Page 5 - Report_to_Unitholders_2012

FY 20121 FY 20111 FY 20101 FY 20091 FY 20081
Balance Sheet (as at 31 December)
Total Assets (S$’000) 1,648,791 1,536,268 1,274,478 1,200,980 1,325,683
Total Deposited Properties2 (S$’000) 1,623,824 1,482,001 1,229,196 1,159,778 1,282,534
Net Assets Attributable to Unitholders (S$’000) 978,742 913,839 734,507 679,868 772,564
Total Borrowings (S$’000) 465,847 433,048 401,958 406,399 414,701
Market Capitalisation (S$ million) 1,232 792 775 797 371
Net Asset Value Per Unit (S$) 1.31 1.33 1.17 1.09 1.25
Portfolio Property Valuation (S$’000) 1,476,988 3 1,440,620 1,215,089 1,156,614 1,253,790
FY 20121
Financial Derivatives (as at 31 December)
Net Fair Value of Financial Derivatives6 (S$ million) 14.0
Proportion of Financial Derivatives to Net Assets Attributable to Unitholders (%) 1.4
Proportion of Notional Amount of Financial Derivatives to Total Borrowings (%) 65.5
Financial Ratios (as at 31 December)
Earnings Per Unit (¢) 19.59 18.22 17.84 6.88 6.40
Distribution Per Unit (¢) 9.54 8.70 8.36 8.14 7.53
Net Tangible Assets Per Unit (S$) 1.31 1.33 1.17 1.09 1.25
Gearing Ratio4 (%) 28.0 28.0 31.1 33.6 31.5
Interest Cover (times) 8.5 7.3 6.2 8.0 6.9
Management Expense Ratio5 (%) 1.0 0.9 1.0 1.1 1.1
1The fnancial year from 1 January to 31 December.
2All the assets of CRCT (or proportional share if CRCT owns less than 100% of a Barbados Company as defned in the CRCT Prospectus dated 29 November
2006 (CRCT Prospectus) and/or a Project Company (as defned in the CRCT Prospectus)) including the properties and all the authorised investment of CRCT
for the time being held or deemed to be held upon the trusts under the trust deed dated 23 October 2006 as amended by the First Supplemental Deed dated
8 November 2006, Second Supplemental Deed dated 15 April 2010 and Third Supplemental Deed dated 5 April 2012 (collectively, the Trust Deed), and
excluding income to be distributed after the year end.
3Based on valuation as at 31 December 2012. The valuations of CapitaMall Xizhimen, CapitaMall Minzhongleyuan, CapitaMall Qibao, CapitaMall Saihan
and CapitaMall Wuhu were undertaken by CBRE Pte. Ltd. (“CBRE”), while the valuations for CapitaMall Wangjing, CapitaMall Anzhen, CapitaMall Erqi and
CapitaMall Shuangjing were undertaken by Colliers International (Hong Kong) Limited (“Colliers”) as at 31 December 2012. Portfolio property valuation include
the valuations of the nine retail malls and the carrying amount of CapitaMall Minzhongleyuan’s three residential units.
4The gearing is calculated based on total outstanding debts over the total assets. Total assets included the hedging effects on the net assets denominated in
Renminbi (RMB).
5Refers to the expenses of CRCT excluding property expenses and interest expenses but including performance component of CRCTML’s management fees,
expressed as a percentage of weighted average net assets.
6Financial derivatives include non-deliverable forwards and interest rate swaps which CRCT has entered into as a form of hedging against the underlying
foreign currency and interest rate risks. The fair value derivative represented 1.4% of the net assets of CRCT as at 31 December 2012.
CapitaRETAIL china trust | Report to UNITHOLDERS 2012 3