CMT’s 40.00% interest in RCS Trust and CMT’s 30.00% interest in Infinity Trusts
CMT has a 40.00% interest in RCS Trust. Under the loan agreements between Silver Oak Ltd. (Silver
Oak) and RCS Trust Trustee-Manager, Silver Oak has granted RCS Trust a term loan facility of S$1.0
billion and a revolving credit facility (RCF) of S$300.0 million. RCS Trust has drawn down the S$1.0
billion term loan in 2011 and as at 31 December 2014, S$30.0 million has been drawn down from the
RCF. CMT’s 40.00% share thereof is S$412.0 million.
CMT has a 30.00% interest in Infinity Trusts. Infinity Trusts have a total facility of S$820.0 million,
which comprises term loan of S$650.0 million and RCF of S$170.0 million. In 2014, Infinity Office Trust
fully repaid its term loan and RCF amounting to S$201.4 million using the proceeds received from the
sale of office strata units in Westgate Tower. Infinity Mall Trust has drawn down in full its term loan of
S$508.7 million in 2012 and as at 31 December 2014, S$109.9 million has been drawn down from the
RCF. CMT’s 30.00% share thereof is S$185.6 million.
Cash Flows and Liquidity
CMT Group takes a proactive role in monitoring its cash flow position and requirements to ensure
sufficient liquidity and adequate funding is available for distribution to the Unitholders as well as to
meet any short-term obligations.
Cash And Cash Equivalents
As at 31 December 2014, cash and cash equivalents of CMT Group stood at S$1,130.0 million,
compared with S$829.9 million as at 31 December 2013. The higher quantum was mainly due to the
Medium Term Notes that were raised ahead of refinancing.
As at 27 January 2015, out of the S$245.7 million net proceeds from the private placement in
November 2011 (Private Placement), S$178.0 million of the net proceeds (which is equivalent to
72.4% and 71.2% of the net proceeds and gross proceeds of the Private Placement, respectively)
from the Private Placement has been used to pay for certain committed capital expenditure and asset
enhancement initiatives of the portfolio of properties of CMT. Such use is in accordance with the
percentage of the gross proceeds of the Private Placement allocated to such use.
ACCOUNTING POLICIES
The financial statements have been prepared in accordance with the Statement of Recommended
Accounting Practice (RAP) 7 ‘Reporting Framework for Unit Trusts’ issued by the Institute of
Singapore Chartered Accountants, the applicable requirements of the Code on Collective Investment
Schemes issued by the Monetary Authority of Singapore and the provisions of the Trust Deed. RAP
7 requires that accounting policies adopted generally comply with the principles relating to
recognition and measurement of the Singapore Financial Reporting Standards (FRS).
From 1 January 2014, as a result of FRS 111 Joint Arrangements, CMT Group has changed its
accounting policy for its interests in joint arrangements. Accordingly, CMT Group has reclassified its
joint arrangements as joint ventures and account for these joint ventures using the equity method.
Leading with Confidence | 77
