Financial InformationFinancial Highlights

  • Summary of CLCT Results
      2H 20211,2 2H 2020   FY 20211,2 FY 2020  
      S$'000 S$'000   S$'000 S$'000  
    Gross Revenue3,4 201,075 109,008   377,967 210,525  
    Net Property Income3 130,085 69,918   250,427 135,196  
    Income available for distribution to Unitholders 71,445 39,180   135,516 74,478  
    Distributable amount to Unitholders 5 71,445 42,680   135,516 79,728  
    Distribution Per Unit ("DPU") (cents)
    For the period/year 4.50 3.33   8.73 6.35  
     
      2H 20211,2 2H 2020   FY 20211,2 FY 2020  
      RMB'000 RMB'000   RMB'000 RMB'000  
    Gross Revenue4 965,152 545,240   1,826,147 1,056,226  
    Net Property Income 624,180 349,622   1,209,901 678,194  
      1 Jan 2021 to
    20 Oct 2020
    21 Oct 2021 to
    31 Dec 2021
    FY 2021
      S$'000 S$'000 s$'000
    Gross Revenue 295,718 82,249 377,967
    Net Property Income 199,287 51,140 250,427
    Distributable amount to Unitholders 105,419 30,097 135,516
    Distribution Per Unit ("DPU") (cents)
    For the period /year 6.93 1.80 8.73

    Footnotes:

    1. The financial results in 2H 2021 and FY 2021 exclude contributions from CapitaMall Saihan, CapitaMall Minzhongleyuan and CapitaMall Erqi which were divested on 7 June 2021, 10 February 2021, and 1 June 2020 respectively.
    2. The financial results in 2H 2021 and FY 2021 include contributions from Rock Square, Ascendas Xinsu Portfolio, Ascendas Innovation Towers and Ascendas Innovation Hub from 30 December 2020, 4 January 2021, 10 February 2021, and 26 February 2021 respectively. While the acquisitions of the Singapore-Hangzhou Science & Technology Park Phase I and Phase II were completed on 18 June 2021, the risk and reward have been transferred from 15 February 2021. In addition, it includes contributions from Kunshan Bacheng Logistics Park, Wuhan Yangluo Logistics Park, Chengdu Shuangliu Logistics Park and Shanghai Fengxian Logistics Park from 10 November 2021.
    3. Average exchange rate for SGD/RMB.
      2H 2021 2H 2020 Change % FY 2021 FY 2020 Change %
      4.798 5.000 (4.0) 4.831 5.016 (3.7)

    4. The financial results include rental relief extended to tenants in view of the COVID-19 situation.
    5. CLCT released $1.8 million and $5.3 million retained in FY 2019 from the one-off pre-termination compensation received by CapitaMall Erqi, following the exit of its anchor tenant in 2H 2020 and FY 2020 respectively. At the same time, $1.8 million which was retained from the income available for distribution to Unitholders in the first half of 2020 was also released in the distributable amount to Unitholders in 2H 2020.
  • Statement of Total Return for the Group (2H 2021 vs 2H 2020 and FY 2021 and FY 2020)
      Group
      2H 20211
    S$'000
    2H 2020
    S$'000
    %
    Change
    FY 20211 FY 2020 %
    Change
    Gross rental income 184,621 100,404 83.9 348,569 194,771 79.0
    Other income2 16,454 8,604 91.2 29,398 15,754 86.6
    Gross revenue3 201,075 109,008 84.5 377,967 210,525 79.5
    Property related tax (17,093) (8,930) 91.4 (32,927) (18,571) 77.3
    Business Tax (1,137) (479) N.M. (2,143) (1,025) N.M.
    Property management fees and reimbursables4 (12,732) (6,722) 89.4 (24,067) (14,561) 65.3
    Other property operating expenses5 (40,028) (22,959) 74.3 (68,403) (41,172) 66.1
    Total property operating expenses (70,990) (39,090) 81.6 (127,540) (75,329) 69.3
    Net property income 130,085 69,918 86.1 250,427 135,196 85.2
    Manager's management fees (10,846) (7,816) 38.8 (20,938) (15,532) 34.8
    Trustee's fees (350) (292) 19.9 (677) (584) 15.9
    Audit fees (316) (159) 98.7 (582) (399) 45.9
    Valuation fees (69) 41 N.M. (136) (65) N.M.
    Other operating income/(expenses)7 1,600 (516) N.M. 808 (905) N.M.
    Foreign exchange gain/(loss) – realised8 (697) (482) 44.6 1,307 1,657 (21.1)
    Finance income9 2,328 3,730 (37.6) 3,941 7,194 (45.2)
    Finance costs10 (25,617) (17,361) 47.6 (48,118) (37,557) 28.1
    Net income before share of results of joint ventures 96,118 47,063 N.M. 186,032 89,005 N.M.
    Share of results (net of tax) of joint venture11 - 334 N.M. - 3,698 N.M.
    Net Income 96,118 47,397 N.M. 186,032 92,703 N.M.
    Gain/(loss) on disposal of subsidiariesy12 (164) - N.M. 13,164 34,708 (62.1)
    Change in fair value of investment properties13 (10,220) (99,000) (89.7) (10,220) (99,057) (89.7)
    Change in fair value of financial derivatives 51 (802) N.M 1,230 (1,786) N.M.
    Foreign exchange e gain/(loss) – unrealised 141 2,150 (93.4) (612) 1,769 N.M.
    Total return for the period/year before taxation 85,926 (50,255) N.M. 189,594 28,337 N.M.
    Taxation14 (32,788) (11,588) N.M. (66,792) (40,366) 65.5
    Total return for the period/year after taxation 53,138 (61,843) N.M. 122,802 (12,029) N.M.
    Attributable to:
    Unitholders 41,961 (62,453) N.M. 103,303 (12,639) N.M.
    Perpetual securities holders 1,701 610 N.M. 3,375 610 N.M.
    Non-controlling interests15 9,476 - N.M. 16,124 - N.M.
    Total return for the period/year after taxation 53,138 (61,843) N.M. 122,802 (12,029) N.M.

    N.M. – not meaningful

    Footnotes:

    1. The financial results in 2H 2021 and FY 2021 exclude contributions from CapitaMall Saihan, CapitaMall Minzhongleyuan and CapitaMall Erqi which were divested on 7 June 2021, 10 February 2021, and 1 June 2020 respectively. However, it includes contributions from Rock Square, Ascendas Xinsu Portfolio, Ascendas Innovation Towers and Ascendas Innovation Hub from 30 December 2020, 4 January 2021, 10 February 2021, and 26 February 2021 respectively. While the acquisitions of the Singapore-Hangzhou Science & Technology Park Phase I and Phase II were completed on 18 June 2021, the risk and reward have been transferred from 15 February 2021. In addition, it includes contributions from Kunshan Bacheng Logistics Park, Wuhan Yangluo Logistics Park, Chengdu Shuangliu Logistics Park and Shanghai Fengxian Logistics Park from 10 November 2021.
    2. Other income comprises mainly income earned from atrium space, carpark revenue, trolley carts and advertisement panels.
    3. Includes rental relief of approximately 0.3 months in FY 2021 and 1.3 months in FY 2020 equivalent of gross rental income respectively, in view of the COVID-19 situation.
    4. Includes reimbursement of costs to property manager.
    5. Includes items in the table below as part of the other property operating expenses.
         Group
         2H 2021
    S$'000
    2H 2020
    S$'000
    Change
    %
    FY 2021
    S$'000
    FY 2020
    S$'000
    Change
    %
    Depreciation and amortisation    (689) (447) 54.1 (1,368) (897) 52.5
    Impairment losses on trade receivables, net6    (65) (67) (3.0) (159) (357) (55.5)
    Plant and equipment written off    (40) (82) (51.2) (40) (85) (52.9)


    1. Includes provision of impairment losses for tenants with higher credit risk.
    2. Includes a one-off compensation of $1.9 million received from seller in relation to the asset swap of CapitaMall Nuohemule in 2H 2021 and FY 2021. Includes land rental concession of $0.4 million and $0.7 million received by CapitaMall Minzhongleyuan in 2H 2020 and FY 2020 respectively.
    3. In FY 2021, realised foreign exchange gain arose from the capital reduction in CapitaMall Xinnan, and repatriation of dividends from CapitaMall Xizhimen, CapitaMall Wangjing and CapitaMall Shuangjing. In FY 2020, it arose from repayment of the USD denominated shareholder’s loan principal in CapitaMall Erqi.
    4. Finance income relates mainly to interest from loan to joint venture and interest from bank deposits placed with financial institutions.
    5. Includes the interest expense on the lease liabilities under FRS 116
    6. This relates to the share of results from CLCT’s 51% interest in Rock Square Joint Venture in FY 2020. Following the completion of the acquisition of 49% stake in Rock Square on 30 December 2020, 100% Rock Square contribution was consolidated in the reported gross revenue and net property income for FY 2021.
    For information only:
      2H 2021
    S$'000
    FY 2020
    S$'000
    Gross revenue 9,526 18,176
    Property operating expenses (3,087) (5,050)
    Net property income 6,439 13,126
    Finance income 534 725
    Finance costs (2,007) (4,049)
    Other operating expenses (489) (1,961)
    Change in fair value of investment property (4,143) (4,143)
    Share of results (net of tax) of joint ventures 334 3,698
    1. This relates to the gain/(loss) arising from the disposal of 100% interest in the company which held CapitaMall Saihan and CapitaMall Minzhongleyuan and the disposal of 100% interest in the company which held CapitaMall Erqi in FY 2021 and FY 2020 respectively.
    2. Includes fair value changes of Right-of-Use assets.
    3. FY 2021 includes withholding tax payment of $4.9 million relating to the divestment of CapitaMall Saihan, repatriation of dividends from China SPVs and over provision of taxation from prior years of $1.0 million. FY 2020 includes withholding tax payment of $10.9 million relating to the divestment of CapitaMall Erqi and under provision of taxation from prior years of $45,000.
    4. This relates to 49% non-controlling interest (NCI) in Ascendas Xinsu Portfolio and 20% NCI in Ascendas Innovation Hub, Singapore-Hangzhou Science & Technology Park Phase I and Phase II.
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