03
CapitaLand Mall Trust
Annual Report 2015
Overview
Sustainability
Business
Review
Portfolio
Details
Corporate
Governance &
Transparency
1 From 1 January 2014, as a result of Financial Reporting Standards 111 Joint Arrangements, CMT and its subsidiaries (CMT Group) has changed its
accounting policy for its interests in joint arrangements and the consolidated results of CMT Group are based on equity accounting. For comparison
purpose, the numbers for 2011 to 2013 had been restated. Consequently, the affected key financial indicators (except aggregate leverage) have also
been restated accordingly.
2 On 1 October 2015, CMT acquired all the units in Brilliance Mall Trust (BMT) which holds Bedok Mall. Upon acquisition, BMT became a subsidiary.
On 15 December 2015, the sale of Rivervale Mall was completed.
3 Amounts included foreign currency denominated notes which have been swapped into Singapore dollars.
4 Excluding the distribution to be paid for the last quarter of the respective financial year.
5 139,665,000 and 125,000,000 units in CMT with gross proceeds of S$250.0 million each were issued via private placement exercises on
10 November 2011 and 30 November 2012 respectively. On 1 October 2015, 4,100,515 and 72,000,000 units (amounting to S$7.8 million and
S$137.0 million) were issued as acquisition fee and partial consideration for the acquisition of BMT respectively.
6 Based on the closing unit prices of S$1.70 on 30 December 2011, S$2.13 on 31 December 2012, S$1.905 on 31 December 2013, S$2.040 on
31 December 2014 and S$1.930 on 31 December 2015.
7 Refers to the expenses of CMT Group, excluding property expenses and finance costs but including performance component of CapitaLand Mall Trust
Management Limited’s management fees, expressed as a percentage of weighted average net assets.
8 Higher in 2012 mainly due to the repayment of commercial mortgage backed securities (CMBS) borrowings under Silver Maple Investment Corporation
Ltd of S$783.0 million on 31 October 2012. Following the repayment, the properties mortgaged under the CMBS borrowings namely Tampines Mall,
Junction 8, Funan DigitaLife Mall, IMM Building, Bugis Junction, Sembawang Shopping Centre and JCube were discharged and released.
Higher in 2013 mainly due to the redemption and cancellation of the remaining S$98.25 million in principal amount of S$650.0 million 1.0% convertible
bonds due 2013 (Convertible Bonds due 2013) at 109.31% of the principal amount upon maturity. Following the redemption and cancellation, the legal
mortgage over The Atrium@Orchard had been discharged and released.
9 Net Debt comprises gross debt less temporary cash intended for refinancing and capital expenditure. EBITDA refers to earnings before interest, tax,
depreciation and amortisation. In 2014, EBITDA excluded the profit from sale of office strata units in Westgate Tower.
10 In 2011 and 2012, it was assumed that bondholders of the Convertible Bonds due 2013 would hold to maturity on 2 July 2013.
11 Higher in 2012 mainly due to the long tenures of between six to 12 years for four series of Euro-Medium Term Notes and one series of Medium Term
Notes (MTN Notes) issued under CMT MTN Pte. Ltd. (CMT MTN) in 2012.
Higher in 2014 mainly due to the long tenures of between seven to 10.5 years for three series of MTN Notes issued under CMT MTN in 2014,
partially offset by the redemption of the S$350.0 million in principal amount of the Convertible Bonds due 2014.
Higher in 2015 mainly due to the long tenures of eight and 12 years for two series of MTN Notes issued under CMT MTN in 2015.
Group
1
For the Financial Year
2011
2012
2013
2014
2015
2
Selected Statement of Total Return
and Distribution Data
(S$ million)
Gross Rental Income
499.7
526.5
589.3
607.9
615.4
Car Park Income
15.4
17.0
18.2
18.0
18.2
Other Income
28.7
29.7
30.1
33.0
35.4
Gross Revenue
543.8
573.2
637.6
658.9
669.0
Net Property Income
354.8
380.7
438.7
448.4
466.2
Distributable Income
301.6
316.9
356.2
375.3
392.0
Selected Statement of Financial Position Data
(S$ million)
Total Assets
8,465.7
9,159.7
9,220.0
9,858.3 10,355.7
Total Borrowings
3
2,888.8
3,090.6
2,918.4
3,238.7
3,251.0
Net Asset Value Per Unit
4
(S$)
1.56
1.64
1.71
1.79
1.86
Unitholders’ Funds
5,246.0
5
5,702.9
5
6,008.7
6,282.4
6,693.2
5
Market Capitalisation
6
5,658.3
7,362.2
6,589.7
7,062.8
6,834.5
Portfolio Property Valuation
6,716.0
7,031.0
7,276.0
7,510.0
8,366.0
Key Financial Indicators
Earnings Per Unit (cents)
11.98
16.05
16.61
17.88
16.65
Distribution Per Unit (cents)
9.37
9.46
10.27
10.84
11.25
Management Expense Ratio
7
(%)
0.7
0.8
0.7
0.8
0.7
Unencumbered Assets as % of Total Assets (%)
50.4
92.2
8
100.0
8
100.0
100.0
Aggregate Leverage (%)
38.4
36.7
35.3
33.8
35.4
Net Debt / EBITDA
9
(times)
5.4
5.4
4.9
5.1
6.0
Interest Coverage (times)
4.2
3.6
5.0
4.5
4.8
Average Term to Maturity
10
(years)
2.3
4.0
11
3.8
4.7
11
5.3
11
Average Cost of Debt (%)
3.5
3.4
3.5
3.5
3.3
Financials &
Additional
Information
