Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player




Keep yourself up to date with all the latest announcements from CapitaLand Retail China Trust

Email This Print This

Summary of CRCT Results1, 2
 
3Q 20171
3Q 2016
YTD 20171
YTD 2016
 
Actual
S$'000
Actual
S$'000
Change
%
Actual
S$'000
Actual
S$'000
Change
%
Gross Revenue3
55,989
50,606
10.6
175,083
157,676
11.0
Net Property Income3
35,951
32,766
9.7
116,225
104,959
10.7
Income available for
Distribution
21,409
20,550
4.2
69,101
66,109
4.5
Distribution Per Unit ("DPU") (cents)
For the period
2.37
2.36
0.4
7.73
7.68
0.7
Annualised
9.4
9.39
0.1
10.33
10.26
0.7
       
 
3Q 20171
3Q 2016
YTD 20171
YTD 2016
 
Actual
RMB'000
Actual
RMB'000
Change
%
Actual
RMB'000
Actual
RMB'000
Change
Gross Revenue
274,959
248,788
10.5
857,354
752,053
14.0
Net Property Income
176,570
161,283
9.5
569,126
500,614
13.7

Footnote:

  1. The financial results include contribution from CapitaMall Xinnan which was acquired on 30 September 2016
  2. The financial results exclude CapitaMall Anzhen with effect from 1 July 2017 following the announcement on 27 July 2017 of the disposal of equity interest in CapitaRetail Beijing Anzhen Real Estate Co., Ltd (“Anzhen SPV”) which holds CapitaMall Anzhen
  3. Average exchange rate for SGD/RMB
2Q 2017
2Q 2016
Change %
1H 2017
1H 2016
Change %
0.204
0.203
0.5
0.204
0.210
(2.9)

Statement of total return for the Group (3Q 2017 vs 3Q 2016)
 
Group
 
3Q 2017
S$'000
3Q 2016
S$'000
%
Change
 
Gross rental income
Other income1
51,395
4,594
47,010
3,596
9.3
27.8
 
Gross revenue
Land rental
Property related tax
Business tax
Property management fees2
Other property operating expenses3
55,989
(1,479)
(5,776)
(294)
(3,409)
(9,080)
50,606
(1,376)
(5,098)
(185)
(2,998)
(8,183)
10.6
7.5
13.3
58.9
13.7
11.0
 
Total property operating expenses
(20,038)
(17,840)
12.3
 
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 income/(expenses)4
Finance income5
Foreign exchange loss – realised6
Finance costs
35,951
(1,751)
(1,445)
(108)
(107)
(56)
279
597
(32)
(5,772)
32,766
(1,510)
(1,317)
(99)
(109)
(52)
(299)
333
(303)
(5,033)
9.7
16.0
9.7
9.1
(1.8)
7.7
N.M.
79.3
(89.4)
14.7
 
Total return before changes in fair value of financial derivatives, investment properties and unrealised foreign exchange gain/(loss)
Gain on disposal of subsidiary7
Foreign exchange gain/(loss) – unrealised

27,556

52,227
1,273

24,377

-
809

13.0

N.M.
57.4
 
Total return before taxation
Taxation8
81,056
(24,879)
25,186
(7,102)
N.M.
N.M.
 
Total return for the period after taxation
56,177
18,084
N.M.
 
Attributable to:
Unitholders
Non-controlling interest

56,162
15

18,213
(129)

N.M.
N.M.
 
Total return for the period after taxation
56,177
18,084
N.M.
 

Statement of total return for the Group (YTD 2017 vs YTD 2016)
 
Group
 
YTD 2017
S$'000
YTD 2016
S$'000
%
Change
 
Gross rental income
Other income1
162,286
12,797
147,401
10,275
10.1
24.5
 
Gross revenue
Land rental
Property related tax
Business tax
Property management fees2
Other property operating expenses3
175,083
(4,469)
(18,198)
(953)
(10,572)
(24,666)
157,676
(4,518)
(10,894)
(5,106)
(9,227)
(22,972)
11.0
(1.1)
67.0
(81.3)
14.6
7.4
 
Total property operating expenses
(58,858)
(52,717)
11.6
 
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 income/(expenses)4
Finance income5
Foreign exchange loss – realised6
Finance costs
116,225
(5,304)
(4,622)
(319)
(307)
(152)
185
1,112
(261)
(17,670)
104,959
(4,518)
(4,213)
(291)
(334)
(143)
(376)
1,095
(1,114)
(15,308)
10.7
17.4
9.7
9.6
(8.1)
6.3
N.M.
1.6
N.M.
15.4
 
Total return before changes in fair value of financial derivatives, investment properties and unrealised foreign exchange gain/(loss)
Change in fair value of investment properties
Gain on disposal of subsidiary7
Foreign exchange gain/(loss) – unrealised

88,887

13,049
52,227
1,575

79,757

18,307
-
(450)

11.4

(28.7)
N.M.
N.M.
 
Total return before taxation
Taxation8
155,738
(48,322)
97,614
(26,046)
59.5
85.5
 
Total return for the period after taxation
107,416
71,568
50.1
 
Attributable to:
Unitholders
Non-controlling interest

108,586
(1,170)

72,658
(1,090)

49.4
7.3
 
Total return for the period after taxation
107,416
71,568
50.1
 

Footnote:

  1. Other income comprises mainly income earned from atrium space, trolley carts and advertisement panels.
  2. Includes reimbursement of costs to property manager.
  3. Includes items in the table below as part of the other property operating expenses.


 
Group
 
3Q 2017
S$'000
3Q 2016
S$'000
%
Change
Depreciation and amortisation
Write back on trade receivables, net
Plant and equipment written off
(396)
3
-
(507)
2
(3)
(21.9)
50.0
N.M.

 
Group
 
YTD 20171
S$'000
YTD 2016
S$'000
%
Change
Depreciation and amortisation
Impairment losses on trade receivables
Plant and equipment written off
(1,345)
(54)
(2)
(1,643)
(145)
(15)
(18.1)
(62.8)
(86.7)

  1. Includes reversal of over provision of other trust operating expenses.
  2. Finance income relates mainly to gain on interest rate swaps (“IRS”) and interest from bank deposits placed with financial institutions.
  3. Realised foreign exchange loss relates to the repayment of the USD denominated shareholder’s loans interest and receipt of RMB denominated dividends.
  4. This relates to gain arising from the disposal of equity interest in Anzhen SPV on 27 July 2017.
  5. Includes under provision of taxation from prior years of $0.4 million in 3Q 2017 and $1.3 million in YTD 2017, and withholding tax payment of $14.9 million upon disposal of the equity interest in Anzhen SPV. Includes over provision of taxation from prior years of $0.3 million in 3Q 2016 and $0.7 million in YTD 2016.

N.M. - not meaningful



Distribution statement for the Group (3Q 2017 vs 3Q 2016)
 
Group
 
3Q 2017
S$'000
3Q 2016
S$'000
%
Change
Total return for the period attributable to Unitholders before distribution
Distribution adjustments (Note A)
56,162

(34,753)
18,213

2,337
N.M.

N.M.
Income available for distribution to Unitholders
21,409
20,550
4.2
Comprises :
- from operations
- from Unitholders' contribution

(11,208)
32,617

12,579
7,971

N.M.
N.M.
21,409
20,550
4.2
Note A
Distribution adjustments
- Manager's management fees (performance component payable in Units)
- Change in fair value of investment properties
- Deferred taxation1
- Transfer to general reserve
- Unrealised foreign exchange (gain)/loss1
- Other adjustments1


(37,314)
1,445
3,225
(1,454)
(1,041)
386


-
1,317
2,364
(1,115)
(724)
495


N.M.
9.7
36.4
30.4
43.8
(22.0)
Net effect of distribution adjustments
(34,753)
2,337
N.M.

Distribution statement for the Group (YTD 2017 vs YTD 2016)
 
Group
 
YTD 2017
S$'000
YTD 2016
S$'000
%
Change
Total return for the period attributable to Unitholders before distribution
Distribution adjustments (Note A)
108,586

(39,485)
72,658

(6,549)
49.4

N.M
Income available for distribution to Unitholders
69,101
66,109
4.5
Comprises :
- from operations
- from Unitholders' contribution

(16,011)
85,112

14,938
51,171

N.M.
66.3
69,101
66,109
4.5
Note A
Distribution adjustments
- Gain on disposal of subsidiary, net of tax
- Manager's management fees (performance component payable in Units)
- Change in fair value of investment properties1
- Deferred taxation1
- Transfer to general reserve
- Unrealised foreign exchange (gain)/loss1
- Other adjustments1


(37,314)
4,669
(14,094)
11,885
(4,633)
(1,308)
1,310


-
4,213
(18,558)
9,500
(3,553)
240
1,609


N.M.
10.8
(24.1)
25.1
30.4
N.M.
(18.6)
Net effect of distribution adjustments
(39,485)
(6,549)
N.M.

  1. Excludes non-controlling interest’s share.

Statement of financial position of the Group as at 30 Sep 2017 vs 31 Dec 2016
 
Group
Trust
 
30 Sep 2017
S$'000
31 Dec 2016
S$'000
%
Change
30 Sep 2017
S$'000
31 Dec 2016
S$'000
%
Change
Assets
Investment properties1
Plant and equipment
Interests in subsidiaries
Trade and other receivables
Financial derivatives2
Cash and cash equivalents3

2,431,181
3,274
-
12,164
1,096
353,345

2,628,353
4,034
-
12,829
2,114
136,137

(7.5)
(18.8)
-
(5.2)
(48.2)
N.M.

-
-
1,379,606
220
1,096
476

-
-
1,416,194
360
2,114
1,661

-
-
(2.6)
(38.9)
(48.2)
(71.3)
Total assets
2,801,060
2,783,467
0.6
1,381,398
1,420,329
(2.7)
Less
Liabilities
Trade and other payables
Security deposits
Interest-bearing borrowings4
Deferred tax liabilities
Financial derivatives2
Provision for taxation5


49,263
51,699
977,371
220,893
4,038
8,177


64,527
48,769
977,751
236,426
2,165
2,139


(23.7)
6.0
-
(6.6)
86.5
N.M.


5,979
-
977,371
-
4,038
7


9,387
-
918,808
-
2,165
-


(36.3)
-
6.4
-
86.5
N.M.
Total liabilities
1,311,441
1,331,777
(1.5)
987,395
930,360
6.1
Net assets
1,489,619
1,451,690
2.6
394,003
489,969
(19.6)
Represented by:
Unitholders' funds
Non-controlling interests
1,469,588
20,031
1,431,811
19,879
2.6
0.8
394,003
-
489,969
-
(19.6)
-
 
1,489,619
1,451,690
2.6
394,003
489,969
(19.6)

Footnotes:

  1. The decrease in investment properties as at 30 September 2017 was mainly due to the disposal of equity interest in Anzhen SPV which holds CapitaMall Anzhen.

  2. The financial derivative assets and financial derivative liabilities relate to the fair value of the non-deliverable 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.

  3. The increase in cash and cash equivalents was mainly due to sale proceeds received on divestment of CapitaMall Anzhen.

  4. The interest-bearing borrowings (net of transaction costs of $2.8 million) comprise unsecured term loans of $925.0 million and short term loans of $55.2 million drawn down by the Trust to partially finance the acquisition of the properties in CRCT and to utilise as working capital.

  5. The increase in provision of taxation was mainly due to higher taxable profits and payment of taxation subsequent to 30 September 2017.