Page 83 - ar2013

SEO Version

Business
Review
KEY FINANCIAL INDICATORS
Capital
Management
1
Total Assets exclude non-eliminated portion of CMT’s loan to Infinity Mall Trust and Infinity Office Trust (collectively, the Infinity Trusts) and CMT’s share
of interest expense on the loans from joint venture partners, capitalised under investment properties under development and development property for sale
in 2012 and 2013 respectively, arising from proportionate accounting.
2
Ratio of borrowings including 40.00% share of borrowings of RCS Trust and 30.00% share of borrowings of Infinity Trusts, over total deposited property
for CMT Group, excludes non-eliminated portion of CMT’s loan to Infinity Trusts and CMT’s share of interest expense on the loans from joint venture
partners, capitalised under investment properties under development and development property for sale in 2012 and 2013 respectively, arising from
proportionate accounting.
3 Funds raised ahead of the maturity of the existing borrowings of CMT are excluded from both borrowings and total deposited property for the purpose
of computing the gearing ratio as the funds are set aside solely for the purpose of repaying the existing borrowings of CMT.
4 Net Debt comprises gross debt less temporary cash intended for refinancing and capital expenditure and EBITDA refers to earnings before interest, tax,
depreciation and amortisation.
5 Ratio of net investment income at CMT Group before interest and tax over interest expense from 1 January 2013 to 31 December 2013 and 1 January 2012
to 31 December 2012 respectively. In computing the ratio, cost of raising debt and CMT’s share of interest expense on the loans from joint venture partners
arising from proportionate accounting, are excluded from interest expense.
6 Ratio of interest expense over weighted average borrowings.
7
Moody’s Investors Service (Moody’s) has assigned an ‘A2’ issuer rating to CMT in March 2013. Prior to this, Moody’s had assigned an ‘A2’ corporate family
rating to CMT.
Unencumbered Assets as
% of Total Assets
1
83.7
%
77.5
%
Gearing
2, 3
35.3
%
36.7
%
D[j :[Xj % ;8?J:7
4
(times)
6.5
6.9
Interest Coverage
5
(times)
4.2
3.2
Average Term to Maturity
(years)
3.6
3.9
Average Cost of Debt
6
3.4
%
3.3
%
CMT’s Rating
7
‘A2’
‘A2’
As at 31 December 2013
As at 31 December 2012
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