Financial InformationFinancial Highlights

  • Summary of CLCT Results
      1 January to 30 June 2024
    (1H 2024) 1    		 1 January to 30 June 2023
    (1H 2023)     		Change
      Actual
    $'000     		Actual
    $'000     		%
    Gross Revenue 2 172,982 184,542 (6.3)
    Net Property Income 2,3 117,944 129,231 (8.7)
    Distributable amount to Unitholders 51,302 63,128 (18.7)
    Distribution Per Unit ("DPU") (cents) 4
    For the period 3.01 3.74 (19.5)
     
      1H 2024 1 1H 2023 Change
      Actual
    RMB'000     		Actual
    RMB'000     		%
    Gross Revenue 2 925,929 947,781 (2.3)
    Net Property Income 2,3 631,328 663,709 (4.9)

    Footnotes:

    1. 1H 2024 excludes contribution from CapitaMall Qibao which had ceased operations in March 2023 and lower contribution from CapitaMall Shuangjing which was divested since January 2024.
    2. Average exchange rate for SGD/RMB.
      1H 2024 1H 2023 Change %
      5.353 5.136 4.2

    3. Based on the same exchange rate as 1H 2023, net property income for 1H 2024 in SGD terms would have been $122.9 million or 4.9% lower than 1H 2023.
    4. The DPU is computed based on total issued units of 1,704.4 million and 1,688.9 million in 1H 2024 and 1H 2023 respectively.
  • Statement of total return for the Group (1H 2024 vs 1H 2023)
      Group
      1H 2024 1
    $'000     		1H 2023
    $'000     		Change
    %
    Gross rental income 158,496 169,464 (6.5)
    Other income 2 14,486 15,078 (3.9)
    Gross revenue 172,982 184,542 (6.3)
    Property related tax 3 (15,205) (13,638) 11.5
    Business tax (975) (952) 2.4
    Property management fees and reimbursables (10,875) (12,112) (10.2)
    Other property operating expenses 4 (27,983) (28,609) (2.2)
    Total property operating expenses (55,038) (55,311) (0.5)
    Net property income 117,944 129,231 (8.7)
    Manager's management fees (9,792) (10,659) (8.1)
    Trustee's fees (324) (345) (6.1)
    Audit fees (329) (381) (13.6)
    Valuation fees (30) (57) (47.4)
    Other operating (expenses)/income 6 (324) 258 N.M.
    Foreign exchange gain - realised 7 1,687 3,499 (51.8)
    Finance income 8 1,302 1,119 16.4
    Finance costs 9 (32,836) (34,486) (4.8)
    Net finance costs (31,534) (33,367) (5.5)
    Net Income 77,298 88,179 (12.3)
    Gain on disposal of subsidiary 10 7,335 - 100.0
    Change in fair value of investment properties 11 (22,932) (10,696) N.M.
    Change in fair value of financial derivatives (412) (1,247) (67.0)
    Foreign exchange loss - unrealised 13 (167) N.M.
    Total return for the period before taxation 61,302 76,069 (19.4)
    Taxation 12 (40,537) (33,856) 19.7
    Total return for the period after taxation 20,765 42,213 (50.8)
    Attributable to:
    Unitholders 11,446 33,189 (65.5)
    Perpetual securities holders 1,683 1,674 0.5
    Non-controlling interests 13 7,636 7,350 3.9
    Total return for the period after taxation 20,765 42,213 (50.8)

    N.M. – not meaningful

    Footnotes:

    1. 1H 2024 excludes contribution from CapitaMall Qibao which had ceased operations in March 2023 and lower contribution from CapitaMall Shuangjing which was divested since January 2024.
    2. Other income comprises mainly income earned from atrium space, carpark revenue, trolley carts and advertisement panels.
    3. Lower property tax incentives received by the business parks in 1H 2024.
    4. Includes items in the table below as part of the other property operating expenses.
      Group
      1H 2024 1
    $'000     		1H 2023
    $'000     		Change
    %
    Depreciation and amortisation (379) (539) (29.7)
    Impairment losses on trade receivables, net 5 (10) (29) (65.5)
    Plant and equipment written off (27) (8) N.M.

    N.M. – not meaningful

    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 2024, realised foreign exchange gain arose mainly from the USD denominated sales proceeds received from the divestment of CapitaMall Shuangjing and net settlement of foreign currency forwards. In 1H 2023, the gain arose mainly from the repayment of the USD denominated shareholder’s loan principal and 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. This relates to gain arising from the divestment of CapitaMall Shuangjing in 1H 2024.
    7. The change in fair value for investment properties relates to the fair value adjustment based on current market and operating conditions to the logistics parks portfolio in 1H 2024 and change in fair value in CapitaMall Qibao in 1H 2023 as the mall had ceased operations since March 2023.
    8. Includes withholding tax payment of $12.1 million relating to the divestment of CapitaMall Shuangjing and over provision of taxation from prior years of $1.2 million in 1H 2024. In 1H 2023, includes under provision of taxation from prior years of $1.2 million.
    9. 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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