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CapitaLand Mall Trust
Annual Report 2015
Capital Management
Overview
Sustainability
Business
Review
Portfolio
Details
Corporate
Governance &
Transparency
1 In accordance to Property Funds Appendix, CMT’s proportionate share of its joint ventures’ borrowings and total deposited property are
included when computing the aggregate leverage.
2 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.
3 Net Debt comprises gross debt less temporary cash intended for refinancing and capital expenditure. EBITDA refers to earnings before
interest, tax, depreciation and amortisation.
4 Ratio of net investment income at CMT Group before interest and tax over interest expense from 1 January 2015 to 31 December 2015 and
1 January 2014 to 31 December 2014 respectively.
5 Profit from sale of office strata units in Westgate Tower was excluded when computing the ratio of Net Debt / EBITDA and Interest Coverage
as at 31 December 2014.
6 Ratio of interest expense over weighted average borrowings.
7 Moody’s Investors Service has affirmed the ‘A2’ issuer rating of CMT in July 2015.
Key Financial Indicators
As at
31 December 2015
As at
31 December 2014
Unencumbered Assets as % of Total Assets (%)
100.0
100.0
Aggregate Leverage (%)
1,2
35.4
33.8
Net Debt / EBITDA (times)
3,5
6.0
5.1
Interest Coverage (times)
4,5
4.8
4.5
Average Term to Maturity (years)
5.3
4.7
Average Cost of Debt (%)
6
3.3
3.5
CMT’s Issuer Rating
7
‘A2’
‘A2’
CAPITAL MANAGEMENT
In 2015, CMT MTN Pte. Ltd. (CMT MTN) issued two
series of foreign currency denominated notes under
the S$2.5 billion unsecured Multicurrency Medium
Term Note Programme (MTN Programme) as follows:
1. HK$1.104 billion 12-year fixed rate notes at 2.77%
per annum on 5 February 2015, which was swapped
into S$192.8 million at 3.25% per annum; and
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Japanese Yen LIBOR plus 0.25% per annum on
9 Februar y 2015, which was swapped into
S$100.0 million at 2.85% per annum.
CMT also drew down S$60.9 million of bank loans
from term loan facilities in March 2015.
CMT repaid S$100.0 million fixed rate notes under
the MTN Programme and US$500.0 million fixed
rate notes (swapped to S$699.5 million) under the
US$3.0 billion unsecured Euro-Medium Term
Note Programme on 28 January 2015 and 8 April
2015 respectively.
The acquisition of Brilliance Mall Trust was partially
financed by the drawdown of S$646.1 million of
bank loans from term loan facilities in October 2015.
On 22 December 2015, S$188.0 million of the
S$646.1 million bank loans were repaid using the net
proceeds from the sale of Rivervale Mall.
CMT and its subsidiaries (CMT Group) hold derivative
financial instruments to hedge its currency and
interest rate risk exposures. The fair value derivative
for Financial Year (FY) 2015 which was included in the
financial statement as financial derivatives assets and
financial derivatives liabilities were S$175.3 million and
S$41.7 million respectively. This represented 2.0% of
the net assets of CMT Group as at 31 December 2015.
Financials &
Additional
Information
LIBOR - London Interbank Offered Rate
