Financial Highlights

	FY 2019	FY 2020
Summary of CICT Results
	FY 2019	FY 2020	1 January to 30 June 2020	1 January to 30 June 2021
	Actual	Actual	Actual	Actual
Gross Revenue (S$'000)	786,736	745,209	318,387	645,657
Net Property Income (S$'000)	558,215	512,740	216,352	472,163
Amount Available for Distribution (S$'000)	461,901	375,645	160,935	338,061
Distributable Income (S$'000)	441,596⁽¹⁾	369,384⁽²⁾	109,720⁽³⁾	335,894⁽⁴⁾
Distribution Per Unit ("DPU") (cents) For the period	11.97¢	8.69¢	2.96¢	5.18¢

Notes

S$20.3 million comprising S$13.6 million and S$6.7 million received from CLCT and Infinity Office Trust ("IOT") respectively in FY 2019 had been retained for general corporate and working capital purposes.
For FY 2020, RCS Trust had released the remaining S$6.25 million, part of the S$12.5 million (of which S$6.25 million was released in 3Q 2020) of taxable income available for distribution previously retained in 1H2020. S$12.5 million received from CLCT had been retained for general corporate and working capital purposes.
For 1H 2020, in view of the challenging operating environment due to COVID-19 pandemic, CICT had retained S$46.4 million of its taxable income available for distribution to Unitholders. In addition, S$4.8 million received from CLCT had been retained for general corporate and working capital purposes.
S$2.2 million comprising S$0.8 million and S$1.4 million received from CLCT and Sentral Reit respectively had been retained for general corporate and working capital purposes.

Statements of Total Return (1H 2021 vs 1H 2020)

Statements of Total Return	1H 2021 S$'000	1H 2020 S$'000	% Change
Statements of Total Return	Group⁽¹⁾
Gross rental income⁽²⁾	612,849	296,175	NM
Car park income	14,047	6,276	NM
Other income⁽³⁾	18,761	15,936	17.7
Gross revenue⁽⁴⁾	645,657	318,387	NM
Property management fees	(22,020)	(11,792)	86.7
Property tax	(60,450)	(34,775)	73.8
Other property operating expenses⁽⁵⁾	(91,024)	(55,468)	64.1
Property operating expenses⁽⁶⁾	(173,494)	(102,035)	70.0
Net property income	472,163	216,352	NM
Interest and other income	4,038	902	NM
Investment income⁽⁷⁾	2,167	4,815	(55.0)
Management fees⁽⁸⁾	(40,785)	(22,113)	84.4
Trust expenses	(3,863)	(2,148)	79.8
Finance costs⁽⁹⁾	(105,052)	(56,882)	84.7
Net income before share of results of associate and joint ventures	328,668	140,926	NM
Share of results (net of tax) of joint ventures⁽¹⁰⁾	6,731	(27,960)	NM
Net income	335,399	112,966	NM
Net change in fair value of investment properties	-	(279,644)	NM
Total return/(loss) for the period before taxation	335,399	(166,678)	NM
Taxation	(7,411)	-	NM
Total return for the period after taxation	327,988	(166,678)	NM
Attributable to
Unitholders	327,431	(166,678)	NM
Non-controlling interests	557	-	NM
Total return for the period	327,988	(166,678)	NM

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.
Gross rental income for 1H 2021 and 1H 2020 includes rental waivers granted by landlord to tenants affected by COVID-19 of S$18.9 million and S$76.5 million respectively.
Other income comprises various types of miscellaneous income, other than rental income, ancillary to the operation of investment properties. This includes income earned from bulk energy savings, tenants' recoveries, atrium space and advertisement panels.
1H 2021 gross revenue for CICT properties at S$645.7m was higher than 1H 2020 by S$327.3m. Excluding the effect of the Merger which consolidates the financial results of CCT Group and RCS Trust with effect from 21 October 2020, 1H 2021 gross revenue for CICT properties at S$360.6m was higher than 1H 2020 by S$42.2m or 13.2%. This was mainly due to higher gross rental income arising from lower rental waivers given, as well as higher rental on gross turnover and car park income, partially offset by lower other income.

Other property operating expenses comprise utilities, property management reimbursements, marketing, maintenance and other expenses that are ancillary to the operation of investment properties. Included as part of the other property operating expenses are the following:

	1H 2021 S$'000	1H 2020 S$'000	% Change
	Group
Depreciation and amortisation	2,507	1,062	NM
Amount written back for impairment loss on receivables	(1,500)	-	NM

Property operating expenses for 1H 2021 were S$173.5 million, an increase of S$71.5 million or 70.0% from 1H 2020. Excluding the effect of the Merger, the property operating expenses was higher than 1H 2020 by S$3.1m mainly due to higher property management fees and property management reimbursements, partially offset by lower property tax and maintenance expenses.
This relates to distribution income from equity investment in CLCT and Sentral Reit.
Management fees at S$40.8 million were S$18.7 million or 84.4% higher than 1H 2020. Excluding the effect of the Merger, the management fees were higher compared to same period last year as a result of higher NPI mainly due to lower rental waivers given to tenants in 1H 2021.
Finance costs includes the interest expense and amortisation of transaction cost in relation to the borrowings drawn down to fund the Merger. In 1H 2021, finance costs at S$105.1 million were S$48.2 million or 84.7% higher than 1H 2020. Excluding the effect of the Merger, the finance costs was slightly lower and this was mainly due to the refinancing of borrowings at lower interest rate.

In 1H 2021, share of results (net of tax) of joint ventures relates to 50.0% interest in OGS LLP, 45.0% interest in Glory Office Trust, 45.0% interest in Glory SR Trust and 30.0% interest in IOT. In 1H 2020, this relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IOT.

Details are as follows:

	1H 2021 S$'000	1H 2020 S$'000	% Change
	Group
Share of results (net of tax) of joint ventures
- Gross revenue^(10a)	12,983	39,064	(66.8)
- Property operating expenses	(3,238)	(8,838)	(63.4)
- Net property income	9,745	30,226	(67.8)
- Finance costs	(1,912)	(6,977)	(72.6)
- Net change in fair value of investment properties	-	(48,212)	NM
- Others^(10b)	(1,102)	(2,997)	(63.2)
	6,731	(27,960)	NM

10a. In 1H 2020, this includes rental waivers granted by RCS Trust to its tenants affected by COVID-19 of S$4.3 million (the Group's 40.0% interest).
10b. Included management fees.

NM - Not meaningful

Statements of Financial Position

	Group			Trust
	30 Jun 2021 S$'000	31 Dec 2020 S$'000	% Change	30 Jun 2021 S$'000	31 Dec 2020 S$'000	% Change
Non-current assets
Plant & equipment	6,661	7,064	(5.7)	2,403	2,638	(8.9)
Investment properties⁽¹⁾	21,427,855	21,366,075	0.3	8,045,841	8,028,300	0.2
Subsidiaries⁽²⁾	-	-	-	9,841,290	9,410,942	4.6
Joint ventures⁽³⁾	513,291	508,119	1.0	210,565	208,875	0.8
Equity instrument at fair value⁽⁴⁾	216,823	2218,686	(0.9)	182,731	185,399	(1.4)
Financial derivatives⁽⁵⁾	22,223	31,064	(28.5)	32	-	NM
Deferred tax assets⁽⁶⁾	10,237	10,412	(1.7)	-	-	-
Other non-current asset	1,966	1,975	(0.5)	1,076	890	20.9
Total non-current assets	22,199,056	22,143,395	0.3	18,283,938	17,837,044	2.5
Current assets
Trade & other receivables	67,435	83,000	(18.8)	146,790	82,463	78.0
Cash & cash equivalents⁽⁷⁾	350,242	183,617	90.7	143,289	29,320	NM
Financial derivatives⁽⁵⁾	11,487	6,366	80.4	-	-	-
Total current assets⁽⁸⁾	429,164	272,983	57.2	290,079	111,783	NM

Total assets	22,628,220	22,416,378	0.9	18,574,017	17,948,827	3.5
Current liabilities
Financial derivatives⁽⁵⁾	1,508	8,677	(82.6)	-	-	-
Trade & other payables	225,779	293,008	(22.9)	96,932	134,442	(27.9)
Current portion of security deposits	89,377	90,533	(1.3)	46,070	41,450	11.1
Loans & borrowings⁽⁹⁾	697,876	931,932	(25.1)	189,924	414,492	(54.2)
Lease liabilities⁽¹⁰⁾	2,703	2,248	20.2	1,975	2,008	(1.6)
Provision for taxation	7,028	7,435	(5.5)	209	-	NM
Total current liabilities⁽⁸⁾	1,024,271	1,333,833	(23.2)	335,110	592,392	(43.4)
Non-current liabilities
Financial derivatives⁽⁵⁾	25,807	60,285	(57.2)	5,460	9,980	(45.3)
Trade & other payables⁽¹¹⁾	1,382	1,467	(5.8)	495,000	633,900	(21.9)
Loans & borrowings⁽¹²⁾	8,051,237	7,794,313	3.3	4,906,803	4,132,420	18.7
Lease liabilities⁽¹⁰⁾	6,861	6,442	6.5	5,489	6,442	(14.8)
Non-current portion of security deposits	163,391	147,394	10.9	71,286	69,474	2.6
Deferred tax liabilities⁽¹³⁾	8,411	4,706	78.7	-	-	-
Total non-current liabilities	8,257,089	8,014,607	3.0	5,484,038	4,852,216	13.0

Total liabilities	9,281,360	9,348,440	(0.7)	5,819,148	5,444,608	6.9

Net assets	13,346,860	13,067,938	2.1	12,754,869	12,504,219	2.0
Represented by:
Unitholders' funds	13,316,464	13,037,638	2.1	12,754,869	12,504,219	2.0
Non-controlling interests	30,396	30,300	0.3	-	-	-
Total equity	13,346,860	13,067,938	2.1	12,754,869	712,504,219	2.0

Notes

Investment properties are based on valuations performed by independent professional valuers as at 31 December 2020, adjusted for capital expenditure capitalised in 1H 2021. In addition, the Group has recognised its existing operating lease arrangements where the Group is a lessee as right of use assets in accordance with the principles of FRS 116 Leases.

As at 30 June 2021, in consultation with external valuers, management conducted an internal assessment of the valuation of the investment properties, including considering any significant changes in operating performance of the properties, and movement in market data such as discount rates and capitalisation rates. Based on the assessment, management is of the view that the fair value of the investment properties has not materially changed from 31 December 2020 valuation.

The outbreak of the novel coronavirus ("COVID-19") has impacted market activity in many property sectors. As the impact of COVID-19 is fluid and evolving, significant market uncertainty exists. Consequently, the valuations of investment properties are currently subject to material valuation uncertainty. The carrying amounts of the investment properties were current as at 30 June 2021 only. Values may change more rapidly and significantly given the uncertain market conditions.

For illustrative purpose, the impact arising from a decline of every 1% in the valuation of the Group's portfolio of properties is as follows:

	30-Jun-21	Illustrative Impact	Pro forma
	Properties Carrying Value (S$ million)	21,427.9	(214.3)	21,213.6
Net Asset Value (S$)	2.05	(0.03)	2.02
Aggregate Leverage (%)	40.5	0.4	40.9

The above illustration (i) assumes that all other variables are constant and (ii) is a sensitivity analysis for illustrative purposes on the impact of a decline in valuation of the properties and does not represent the Manager's views on where the valuations might end up.

The Manager will continue to closely monitor the evolving situation and perform property valuation (i) for material assets, when there is indication of material change and objective, appropriate valuation can be reliably obtained or (ii) by the end of the financial year, whichever is the earlier.

This include unitholders' loans to subsidiaries.
Joint ventures refer to 30.0% interest in IOT, 50.0% in OGS LLP, 45.0% interest in Glory Office Trust and 45.0% interest in Glory SR Trust (including unitholder's loans). Prior to 21 October 2020, RCS Trust was accounted for as a joint venture of the Group.
Equity investment at fair value as at 30 June 2021 relates to CICT's 8.8% interest in CLCT at fair value of S$182.7 million and CICT's 10.9% interest in Sentral Reit at fair value of S$34.1 million.
Financial derivative assets and liabilities relate to fair value of the cross currency, interest rate swaps and forward exchange contracts.
Deferred tax asset relates to the temporary difference arising from the fair value adjustment recognised on the borrowings of CCT Group in relation to the Merger.
The increase in cash and cash equivalents is mainly due to the increase in cash flows from operating activities contributed by the higher NPI as a result of the Merger.
Notwithstanding the net current liabilities position, based on the Group's available financial resources, the Manager is of the opinion that the Group will be able to refinance its borrowings and meet its current obligations as and when they fall due.
As of 30 June 2021, loans and borrowings under current liabilities relate to Medium Term Notes of S$100.0 million, HKD 1.15 billion and JPY6.3 billion as well as bank borrowings due in the next 12 months.
This relates to the lease liabilities recognised by the Group on its existing operating lease arrangements in accordance with the principles of FRS 116 Leases.
This relates to Gallileo Co. and MAC Co. at Group and amount due to subsidiary (non-trade) at Trust.
As of 30 June 2021, loans and borrowings under non-current liabilities relate mainly to the fixed and floating rate notes issued by CMT MTN Pte. Ltd. through its US$3.0 billion Euro-Medium Term Note Programme and S$7.0 billion Multicurrency Medium Term Note Programme, as well as fixed and floating notes issued by CCT MTN Pte. Ltd. through its S$2.0 billion Medium Term Note Programme and unsecured and secured bank borrowings of the Group.

On 1 February 2021, CMT MTN Pte. Ltd. ("CMT MTN"), a wholly owned subsidiary of CICT, issued HKD713.0 million fixed rate notes due 1 February 2033 through its S$7.0 billion Multicurrency Medium Term Note Programme ("MTN Programme") at 2.53% per annum. CMT MTN has entered into swap transactions to swap the HKD proceeds into Singapore dollar proceeds of S$125.0 million at fixed interest rate of 2.15% per annum.

On 8 March 2021, CMT MTN issued S$460.0 million fixed rate notes due 8 March 2028 through its MTN Programme at 2.10% per annum. The proceeds from these two issuances have been used to refinance the existing borrowings of the Group.
Deferred tax liabilities relate to the temporary differences in respect of the fair value changes of overseas investment properties held by the Group.

NM - not meaningful