Financial InformationFinancial Highlights

  • Summary of CLCT Results1,2
      2H 2020 2H 2019   FY 2020 FY 2019  
      S$'000 S$'000 Change
    %
    S$'000 S$'000 Change
    %
    Gross Revenue3 109,008 127,047 (14.2) 210,525 238,185 (11.6)
    Net Property Income3,4 69,918 85,204 (17.9) 135,196 165,371 (18.2)
    Distributable income
    contribution from joint venture5
    4,922 5,583 (11.8) 9,701 10,696 (9.3)
    Income available for distribution to Unitholders 39,180 60,569 (35.3) 74,478 110,800 (32.8)
    Distributable amount to Unitholders (before Capital Distribution)6 42,680 55,319 (22.8) 79,728 105,550 (24.5)
    Capital Distribution7 - - - - 1,000 (100.0)
    Distributable amount to Unitholders6 42,680 55,319 (22.8) 79,728 106,550 (25.2)
    Distribution Per Unit ("DPU") (cents)
    DPU before Capital Distribution 3.33 4.77 (30.2) 6.358 9.80 (35.2)
    DPU after Capital Distribution 3.33 4.77 (30.2) 6.358 9.90 (35.9)
     
      2H 2020 2H 2019   FY 2020 FY 2019  
      RMB'000 RMB'000 Change
    %
    RMB'000 RMB'000 Change
    %
    Gross Revenue 545,240 648,087 (15.9) 1,056,226 1,202,587 (12.2)
    Net Property Income 349,622 434,995 (19.6) 678,194 834,968 (18.8)
      1 Jan 2020 to
    25 Nov 2020
    26 Nov 2020 to
    31 Dec 2020
    FY 2020
      S$'000 S$'000 s$'000
    Gross Revenue 187,296 23,229 210,525
    Net Property Income 121,564 13,632 135,196
    Distributable amount to Unitholders 71,032 8,696 79,728
    Distribution Per Unit ("DPU") (cents)
    For the period 5.77 0.58 6.35

    Footnotes:

    1. The financial results in 2H 2020 and FY 2020 exclude contributions from CapitaMall Erqi and CapitaMall Wuhu which were divested on 1 June 2020 and 1 July 2019 respectively.
    2. The financial results in 2H 2020 and FY 2020 include contributions from CapitaMall Xuefu, CapitaMall Yuhuating and CapitaMall Aidemengdun which were acquired on 30 August 2019.
    3. Average exchange rate for SGD/RMB.
      1H 2020 2H 2019 Change % FY 2020 FY 2019 Change %
      5.000 5.105 (2.1) 5.016 5.049 (0.7)

    4. 2H 2020 and FY 2020 includes rental relief extended to tenants in view of the COVID-19 situation.
    5. This relates to 51% interest in Rock Square.
    6. CLCT released $1.8 million and $5.3 million retained in FY 2019 from the compensation received by CapitaMall Erqi, following the exit of its anchor tenant in 2H 2020 and FY 2020 respectively. At the same time, $1.8 million which was retained from the income available for distribution to Unitholders in 1H 2020 was also released in the distributable amount to Unitholders in 2H 2020.
    7. In FY 2019, capital distribution arose from the gain from the divestment of the equity interest in the company which held CapitaMall Anzhen.
    8. Includes 3.02 cents for the period from 1 January 2020 to 30 June 2020, calculated based on 1,222,871,665 Units, 2.75 cents from 1 July 2020 to 25 November 2020, calculated based on 1,232,104,560 Units and 0.58 cents from 26 November to 31 December 2020, calculated based on enlarged unit base of 1,506,433,415 units after the issuance of 205,331,000 Units and 68,997,855 Units via private placement on 26 November 2020 and preferential offering on 16 December 2020 respectively.
  • Statement of Total Return for the Group (FY 2020 vs FY 2019)
      Group
      2H 20201,2
    S$'000
    2H 2019
    S$'000
    %
    Change
    Gross rental income 100,404 117,152 (14.3)
    Other income3 8,604 9,895 (13.0)
    Gross revenue4 109,008 127,047 (14.2)
    Property related tax (8,930) (11,033) (19.1)
    Business Tax (479) (685) (30.1)
    Property management fees5 (6,722) (8,303) (19.0)
    Other property operating expenses6 (22,959) (21,822) 5.2
    Total property operating expenses (39,090) (41,843) (6.6)
    Net property income 69,918 85,204 (17.9)
    Manager's management fees (7,816) (8,184) (4.5)
    Trustee's fees (292) (272) 7.4
    Audit fees (159) (204) (22.1)
    Valuation fees 41 21 95.2
    Other trust operating (expenses)/ income8,9 (516) 9,284 N.M.
    Finance income10 3,730 4,201 (11.2)
    Foreign exchange (loss)/gain – realised11 (482) 5,801 N.M.
    Finance costs12 (17,361) (19,907) (12.8)
    Net income before share of results of joint ventures 47,063 75,944 (38.0)
    Share of results (net of tax) of joint venture13 334 4,890 (93.2)
    Net Income 47,397 80,834 (41.4)
    Loss on disposal of subsidiary14 - (4,750) (100.0)
    Change in fair value of investment properties15 (99,000) 33,400 N.M.
    Change in fair value of financial derivatives (802) 137 N.M.
    Foreign exchange gain/(loss) – unrealised 2,150 (566) N.M.
    Total return for the period before taxation (50,255) 109,055 N.M.
    Taxation16 (11,588) (36,915) (68.6)
    Total return for the period after taxation (61,843) 72,140 N.M.
    Attributable to:
    Unitholders (62,453) 72,140 N.M.
    Perpetual securities holders 610 - 100.0
    Total return for the period after taxation (61,843) 72,140 N.M.
      Group
      FY 20201,2
    S$'000
    FY 2019
    S$'000
    %
    Change
    Gross rental income 194,771 221,033 (11.9)
    Other income3 15,754 17,152 (8.2)
    Gross revenue4 210,525 238,185 (11.6)
    Property related tax (18,571) (21,131) (12.1)
    Business Tax (1,025) (1,280) (19.9)
    Property management fees5 (14,561) (15,074) (3.4)
    Other property operating expenses6 (41,172) (35,329) 16.5
    Total property operating expenses (75,329) (72,814) 3.5
    Net property income 135,196 165,371 (18.2)
    Manager's management fees (15,532) (15,514) 0.1
    Trustee's fees (584) (509) 14.7
    Audit fees (399) (410) (2.7)
    Valuation fees (65) (39) 66.7
    Other trust operating (expenses)/ income8,9 (905) 10,727 N.M.
    Finance income10 7,194 7,093 1.4
    Foreign exchange gain – realised11 1,657 6,521 (74.6)
    Finance costs12 (37,557) (36,514) 2.9
    Net income before share of results of joint ventures 89,005 136,726 (34.9)
    Share of results (net of tax) of joint venture13 3,698 8,570 (56.8)
    Net Income 92,703 145,296  (36.2)
    Gain/(loss) on disposal of subsidiary14 34,708 (4,750) N.M.
    Change in fair value of investment properties15 (99,057) 100,079 N.M.
    Change in fair value of financial derivatives (1,786) 2,018 N.M.
    Foreign exchange gain/(loss) – unrealised 1,769 (1,419) N.M.
    Total return before taxation 28,337 241,224 (88.3)
    Taxation16 (40,366) (74,598) (45.9)
    Total return for the year after taxation (12,029) 166,626 N.M.
    Attributable to:
    Unitholders (12,639) 165,424 N.M.
    Perpetual securities holders 610 - 100.0
    Non-controlling interest - 1,202 (100.0)
    Total return for the year after taxation (12,029) 166,626 N.M.

    Footnotes:

    1. The financial results exclude contributions from CapitaMall Erqi and CapitaMall Wuhu which were divested on 1 June 2020 and 1 July 2019 respectively.
    2. The financial results include contributions from CapitaMall Xuefu, CapitaMall Yuhuating and CapitaMall Aidemengdun which were acquired on 30 August 2019
    3. Other income comprises mainly income earned from atrium space, carpark revenue, trolley carts and advertisement panels.
    4. Includes rental relief and lease restructuring extended to tenants in FY 2020 in view of the COVID-19 situation.
    5. Includes reimbursement of costs to the property manager.
    6. Includes items in the table below as part of the other property operating expenses.
         Group
         2H 20201,2
    S$'000
    2H 2019
    S$'000
    Change
    %
    Depreciation and amortisation    (447) (529) (15.5)
    Impairment losses on trade receivables, net7    (67) - 100.0
    Plant and equipment written off    (82) (31) N.M.


         Group
         FY 20201,2
    S$'000
    FY 2019
    S$'000
    Change
    %
    Depreciation and amortisation    (897) (1,080) (16.9)
    Impairment losses on trade receivables, net7    (357) (1) N.M.
    Plant and equipment written off    (85) (34) N.M.
    1. Includes provision of impairment losses made in 2H 2020 and FY 2020 for tenants with higher credit risk
    2. Includes a one-off compensation receivable by CapitaMall Erqi following the exit of its anchor tenant in 2H 2019 and FY 2019.
    3. Includes land rental concession of $0.4 million and $0.7 million received by CapitaMall Minzhongleyuan in 2H 2020 and FY 2020 respectively.
    4. Finance income relates mainly to interest from loan to joint venture and interest from bank deposits placed with financial institutions.
    5. Include realised foreign exchange gain arose from repayment of the USD denominated shareholder’s loan principal in CapitaMall Erqi partially in both FY 2019 and FY 2020 and CapitaMall Saihan in FY 2019.
    6. Includes the interest expense on the lease liabilities under FRS 116.
    7. This relates to the share of results from CLCT’s 51% interest in RS JV. Details are as follows:
      For information only
      2H 2020
    S$'000
    2H 2019
    S$'000
    Gross revenue 9,526 10,639
    Property operating expenses (3,087) (3,166)
    Net property income 6,439 7,473
    Finance income 534 278
    Finance costs (2,007) (2,167)
    Other operating expenses (489) (1,696)
    Change in fair value of investment property (4,143) 1,002
    Share of results (net of tax) of joint ventures 334 4,890


      For information only
      FY 2020
    S$'000
    FY 2019
    S$'000
    Gross revenue 18,176 20,970
    Property operating expenses (5,050) (6,289)
    Net property income 13,126 14,681
    Finance income 725 395
    Finance costs (4,049) (4,314)
    Other operating expenses (1,961) (3,250)
    Change in fair value of investment property (4,143) 1,058
    Share of results (net of tax) of joint ventures 3,898 8,570
    1. This relates to gain/(loss) arising from the divestment of the company which held CapitaMall Erqi in FY 2020 and 51% interest in the company which held CapitaMall Wuhu in FY2019.
    2. Includes fair value changes of right-of-use (ROU) assets.
    3. 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 in FY 2020. In FY 2019, includes over provision of taxation from prior years of $0.6 million.
    N.M. – not meaningful
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