Unitholders of CapitaMall Trust
(Established in the Republic of Singapore pursuant to a Trust Deed dated 29 October 2001 (as
amended))
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of CapitaMall Trust (the “Trust”) and its
subsidiaries (the “Group”), which comprise the Statements of Financial Position and Portfolio
Statements of the Group and the Trust as at 31 December 2014, and the Statements of Total Return,
Distribution Statements, Statements of Movements in Unitholders’ Funds and Statements of Cash
Flows of the Group and the Trust for the year then ended, and a summary of significant accounting
policies and other explanatory information, as set out on pages 135 to 213.
Manager’s responsibility for the financial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these financial
statements in accordance with the recommendations of Statement of Recommended Accounting
Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered
Accountants, and for such internal control as the Manager of the Trust determines is necessary to
enable the preparation of financial statements that are free from material misstatements, whether due
to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Singapore Standards on Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the
Trust’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made
by the Manager of the Trust, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the financial statements of the
Trust present fairly, in all material respects, the financial position of the Group and of the Trust as at
31 December 2014 and the total return, distributable income, movements in Unitholders’ funds and
cash flows of the Group and of the Trust for the year then ended in accordance with the
recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for
Unit Trusts” issued by the Institute of Singapore Chartered Accountants.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
12 February 2015
Independent Auditors’ Report
134 | CapitaMall Trust Annual Report 2014
