Financial Highlights
Summary of CICT Results | ||||
FY 2023 | FY 2022 | |||
---|---|---|---|---|
1 July to 31 December 2023 ("2H 2023") |
1 July to 31 December 2022 ("2H 2022") |
|||
Actual | Actual | Actual | Actual | |
Gross Revenue (S$'000) | 1,559,934 | 1,441,747 | 785,157 | 754,148 |
Net Property Income (S$'000) | 1,115,907 | 1,043,283 | 563,570 | 541,663 |
Amount Available for Distribution (S$'000) | 728,486 | 712,968 | 369,503 | 361,768 |
Distributable Income (S$'000) 1,2,3,4 | 715,726 | 702,374 | 362,481 | 355,078 |
Distribution Per Unit ("DPU") (cents)
For the period / year |
10.75¢ |
10.58¢ |
5.45¢ |
5.36¢ |
Notes
- For 2H 2023, S$7.0 million comprising S$5.0 million and S$2.0 million received/receivable from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
- 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.
- For FY 2023, S$12.7 million comprising S$9.5 million and S$3.2 million received/receivable from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
- For FY 2022, S$10.6 million comprising S$7.9 million and S$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return | Group | |||||
---|---|---|---|---|---|---|
2H 2023 S$'000 |
2H 2022 S$'000 |
% Change |
FY 2023 S$'000 |
FY 2022 S$'000 |
% Change |
|
Gross revenue | 785,157 | 754,148 | 4.1 | 1,559,934 | 1,441,747 | 8.2 |
Property operating expenses | (221,587) | (212,485) | 4.3 | (444,027) | (398,464) | 11.4 |
Net property income | 563,570 | 541,663 | 4.0 | 1,115,907 | 1,043,283 | 7.0 |
Interest income | 7,353 | 2,836 | NM | 11,285 | 5,181 | NM |
Other income | 9 | 26 | (65.4) | 34,467 | 155 | NM |
Investment income 1 | 7,022 | 6,690 | 5.0 | 12,760 | 10,594 | 20.4 |
Management fees | (45,975) | (45,174) | 1.8 | (91,166) | (87,934) | 3.7 |
Trust expenses | (6,074) | (5,671) | 7.1 | (10,989) | (8,536) | 28.7 |
Finance costs | (168,106) | (138,009) | 21.8 | (322,075) | (242,437) | 32.8 |
Net income before share of results of joint ventures | 357,799 | 362,361 | (1.3) | 750,189 | 720,306 | 4.1 |
Share of results (net of tax) of: - Joint Ventures 2 |
9,970 | 36,097 | (72.4) | 15,579 | 42,467 | (63.3) |
Net income | 367,769 | 398,458 | (7.7) | 765,768 | 762,773 | 0.4 |
Net change in fair value of investment derivatives | 113,561 | (90,438) | NM | 113,561 | (90,438) | NM |
Net change in fair value of financial properties | - | (680) | NM | - | 402 | NM |
Gain on divestment of investment property | - | - | NM | - | 57,257 | NM |
Total return before tax | 481,330 | 307,340 | 56.6 | 879,329 | 729,994 | 20.5 |
Taxation (3) | (5,783) | 2,380 | NM | (10,111) | (4,105) | NM |
Total return | 475,547 | 309,720 | 53.5 | 869,218 | 725,889 | 19.7 |
Attributable to | ||||||
Unitholders | 474,726 | 309,715 | 53.3 | 862,570 | 723,369 | 19.2 |
Non-controlling interests | 821 | 5 | NM | 6,648 | 2,520 | NM |
Total return | 475,547 | 309,720 | 53.5 | 869,218 | 725,889 | 19.7 |
Distribution Statements | ||||||
Total return attributable to Unitholders | 474,726 | 309,715 | 53.3 | 862,570 | 723,369 | 19.2 |
Net tax and other adjustments | (121,799) | 40,405 | NM | (168,722) | (71,130) | NM |
Tax-exempt income | 1,944 | 4,700 | (58.6) | 3,352 | 51,376 | (93.5) |
Capital distributions | 8,564 | 6,919 | 23.8 | 22,518 | 9,289 | NM |
Distribution income from joint ventures | 6,068 | 29 | NM | 8,768 | 64 | NM |
Amount available for distribution to Unitholders | 369,503 | 361,768 | 2.1 | 728,486 | 712,968 | 2.2 |
Distributable income to Unitholders | 362,481 | 355,078 | 2.1 | 715,726 | 702,374 | 1.9 |
DPU (in cents) | ||||||
For the period/year | 5.45 | 5.36 | 1.7 | 10.75 | 10.58 | 1.6 |
Footnotes:
- This relates to distribution income from equity investments in CLCT and Sentral REIT
- For 2H 2023 and FY2023, this relates to CICT's share of results of One George Street LLP ("OGS LLP") (50.0%) and GOT & GSRT (45.0%). For 2H 2022 and FY2022, this mainly relates to CICT's share of results of GOT & GSRT (45.0%).
- 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 | |||
---|---|---|---|
31 Dec 2023 S$'000 |
31 Dec 2022 S$'000 |
||
Non-current assets | |||
Plant and equipment | 4,948 | 5,311 | |
Investment properties | 24,024,909 | 23,744,817 | |
Joint ventures | 348,581 | 361,198 | |
Equity investments at fair value | 150,559 | 180,989 | |
Financial derivatives | 12,616 | 40,286 | |
Deferred tax asset | 1,931 | 4,216 | |
Other non-current assets | 1,044 | 947 | |
24,544,588 | 24,337,764 | ||
Current assets | |||
Trade and other receivables | 50,485 | 61,837 | |
Cash and cash equivalents | 140,700 | 248,396 | |
Financial derivatives | 3,353 | 18,626 | |
194,538 | 328,859 | ||
Total assets | 24,739,126 | 24,666,623 | |
Current liabilities | |||
Financial derivatives | - | 25,199 | |
Trade and other payables | 342,720 | 323,881 | |
Current portion of security deposits | 91,015 | 86,594 | |
Loans and borrowings | 1,001,356 | 1,155,045 | |
Lease liabilities | 1,471 | 1,932 | |
Provision for taxation | 17,189 | 12,506 | |
1,453,751 | 1,605,157 | ||
Non-current liabilities | |||
Financial derivatives | 137,095 | 87,541 | |
Trade and other payables | 34,644 | 34,896 | |
Loans and borrowings | 8,476,374 | 8,430,216 | |
Lease liabilities | 24,057 | 24,069 | |
Non-current portion of security deposits | 207,851 | 198,208 | |
Deferred tax liability | 3,634 | 7,143 | |
8,883,655 | 8,782,073 | ||
Total liabilities | 10,337,406 | 10,387,230 | |
Net assets | 14,401,720 | 14,279,393 | |
Represented by: | |||
Unitholders' funds | 14,199,813 | 14,073,447 | |
Non-controlling interests | 201,907 | 205,946 | |
14,401,720 | 14,279,393 |