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CapitaLand Mall Trust
Annual Report 2015
Overview
Sustainability
Business
Review
Portfolio
Details
Corporate
Governance &
Transparency
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 2015, the value of cash and
cash equivalents of CMT Group stood at S$604.3
million, compared with S$1,129.6 million as at
31 December 2014. The lower quantum was mainly
due to the repayment of S$100.0 million fixed rate
notes and US$500.0 million fixed rate notes, swapped
to S$699.5 million, during the year.
As at 23 October 2015, out of the S$246.1 million
1
net
proceeds from the private placement in November
2011 (Private Placement), S$246.1 million of the net
proceeds (which is equivalent to 100.0% and 98.4%
of the net proceeds and gross proceeds of the Private
Placement, respectively) from the Private Placement
has been utilised. As such, all of the net proceeds of
the Private Placement have been fully utilised.
1 The net proceeds of S$246.1 million was derived from gross proceeds of S$250.0 million after deducting finalised transaction costs of S$3.9 million.
The above included the 5.0% to 10.0% of the net
proceeds from the Private Placement originally
intended for genera l corporate and work ing
capital purposes which has been used to pay for
certain committed capital expenditure and asset
enhancement initiatives of the portfolio of properties
of CMT. Accordingly, 100.0% of the net proceeds
from the Private Placement has been used to finance
capital expenditure and asset enhancement initiatives
of the portfolio of properties of CMT. Such a change in
the use of proceeds is in line with the Manager’s active
capital management strategy.
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.
Financials &
Additional
Information
