Financial InformationFinancial Highlights

  • Summary of CRCT Results
      4Q 2018 4Q 2017   FY 2018 FY 20171  
      S$'000 S$'000 Change
    %
    S$'000 S$'000 Change
    %
    Gross Revenue2 55,742 54,107 3.0 222,739 229,190 (2.8)3
    Net Property Income2 35,878 32,987 8.8 147,423 149,212 (1.2)3
    Distributable income
    contribution from joint venture4
    2,524 - 100.0 7,601 - 100.0
    Distributable amount to Unitholders 23,734 22,035 7.7 99,741 91,136 9.4
    Distribution Per Unit ("DPU") (cents)
    For the period5 2.42 2.37 2.1 10.22 10.10 1.2
    Annualised 9.60 9.40 2.1 10.22 10.10 1.2
    For information Only
    DPU (cents) (adjusted with the enlarged Units in issue)6 2.42 2.28 6.1 10.22 9.50 7.6
     
      4Q 2018 4Q 2017   FY 2018 FY 20171  
      RMB'000 RMB'000 Change
    %
    RMB'000 RMB'000 Change
    %
    Gross Revenue 281,033 264,810 6.1 1,092,289 1,122,164 (2.7)3
    Net Property Income 181,070 161,441 12.2 722,948 730,567 (1.0)3
    1. The financial results include CapitaMall Anzhen for period from 1 January 2017 to 30 June 2017. The mall was divested in July 2017.
    2. Average exchange rate for SGD/RMB.
    4Q 2018 4Q 2017 Change % FY 2018 FY 2017 Change %
    5.047 4.894 3.1 4.904 4.896 0.2
    1. The drop is due to no contribution from CapitaMall Anzhen (which was divested in July 2017) in FY 2018.
    2. This relates to 51% interest in Rock Square for 4Q 2018 and for the period from 1 February 2018 to 31 December 2018.
    3. The DPU is calculated on an enlarged unit base through a private placement in which 64,392,000 units were issued on 7 December 2017.
    4. Adjusted DPU for 4Q 2017 of 2.28 cents was based on 966.2 million Units and FY 2017 of 9.50 cents was based on 953.1 million Units from 1 January 2017 to 30 June 2017 and 966.2 million Units from 1 July 2017 to 31 December 2017.
  • Statement of Total Return for the Group (4Q 2018 vs 4Q 2017)
      Group
      4Q 2018
    S$'000
    4Q 2017
    S$'000
    %
    Change
    Gross rental income 50,172 50,573 (0.8)
    Other income2 5,570 3,534 57.6
    Gross revenue 55,742 54,107 3.0
    Land rental (1,384) (1,471) (5.9)
    Property related tax (5,150) (5,608) (8.2)
    Business tax (285) (281) 1.4
    Property management fees3 (3,351) (3,308) 1.3
    Other property operating expenses4 (9,694) (10,452) (7.3)
    Total property operating expenses (19,864) (21,120) (5.9)
    Net property income 35,878 32,987 8.8
    Manager's management fees - Base fee (1,936) (1,669) 16.0
    Manager's management fees - Performance fees (1,555) (1,326) 17.3
    Trustee's fees (116) (104) 11.5
    Audit fees (66) (101) (34.7)
    Valuation fees (35) (50) (30.0)
    Other trust operating expenses5 6 (764) N.M.
    Finance income6 2,222 1,306 70.1
    Foreign exchange gain/(loss) – realised7 48 (375) N.M.
    Finance costs (7,620) (5,795) 31.5
    Net income before share of results of joint venture 26,826 24,109 11.3
    Share of results (net of tax) of joint venture8 1,684 - 100.0
    Net Income 28,510 24,109  18.3
    Change in fair value of investment properties 44,781 28,408 57.6
    Change in fair value of financial derivatives (1,852) - 100.0
    Foreign exchange gain/(loss) – unrealised 24 (991) N.M.
    Total return before taxation 71,463 51,526 38.7
    Taxation (22,523) (15,892) 41.7
    Total return for the period after taxation 48,940 35,634 37.3
    Attributable to:
    Unitholders 48,857 36,110 35.3
    Non-controlling interest 83 (476) N.M.
    Total return for the period after taxation 48,940 35,634 37.3
  • Statement of Total Return for the Group (FY 2018 vs FY 2017)
      Group
      FY 2018
    S$'000
    FY 20171
    S$'000
    %
    Change
    Gross rental income
    206,586 212,859 (2.9)
    Other income2
    16,153 16,331 (1.1)
    Gross revenue
    222,739 229,190 (2.8)
    Land rental
    (5,747) (5,940) (3.2)
    Property related tax
    (20,616) (23,806) (13.4)
    Business tax
    (1,207) (1,234) (2.2)
    Property management fees3
    (14,136) (13,880) 1.8
    Other property operating expenses4
    (33,610) (35,118) (4.3)
    Total property operating expenses
    (75,316) (79,978) (5.8)
    Net property income
    147,423 149,212 (1.2)
    Manager's management fees - Base fee
    (7,690) (6,973) 10.3
    Manager's management fees - Performance fees
    (6,383) (5,948) 7.3
    Trustee's fees
    (464) (423) 9.7
    Audit fees
    (415) (408) 1.7
    Valuation fees
    (190) (202) (5.9)
    Other trust operating expenses5
    (1,056) (579) 82.4
    Finance income6
    6,738 2,418 N.M.
    Foreign exchange loss – realised7
    (138) (636) (78.3)
    Finance costs
    (27,167) (23,465) 15.8
    Net income before share of results of joint venture
    110,658 112,996 (2.1)
    Share of results (net of tax) of joint venture8
    7,249 - 100.0
    Net Income
    117,907 112,996 4.3
    Gain on disposal of subsidiary9
    - 52,227 (100.0)
    Change in fair value of investment properties
    68,423 41,457 65.0
    Change in fair value of financial derivatives
    (1,686) - 100.0
    Foreign exchange (loss)/gain – unrealised
    (625) 584 N.M.
    Total return before taxation
    184,019  207,264 (11.2)
    Taxation10
    (56,549) (64,214) (11.9)
    Total return for the period after taxation
    127,470 143,050 (10.9)
    Attributable to:
    Unitholders
    128,561 144,696 (11.2)
    Non-controlling interest
    (1,091) (1,646) (33.7)
    Total return for the period after taxation
    127,470 143,050 (10.9)

    1. Includes contribution from CapitaMall Anzhen for period from 1 January 2017 to 30 June 2017. The mall was divested in July 2017.
    2. Other income comprises mainly income earned from atrium space, trolley carts and advertisement panels.
    3. Includes reimbursement of costs to the property manager.
    4. Includes items in the table below as part of the other property operating expenses.
    5. Includes reversal of over provision of other trust operating expenses.
    6. Finance income relates mainly to loan to joint venture, interest from bank deposits placed with financial institutions and gain on interest rates swaps (“IRS”).
    7. Realised foreign exchange relates to gain/(loss) on the repayment of the USD denominated shareholder’s loans interest.
    8. This relates to the share of results from CRCT’s 51% interest in RS JV for 4Q 2018 and for the period from 1 February 2018 to 31 December 2018.
    9. This relates to gain arising from the disposal of CapitaMall Anzhen in July 2017.
    10. Includes under provision of taxation from prior years of $2.1 million and withholding tax payment of $14.9 million on disposal of the equity interest in Anzhen SPV in FY 2017.

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