Financial Review

(1) Gross Revenue
Gross revenue for the Financial Year (FY) ended 31 December 2009 was S$552.7 million, an increase of S$41.8 million or 8.2% over S$510.9 million for the FY ended 31 December 2008. S$19.4 million of the increase was due to The Atrium@Orchard (Atrium), which was acquired on 15 August 2008 while the balance was attributed to higher gross revenues from Tampines Mall, IMM Building (IMM), Plaza Singapura, Bugis Junction, Sembawang Shopping Centre (SSC) and Lot One Shoppers’ Mall mainly due to the completion of asset enhancement initiatives (AEI) and partially offset by a decrease in gross revenue from Jurong Entertainment Centre (JEC) as it has ceased operations for AEI. On a comparable mall basis (excluding SSC, JEC and Atrium), gross revenue for FY2009 was S$18.0 million or 3.6% higher than FY2008.

  1. JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI.
  2. The acquisition of Atrium was completed on 15 August 2008.

  1. JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI.
  2. The acquisition of Atrium was completed on 15 August 2008.
  3. Not meaningful.

(2) Net Property Income
As a result of the higher gross revenue, net property income (NPI) of S$376.8 million was S$35.7 million or 10.4% higher than the S$341.1 million for the FY ended 31 December 2008. Similarly, this was mainly due to Atrium which was acquired on 15 August 2008, SSC which re-opened in late December 2008 as a one-stop family-oriented necessity shopping centre; and higher NPI from Tampines Mall, IMM Building, Plaza Singapura, Bugis Junction and Lot One Shoppers’ Mall mainly due to the completion of AEI.

  1. JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI.
  2. The acquisition of Atrium was completed on 15 August 2008.

  1. JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI.
  2. The acquisition of Atrium was completed on 15 August 2008.
  3. Not meaningful.

(3) Distributions
On 2 April 2009, CMT issued 1,502,358,923 new units pursuant to an underwritten renounceable 9-for-10 rights issue (Rights Issue). In FY2009, CMT declared distributions of 8.85 cents to the enlarged number of units which comprised 1.97 cents, 2.13 cents, 2.35 cents and 2.40 cents for the periods 1 January 2009 to 31 March 2009, 1 April 2009 to 30 June 2009, 1 July 2009 to 30 September 2009 and 1 October 2009 to 31 December 2009 respectively.

In FY2008, CMT distributed 14.29 cents which comprised 3.48 cents, 3.52 cents, 3.64 cents and 3.65 cents for the periods 1 January 2008 to 31 March 2008, 1 April 2008 to 30 June 2008, 1 July 2008 to 30 September 2008 and 1 October 2008 to 31 December 2008 respectively. The distribution adjusted for the effects of the Rights Issue was 7.52 cents, which comprised 1.83 cents, 1.85 cents, 1.91 cents and 1.93 cents for the periods 1 January 2008 to 31 March 2008, 1 April 2008 to 30 June 2008, 1 July 2008 to 30 September 2008 and 1 October 2008 to 31 December 2008 respectively. Overall, the total distribution of 8.85 cents per unit for the FY ended 31 December 2009 was an increase of 17.7% over the total adjusted distribution of 7.52 cents per unit for the FY ended 31 December 2008.

(4) Assets
As at 31 December 2009, the total assets of CMT Group were S$7,423.0 million compared with S$7,509.0 million as at 31 December 2008. The decrease of S$86.0 million was mainly due to revaluation deficit of S$302.2 million, offset by the capitalised capital expenditure of S$48.7 million and the increase in cash and cash equivalents of S$182.5 million mainly from balance of the net proceeds from the Rights Issue.

  1. Capitalisation rate adopted by the independent valuers to derive the market values of each property.
  2. Valuation per sq ft based on the retail portion of IMM only.
  3. Comprising SSC, Hougang Plaza and JEC.
  4. Valuation per sq ft excludes JEC which has ceased operations for AEI.
  5. CRS portfolio comprises Bukit Panjang Plaza, Lot One Shoppers’ Mall and Rivervale Mall.
  6. Not meaningful because Raffl es City Singapore (RCS) comprises retail, office, hotels and convention centre.
  7. Valuation per sq ft excludes JEC and RCS.