Financial InformationFinancial Highlights

  • Summary of CRCT Results
      1Q 2019 1Q 2018  
      S$'000 S$'000 Change
    %
    Gross Revenue1 55,955 55,367 1.1
    Net Property Income1,2 39,803 37,184 7.0
    Distributable income
    contribution from joint venture3
    2,623 1,215 115.9
    Income available for distribution to Unitholders 24,866 23,699 4.9
    Capital distribution4 1,000 3,000 (66.7)
    Distributable amount to Unitholders 25,866 26,699 (3.1)
    Distribution Per Unit ("DPU") (cents)
    DPU before capital distribution 2.49 2.44 2.0
    DPU after capital distribution 2.59 2.75 (5.8)
    DPU after capital distribution (annualised) 10.50 10.225 2.7
     
      1Q 2019 1Q 2018  
      RMB'000 RMB'000 Change
    %
    Gross Revenue 279,577 267,448 4.5
    Net Property Income2 198,874 179,617 10.7
    1. Average exchange rate for SGD/RMB.
    2. 1Q 2019 1Q 2018 Change
      %
      4.996 4.830 3.4
    3. Operating lease rental expenses associated with the lease contracts in CapitaMall Qibao and CapitaMall Minzhongleyuan have been replaced with net changes in fair value of investment properties and interest expense on lease liabilities under FRS 116 Leases with effect from 1 January 2019.
    4. This relates to 51% interest in Rock Square for 1Q 2019 and for the period from 1 February 2018 to 31 March 2018 for 1Q 2018.
    5. This relates to the partial distribution of gains from the disposal of CapitaMall Anzhen.
    6. FY 2018 actual DPU.
  • Statement of Total Return for the Group (1Q 2019 vs 1Q 2018)
      Group
      1Q 2019
    S$'000
    1Q 2018
    S$'000
    %
    Change
    Gross rental income 52,230 52,834 (1.1)
    Other income1 3,725 2,533 47.1
    Gross revenue 55,955 55,367 1.1
    Land rental2 - (1,476) (100.0)
    Property related tax (5,221) (5,219) -
    Business tax (286) (312) (8.3)
    Property management fees3 (3,458) (3,604) (4.1)
    Other property operating expenses4 (7,187) (7,572) (5.1)
    Total property operating expenses (16,152) (18,183) (11.2)
    Net property income 39,803 37,184 7.0
    Manager's management fees - Base fee (1,951) (1,900) 2.7
    Manager's management fees - Performance fees (1,682) (1,577) 6.7
    Trustee's fees (117) (113) 3.5
    Audit fees (104) (122) (14.8)
    Valuation fees (33) (50) (34.0)
    Other trust operating income/(expenses)5 602 (326) N.M.
    Finance income6 1,382 1,049 31.7
    Foreign exchange (loss)/gain – realised7 (156) 71 N.M.
    Finance costs8 (8,087) (5,771) 40.1
    Net income before share of results of joint venture 29,657 28,445 4.3
    Share of results (net of tax) of joint venture9 1,836 487 N.M.
    Net Income 31,493 28,932  8.9
    Change in fair value of investment properties10 3,250 - 100.0
    Change in fair value of financial derivatives 1,097 - 100.0
    Foreign exchange gain – unrealised 793 747 6.2
    Total return for the period before taxation 36,633 29,679 23.4
    Taxation (9,696) (10,159) (4.6)
    Total return for the period after taxation 26,937 19,520 38.0
    Attributable to:
    Unitholders 25,204 19,522 29.1
    Non-controlling interest 1,733 (2) N.M.
    Total return for the period after taxation 26,937 19,520 38.0
    1. Other income comprises mainly income earned from atrium space, trolley carts and advertisement panels.
    2. Operating lease rental expenses have been replaced with net changes in fair value of investment properties and interest expense on lease liabilities under FRS 116 Leases with effect from 1 January 2019.
    3. Includes reimbursement of costs to property manager
    4. Includes items in the table below as part of the other property operating expenses.
      Group
      1Q 2019
    S$’000
    1Q 2018
    S$’000
    Change
    %
    Depreciation and amortisation (283) (345) (18.0)
    Impairment losses on trade receivables, net (1) (12) (91.7)
    Plant and equipment written off (3) - 100.0
    1. Includes reversal of over provision in pre-acquisition related expenses in 1Q 2019
    2. Finance income relates mainly to interest from loan to joint venture and interest from bank deposits placed with financial institutions.
    3. Realised foreign exchange relates to the (loss)/gain on repayment of the USD denominated shareholder’s loans interest and foreign currency forwards (“FXF”) to hedge RMB cashflows.
    4. Includes the interest expense on the lease liabilities under FRS 116.
    5. This relates to the share of results from CRCT’s 51% interest in RS JV for 1Q 2019 and for the period from 1 February 2018 to 31 March 2018 for 1Q 2018. Details are as follows:
      For information only
      1Q 2019
    S$’000
    1Q 2018
    S$’000
    Change
    %
    Gross revenue 5,167 2,934 76.1
    Property operating expenses (1,492) (890) 67.6
    Net property income 3,675 2,044 79.8
    Finance income 53 - 100.0
    Finance costs (1,071) (779) 37.5
    Other operating expenses (821) (778) 5.5
    Share of results (net of tax) of joint venture 1,836 487 N.M.
    1. Includes the recognition of fair value of CapitaMall Wuhu at RMB 210.0 million, following the announcement on 29 March 2019 on its divestment. Such gain will form part of the gain/(loss) on disposal upon completion.
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