Debt maturity each year as a percentage of total outstanding debt as at 31 December 2014 is as
follows:
Debt Maturity Profile (S$ million)
(As at 31 December 2014)
72.6%
27.4%
88.0
100.0
125.5
29.5
5.3
5.3
5.3
50.0
75.0
89.0
100.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Total Debt
2015
2016
2017
2018
672.9
122.8
105.3
130.8
139.0
100.0% 18.3% 15.6% 19.4% 20.7%
2019
2020
75.0
100.0
11.1% 14.9%
S$’million
Total Debt
1
(S$ million)
% of Outstanding Debt
Trust-Unsecured Money Market Line
3
CapitaMall Grand Canyon - Secured Onshore Term Loan
4
Trust - Unsecured Offshore Term Loan
2
Fixed Rate
Variable Rate
1 Total debt excludes interest and upfront fees.
2 Comprises multiple term loans drawn in Singapore at the Trust level, these include fixed and/or floating term loan facilities.
3 Comprises multiple floating rate money market facilities.
4 Secured onshore term loan comprises a RMB term loan of S$104.9 million (RMB495.0 million). The loan is secured by a legal
mortgage over CapitaMall Grand Canyon and bears interest referenced against three to five years People’s Bank of China
(“PBOC”) base lending rate. This secured RMB term loan is payable on a semi-annual basis starting six months from the first
drawdown date. Outstanding loan will be repaid on final maturity.
As at 31 December 2014, 18.3% or S$122.8 million of CRCT’s debt will mature in 2015. To date, the
Manager has refinanced S$88.0 million which matured in February 2015.
Cash Flows and Liquidity
CRCT takes a proactive role in monitoring its cash and liquid reserves to ensure adequate funding
is available for distributions to Unitholders as well as to meet any short-term liabilities.
Operating Activities
Operating net cash flow for FY 2014 was S$111.4 million, an increase of S$42.8 million over the
operating cash flow of S$68.6 million in the preceding financial year. This was mainly due to the
contribution of operating income from CapitaMall Grand Canyon which was acquired on 30
December 2013.
Investing Activities
CRCT adheres to stringent criteria when evaluating potential acquisitions. This involves a thorough
review of risks and returns, and to overall add value to the existing portfolio and future growth
expectations. CRCT will constantly look for new acquisition opportunities.
Delivering Performance | 57
