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Financial Performance

Statement of Total Return & Distribution Statement (3Q 2020 vs 3Q 2019)

Group
3Q 2020
S$'000
3Q 2019
S$'000
Change
%
Gross rental income 91,053 96,489 (5.6)
Car park income 1,559 1,655 (5.8)
Other income 2,115 5,660 (62.6)
Gross revenue 94,727 103,804 (8.7)
Property management fees (2,350) (2,368) (0.8)
Property tax (7,526) (7,245) 3.9
Other property operating expenses (11,736) (13,047) (10.0)
Property operating expenses (21,612) (22,660) (4.6)
Net property income 73,115 81,144 (9.9)
Interest and other income 1,212 1,911 (36.6)
Investment income 1,312 1,319 (0.5)
Asset management fees:      
- Base fees (2,064) (2,085) (1.0)
- Performance fees (2,754) (3,162) (12.9)
Trust and other operating expenses (6,239) 1,015 NM
Finance costs (15,775) (17,358) (9.1)
Net income before share of profit of joint ventures 48,807 62,784 (22.3)
Share of results (net of tax) of joint ventures 18,036 20,884 (13.6)
Total return for the period before tax 66,843 83,668 (20.1)
Tax expense (1,968) (1,617) 21.7
Total return for the period after tax 64,875 82,051 (20.9)
       
Attributable to      
Unitholders 64,450 81,829 (21.2)
Non-controlling interest 425 222 91.4
Total return for the period 64,875 82,051 (20.9)
Distribution Statement      
Total return attributable to unitholders 64,450 81,829 (21.2)
Net tax and other adjustments (21,265) (24,039) (11.5)
Tax-exempt income distribution 11,600 3,850 NM
Distribution from joint ventures 22,750 23,189 (1.9)
Distributable income to unitholders 77,535 84,829 (8.6)

Statement of Financial Position as at 30 September 2020 vs 31 December 2019

Group Trust
30 Sep 2020
S$'000
31 Dec 2019
S$'000
Change
%
30 Sep 2020
S$'000
31 Dec 2019
S$'000
Change
%
Non-current assets            
Plant and equipment 2,229 2,134 4.5 763 723 5.5
Investment properties 8,046,188 8,092,052 (0.6) 3,605,912 3,609,100 (0.1)
Subsidiaries - - - 4,126,468 4,076,277 1.2
Joint ventures 1,692,108 1,786,105 (5.3) 1,440,438 1,435,526 0.3
Equity investment 29,655 38,156 (22.3) 29,655 38,156 (22.3)
Intangible asset 45 30 50.0 39 21 85.7
Financial derivatives 11,080 4,745 NM 11,080 4,745 NM
Total non-current assets 9,781,305 9,923,222 (1.4) 9,214,355 9,164,548 0.5
Current assets            
Trade and other receivables 70,762 61,793 14.5 79,821 73,847 8.1
Cash and cash equivalents 126,785 205,467 (38.3) 78,298 162,038 (51.7)
Financial derivatives 598 269 NM 598 269 NM
Total current assets 198,145 267,529 (25.9) 158,717 236,154 (32.8)
           
Total assets 9,979,450 10,190,751 (2.1) 9,373,072 9,400,702 (0.3)
             
Current liabilities            
Trade and other payables 84,288 75,032 12.3 83,525 65,051 28.4
Current portion of security deposits 27,477 17,776 54.6 17,447 10,145 72.0
Interest-bearing liabilities 253,469 42,746 NM 253,469 42,746 NM
Financial derivatives 837 782 7.0 837 782 7.0
Current tax payable 6,840 4,533 50.9 254 75 NM
Total current liabilities 372,911 140,869 NM 355,532 118,799 NM
             
Non-current liabilities            
Non-current portion of security deposits 42,901 53,425 (19.7) 27,038 35,686 (24.2)
Interest-bearing liabilities 2,639,026 2,767,764 (4.7) 2,215,164 2,375,214 (6.7)
Financial derivatives 10,405 5,589 86.2 10,405 5,589 86.2
Other payables 1,870 2,890 (35.3) 124,716 127,750 -
Deferred tax liabilities 5,346 5,809 (8.0) - - -
Total non-current liabilities 2,699,548 2,835,477 (4.8) 2,377,323 2,544,239 (6.6)
             
Total liabilities 3,072,459 2,976,346 3.2 2,732,855 2,663,038 2.6
             
Net assets 6,906,991 7,214,405 (4.3) 6,640,217 6,737,664 (1.4)
           
Represented by:            
Unitholders’ funds 6,875,836 7,185,098 (4.3) 6,640,217 6,737,664 (1.4)
Non-controlling interests 31,155 29,307 6.3 - - -
Total equity 6,906,991 7,214,405 (4.3) 6,640,217 6,737,664 (1.4)

NM - Not Meaningful