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
- 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.
- 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.
- 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.
- 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
- 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.
- This relates to distribution income from equity investment in CLCT and Sentral REIT
- 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).
- 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.
- 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.
- 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 | |
