Financial InformationFinancial Highlights

  • Summary of CLCT Results1,2
      1 July to 31 December 2022
    (2H2022)    		 1 July to 31 December 2021
    (2H 2021)    		   1 January to 31 December 2022
    (FY 2022)    		 1 January to 31 December 2021
    (FY 2021)    		  
      S$'000 S$'000   S$'000 S$'000  
    Gross Revenue3 183,876 201,075   383,171 377,967  
    Net Property Income 114,684 130,085   254,216 250,427  
    Amount available for distribution to Unitholders 4 53,298 71,445   125,615 135,516  
    Amount released/(retained)5 3,616 -   - -  
    Distributable amount to Unitholders 56,914 71,445   125,615 135,516  
    Distribution Per Unit ("DPU") (cents)6
    For the period/year 3.40 4.50   7.50 8.73  
     
      2H 2022 2H 2021   FY 2022 FY 2021  
      RMB'000 RMB'000   RMB'000 RMB'000  
    Gross Revenue3 911,266 965,152   1,851,516 1,826,147  
    Net Property Income 570,102 624,180   1,228,393 1,209,901  

    Footnotes:

    1. The financial results exclude contribution from CapitaMall Saihan which was divested on 7 June 2021. The financial results include contributions from Ascendas Xinsu Portfolio, Ascendas Innovation Towers and Ascendas Innovation Hub as the acquisitions of these properties were completed on 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, the results include contributions from Kunshan Bacheng Logistics Park, Wuhan Yangluo Logistics Park, Chengdu Shuangliu Logistics Park and Shanghai Fengxian Logistics Park as the acquisitions of these properties were completed on 10 November 2021.
    2. Average exchange rate for SGD/RMB.
      2H 2022 2H 2021 Change % FY 2022 FY 2021 Change %
      4.971 4.798 3.6 4.832 4.831 -

    3. The financial results include rental relief extended to tenants in view of the COVID-19 situation.
    4. Includes rental support (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free provided to existing tenants for Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park which will be distributed as capital distribution.
    5. In 2H 2022, CLCT released S$3.6 million from the amount available for distribution to Unitholders that was previously retained in 1H 2022.
    6. The DPU is computed based on total issued units of 1,673.9 million and 1,659.5 million as at 31 December 2022 and 31 December 2021 respectively.
  • Statement of Total Return for the Group (2H 2022 vs 2H 2021 and FY 2022 vs FY 2021)1
      Group
      2H 20221,2
    S$'000     		2H 2021
    S$'000    		 Chagne
    %     		FY2022
    S$'000    		 FY2021
    S$'000    		 Change
    %
    Gross rental income 172,915 184,621 (6.3) 356,441 348,569 2.3
    Other income2 10,961 16,454 (33.4) 26,730 29,398 (9.1)
    Gross revenue3 183,876 201,075 (8.6) 383,171 377,967 1.4
    Property related tax (16,741) (17,093) (2.1) (30,300) (32,927) (8.0)
    Business Tax (1,041) (1,137) (8.4) (2,138) (2,143) (0.2)
    Property management fees and reimbursables4 (12,425) (12,732) (2.4) (25,584) (24,067) 6.3
    Other property operating expenses5 (38,985) (40,028) (2.6) (70,933) (68,403) 3.7
    Total property operating expenses (69,192) (70,990) (2.5) (128,955) (127,540) 1.1
    Net property income 114,684 130,085 (11.8) 254,216 250,427 1.5
    Manager's management fees (10,344) (10,846) (4.6) (21,782) (20,938) 4.0
    Trustee's fees (361) (350) 3.1 (729) (677) 7.7
    Audit fees (305) (316) (3.5) (693) (582) 19.1
    Valuation fees (40) (69) (42.0) (87) (136) (36.0)
    Other trust operating income 642 1,600 (59.9) 185 808 (77.1)
    Foreign exchange gain/(loss) – realised7 1,883 (697) N.M. 1,083 1,307 (17.1)
    Finance income8 2,925 2,328 25.6 4,169 3,941 5.8
    Finance costs9 (32,714) (25,617) 27.7 (60,399) (48,118) 25.5
    Net finance costs (29,789 (23,289) 27.9 (56,230) (44,177) 27.3
    Net Income 76,370 96,118  (20.5) 175,963 186,032 (5.4)
    (Loss)/gain on disposal/liquidation of subsidiaries10 (1,831) (164) N.M. (1,831) 13,164 N.M.
    Change in fair value of investment properties11 67,845 (10,220) N.M. 67,845 (10,220) N.M.
    Change in fair value of financial derivatives 1,115 51 N.M. 1,861 1,230 51.3
    Foreign exchange (loss)/gain – unrealised (923) 141 N.M. (927) (612) 51.5
    Total return for the period/year before taxation 142,576 85,926 65.9 242,911 189,594 28.1
    Taxation12 (56,892) (32,788) 73.5 (87,785) (66,792) 31.4
    Total return for the year after taxation 85,684 53,138 61.2 155,126 122,802 26.3
    Attributable to:
    Unitholders 59,846 41,961 42.6 119,618 103,303 15.8
    Perpetual securities holders 1,701 1,701 - 3,375 3,375 -
    Non-controlling interest13 24,137 9,476 N.M. 32,133 16,124 99.3
    Total return for the period/year after taxation 85,684 53,138 61.2 155,126 122,802 26.3

    N.M. – not meaningful

    Footnotes:

    1. The financial results exclude contribution from CapitaMall Saihan which was divested on 7 June 2021. The financial results include contributions from Ascendas Xinsu Portfolio, Ascendas Innovation Towers and Ascendas Innovation Hub as the acquisitions of these properties were completed on 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, the results include contributions from Kunshan Bacheng Logistics Park, Wuhan Yangluo Logistics Park, Chengdu Shuangliu Logistics Park and Shanghai Fengxian Logistics Park as the acquisitions of these properties were completed on 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 0.8 month in FY 2022 and 0.3 month in FY 2021 of corresponding monthly gross rental income of the total portfolio respectively.
    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 2022
    S$'000    		 2H 2021
    S$'000    		 Change
    %    		 FY 2022
    S$'000    		 FY 2021
    S$'000    		 Change
    %
    Depreciation and amortisation    (603) (689) (12.5) (1,228) (1,368) (10.2)
    Impairment losses on trade receivables, net6    (590) (65) N.M. (595) (159) N.M.
    Plant and equipment written off    (33) (40) (17.5) (33) (40) (17.5)


    1. Impairment losses mainly relate to tenants with higher and potential credit risk
    2. In FY 2022, realised foreign exchange gain arose mainly from the net settlement of foreign currency fo
    3. Finance income relates mainly to interest from bank deposits placed with financial institutions.
    4. Includes the interest expense on the lease liabilities under FRS 116.
    5. For 2H 2022 and FY 2022, the liquidation relates to the loss arising from the deconsolidation of the Group’s subsidiary, CapitaRetail China Investments (B) Gamma Pte. Ltd. following the company’s voluntary deregistration with the Corporate Affairs and Intellectual Property Office of Barbados which was completed on 10 Nov 2022. For 2H 2021 and FY 2021, it was related to the disposal of 100% interest in the companies which held CapitaMall Saihan and CapitaMall Minzhongleyuan.
    6. Includes fair value change of Right-of-Use assets.
    7. FY 2022 includes under provision of taxation from prior years of $0.5 million while FY 2021 includes withholding tax payment of $4.9 million relating to the divestment of CapitaMall Saihan and over provision of taxation from prior years of $1.0 million.
    8. This relates to 49% non-controlling interest (NCI) in Ascendas Xinsu Portfolio and 20ss% NCI in Ascendas Innovation Hub, Singapore-Hangzhou Science & Technology Park Phase I and Phase II.
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