Financial InformationFinancial Highlights
Summary of CLCT Results
1H 20211,2 1H 2020 S$'000 S$'000 Change
Gross Revenue3.4 176,892 101,517 74.2 Net Property Income3 120,342 65,278 84.4 Income available for distribution to Unitholders 64,071 35,298 81.5 Distributable amount to Unitholders5 64,071 37,048 72.9 Distribution Per Unit ("DPU") (cents) For the period 4.23 3.02 40.1 1H 2021 1H 2020 RMB'000 RMB'000 Change
Gross Revenue4 860,995 510,986 68.5 Net Property Income 585,721 328,572 78.3
- The financial results in 1H 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
- The financial results in 1H 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.
- Average exchange rate for SGD/RMB.
1H 2021 2H 2020 Change % 4.867 5.033 (3.3)
- 1H 2021 and 1H 2020 include rental relief extended to tenants in view of the COVID-19 situation.
- For 1H 2020, CLCT released $3.5 million retained in FY 2019 from the compensation received by CapitaMall Erqi, following the exit of its anchor tenant. At the same time, $1.8 million was retained from the income available for distribution to Unitholders for general corporate and working capital purposes.
Statement of Total Return for the Group (1H 2021 vs 1H 2020)
Group 1H 20211
Gross rental income 163,948 94,367 73.7 Other income2 12,944 7,150 81.0 Gross revenue3 176,892 101,517 74.2 Property related tax (15,834) (9,641) 64.2 Business Tax (1,006) (546) 84.2 Property management fees and reimbursables4 (11,335) (7,839) 44.6 Other property operating expenses5 (28,375) (18,213) 55.8 Total property operating expenses (56,550) (36,239) 56.0 Net property income 120,342 65,278 84.4 Manager's management fees (10,092) (7,716) 30.8 Trustee's fees (327) (292) 12.0 Audit fees (266) (240) 10.8 Valuation fees (67) (106) (36.8) Other trust operating expenses7 (792) (389) N.M. Foreign exchange gain – realised8 2,004 2,139 (6.3) Finance income9 1,613 3,464 (53.4) Finance costs10 (22,501) (20,196) 11.4 Net income before share of results of joint ventures 89,914 41,942 N.M Share of results (net of tax) of joint venture11 - 3,364 (100.0) Net Income 89,914 45,306 98.5 Gain on disposal of subsidiary12 13,328 34,708 (61.6) Change in fair value of investment properties13 - (57) (100.0) Change in fair value of financial derivatives 1,179 (984) N.M. Foreign exchange loss – unrealised (753) (381) 97.6 Total return for the period before taxation 103,668 78,592 31.9 Taxation14 (34,004) (28,778) 18.2 Total return for the period after taxation 69,664 49,814 39.8 Attributable to: Unitholders 61,342 49,814 23.1 Perpetual securities holders 1,674 - 100.0 Non-controlling interests15 6,648 - 100.0 Total return for the period after taxation 69,664 49,814 39.8
N.M. – not meaningful
- The financial results in 1H 2021 excludes 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.
- Other income comprises mainly income earned from atrium space, carpark revenue, trolley carts and advertisement panels.
- Includes rental relief of approximately 1.2 months equivalent of gross rental income, which was extended to tenants in 1H 2020 in view of the COVID-19 situation and approximately 0.2 months in 1H 2021.
- Includes reimbursement of costs to property manager.
- Includes items in the table below as part of the other property operating expenses
Group 1H 2021
Depreciation and amortisation (679) (450) 50.9 Impairment losses on trade receivables, net6 (94) (290) (67.6) Plant and equipment written off - (3) (100.0)
- Includes provision of impairment losses made in 1H 2021 and 1H 2020 for tenants with higher credit risk.
- Includes land rental concession of $0.3 million received by CapitaMall Minzhongleyuan in 1H 2020.
- In 1H 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 1H 2020, it arose from repayment of the USD denominated shareholder’s loan principal in CapitaMall Erqi.
- Finance income relates mainly to interest from loan to joint venture and interest from bank deposits placed with financial institutions.
- Includes the interest expense on the lease liabilities under FRS 116.
- This relates to the share of results from CLCT’s 51% interest in Rock Square Joint Venture in 1H 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 1H 2021.
For information only: 1H 2021
Gross revenue 8,650 Property operating expenses (1,963) Net property income 6,687 Finance income 191 Finance costs (2,042) Other operating expenses (1,472) Share of results (net of tax) of joint ventures 3,364
- This relates to gain arising from the divestment of CapitaMall Saihan, CapitaMall Minzhongleyuan in 1H 2021, and CapitaMall Erqi in 1H 2020.
- CLCT will conduct property valuation on an annual basis instead of a half-yearly basis, as announced on 26 February 2020. In 1H 2020, the change in fair value change for investment properties relates to the markdown of additional capital expenditure for CapitaMall Saihan, being carried at its fair value of RMB460.0 million as announced on 1 February 2019.
- 1H 2021 includes withholding tax payment of $4.5 million relating to the divestment of CapitaMall Saihan, repatriation of dividends from China SPVs and over provision of taxation for 1H 2021 of $0.9 million. 1H 2020 includes withholding tax payment of $10.9 million relating to divestment of CapitaMall Erqi and under provision of taxation from prior years of $24,000.
- 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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