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Summary of CRCT Results
 
1Q 20181
1Q 2017
 
Actual
S$'000
Actual
S$'000
Change
%
Gross Revenue2
55,367
60,101
(7.9)
Net Property Income2
37,184
40,303
(7.7)
Distributable income
contribution from joint venture3
1,215
-
100.0
Distributable amount to
Unitholders
26,699
24,355
9.6
Distribution Per Unit ("DPU") (cents)
For the period4
2.75
2.74
0.4
Annualised
11.15
11.11
0.4
       
 
1Q 20181
1Q 2017
 
Actual
RMB'000
Actual
RMB'000
Change
%
Gross Revenue
267,448
290,865
(8.1)
Net Property Income
179,617
194,896
(7.8)

Footnote:

  1. The financial results exclude CapitaMall Anzhen which was divested with effect from 1 July 2017.
  2. Average exchange rate for RMB/SGD.
1Q 2018
1Q 2017
Change %
0.207
0.207
-

  1. 51% interest in Rock Square in Guangzhou from 1 February 2018 to 31 March 2018.
  2. 1Q 2018 DPU was based on 969.9 million Units and 1Q 2017 DPU was based on 888.7 million Units.
INTRODUCTION

CapitaLand Retail China Trust (“CRCT”) was constituted as a private trust on 23 October 2006 under a trust deed entered into between CapitaLand Retail China Trust Management Limited (as manager of CRCT) (the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CRCT) (the “Trustee”), and listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 8 December 2006.

CRCT is a Singapore-based real estate investment trust (“REIT”) constituted with the investment objective of investing on a long term basis in real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau.

As at 31 March 2018, CRCT owns and invests in a portfolio of 11 shopping malls located in eight cities in China. The properties are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; CapitaMall Xinnan in Chengdu; CapitaMall Qibao in Shanghai; CapitaMall Erqi in Zhengzhou; CapitaMall Saihan in Huhhot; CapitaMall Minzhongleyuan in Wuhan; 51% interest in CapitaMall Wuhu in Wuhu and 51% interest in Rock Square (“RS JV”) in Guangzhou.

Statement of total return for the Group (1Q 2018 vs 1Q 2017)
 
Group
 
1Q 20181
S$'000
1Q 2017
S$'000
%
Change
 
Gross rental income
Other income2
52,834
2,533
56,473
3,628
(6.4)
(30.2)
 
Gross revenue
Land rental
Property related tax
Business tax
Property management fees3
Other property operating expenses4
55,367
(1,476)
(5,219)
(312)
(3,604)
(7,572)
60,101
(1,510)
(6,215)
(344)
(3,654)
(8,075)
(7.9)
(2.3)
(16.0)
(9.3)
(1.4)
(6.2)
 
Total property operating expenses
(18,183)
(19,798)
(8.2)
 
Net property income
Manager's management fees - Base fee
Manager's management fees - Performance fees
Trustee's fees
Audit fees
Valuation fees
Other trust operating expenses
Finance income5
Foreign exchange gain/(loss) – realised6
Finance costs
37,184
(1,900)
(1,577)
(113)
(122)
(50)
(326)
1,049
71
(5,771)
40,303
(1,871)
(1,572)
(106)
(110)
(49)
(385)
47
(49)
(6,013)
(7.7)
1.5
0.3
6.6
10.9
2.0
(15.3)
N.M.
N.M.
(4.0)
 
Net income before share of results of joint venture
Share of results (net of tax) of joint venture7

28,445
487

30,195
-

(5.8)
N.M.
 
Net Income
Foreign exchange gain – unrealised

28,932
747

30,195
130

(4.2)
N.M.
 
Total return for the period before taxation
Taxation
29,679
(10,159)
30,325
(9,450)
(2.1)
7.5
 
Total return for the period after taxation
19,520
20,875
(6.5)
 
Attributable to:
Unitholders
Non-controlling interest

19,522
(2)

21,080
(205)

(7.4)
(99.0)
 
Total return for the period after taxation
19,520
20,875
(6.5)
 

Footnote:

  1. Excludes contribution from CapitaMall Anzhen which was divested with effect from 1 July 2017.
  2. Other income comprises mainly income earned from atrium space, trolley carts and advertisement panels.
  3. Includes reimbursement of costs to property manager.
  4. Includes items in the table below as part of the other property operating expenses.


 
Group
 
1Q 20181
S$'000
1Q 2017
S$'000
%
Change
Depreciation and amortisation
Impairment losses on trade receivables, net
Plant and equipment written off
(345)
(12)
-
(490)
-
(2)
(29.6)
N.M.
N.M.
  1. Finance income relates mainly to interest from bank deposits placed with financial institutions and loan to joint venture.
  2. Realised foreign exchange relates to the gain/(loss) on repayment of the USD denominated shareholder’s loans interest.
  3. This relates to the share of results from the 51% interest in RS JV from 1 February 2018 to 31 March 2018. Details are as follows:

 
Group
 
1Q 2018
S$'000
1Q 2017
S$'000
%
Change
Gross revenue
Property operating expenses
Net property income
Finance costs
Other operating expenses
Share of results (net of tax) of joint venture
2,934
(890)
2,044
(779)
(778)
487
-
-
-
-
-
-
N.M.
N.M.
N.M.
N.M.
N.M.
N.M.

Distribution statement for the Group (1Q 2018 vs 1Q 2017)
 
Group
 
1Q 20181
S$'000
1Q 2017
S$'000
%
Change
Total return for the period attributable to Unitholders before distribution
Distribution adjustments (Note A)
19,522

4,177
21,080

3,275
(7.4)

27.5
Income available for distribution to Unitholders
Capital distribution1
23,699
3,000
24,355
-
(2.7)
N.M.
Distributable amount to Unitholders
26,699
24,355
9.6
Comprises :
- from operations
- from Unitholders' contribution

(7,167)
30,866

(2,683)
27,038

N.M.
14.2

- from capital distribution2
23,699
3,000
24,355
-
(2.7)
N.M.
Distributable amount to Unitholders
26,699
24,355
9.6
Note A
Distribution adjustments
- Manager's management fees (performance component payable in Units)
- Deferred taxation3
- Transfer to general reserve
- Unrealised foreign exchange gain3
- Other adjustments3
- Adjustments for share of results (net of tax) of joint venture

1,577

3,587
(1,561)
(492)
338
728

1,572

2,957
(1,613)
(118)
477
-

0.3

21.3
3.2
N.M.
(29.1)
N.M.
Net effect of distribution adjustments
4,177
3,275
27.5

N.M. - not meaningful


  1. Excludes contribution from CapitaMall Anzhen which was divested with effect from 1 July 2017.
  2. This relates to the partial distribution of gains from the disposal of CapitaMall Anzhen.
  3. Excludes non-controlling interest’s share.


Statement of financial position as at 31 Mar 2018 vs 31 Dec 2017
 
Group
Trust
 
31 Mar 2018
S$'000
31 Dec 2017
S$'000
%
Change
31 Mar 2018
S$'000
31 Dec 2017
S$'000
%
Change
Assets
Investment properties1
Plant and equipment
Interests in subsidiaries2
Interest in joint venture3
Trade and other receivables4
Financial derivatives5
Cash and cash equivalents

2,505,029
2,665
-
265,259
113,627
2,219
103,317

2,441,024
2,962
-
-
37,131
436
186,515

2.6
(10.0)
-
N.M
N.M
N.M.
(44.6)

-
-
1,569,939
-
815
2,219
7,651

-
-
1,326,045
-
25,562
436
9,630

-
-
18.4
-
(96.8)
N.M
(20.6)
Total assets
2,992,116
2,668,068
12.1
1,580,624
1,361,673
16.1
Less
Liabilities
Trade and other payables
Security deposits
Interest-bearing borrowings6
Deferred tax liabilities
Financial derivatives5
Provision for taxation


58,544
52,014
997,535
236,935
835
6,728


59,563
50,818
747,507
227,734
7,803
6,555


(1.7)
2.4
33.4
4.0
(89.3)
2.6


5,780
-
997,535
-
835
7


4,964
-
747,507
-
7,803
7


16.4
-
33.4
-
(89.3)
-
Total liabilities
1,352,591
1,099,980
23.0
1,004,157
760,281
32.1
Net assets
1,639,525
1,568,088
4.6
576,467
601,392
(4.1)
Represented by:
Unitholders' funds
Non-controlling interests
1,619,041
20,484
1,548,771
19,317
4.5
6.0
576,467
-
601,392
-
(4.1)
-
 
1,639,525
1,568,088
4.6
576,467
601,392
(4.1)

Footnotes:

  1. The increase in investment properties as at 31 March 2018 was mainly due to strengthening of RMB against SGD.

  2. The increase in interests in subsidiaries as at 31 March 2018 was mainly due to shareholder loan extended to subsidiary for the acquisition of RS JV.

  3. This relates to CRCT’s 51% interest in RS JV.

  4. Trade and other receivables as at 31 March 2018 includes loan to joint venture.

  5. The financial derivative assets and financial derivative liabilities mainly relate to the fair value of the nondeliverable forwards (“NDF”) and IRS. The NDF are designated as hedges of the Group’s net investment in China and the IRS are designated to hedge the variable rate borrowings.

  6. The interest-bearing borrowings comprise unsecured term loans of $750.0 million and a bridge loan of $250.0 million (net of transaction costs of $2.5 million) drawn down by the Trust to partially finance the acquisition of the properties in CRCT and to utilise as working capital.