Key Financial Indicators
1
As at
31 December 2014
As at
31 December 2013
Unencumbered Assets as % of Total Assets (%)
100.0
100.0
Aggregate Leverage (%)
2,3
33.8
35.3
Net Debt / EBITDA (times)
4,6
5.1
4.9
Interest Coverage (times)
5,6
4.5
5.0
Average Term to Maturity (years)
4.7
3.8
Average Cost of Debt (%)
7
3.5
3.5
CMT’s Issuer Rating
8
‘A2’
‘A2’
1 In line with the change in accounting policy, with effect from 1 January 2014, the key financial indicators, except for aggregate
leverage (please see Note 2), are computed using consolidated results of CMT and its subsidiaries (CMT Group) based on
equity accounting method.
2 In accordance with the Property Funds Appendix, CMT’s proportionate share of its joint ventures’ borrowings and total
deposited property are included when computing the aggregate leverage.
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 aggregate leverage 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. EBITDA refers to
earnings before interest, tax, depreciation and amortisation, and excluding profit from sale of office strata units in Westgate
Tower.
5 Ratio of net investment income at CMT Group before interest and tax over interest expense from 1 January 2014 to 31
December 2014 and 1 January 2013 to 31 December 2013 respectively.
6 Profit from sale of office strata units in Westgate Tower are excluded when computing the ratio of Net Debt / EBITDA and
Interest Coverage.
7 Ratio of interest expense over weighted average borrowings.
8 Moody’s Investors Service has assigned an ‘A2’ issuer rating to CMT in March 2013.
CAPITAL MANAGEMENT
On 20 February 2014, CMT issued S$350.0 million under the S$2.5 billion retail bond programme
which carry an interest of 3.08% per annum, fully repayable on 20 February 2021.
In 2014, CMT MTN Pte. Ltd. (CMT MTN) issued two series of foreign currency denominated notes and
one Singapore dollars denominated notes under the S$2.5 billion unsecured Multicurrency Medium
Term Note Programme (MTN Programme) as follows:
1.
¥5.0 billion seven-year floating rate notes at 3-month Japanese Yen LIBOR plus 0.48% per
annum on 3 February 2014, which was swapped into S$62.0 million at 3.148% per annum;
2.
HK$650.0 million 10.5-year fixed rate notes at 3.25% per annum on 12 November 2014, which
was swapped into S$108.3 million at 3.25% per annum; and
3.
S$300.0 million 10-year fixed rate notes at 3.48% per annum on 6 August 2014.
CMT fully redeemed and cancelled the S$350.0 million 2.125% convertible bonds upon maturity on
19 April 2014 and repaid S$150.0 million fixed rate notes under the MTN Programme on 1 September
2014.
Capital Management
Leading with Confidence | 73
