) 47.4
Net income before share of results of joint ventures 392,390 357,945 9.6
Share of results (net of tax) of:
- Joint Ventures 2 		5,609 6,370 (11.9)
Net income 397,999 364,315 9.2
Net change in fair value of financial derivatives - 1,082 NM
Gain on divestment of investment property - 57,257 NM
Total return before tax 397,999 422,654 (5.8)
Taxation (3) (4,328) (6,485) (33.3)
Total return 393,671 416,169 (5.4)
Attributable to
Unitholders 387,844 413,654 (6.2)
Non-controlling interests 5,827 2,515 NM
Total return 393,671 416,169 (5.4)
Distribution Statements
Total return attributable to Unitholders 387,844 413,654 (6.2)
Net tax and other adjustments (46,923) (111,535) (57.9)
Tax-exempt income 1,408 46,676 (97.0)
Capital distributions 13,954 2,370 NM
Distribution income from joint ventures 2,700 35 NM
Amount available for distribution to Unitholders 358,983 351,200 2.2
Distributable income to Unitholders 353,245 347,296 1.7
DPU (in cents)
For the period 5.30 5.22 1.5

Footnotes:

  1. This relates to distribution income from equity investments in CLCT and Sentral REIT.
  2. For 1H 2023, this relates to CICT's share of results of One George Street LLP ("OGS LLP") (50.0%) and GOT & GSRT (45.0%). For 1H 2022, this relates to CICT's share of results of 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 2023
S$'000 		31 Dec 2022
S$'000
Non-current assets    
Plant and equipment 4,979 5,311
Investment properties 23,826,842 23,744,817
Joint ventures 363,696 361,198
Equity investments at fair value 164,388 180,989
Financial derivatives 46,765 40,286
Deferred tax asset 2,954 4,216
Other non-current assets 1,242 947
24,410,866 24,337,764
Current assets
Trade and other receivables 50,505 61,837
Cash and cash equivalents 254,161 248,396
Financial derivatives 4,398 18,626
309,064 328,859
 
Total assets 24,719,930 24,666,623
Current liabilities    
Financial derivatives 104 25,199
Trade and other payables 323,056 323,881
Current portion of security deposits 90,497 86,594
Loans and borrowings 431,327 1,155,045
Lease liabilities 1,751 1,932
Provision for taxation 10,784 12,506
857,519 1,605,157
Non-current liabilities
Financial derivatives 82,795 87,541
Trade and other payables 34,874 34,896
Loans and borrowings 9,185,371 8,430,216
Lease liabilities 23,111 24,069
Non-current portion of security deposits 203,563 198,208
Deferred tax liability 7,893 7,143
9,537,607 8,782,073
 
Total liabilities 10,395,126 10,387,230
 
Net assets 14,324,804 14,279,393
Represented by:
Unitholders' funds 14,117,134 14,073,447
Non-controlling interests 207,670 205,946
14,324,804 14,279,393
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