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Financial Performance

Statement of Total Return & Distribution Statement (2Q 2017 vs 2Q 2016)

Group Trust
2Q 2017
S$'000
2Q 2016
S$'000
Change
%
2Q 2017
S$'000
2Q 2016
S$'000
Change
%
Gross rental income 80,738 61,101 32.1 59,521 61,101 (2.6)
Car park income 2,660 2,927 (9.1) 2,296 2,927 (21.6)
Other income 4,097 3,544 15.6 3,442 3,544 (2.9)
Gross revenue 87,495 67,572 29.5 65,259 67,572 (3.4)
Property management fees (1,993) (1,447) 37.7 (1,448) (1,447) 0.1
Property tax (6,022) (5,974) 0.8 (4,324) (5,974) (27.6)
Other property operating expenses (10,377) (8,700) 19.3 (8,000) (8,700) (8.0)
Property operating expenses (18,392) (16,121) 14.1 (13,772) (16,121) (14.6)
Net property income 69,103 51,451 34.3 51,487 51,451 0.1
Interest income 247 1,334 (81.5) 3,664 1,300 NM
Investment income - - - 44,777 23,311 92.1
Amortisation of intangible asset (1,021) (287) NM (1,021) (287) NM
Asset management fees:            
- Base fees (1,649) (1,323) 24.6 (1,239) (1,323) (6.3)
- Performance fees (2,427) (2,217) 9.5 (2,075) (2,217) (6.4)
Trust expenses (1,173) (632) 85.6 (1,146) (636) 80.2
Finance costs (17,663) (9,592) 84.1 (10,234) (9,592) 6.7
Net income before share of profit of joint ventures 45,417 38,734 17.3 84,213 62,007 35.8
Share of profit (net of tax) of:            
- Joint ventures 25,885 35,576 (27.2) - - -
Net income 71,302 74,310 (4.0) 84,213 62,007 35.8
Impairment of available-for-sale investment      - (8,916) NM - (8,916) NM
Net gain in fair value of investment properties  252,674 8,643 NM 237,829 8,643 NM
Transaction costs on disposal of investment property   (3,226) - NM (3,226) - -
Total return for the period before tax 320,750 74,037 NM 318,816 61,734 NM
Tax expense (175) (49) NM (174) (48) NM
Total return for the period after tax 320,575 73,988 NM 318,642 61,686 NM
             
Distribution Statement            
Net income before share of profit of joint ventures 45,417 38,734 17.3 84,213 62,007 35.8
Net tax and other adjustments 866 3,043 (71.5) (14,746) 3,081 NM
Distribution from joint ventures 23,184 23,311 (0.5) - - -
Distributable income to unitholders 69,467 65,088 6.7 69,467 65,088 6.7

NM - Not Meaningful

Statement of Financial Position as at 30 June 2017 vs 31 December 2016

Group Trust
30 Jun 2017
S$'000
31 Dec 2016
S$'000
Change
%
30 Jun 2017
S$'000
31 Dec 2016
S$'000
Change
%
Non-current assets            
Plant and equipment 1,185 1,439 (17.7) 1,146 1,384 (17.2)
Investment properties 5,314,000 6,590,500 (19.4) 3,698,000 4,987,500 (25.9)
Interest in subsidiaries - - - 718,044 718,043 -
Available-for-sale investment 48,841 44,834 8.9 48,841 44,834 8.9
Interest in joint ventures 1,498,364 1,189,793 25.9 1,172,574 864,393 35.7
Intangible asset 252 2,086 (87.9) 252 2,086 (87.9)
Financial derivatives 3,919 20,624 (81.0) 3,919 17,405 (77.5)
Total non-current assets 6,866,561 7,849,276 (12.5) 5,642,776 6,635,645 (15.0)
Current assets            
Assets held for sale 346,000 - NM 346,000 - NM
Trade and other receivables 46,126 41,636 10.8 50,498 48,574 4.0
Cash and cash equivalents 696,844 159,962 NM 688,107 131,537 NM
Financial derivatives - 257 NM - 257 NM
Total current assets 1,088,970 201,855 NM 1,084,605 180,368 NM
             
Total assets 7,955,531 8,051,131 (1.2) 6,727,381 6,816,013 (1.3)
             
Current liabilities            
Trade and other payables 47,973 52,786 (9.1) 199,817 202,800 (1.5)
Current portion of security deposits 6,975 8,413 (17.1) 6,975 8,413 (17.1)
Interest-bearing liabilities 90,000 - NM 90,000 - NM
Convertible bonds 122,937 173,450 (29.1) 122,937 173,450 (29.1)
Financial derivatives 1,143 - NM 1,143 - NM
Current tax payable 541 1,506 (64.1) 312 226 38.1
Total current liabilities 269,569 236,155 14.1 421,184 384,889 9.4
             
Non-current liabilities            
Non-current portion of security deposits 41,338 52,397 (21.1) 20,645 32,627 (36.7)
Interest-bearing liabilities 2,050,242 2,457,182 (16.6) 1,163,302 1,570,692 (25.9)
Financial derivatives 47,587 26,855 77.2 27,016 21,262 27.1
Total non-current liabilities 2,139,167 2,536,434 (15.7) 1,210,963 1,624,581 (25.5)
             
Total liabilities 2,408,736 2,772,589 (13.1) 1,632,147 2,009,470 (18.8)
             
Net assets 5,546,795 5,278,542 5.1 5,095,234 4,806,543 6.0
             
Unitholders' funds 5,546,795 5,278,542 5.1 5,095,234 4,806,543 6.0

NM - Not Meaningful