Unitholders of CapitaRetail China Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 23 October 2006
(as amended))
We have audited the accompanying financial statements of CapitaRetail China Trust (the “Trust”) and
its subsidiaries (the “Group”), which comprise the statements of financial position of the Trust and the
Group and the portfolio statement of the Group as at 31 December 2014, the statements of total
return, distribution statements and statements of movements in Unitholders’ funds of the Trust and of
the Group and the statement of cash flows of the Group for the year then ended, and a summary of
significant accounting policies and other explanatory information, as set out on pages 80 to 146.
MANAGER’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Manager of the Trust is responsible for the preparation and fair presentation of these financial
statements in accordance with the recommendations of Statement of Recommended Accounting
Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered
Accountants, and for such internal control as the Manager of the Trust determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error.
AUDITORS’ RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Singapore Standards on Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made
by the Manager of the Trust, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
OPINION
In our opinion, the consolidated financial statements of the Group and the statement of financial
position, statement of total return, distribution statement and statement of movements in Unitholders’
funds of the Trust present fairly, in all material respects, the financial position of the Group and the
Trust as at 31 December 2014 and the total return, distributable income, and movements in
Unitholders’ funds of the Group and of the Trust and the cash flows of the Group for the year then
ended in accordance with the recommendations of Statement of Recommended Accounting Practice
7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
26 February 2015
Independent Auditors’ Report
Delivering Performance | 79
