CapitaLand Integrated Commercial Trust - Annual Report 2021

Group Note 2021 2020 $’000 $’000 Gross revenue 20 1,305,051 745,209 Property operating expenses 21 (353,969) (232,469) Net property income 951,082 512,740 Interest and other income 22 6,364 2,247 Investment income 23 12,703 12,511 Management fees – Base component (42,193) (29,153) – Performance component (39,981) (21,523) Professional fees (1,255) (442) Valuation fees (414) (728) Trustee’s fees (2,997) (1,806) Audit fees (800) (432) Transaction costs relating to the Merger 1 – (10,834) Finance costs 24 (189,757) (133,431) Other expenses (1,172) (1,747) Net income before share of results of joint ventures 25 691,580 327,402 Share of results (net of tax) of: – Joint ventures 140,202 (14,106) Net income 831,782 313,296 Net change in fair value of investment properties 270,507 (393,620) Gain relating to negative goodwill arising from the Merger – 430,003 Total return for the year before tax 1,102,289 349,679 Taxation 26 (19,224) 61 Total return for the year 1,083,065 349,740 Total return attributable to: Unitholders 1,083,086 349,819 Non-controlling interest (21) (79) Total return for the year 1,083,065 349,740 Earnings per unit (cents) Basic 27 16.71 8.36 Diluted 27 16.68 8.35 1 On 21 October 2020, the Manager announced the completion of the merger between CapitaLand Mall Trust (“CMT”) and CapitaLand Commercial Trust (“CCT”) (“the Merger”) through acquisition by CMT of all the issued and paid-up units in CCT by way of a trust scheme of arrangement (“Trust Scheme”), in accordance with the Singapore Code on Take-overs and Mergers. Statement of Total Return YEAR ENDED 31 DECEMBER 2021 The accompanying notes form an integral part of these financial statements. Annual Report 2021 219