These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 12 February
2015.
1 GENERAL
CapitaMall Trust (the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to the trust
deed dated 29 October 2001 (as amended) (the “Trust Deed”) between CapitaMall Trust
Management Limited (the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited
(the “Trustee”). The Trust Deed is governed by the laws of the Republic of Singapore. The
Trustee is under a duty to take into custody and hold the assets of the Trust in trust for the
holders (“Unitholders”) of units in the Trust (the “Units”).
The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading
Limited (“SGX-ST”) on 17 July 2002 (“Listing Date”) and was included under the Central
Provident Fund (“CPF”) Investment Scheme on 13 September 2002.
The principal activity of the Trust is to invest in income producing real estate, which is used or
substantially used for retail purposes with the primary objective of achieving an attractive level
of return from rental income and for long-term capital growth. The principal activities of the
subsidiaries, associate and joint ventures are set out in Notes 6 and 7.
The consolidated financial statements relate to the Trust and its subsidiaries (the “Group”) and
the Group’s interest in its associate and joint ventures.
The Trust has entered into several service agreements in relation to management of the Trust and
its property operations. The fee structures of these services are as follows:
1.1 Property management fees
Under the property management agreement, property management fees are charged as
follows:
(a) 2.00% per annum of the gross revenue of the properties;
(b) 2.00% per annum of the net property income of the properties; and
(c) 0.50% per annum of the net property income of the properties, in lieu of leasing
commissions.
The property management fees are payable monthly in arrears.
1.2 Asset management fees
Pursuant to the Trust Deed, the asset management fees shall not exceed 0.70% per
annum of the Deposited Property or such higher percentage as may be fixed by an
Extraordinary Resolution at a meeting of Unitholders. Deposited Property refers to all the
assets of the Trust, including all its Authorised Investments (as defined in the Trust Deed)
for the time being held or deemed to be held upon the trusts of the Trust Deed.
Notes to the Financial Statements
Year ended 31 December 2014
Leading with Confidence | 147
