Financial InformationFinancial Highlights

  • Summary of CLCT Results
      1 January to 30 June 2023
    (1H 2023)    		 1 January to 30 June 2022
    (1H 2022)    		 Change
      Actual
    $'000    		 Actual
    $'000    		 %
    Gross Revenue1,2 184,542 199,295 (7.4)
    Net Property Income1,2 129,231 139,532 (7.4)
    Amount available for distribution to Unitholders3 63,128 72,317 (12.7)
    Amount retained4 - (3,616) (100.0)
    Distributable amount to Unitholders 63,128 68,701 (8.1)
    Distribution Per Unit ("DPU") (cents)5
    For the period 3.74 4.10 (8.8)
     
      1H 2023 1H 2022 Change
      Actual
    RMB'000    		 Actual
    RMB'000    		 %
    Gross Revenue1,2 947,781 940,250 0.8
    Net Property Income1,2 663,709 658,291 0.8

    Footnotes:

    1. Average exchange rate for SGD/RMB.
      1H 2023 1H 2022 Change %
      5.136 4.718 8.9

    2. Lower contribution from CapitaMall Qibao as the mall had ceased operations at the end of March 2023.
    3. Includes rental support (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free period provided to existing tenants of Chengdu Shuangliu Logistics Park which has been partially distributed as capital distribution in 1H 2022.
    4. CLCT retained $3.6 million of its amount available for distribution to Unitholders in view of the operating uncertainty associated with COVID-19 outbreaks and lockdown in China resulted in mandatory closure of affected assets in 1H 2022. This represents 5.0% of the amount available for distribution to Unitholders. The amount retained was fully released in 2H 2022.
    5. The DPU is computed based on total issued units of 1,688.9 million and 1,671.6 million in 1H 2023 and 1H 2022 respectively. If assume same exchange rate as 1H 2022, DPU in 1H 2023 would have been 4.22 cents or 2.9% higher than 1H 2022.
  • Statement of total return for the Group (1H 2023 vs 1H 2022)
      Group
      1H 2023
    $'000    		 1H 2022
    $'000    		 Change
    %
    Gross rental income 169,464 183,526 (7.7)
    Other income1 15,078 15,769 (4.4)
    Gross revenue 184,542 199,295 (7.4)
    Property related tax (13,638) (13,559) 0.6
    Business tax (952) (1,097) (13.2)
    Property management fees and reimbursables (12,112) (13,159) (8.0)
    Other property operating expenses2 (28,609) (31,948) (10.5)
    Total property operating expenses (55,311) (59,763) (7.4)
    Net property income 129,231 139,532 (7.4)
    Manager's management fees (10,659) (11,438) (6.8)
    Trustee's fees (345) (368) (6.3)
    Audit fees (381) (388) (1.8)
    Valuation fees (57) (47) 21.3
    Other operating income/(expenses)4 258 (457) N.M.
    Foreign exchange gain/(loss) - realised5 3,499 (800) N.M.
    Finance income6 1,119 1,244 (10.0)
    Finance costs7 (34,486) (27,685) 24.6
    Net finance costs (33,367) (26,441) 26.2
    Net Income 88,179 99,593 (11.5)
    Change in fair value of investment property8 (10,696) - N.M.
    Change in fair value of financial derivatives (1,247) 746 N.M.
    Foreign exchange loss - unrealised (167) (4) N.M.
    Total return for the period before taxation 76,069 100,335 (24.2)
    Taxation9 (33,856) (30,893) 9.6
    Total return for the period after taxation 42,213 69,442 (39.2)
    Attributable to:
    Unitholders 33,189 59,772 (44.5)
    Perpetual securities holders 1,674 1,674 -
    Non-controlling interests10 7,350 7,996 (8.1)
    Total return for the period after taxation 42,213 69,442 (39.2)

    N.M. – not meaningful

    Footnotes:

    1. Other income comprises mainly income earned from atrium space, carpark revenue, trolley carts and advertisement panels.
    2. Includes items in the table below as part of the other property operating expenses.
         Group
          1H 2023
    S$'000    		 1H 2022
    S$'000    		 Change
    %
    Depreciation and amortisation    (539) (625) (13.8)
    Impairment losses on trade receivables, net3    (29) (5) N.M.
    Plant and equipment written off    (8) - N.M.


    1. Impairment losses mainly relate to tenants with higher and potential credit risk.
    2. Includes land rental relief of $1.3 million received by CapitaMall Qibao in 1H 2023
    3. In 1H 2023, realised foreign exchange gain arose mainly from the net settlement of foreign currency forwards and repayment of the USD denominated shareholder’s loan principal. In 1H 2022, the loss arose mainly from the net settlement of foreign currency forwards.
    4. Finance income relates mainly to interest from bank deposits placed with financial institutions.
    5. Includes the interest expense on the lease liabilities under FRS 116.
    6. CLCT valuation policy is to conduct an external valuation on an annual basis. In 1H 2023, the change in fair value for investment property relates to the decrease in fair value of CapitaMall Qibao as the mall had ceased operations at the end of March 2023.
    7. Increase mainly due to higher provision of deferred taxation and adjustments for prior year provision of taxation (1H 2023: $1.2 million and 1H 2022: $0.8 million), partially offset by lower withholding tax for repatriation of dividends from China SPVs.
    8. 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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