This printed article is located at https://investor.clct.com.sg/highlights.html

  • Summary of CLCT Results
      1 July to 31 December 2023
    (2H 2023)    		 1 July to 31 December 2022
    (2H 2022)    		 1 January to 31 December 2023
    (FY 2023)    		 1 January to 31 December 2022
    (FY 2022)
      Actual
    $'000    		 Actual
    $'000    		 Actual
    $'000    		 Actual
    $'000
    Gross Revenue1 180,204 183,876 364,746 383,171
    Net Property Income1,2 117,508 114,684 246,739 254,216
    Amount available for distribution to Unitholders3 50,735 53,298 113,863 125,615
    Amount released4 - 3,616 - -
    Distributable amount to Unitholders 50,735 56,914 113,863 125,615
    Distribution Per Unit ("DPU") (cents)5
    DPU before amount released 3.00 3.18 6.74 7.50
    DPU after amount released 3.00 3.40 6.74 7.50
     
      2H 2023 2H 2022 FY 2023 FY 2022
      Actual
    RMB'000    		 Actual
    RMB'000    		 Actual
    RMB'000    		 Actual
    RMB'000
    Gross Revenue1 964,687 911,266 1,912,468 1,851,516
    Net Property Income1,2 630,014 570,102 1,293,723 1,228,393

    Footnotes:

    1. Average exchange rate for SGD/RMB.
      2H 2023 2H 2022 Change % FY 2023 FY 2022 Change %
      5.361 4.971 (7.9) 5.243 4.832 (8.5)

    2. Based on the same exchange rate as 2H 2022/FY 2022, net property income for 2H 2023 and FY 2023 in SGD terms would have been $126.7 million or 10.5% higher and $267.7 million or 5.3% higher than 2H 2022 and FY 2022 respectively.
    3. Includes rental support (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free period provided to existing tenants of Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park which has been fully distributed as capital distribution.
    4. In 2H 2022, CLCT released S$3.6 million from the amount available for distribution to Unitholders that was previously retained in 1H 2022.
    5. he DPU is computed based on total issued units of 1,688.9 million and 1,673.9 million as at 31 December 2023 and 31 December 2022 respectively.
  • Statement of total return for the Group (2H 2023 vs 2H 2022 and FY 2023 vs FY 2022)
      Group
      2H 2023
    $'000    		 2H 2022
    $'000    		 Change
    %    		 FY 2023
    $'000    		 FY 2022
    $'000    		 Change
    %
    Gross rental income 161,441 172,915 (6.6) 330,905 356,441 (7.2)
    Other income1 18,763 10,961 71.2 33,841 26,730 26.6
    Gross revenue 180,204 183,876 (2.0) 364,746 383,171 (4.8)
    Property related tax (16,384) (16,741) (2.1) (30,022) (30,300) (0.9)
    Business tax (970) (1,041) (6.8) (1,922) (2,138) (10.1)
    Property management fees and reimbursables (11,287) (12,425) (9.2) (23,399) (25,584) (8.5)
    Other property operating expenses2 (34,055) (38,985) (12.6) (62,664) (70,933) (11.7)
    Total property operating expenses (62,696) (69,192) (9.4) (118,007) (128,955) (8.5)
    Net property income 117,508 114,684 2.5 246,739 254,216 (2.9)
    Manager's management fees (10,160) (10,344) (1.8) (20,819) (21,782) (4.4)
    Trustee's fees (338) (361) (6.4) (683) (729) (6.3)
    Audit fees (430) (305) 41.0 (811) (693) 17.0
    Valuation fees (66) (40) 65.0 (123) (87) 41.4
    Other trust operating (expenses)/income4 (512) 642 N.M. (254) 185 N.M.
    Foreign exchange gain - realised5 3,502 1,883 86.0 7,001 1,083 N.M.
    Finance income6 2,604 2,925 (11.0) 3,723 4,169 (10.7)
    Finance costs7 (35,908) (32,714) 9.8 (70,394) (60,399) 16.5
    Net finance costs (33,304) (29,789) 11.8 (66,671) (56,230) 18.6
    Net Income 76,200 76,370 (0.2) 164,379 175,963 (6.6)
    Loss on liquidation of subsidiary8 - (1,831) (100.0) - (1,831) (100.0)
    Gain on derecognition of lease liabilities9 1,574 - N.M. 1,574 - N.M.
    Change in fair value of investment properties (29,073) 67,845 N.M. (39,769) 67,845 N.M.
    Change in fair value of financial derivatives 180 1,115 (83.9) (1,067) 1,861 N.M.
    Foreign exchange gain/(loss) - unrealised 26 (923) N.M. (141) (927) (84.8)
    Total return for the period/year before taxation 48,907 142,576 (65.7) 124,976 242,911 (48.6)
    Taxation10 (36,149) (56,892) (36.5) (70,005) (87,785) (20.3)
    Total return for the period/year after taxation 12,758 85,684 (85.1) 54,971 155,126 (64.6)
    Attributable to:
    Unitholders 4,262 59,846 (92.9) 37,451 119,618 (68.7)
    Perpetual securities holders 1,701 1,701 - 3,375 3,375 -
    Non-controlling interests11 6,795 24,137 (71.8) 14,145 32,133 (56.0)
    Total return for the period/year after taxation 12,758 85,684 (85.1) 54,971 155,126 (64.6)

    N.M. – not meaningful

    Footnotes:

    1. Other income comprises mainly income earned from atrium space, carpark revenue, trolley carts and advertisement panels.
    2. Includes items in the table below as part of the other property operating expenses.
         Group
      2H 2023
    $'000    		 2H 2022
    $'000    		 Change
    %    		 FY 2023
    $'000    		 FY 2022
    $'000    		 Change
    %
    Depreciation and amortisation (472) (603) (21.7) (1,011) (1,228) (17.7)
    Impairment losses on trade receivables, net3 (64) (590) (89.2) (93) (595) (84.4)
    Plant and equipment written off (96) (33) N.M. (104) (33) N.M.


    1. Impairment losses mainly relate to tenants with higher and potential credit risk.
    2. In 2H 2022/FY 2022, includes reversal of other provision of prior year equity fund raising related expenses.
    3. In FY 2023, realised foreign exchange gain arose mainly from the repayment of the USD denominated shareholder’s loans principal. In FY 2022, the gain arose mainly from the net settlement of foreign currency forwards.
    4. Finance income relates mainly to interest from bank deposits placed with financial institutions.
    5. Includes the interest expense on the lease liabilities under FRS 116.
    6. For 2H 2022 and FY 2022, the liquidation relates to the loss arising from the deconsolidation of the Group’s subsidiary, CapitaRetail China Investments (B) Gamma Pte. Ltd. following the company’s voluntary deregistration with the Corporate Affairs and Intellectual Property Office of Barbados which was completed on 10 Nov 2022.
    7. This relates to CapitaMall Qibao as the mall had ceased operations since end of March 2023.
    8. FY 2023 and FY 2022 includes under provision of taxation from prior years of $1.3 million and $0.5 million respectively.
    9. This relates to 49% non-controlling interest (NCI) in Ascendas Xinsu Portfolio and 20% NCI in Ascendas Innovation Hub, Singapore-Hangzhou Science & Technology Park Phase I and Phase II.