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Cash Flows and Liquidity
CRCT takes a proactive role in monitoring its cash and
liquid reserves to ensure adequate funding is available for
distribution to the Unitholders as well as to meet any short-
term liabilities.
Operating Activities
Operating net cash fow for the FY 2012 was S$57.3 million,
a decrease of S$17.6 million over the operating cash fow
of S$74.9 million in the preceding fnancial year. This was
mainly due to higher income tax payment in relation to
the foreign exchange gain arising from the revaluation of
the shareholder’s loan principal and interest which were
redenominated from RMB to USD during the year.
Investing Activities
CRCT adheres to stringent criteria when evaluating potential
acquisitions. This involves a thorough review of risks and
return and to overall add value to the existing portfolio and
future growth expectation. CRCT will constantly look out
for new acquisition opportunties.
Financing Activities
CRCT continues to adopt a prudent and proactive approach
to monitor the cash position and level of borrowings to
ensure a healthy cash position to fnance its operations.
Cash and Cash Equivalents
As at 31 December 2012, the value of the cash and cash
equivalents at CRCT stood at S$140.5 million compared
with S$70.1 million as at 31 December 2011. CRCT raised
S$86.1 million through a private placement in October 2012
to strengthen its balance sheet and provide greater fnancial
capacity for potential growth opportunities. Part of the
proceeds had been used for working capital purposes and
payment of expenses in relation to the private placement.
This is in accordance with the stated use and allocation of
the proceeds from the announcement.
Debt Maturity Profle (S$ million) (as at 31 December 2012)
Fixed Rate
Variable Rate
Three-year RMB unsecured
term loan
Four-year S$ unsecured trust
loan facility
Short-term S$ unsecured
trust term loan facility
Three-year S$ unsecured
trust loan facility
2.4
55.0
150.5
19.9
100.0
88.0
50.0
68.8%
31.2%
465.8 207.9 119.9 88.0 50.0
Total
Borrowings 2013 2014 2015 2016
CapitaRETAIL china trust | Report to UNITHOLDERS 2012 55