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Summary of CRCT Results
 
1Q 20171
1Q 2016
 
Actual
S$'000
Actual
S$'000
Change
%
Gross Revenue2
60,101
55,566
8.2
Net Property Income2
40,303
36,692
9.8
Income available for
Distribution
24,355
23,185
5.0
Distribution Per Unit ("DPU") (cents)
For the period
2.74
2.71
1.1
Annualised
11.11
10.90
1.9
       
 
1Q 20171
1Q 2016
 
Actual
RMB'000
Actual
RMB'000
Change
Gross Revenue
290,865
256,528
13.4
Net Property Income
194,896
169,394
15.1

Footnote:

  1. Includes contribution from CapitaMall Xinnan which was acquired on 30 September 2016.
  2. Average exchange rate for RMB/SGD.
1Q 2017
1Q 2016
Change %
0.207
0.217
(4.6)

Statement of total return for the Group (1Q 2017 vs 1Q 2016)
 
Group
 
1Q 20171
S$'000
1Q 2016
S$'000
%
Change
 
Gross rental income
Other income2
56,473
3,628
52,299
3,267
8.0
11.0
 
Gross revenue
Land rental
Property related tax3
Business tax4
Property management fees5
Other property operating expenses6
60,101
(1,510)
(6,215)
(344)
(3,654)
(8,075)
55,566
(1,601)
(2,969)
(3,083)
(3,142)
(8,079)
8.2
(5.7)
N.M.
(88.8)
16.3
(0.0)
 
Total property operating expenses
(19,798)
(18,874)
4.9
 
Net property income
Manager's management fees - Base fee
Manager's management fees - Performance fee
Trustee's fees
Audit fees
Valuation fees
Other trust operating (expenses)
Finance income7
Foreign exchange gain – realised8
Finance costs
40,303
(1,871)
(1,572)
(106)
(110)
(49)
(385)
47
(49)
(6,013)
36,692
(1,530)
(1,474)
(98)
(114)
(46)
(370)
351
(258)
(5,252)
9.8
22.3
6.6
8.2
(3.5)
6.5
4.1
(86.6)
(81.0)
14.5
 
Total return before changes in fair value of financial derivatives, investment properties and unrealised foreign exchange loss
Foreign exchange gain/(loss) – unrealised

30,195

   130

27,901

   (93)

8.2

N.M.
 
Total return before taxation
Taxation
30,325
(9,450)
27,808
(7,907)
9.1
19.5
 
Total return for the period after taxation
20,875
19,901
4.9
 
Attributable to:
Unitholders
Non-controlling interest

21,080
(205)

20,364
(463)

3.5
(55.7)
 
Total return for the period after taxation
20,875
19,901
4.9
 

Footnote:

  1. Includes contribution from CapitaMall Xinnan which was acquired on 30 September 2016.
  2. Other income comprises mainly income earned from atrium space, trolley carts and advertisement panels.
  3. The basis for property related tax was changed for the properties in Beijing with effect from July 2016.
  4. With effect from 1 May 2016, business tax was replaced with Value Added Tax (“VAT”) which was netted off against gross revenue.
  5. Includes reimbursement of costs to property manager for centralised services provided.
  6. Includes items in the table below as part of the other property operating expenses


 
Group
 
1Q 20171
S$'000
1Q 2016
S$'000
%
Change
Depreciation and amortisation
Impairment losses on trade receivables, net
Plant and equipment written off
(490)
-
(2)
(594)
(56)
(8)
(17.5)
N.M.
(75.0)

  1. Finance income relates mainly to gain on interest rate swaps (“IRS”) and interest from bank deposits placed with financial institutions.
  2. Realised foreign exchange loss relates to the repayment of the USD denominated shareholder’s loans interest and receipt of RMB denominated dividends.

N.M. - not meaningful



Distribution statement for the Group (1Q 2017 vs 1Q 2016)
 
Group
 
1Q 20171
S$'000
1Q 2016
S$'000
%
Change
Total return for the period attributable to Unitholders before distribution
Distribution adjustments (Note A)
21,080

3,275
20,364

2,821
3.5

16.1
Income available for distribution to Unitholders
24,355
23,185
5.0
Comprises :
- from operations
- from Unitholders' contribution

(2,683)
27,038

1,451
21,734

N.M.
24.4
24,355
23,185
5.0
Note A
Distribution adjustments
- Manager's management fees (performance component payable in units)
- Deferred taxation2
- Transfer to general reserve
- Unrealised foreign exchange loss2
- Other adjustments2


1,572

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


1,474

2,069
(1,191)
(115)
584


6.6

42.9
35.4
2.6
(18.3)
Net effect of distribution adjustments
3,275
2,821
16.1

  1. Includes contribution from CapitaMall Xinnan which was acquired on 30 September 2016.
  2. Excludes non-controlling interest’s share.

Statement of financial position of the Group as at 31 Mar 2017 vs 31 Dec 2016
 
Group
Trust
 
31 Mar 2017
S$'000
31 Dec 2016
S$'000
%
Change
31 Mar 2017
S$'000
31 Dec 2016
S$'000
%
Change
Assets
Investment properties1
Plant and equipment2
Interests in subsidiaries
Trade and other receivables
Financial derivatives3
Cash and cash equivalents

2,595,439
3,844
-
16,812
1,326
131,383

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

(1.3)
(4.7)
-
31.0
(37.3)
(3.5)

-
-
1,411,342
526
1,326
622

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

-
-
(0.3)
46.1
(37.3)
(62.6)
Total assets
2,748,804
2,783,467
(1.2)
1,413,816
1,420,329
(0.5)
Less
Liabilities
Trade and other payables
Security deposits
Interest-bearing borrowings4
Deferred tax liabilities
Financial derivatives3
Provision for taxation
46,786
48,995
988,152
236,463
3,631
4,756
64,527
48,769
977,751
236,426
2,165
2,139
(27.5)
0.5
1.1
-
67.7
N.M.
6,045
-
947,320
-
3,631
-
9,387
-
918,808
-
2,165
-
(35.6)
-
3.1
-
67.7
-
Total liabilities
1,328,783
1,331,777
(0.2)
956,996
930,360
2.9
Net assets
1,420,021
1,451,690
(2.2)
456,820
489,969
(6.8)
Represented by:
Unitholders' funds
Non-controlling interests
1,400,670
19,351
1,431,811
19,879
(2.2)
(2.7)
456,820
-
489,969
-
(6.8)
-
 
1,420,021
1,451,690
(2.2)
456,820
489,969
(6.8)

Footnotes:

  1. The decrease in investment properties as of 31 March 2017 was mainly due to weaker RMB against SGD.

  2. The decrease was due to depreciation of plant and equipment.

  3. 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 certain subsidiaries in China and the IRS are designated to hedge the variable rate borrowings.

  4. The interest-bearing borrowings comprise (i) unsecured term loan facilities of $948.6 million drawn down by the Trust to partially finance the acquisition of the properties in CRCT and to utilise as working capital and (ii) RMB secured term loan facility of RMB200 million ($40.8 million) to finance CapitaMall Grand Canyon, net of transaction costs of $1.3 million.