Financial Highlights

Summary of CICT Results
FY 2021 FY 2020
1 July to
31 December 2021
1 July to 31 December 2020
Actual Actual Actual Actual
Gross Revenue (S$'000) 1,305,051 745,209 659,394 426,822
Net Property Income (S$'000) 951,082 512,740 478,919 296,388
Amount Available for Distribution (S$'000) 687,416 375,645 349,355 214,710
Distributable Income (S$'000) 674,713 (3) 369,384(4) 338,819(1) 259,664(2)
Distribution Per Unit ("DPU") (cents)

For the period


10.40¢


8.69¢


5.22¢


5.73¢

Notes

  1. For 2H 2021, advanced distribution of S$314.3 million (or DPU of 4.85 cents) for the period from 1 July 2021 to 15 December 2021 will be paid on 28 January 2022 pursuant to the announcement made on Actual Advanced Distribution. The distribution of S$24.5 million (or DPU of 0.37 cents) for the period from 16 December 2021 to 31 December 2021 will be paid on 15 March 2022 as stated below. 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.
  2. For 2H 2020, CICT had released the remaining S$46.4 million, part of the S$69.6 million (of which S$23.2 million was released in 2Q 2020) of taxable income available for distribution previously retained in 1Q 2020, and S$6.25 million from RCS Trust. S$7.7 million received from CLCT 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$12.5 million received from CLCT for had been retained for general corporate and working capital purposes.
Statements of Total Return Group(1)
2H 2021
S$'000
2H 2020
S$'000
%
Change
FY 2021
S$'000
FY 2020
S$'000
%
Change
Gross revenue 659,394 426,822 54.5 1,305,051 745,209 75.1
Property operating expenses (180,475) (130,434) 38.4 (353,969) (232,469) 52.3
Net property income 478,919 296,388 61.6 951,082 512,740 85.5
Interest and other income 2,326 1,345 72.9 6,364 2,247 NM
Investment income2 10,536 7,696 36.9 12,703 12,511 1.5
Management fees (41,389) (28,563) 44.9 (82,174) (50,676) 62.2
Trust expenses (2,775) (3,007) (7.7) (6,638) (5,155) 28.8
Transaction costs relating to the Merger - (10,834) NM - (10,834) NM
Finance costs (84,705) (76,549) 10.7 (189,757) (133,431) 42.2
Net income before share of results of joint ventures 362,912 186,476 94.6 691,580 327,402 NM
Share of results (net of tax) of:
- Joint Ventures3
133,471 13,854 NM 140,202 (14,106) NM
Net income 496,383 200,330 NM 831,782 313,296 NM
Net change in fair value of investment properties 270,507 (113,976) NM 270,507 (393,620) NM
Gain relating to negative goodwill arising from the Merger(4) - 430,003 NM - 430,003 NM
Total return before tax 766,890 516,357 48.5 1,102,289 349,679 NM
Taxation(5) (11,813) 61 NM (19,224) 61 NM
Total return 755,077 516,418 46.2 1,083,065 349,740 NM
Attributable to
Unitholders 755,655 516,497 46.3 1,083,086 349,819 NM
Non-controlling interests (578) (79) NM (21) (79) (73.4)
Total return 755,077 516,418 46.2 1,083,065 349,740 NM
Distribution Statements
Total return attributable to Unitholders 755,655 516,497 46.3 1,083,086 349,819 NM
Net tax and other adjustments (436,692) (319,175) 36.8 (438,374) (7,006) NM
Tax-exempt income from subsidiaries and joint venture 23,642 - NM 28,442 - NM
Distribution income (taxable) from joint ventures 6,750 17,3886 (61.2) 14,262 32,832 (56.6)
Amount available for distribution to Unitholders 349,355 214,710 62.7 687,416 375,645 83.0
Distributable income to Unitholders 338,819 259,664 30.5 674,713 369,384 82.7
DPU (in Cents)
For the period/year 5.22 5.73 (8.9) 10.40 8.69 19.7

Notes

  1. The Merger was completed on 21 October 2020. The financials of CCT and its subsidiaries (CCT Group) are consolidated into the Group's financial results with effect from 21 October 2020. In addition, RCS Trust, a joint venture of CICT prior to the Merger, is now a direct wholly owned subsidiary of CICT upon the completion of the Merger as well.
  2. This relates to distribution income from equity investment in CLCT and Sentral REIT
  3. In 2H 2021 and FY 2021, this relates to CICT's share of results of Infinity Office Trust ("IOT") (30.0%), OGS LLP (50.0%) and GOT & GSRT (45.0%). In 2H 2020 and FY 2020, this relates to CICT's share of results of IOT (30.0%), RCS Trust (40.0%) from 1 July to 20 October 2020 and 1 January to 20 October 2020 respectively, OGS LLP (50.0%) and GOT & GSRT (45.0%) (with effect from 21 October 2020 for OGS LLP, GOT & GSRT).
  4. Pursuant to the Merger, this refers to the discount on net asset value of CCT Group. There is no impact on the distribution income to unitholders.
  5. 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.
  6. This includes S$2.5 million (based on CMT's 40.0% interest in RCS Trust before Merger) released from RCS Trust in 3Q 2020; whereby RCS has released S$6.25 million, part of the S$12.5 million of taxable income available for distribution retained in 1H 2020.
  Group
  31 Dec 2021
S$'000
31 Dec 2020
S$'000
Non-current assets    
Plant & equipment 6,121 7,064
Investment properties 21,431,071 21,366,075
Joint ventures 320,347 508,119
Equity instrument at fair value 193,168 218,686
Financial derivatives 20,639 31,064
Deferred tax assets 6,855 10,412
Other non-current asset 1,608 1,975
Total non-current
assets
21,979,809 22,143,395
Current assets
Asset held for sale 278,000 -
Trade & other
receivables
108,668 83,000
Cash & cash equivalents 365,133 183,617
Financial derivatives 10,240 6,366
Total current assets 762,041 272,983
 
Total assets 22,741,850 22,416,378
Current liabilities    
Financial derivatives - 8,677
Trade & other payables 557,481 293,008
Current portion of security deposits 94,318 90,533
Loans & borrowings 594,641 931,932
Lease liabilities 2,261 2,248
Provision for taxation 10,108 7,435
Total current liabilities 1,258,809 1,333,833
Non-current liabilities
Financial derivatives 32,428 60,285
Trade & other payables 1,072 1,467
Loans & borrowings 7,582,636 7,794,313
Lease liabilities 5,963 6,442
Non-current portion of security deposits 153,578 147,394
Deferred tax liabilities(13) 11,664 4,706
Total non-current liabilities 7,787,341 8,014,607
 
Total liabilities 9,046,150 9,348,440
 
Net assets 13,695,700 13,067,938
Represented by:
Unitholders' funds 13,667,754 13,037,638
Non-controlling interests 27,946 30,300
Total equity 13,667,754 13,067,938