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

  1. 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.
  2. 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.
  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$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return Group
2H 2022
S$'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

  1. This relates to distribution income from equity investments in CLCT and Sentral REIT.
  2. 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%).
  3. 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
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