Capitaland Mall : Financial Statements And Related Announcement - Full Yearly Results

Microsoft Word - CMT_4Q_2015_SGX_Final.doc

CAPITALAND MALL TRUST 2015 FULL YEAR UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT

TABLE OF CONTENTS

Item No.	Description	Page No.
-	Summary of CMT Results	2
-	Introduction	3
1(a)	Statements of Total Return & Distribution Statements	4-9
1(b)(i)	Statements of Financial Position	10-11
1(b)(ii)	Aggregate Amount of Borrowings and Debt Securities	12
1(c)	Statements of Cash Flow	13-14
1d(i)	Statements of Movements in Unitholders' Funds	15-16
1d(ii)	Details of Any Change in the Units	17
2 & 3	Audit Statement	17
4 & 5	Changes in Accounting Policies	18
6	Earnings Per Unit and Distribution Per Unit	18-19
7	Net Asset Value Per Unit	19
8	Review of the Performance	20-21
9	Variance from Previous Forecast / Prospect Statement	22-23
10	Outlook & Prospects	23
11 & 12	Distributions	23-24
13	Interested Person Transactions	24
14 & 15	Segmental Information	25-26
16	Breakdown of Revenue and Net Income	26
17	Breakdown of Total Distribution	26
18	Confirmation Pursuant to Rule 704(13) of the Listing Manual	26
19	Use of Proceeds from Equity Fund Raising	26

Summary of CMT Results

FY 2014	FY 2015	1 October 2015 to 31 December 2015
Actual	Actual	Actual	Forecast 1	% Change
Gross Revenue (S$'000)	658,851	669,002	180,380	178,768	0.9
Net Property Income (S$'000)	448,363	466,164	125,697	120,029	4.7
Amount Available for Distribution (S$'000)	412,270 2	404,517	101,894	97,216	4.8
Distributable Income (S$'000)	375,334 3	392,001 4	101,894	97,216	4.8
Distribution Per Unit ("DPU") (cents)	10.84¢	11.25¢	2.88¢	2.75¢	4.7
For the period
Annualised	10.84¢	11.25¢	11.43¢	10.89¢	4.7

Footnotes:

1. The forecast is based on the CapitaLand Mall Trust's ("CMT") circular dated 20 August 2015.

   
   

2. In FY 2014, amount available for distribution included the S$30.0 million partial distribution received from Infinity Office Trust ("IOT") relating to the profit arising from the sale of office strata units in Westgate Tower which obtained the temporary occupation permit on 9 October 2014.

   
   

3. Capital distribution and tax-exempt income of S$11.4 million received from CapitaLand Retail China Trust ("CRCT") in FY 2014 had been retained for general corporate and working capital purposes. In addition, CMT had received partial distribution of S$30.0 million from IOT relating to the profit arising from the sale of office strata units in Westgate Tower, of which S$4.5 million had been released as one-off other gain distribution in 4Q 2014 to holders of units in CMT ("Units" and holder of units, "Unitholders") while the balance of S$25.5 million had been retained for general corporate and working capital purposes.

   
   

4. Capital distribution and tax-exempt income of S$12.5 million received from CRCT in FY 2015 had been retained for general corporate and working capital purposes.

DISTRIBUTION & BOOKS CLOSURE DATE

Distribution	For 1 October 2015 to 31 December 2015
Distribution type	Taxable income
Distribution rate	Taxable income distribution of 2.88 cents per Unit
Books closure date	1 February 2016
Payment date	29 February 2016

INTRODUCTION

CMT (previously known as CapitaMall Trust) was established under a trust deed dated 29 October 2001 entered into between CapitaLand Mall Trust Management Limited (previously known as CapitaMall Trust Management Limited) (as manager of CMT) (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CMT) (the "Trustee"), as amended.

CMT is the first Real Estate Investment Trust ("REIT") listed on Singapore Exchange Securities Trading Limited (the "SGX-ST") in July 2002.

The principal activity of CMT is to own and invest in quality income producing real estate, which is used or substantially used for retail purposes with the primary objective of achieving an attractive level of return from rental income and for long term capital growth.

CMT's current portfolio comprises 16 shopping malls which are strategically located in the suburban areas and downtown core of Singapore - Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building ("IMM"), Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, a 40.0% stake in Raffles City Singapore ("RCS") held through RCS Trust, Lot One Shoppers' Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, a 30.0% stake in Westgate held through Infinity Mall Trust ("IMT") and Bedok Mall held through Brilliance Mall Trust ("BMT").

CMT owns approximately 14.6% interest in CRCT, the first China shopping mall REIT listed on the SGX-ST in December 2006.

On 1 October 2015, the acquisition of Bedok Mall by way of acquiring all the units in BMT was completed.

On 15 October 2015, the Manager announced that CMT has entered into a sale and purchase agreement to sell its property, Rivervale Mall, to a fund managed by AEW Asia for a total consideration of S$190.5 million. Net proceeds of S$188.0 million from the sale of Rivervale Mall had been used in December 2015 to partially repay the term loans used to finance the acquisition of BMT.

1(a)(i) Statements of Total Return and Distribution Statements (4Q 2015 vs 4Q 2014)

Group			Trust
4Q 2015 1,2	4Q 2014	%	4Q 2015 2	4Q 2014	%
S$'000	S$'000	Change	S$'000	S$'000	Change
165,163	152,634	8.2	151,505	152,634	(0.7)
4,694	4,698	(0.1)	4,694	4,698	(0.1)
10,523	7,870	33.7	9,925	7,870	26.1
180,380	165,202	9.2	166,124	165,202	0.6
(6,842)	(6,027)	13.5	(6,291)	(6,027)	4.4
(13,061)	(14,014)	(6.8)	(11,806)	(14,014)	(15.8)
(34,780)	(39,207)	(11.3)	(32,620)	(39,207)	(16.8)
(54,683)	(59,248)	(7.7)	(50,717)	(59,248)	(14.4)
125,697	105,954	18.6	115,407	105,954	8.9
2,999	6,760	(55.6)	6,866	3,406	NM
-	-	-	19,393	44,597	(56.5)
(11,214)	(10,574)	6.1	(10,292)	(10,574)	(2.7)
(871)	(1,865)	(53.3)	(841)	(1,865)	(54.9)
(28,294)	(27,989)	1.1	(28,294)	(27,989)	1.1
88,317	72,286	22.2	102,239	113,529	(9.9)
2,594	2,306	12.5	-	-	-
16,955	70,025	(75.8)	-	-	-
107,866	144,617	(25.4)	102,239	113,529	(9.9)
53,749	29,061	85.0	61,983	29,061	NM
72,741	-	NM	72,741	-	NM
-	-	-	(3,024)	-	NM
(33)	117	NM	-	-	-
234,323	173,795	34.8	233,939	142,590	64.1
(575)	(37)	NM	(575)	(37)	NM
233,748	173,758	34.5	233,364	142,553	63.7

Statements of Total Return

Gross rental income Car park income Other income Gross revenue

Property management fees Property tax

Other property operating expenses 3

Property operating expenses

Net property income Interest and other income 4 Investment income 5

Asset management fees Trust expenses

Finance costs

Net income before share of results of associate and joint ventures

Share of results (net of tax) of:

• Associate 6

• Joint ventures 7

Net income

Net change in fair value of investment properties Gain on disposal of investment property 8

Impairment loss 9

Dilution (loss)/gain of interest in associate

Total return for the period before taxation

Taxation 10

Total return for the period

88,317	72,286	22.2	102,239	113,529	(9.9)
(3,838)	(3,471)	10.6	(1,509)	(117)	NM
16,252	44,597	(63.6)	-	-	-
1,164	-	NM	1,164	-	NM
(1)	-	NM	-	-	-
101,894	113,412	(10.2)	101,894	113,412	(10.2)
101,894	99,112	2.8	101,894	99,112	2.8

Distribution Statements

Net income before share of results of associate and joint ventures

Net effect of non-tax chargeable items 11

Distributions from joint ventures 12

Rollover adjustment 13

Net profit from subsidiary 14

Amount available for distribution to Unitholders Distributable income to Unitholders 15