Financial Highlights

Summary of CMT Results
FY 2018 FY 2019 2020
1 April to
30 June		 1 July to
30 September
Actual Actual Actual Actual
Gross Revenue (S$'000) 697,521 786,736 114,091 150,277
Net Property Income (S$'000) 493,548 558,215 68,052 104,449
Amount Available for Distribution (S$'000) 429,359 461,901 54,928 81,922
Distributable Income (S$'000) 410,675(1) 441,596(2) 78,128(3) 114,294(4)
Distribution Per Unit ("DPU") (cents)

For the period

11.50¢

11.97¢

2.11¢

3.10¢

Notes

  1. Capital distribution and tax-exempt income distribution of S$7.6 million received from CapitaLand Retail China Trust ("CRCT") in FY 2018 had been retained for general corporate and working capital purposes. Prior to the completion of the acquisition of the balance 70.0% of the units in Infinity Mall Trust ("IMT") on 1 November 2018, CMT received capital distribution of S$11.1 million from IMT, which had been retained for general corporate and working capital purposes.
  2. Capital distribution and tax-exempt income distribution of S$13.6 million received from CRCT and capital distribution of S$6.7 million received from Infinity Office Trust ("IOT") in FY 2019 had been retained for general corporate and working capital purposes.
  3. In 2Q 2020, CMT had released S$23.2 million, part of the S$69.6 million of taxable income available for distribution retained in 1Q 2020 to holders of units in CMT ("Units" and holders of units, "Unitholders").
  4. In 3Q 2020, CMT had released S$36.4 million, part of the S$46.4 million of taxable income available for distribution retained in 1H 2020 to Unitholders. Tax-exempt income distribution of S$4.0 million for the period from 1 January 2020 to 30 June 2020 received from CRCT was retained for general corporate and working capital purposes.
Statements of Total Return Group(1) Trust
3Q 2020
S$'000		 3Q 2019
S$'000		 %
Change		 3Q 2020
S$'000		 3Q 2019
S$'000		 %
Change
Gross rental income(2) 140,413 184,899 (24.1) 113,399 151,833 (25.3)
Car park income 4,197 4,708 (10.9) 3,779 4,251 (11.1)
Other income(3) 5,667 11,504 (50.7) 4,608 9,311 (50.5)
Gross revenue 150,277 201,111 (25.3) 121,786 165,395 (26.4)
Property management fees (5,606) (7,635) (26.6) (4,552) (6,276) (27.5)
Property tax (11,514) (16,665) (30.9) (9,118) (13,011) (29.9)
Other property
operating expenses(4)		 (28,708) (32,589) (11.9) (23,747) (27,256) (12.9)
Property operating expenses (45,828) (56,889) (19.4) (37,417) (46,543) (19.6)
Net property income 104,449 144,222 (27.6) 84,369 118,852 (29.0)
Interest and other income (5) 24 2,511 (99.0) 13,364 14,347 (6.9)
Investment income(6) 4,028 - NM 21,337 36,222 (41.1)
Management fees (10,873) (12,844) (15.3) (8,644) (10,345) (16.4)
Trust expenses (1,012) (1,139) (11.2) (992) (1,058) (6.2)
Transaction costs relating to the Merger(7) (6,632) - NM (6,632) - NM
Finance costs(8) (28,456) (30,597) (7.0) (28,450) (28,882) (1.5)
Net income before share of results of associate and joint ventures 61,528 102,153 (39.8) 74,352 129,136 (42.4)
Share of results (net of tax) of:
- Associate(9) - 9,559 NM - - -
- Joint ventures(10) 9,620 12,355 (22.1) - - -
Net income 71,148 124,067 (42.7) 74,352 129,136 (42.4)
Dilution loss on investment in associate - (18) NM - - -
Net (loss)/gain on derecognition of investment in associate(11) - (17,601) NM - 50,768 NM
Total return for the period before taxation 71,148 106,448 (33.2) 74,352 179,904 (58.7)
Taxation - - - - - -
Total return for the period 71,148 106,448 (33.2) 74,352 179,904 (58.7)
Distribution statements
Net income before share of results of associate and joint ventures 61,528 102,153 (39.8) 74,352 129,136 (42.4)
Net effect of non-tax deductible/(chargeable) items(12) 8,216 (3,963) NM 7,570 (3,285) NM
Distribution from associate - 7,718 NM - - -
Distributions from joint ventures(13) 12,501 20,327 (38.5) - - -
Rollover adjustment(14) 1 - NM - - -
Net gain from subsidiaries(15) (324) (384) (15.6) - - -
Amount available for distribution
to Unitholders		 81,922 125,851 (34.9) 81,922 125,851 (34.9)
Distributable income to
Unitholders(16)		 114,294 112,973 1.2 114,294 112,973 1.2

Notes

  1. Group refers to the Trust and its subsidiaries.
  2. For 3Q 2020, this includes rental waivers granted by landlord to tenants affected by the Novel Coronavirus ("COVID-19") pandemic of S$29.5 million.
  3. Other income comprises various types of miscellaneous income, other than rental income, ancillary to the operation of investment properties. This includes income earned from atrium space and advertisement panels.

  4. 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:

      Group Trust
    3Q 2020
    S$'000    		 3Q 2019
    S$'000    		 %
    Change    		 3Q 2020
    S$'000    		 3Q 2019
    S$'000    		 %
    Change
    Depreciation and amortisation 564 743 (24.1) 460 649 (29.1)
    Allowance for doubtful debts 156 - NM 144 - NM

  5. At Trust level, it includes interest income on the unitholders' loans extended to BMT, IMT, VO1T and VO2T.
  6. For 3Q 2020, this relates to distribution income from BMT, RCS Trust, VO1T, VO2T and CRCT. For 3Q 2019, this relates to distribution income from BMT, IMT, RCS Trust, CRCT and IOT.
  7. The transaction costs were incurred in relation to the Merger.
  8. This includes the interest expense on lease liabilities in relation to the Group's existing operating lease arrangements, in accordance with the principles of FRS 116 Leases.
  9. For 3Q 2019, this relates to the equity accounting of CRCT's results on a 3-month lag basis, before it was reclassified to "Equity instrument at fair value".
  10. This relates to the Group's 40.0% interest in RCS Trust and 30.0% interest in IOT.
    Details are as follows:
      Group
    3Q 2020
    S$'000    		 3Q 2019
    S$'000    		 %
    Change
    Share of results (net of tax) of joint ventures
    - Gross revenue(A) 19,583 22,982 (14.8)
    - Property operating expenses (4,962) (5,486) (9.6)
    - Net property income 14,621 17,496 (16.4)
    - Finance costs (3,491) (3,566) (2.1)
    - Others(B) (1,510) (1,575) (4.1)
      9,620 12,355 (22.1)

    (A) For 3Q 2020, this includes rental waivers granted by RCS Trust to its tenants affected by COVID-19 of S$1.8 million (the Group's 40.0% interest).
    (B) Included management fees.

  11. For 3Q 2019, at Group level, this includes the amounts reclassified to the statement of total return in respect of Group's share in CRCT's hedging reserves, foreign currency translation reserves and general reserves upon the derecognition of the investment in CRCT as an "Associate".

    At Trust level, this relates to the fair value gain on the investment in CRCT arising from the reclassification from "Associate" to "Equity instrument at fair value". There is no impact on distributable income to Unitholders.

  12. Included in the non-tax deductible items are the following:

      Group Trust
    3Q 2020
    S$'000    		 3Q 2019
    S$'000    		 %
    Change    		 3Q 2020
    S$'000    		 3Q 2019
    S$'000    		 %
    Change
    Non-tax deductible/(chargeable) items
    - Trustee's fees 369 349 5.7 335 349 (4.0)
    - Temporary differences
    and other adjustments    		 7,847 (4,312) NM 7,235 (3,634) NM
    Net effect of non-tax deductible/(chargeable) items 8,216 (3,963) NM 7,570 (3,285) NM

  13. For 3Q 2020, this relates to CMT's 40.0% interest in RCS Trust. RCS Trust has released S$6.25 million, part of the S$12.5 million of taxable income available for distribution retained in 1H 2020, CMT's 40.0% share of the release is S$2.5 million. For 3Q 2019, this relates to CMT's 40.0% interest in RCS Trust and 30.0% interest in IOT.
  14. For 3Q 2020, this is the difference between taxable income previously distributed by BMT and the quantum finally agreed with Inland Revenue Authority of Singapore ("IRAS") for YA 2018 and 2019.
  15. In 3Q 2020, this relates to BMT, IMT and CMT MTN Pte. Ltd. ("CMT MTN"). In 3Q 2019, this relates to CMT MTN, VO1T and VO2T.
  16. In 3Q 2020, CMT had released S$36.4 million, part of the S$46.4 million of taxable income available for distribution retained in 1H 2020 to Unitholders. Tax-exempt income distribution of S$4.0 million for the period from 1 January 2020 to 30 June 2020 received from CRCT was retained for general corporate and working capital purposes.

    In 3Q 2019, CMT released S$1.5 million of its taxable income available for distribution retained in 1H 2019 to Unitholders. Capital distribution and tax-exempt income distribution of S$7.7 million for the period from 1 January 2019 to 13 August 2019 received from CRCT in 3Q 2019 was retained for general corporate and working capital purposes. CMT also received S$6.7 million of capital distribution from IOT which was also retained for general corporate and working capital purposes.

    NM - not meaningful

As at 30 Sep 2020 vs 31 Dec 2019

  Group Trust
  30 Sep 2020
S$'000		 31 Dec 2019
S$'000		 %
Change		 30 Sep 2020
S$'000		 31 Dec 2019
S$'000		 %
Change
Non-current assets            
Plant & equipment 4,100 3,290 24.6 2,649 1,849 43.3
Investment properties(1) 10,153,256 10,415,843 (2.5) 8,007,514 8,203,845 (2.4)
Subsidiaries(2) - - - 2,081,795 2,130,270 (2.3)
Joint ventures(3) 797,142 840,851 (5.2) 596,316 593,041 0.6
Equity instrument at fair value(4) 148,052 214,742 (31.1) 148,052 214,742 (31.1)
Financial derivatives(5) 54,154 25,001 NM - - -
Other non-current asset 2,266 3,343 (32.2) 1,128 1,927 (41.5)
Total non-current
assets		 11,158,970 11,503,070 (3.0) 10,837,454 11,145,674 (2.8)
Current assets
Trade & other
receivables(6)		 72,257 26,391 NM 86,771 32,990 NM
Cash & cash equivalents(7) 67,149 202,198 (66.8) 27,212 156,097 (82.6)
Financial derivatives(5) 5,663 - NM - - -
Total current assets(8) 145,069 228,589 (36.5) 113,983 189,087 (39.7)
 
Total assets 11,304,039 11,731,659 (3.6) 10,951,437 11,334,761 (3.4)
Current liabilities            
Financial derivatives(5) - 2,542 NM - - -
Trade & other payables 131,384 166,857 (21.3) 112,024 144,712 (22.6)
Current portion of security deposits 50,645 62,532 (19.0) 41,227 48,140 (14.4)
Short-term borrowings(9) 643,731 259,807 NM 637,337 261,880 NM
Short-term lease liabilities(10) 2,608 2,865 (9.0) 2,175 2,107 3.2
Provision for taxation 167 167 - - - -
Total current liabilities(8) 828,535 494,770 67.5 792,763 456,839 73.5
Non-current liabilities
Financial derivatives(5) 18,824 31,137 (39.5) 10,065 775 NM
Long-term borrowings(11) 2,960,445 3,301,070 (10.3) 2,907,981 3,278,070 (11.3)
Long-term lease liabilities(10) 6,929 8,457 (18.1) 6,929 8,217 (15.7)
Non-current portion of
security deposits		 93,923 128,986 (27.2) 72,357 105,294 (31.3)
Total non-current liabilities 3,080,121 3,469,650 (11.2) 2,997,332 3,392,356 (11.6)
 
Total liabilities 3,908,656 3,964,420 (1.4) 3,790,095 3,849,195 (1.5)
 
Net assets 7,395,383 7,767,239 (4.8) 7,161,342 7,485,566 (4.3)
 
Unitholders' funds 7,395,383 7,767,239 (4.8) 7,161,342 7,485,566 (4.3)

Notes

  1. Investment properties are based on desktop valuations performed by independent professional valuers as at 30 June 2020, adjusted for capital expenditure capitalised in 3Q 2020. 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.

    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 estimation uncertainty. The carrying amounts of the investment properties were current as at 30 September 2020 only. Values may change more rapidly and significantly than during standard market conditions.
  2. This refers to investments in BMT, IMT, CMT MTN, VO1T and VO2T and the unitholders' loans to subsidiaries.
  3. This refers to 40.0% interest in RCS Trust and 30.0% interest in IOT.
  4. As at 30 September 2020, this relates to CMT's interest in CRCT of 10.8%, CMT’s investment in CRCT was 133,380,335 units at fair value of S$148.1 million.
  5. Financial derivative assets and liabilities relate to fair value of the cross currency and interest rate swaps.
  6. As of 30 September 2020, it includes grant receivables from Singapore Government recognised in accordance with the principles of FRS 20 Accounting for Government Grants and Disclosure of Government Assistance.
  7. The decrease in cash and cash equivalents is mainly due to the decrease in cash flows from operating activities as a result of rental waivers granted by landlord to tenants.
  8. 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.
  9. As of 30 September 2020, these relate to Medium Term Notes ("MTNs") of S$100.0 million and JPY10.0 billion due in FY 2020. It also includes MTN of JPY 5.0 billion and the S$350.0 million 7-year retail bonds issued under the S$2.5 billion retail bond programme by CMT due in 1Q 2021.
  10. 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.
  11. As of 30 September 2020, these relate mainly to the fixed and floating rate notes issued by CMT MTN through its US$3.0 billion Euro-Medium Term Note ("EMTN") Programme and S$3.5 billion Multicurrency Medium Term Note Programme as well as unsecured bank borrowings of the Group.

    NM - not meaningful
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