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 Results
 
4Q 20161
4Q 2015
FY 20161
FY 2015
 
Actual
S$'000
Actual
S$'000
Change
%
Actual
S$'000
Actual
S$'000
Change
%
Gross Revenue2
56,696
56,238
0.8
214,372
220,334
(2.7)
Net Property Income2
34,779
35,294
(1.5)
139,738
141,085
(1.0)
Income available for
Distribution
20,623
21,848
(5.6)
86,732
89,219
(2.8)
Distribution Per Unit ("DPU") (cents)
For the period
2.37
2.59
(8.5)
10.05
10.60
(5.2)
Annualised
9.43
10.28
(8.3)
10.05
10.60
(5.2)
             
 
4Q 20161
4Q 2015
FY 20161
FY 2015
 
Actual
RMB'000
Actual
RMB'000
Change
Actual
RMB'000
Actual
RMB'000
Change
%
Gross Revenue
275,420
253,268
8.7
1,027,473
1,005,035
2.2
Net Property Income
169,145
158,888
6.5
669,759
643,547
4.1

Footnote:

  1. Includes contribution from CapitaMall Xinnan which was acquired on 30 September 2016.
  2. Average exchange rate for RMB/SGD.
4Q 2016
4Q 2015
Change %
FY 2016
FY 2015
Change %
0.206
0.222
(7.2)
0.209
0.219
(4.6)

Statement of total return for the Group (4Q 2016 vs 4Q 2015)
 
Group
 
4Q 20161
S$'000
4Q 2015
S$'000
%
Change
 
Gross rental income
Other income2
52,763
3,933
52,258
3,980
1.0
(1.2)
 
Gross revenue
Land rental
Property related tax3
Business tax4
Property management fees5
Other property operating expenses6
56,696
(1,390)
(6,435)
(342)
(3,524)
(10,226)
56,238
(1,440)
(2,434)
(3,130)
(3,064)
(10,876)
0.8
(3.5)
N.M.
(89.1)
15.0
(6.0)
 
Total property operating expenses
(21,917)
(20,944)
4.6
 
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)/income7
Finance income8
Foreign exchange gain – realised9
Finance costs
34,779
(1,739)
(1,450)
(107)
(119)
(52)
(488)
682
187
(5,904)
35,294
(1,603)
(1,408)
(95)
(59)
(11)
251
845
(88)
(5,396)
(1.5)
8.5
3.0
12.6
N.M
N.M
N.M
(19.3)
N.M.
9.4
 
Total return before changes in fair value of financial derivatives, investment properties and unrealised foreign exchange loss
Change in fair value of investment properties
Foreign exchange loss – unrealised

25,789

22,844
   (599)

27,730

15,051
   (107)

(7.0)

51.8
N.M
 
Total return before taxation
Taxation
48,034
(15,595)
42,674
(11,701)
12.6
33.3
 
Total return for the period after taxation
32,439
30,973
4.7
 
Attributable to:
Unitholders
Non-controlling interest

33,956
(1,517)

32,974
(2,001)

3.0
(24.2)
 
Total return for the period after taxation
32,439
30,973
4.7
 

Statement of total return for the Group (FY 2016 vs FY 2015)
 
Group
 
FY 20161
S$'000
FY 2015
S$'000
%
Change
Gross rental income
Other income2
200,164
14,208
206,919
13,415
(3.3)
5.9
Gross revenue
Land rental
Property related tax3
Business tax4
Property management fees5
Other property operating expenses6
214,372
(5,908)
(17,329)
(5,448)
(12,751)
(33,198)
220,334
(5,987)
(12,937)
(12,338)
(12,129)
(35,858)
(2.7)
(1.3)
33.9
(55.8)
5.1
(7.4)
Total property operating expenses
(74,634)
(79,249)
(5.8)
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 income8
Foreign exchange (loss)/gain – realised9
Finance costs
139,738
(6,257)
(5,663)
(398)
(453)
(195)
(864)
1,777
(927)
(21,212)
141,085
(6,153)
(5,646)
(389)
(431)
(105)
(1,890)
1,481
989
(20,660)
(1.0)
1.7
0.3
2.3
5.1
85.7.
(54.3)
20.0
N.M.
2.7
Total return before changes in fair value of financial derivatives, investment properties and unrealised foreign exchange loss
Change in fair value of investment properties
Foreign exchange loss – unrealised10

105,546

 41,151
 (1,049)

108,281

 44,834
    (437)

(2.5)

(8.2)
N.M.
Total return before taxation
Taxation11
145,648
(41,641)
152,678
(43,380)
(4.6)
(4.0)
Total return for the period after taxation
104,007
109,298
(4.8)
Attributable to:
Unitholders
Non-controlling interest

106,614
(2,607)

113,999
(4,701)

(6.5)
(44.5)
Total return for the period after taxation
104,007
109,298
(4.8)

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 in 4Q 2016 was changed for the properties in Beijing with effect from July 2016. Similar changes impacted CapitaMall Wuhu and CapitaMall Saihan in 1H 2015.
  4. With effect from 1 May 2016, business tax was replaced with Value Added Tax (“VAT”) and these were netted off against the revenue from May to December 2016.
  5. Includes reimbursement of costs to property manager for centralised services provided.
  6. Includes as part of the other property operating expenses were items in the table below.

 
Group
 
4Q 20161
S$'000
4Q 2015
S$'000
%
Change
Depreciation and amortisation
Impairment losses on trade receivables, net
Plant and equipment written off
(504)
2
(74)
(644)
(91)
(18)
(21.7)
N.M.
N.M

 
Group
 
FY 20161
S$'000
FY 2015
S$'000
%
Change
Depreciation and amortisation
Impairment losses on trade receivables, net
Plant and equipment written off
Doubtful trade receivables recovered
(2,147)
(143)
(89)
-
(2,640)
(122)
(32)
5
(18.7)
17.2
N.M.
N.M.
  1. Includes reversal of over provision of other trust operating expenses in 4Q 2015.
  2. Finance income relates mainly to gain on interest rates swaps (“IRS”) and interest from bank deposit placed with financial institutions.
  3. Realised foreign exchange relates to gain/loss on the repayment of the USD denominated shareholder’s loans interest and receipt of RMB denominated dividends.
  4. Includes unrealised foreign exchange loss on the declared dividends in RMB.
  5. Includes over provision of tax from prior years of S$417,312 in FY 2016 (FY 2015: S$96,065).

N.M. - not meaningful



Distribution statement for the Group (4Q 2016 vs 4Q 2015)
 
Group
 
4Q 20161
S$'000
4Q 2015
S$'000
%
Change
Total return for the period attributable to Unitholders before distribution
Distribution adjustments (Note A)
33,956

(13,333)
32,974

(11,126)
3.0

19.8
Income available for distribution to Unitholders
20,623
21,848
(5.6)
Comprises :
- from operations
- from Unitholders' contribution

(1,905)
22,528

24,577
(2,729)

N.M.
N.M.
20,623
21,848
(5.6)
Note A
Distribution adjustments
- Manager's management fees (performance component payable in units)
- Change in fair value of investment properties2
- Deferred taxation2
- Transfer to general reserve
- Unrealised foreign exchange loss2
- Other adjustments2


1,450

(24,181)
9,857
(1,433)
412
562


1,408

(17,695)
5,638
(1,153)
102
574


3.0

36.7
74.8
24.3
N.M.
(2.1)
Net effect of distribution adjustments
(13,333)
(11,126)
19.8

Distribution statement for the Group (FY 2016 vs FY 2015)
 
Group
 
FY 20161
S$'000
FY 2015
S$'000
%
Change
Total return for the period attributable to Unitholders before distribution
Distribution adjustments (Note A)
106,614

(19,882)
113,999

(24,780)
( 6.5)

(19.8)
Income available for distribution to Unitholders
86,732
89,219
(2.8)
Comprises :
- from operations
- from Unitholders' contribution

13,033
73,699

29,678
59,541

(56.1) .
23.8
86,732
89,219
( 2.8)
Note A
Distribution adjustments
- Manager's management fees (performance component payable in units)
- Change in fair value of investment properties2
- Deferred taxation2
- Transfer to general reserve
- Unrealised foreign exchange loss2
- Other adjustments2


5,663

(42,739)
19,357
(4,986)
652
2,171


5,646

(49,319)
21,081
(4,871)
99
2,584


0.3

(13.3)
(8.2)
2.4
N.M.
(16.0)
Net effect of distribution adjustments
(19,882)
(24,780)
(19.8)

N.M. - not meaningful

Footnote:

  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 Dec 2016 vs 31 Dec 2015
 
Group
Trust
 
31Dec 2016
S$'000
31 Dec 2015
S$'000
%
Change
31 Dec 2016
S$'000
31 Dec 2015
S$'000
%
Change
Assets
Investment properties1
Plant and equipment2
Interests in subsidiaries
Trade and other receivables
Financial derivatives3
Cash and cash equivalents

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

2,412,626
5,913
-
12,813
12,630
126,322

8.9
(31.8)
-
0.1
(83.3)
7.8

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

-
-
1,125,068
23,012
12,630
369

-
-
25.9
(98.4)
(83.3)
N.M.
Total assets
2,783,467
2,570,304
8.3
1,420,329
1,161,079
22.3
Less
Liabilities
Trade and other payables
Security deposits
Interest-bearing borrowings4
Deferred tax liabilities
Financial derivatives3
Provision for taxation
64,527
48,769
977,751
236,426
2,165
2,139
59,519
43,348
706,006
236,767
7,157
2,441
8.4
12.5
38.5
(0.1)
(69.7)
(12.4)
9,387
-
918,808
-
2,165
-
4,687
-
626,417
-
7,157
4
N.M.
-
46.7
-
(69.7)
N.M.
Total liabilities
1,331,777
1,055,238
26.2
930,360
638,265
45.8
Net assets
1,451,690
1,515,066
(4.2)
489,969
522,814
(6.3)
Represented by:
Unitholders' funds
Non-controlling interests
1,431,811
19,879
1,490,820
24,246
(4.0)
(18.0)
489,969
-

522,814
-

(6.3)
-
 
1,451,690
1,515,066
(4.2)
489,969
522,814
(6.3)

Footnotes:

  1. The increase in investment properties was due to the acquisition of CapitaMall Xinnan on 30 September 2016 and increase of fair value in the investment properties, offset by weaker RMB against SGD.

  2. The plant and equipment is net of depreciation. 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 to hedge the currency exposure on the non-RMB denominated loans and the IRS are designated to hedge the variable rate borrowings.
  4. The interest-bearing borrowings comprise
    (i) unsecured term loan facilities of $920.3 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 RMB285 million ($58.9 million) to finance CapitaMall Grand Canyon, net of transaction costs of $1.5 million.

    The increase was mainly due to additional loan taken up to fund the acquisition of CapitaMall Xinnan on 30 September 2016.