5-YEAR FINANCIAL HIGHLIGHTS As at 31 December 2019 2020 2021 2022 2023 Financial Performance Gross Revenue (RMB million) 1,308.5i 1,147.4i 1,826.1 1,851.5 1,912.5 Gross Revenue (S$ million) 259.2i 228.7i 378.0 383.2 364.7 Net Property Income (RMB million) 909.1i 744.0i 1,209.9 1,228.4 1,293.7 Net Property Income (S$ million) 180.1i 148.3i 250.4 254.2 246.7 Distributable Income (S$ million) 106.6 79.7 135.5 125.6 113.9 Distribution per Unit (DPU) (S cents) 9.90ii 6.35 8.73 7.50iii 6.74iii Earnings per Unit (EPU) (S cents) 15.45 (0.96) 6.92 7.36 2.42 Diluted EPU (S cents) 15.39 (0.96) 6.86 7.30 2.40 Key Financial Position Total Assets (S$ million) 3,805.7 4,310.3 5,575.9 5,226.1 4,995.8 Portfolio Property Valuation(S$ million)iv 3,223.9 3,895.3 5,239.0 4,904.3 4,700.1 Total Deposited Properties (S$ million)v 3,883.5 4,281.9 5,226.6 4,893.4 4,670.3 Net Assets Attributable to Unitholders (S$ million) 1,873.7 2,245.2 2,588.2 2,306.2 2,039.9 Net Asset Value per Unit (S$) - Before Income Distribution 1.55 1.49 1.56 1.38 1.21 - After income Distribution 1.51 1.48 1.54 1.34 1.18 Total Borrowings (S$ million) 1,383.2 1,359.7 1,993.4 1,950.9 1,956.4 Market Capitalisation (S$ million) 1,946.6 2,093.9 1,974.8 1,889.9 1,585.5 Capital Management Aggregate Leverage (%)vi 36.7 31.8 37.7 39.6 41.5 Average Cost of Debt (%)vii 2.98 2.76 2.62 2.97 3.57 Average Term to Maturity (years) 2.8 3.0 3.4 3.4 3.5 Interest Coverage (times)viii 5.3 3.9 4.9 3.8 3.3 Adjusted Interest Coverage (times)viii 5.3 3.8 4.5 3.6 3.1 Management Expense Ratio (%)ix 1.1 0.8 0.9 0.8 0.9 i Includes contributions from joint venture in 2019 to 2020 (51% stake in Rock Square). Remaining 49% stake was acquired on 30 December 2020. ii Includes DPU from capital distribution of 0.10 S cents. iii Includes rental support of S$1.3 million in 2022 and S$0.6 million in 2023 (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free provided to existing tenants for Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park. The DPU impact of rental support is 0.08 S cents in 2022 and 0.04 S cents in 2023. iv Based on valuation on a 100% basis as at 31 December 2023. The portfolio property valuation includes the valuation of 10 retail malls, 5 business parks and 4 logistics parks. For more details, please refer to page 45. v All the assets of CLCT, including CLCT's proportionate share of Project Companies (if the ownership is less than 100%). vi The aggregate leverage is calculated based on proportionate total borrowings over the deposited properties in accordance to Property Funds Appendix. vii Ratio of the consolidated interest expense over weighted average borrowings on balance sheet for that financial year. viii Ratio of EBITDA over consolidated interest expenses (excludes finance lease interest expenses under FRS 116) in accordance with Monetary Authority of Singapore (MAS) guidelines. Ratio is calculated by dividing the trailing 12 months EBITDA by the trailing 12 months interest expense (excluding FRS 116 finance expense). The interest coverage ratios for 2019 and 2020 have been restated to exclude FRS 116 finance expense. Adjusted Interest Coverage Ratio includes the perpetual securities distributions (per guidelines from the MAS). ix Refers to the expenses of CLCT excluding property expenses and interest expenses but including the performance component of CLCTML’s management fees, expressed as a percentage of weighted average net assets. ANNUAL REPORT 2023 9 Financials Framework Portfolio Performance Leadership Overview
RkJQdWJsaXNoZXIy NTkwNzg=