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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  CapitaLand Retail China Trust    CRCT   SG1U25933169

CAPITALAND RETAIL CHINA TRUST

(CRCT)
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Financial Statements And Related Announcement :: Third Quarter Results

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10/30/2018 | 05:47am EST

CAPITALAND RETAIL CHINA TRUST

2018 THIRD QUARTER UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

TABLE OF CONTENTS

Item No.

Description

Page No.

- -

1(a)

1(b)(i)

1(b)(ii)

1(c)(i)

1(c)(ii)

1(d)(i)

1(d)(ii)

2 & 3

4 & 5

6

7

8

9

10

11 & 12

13

14

15

Summary of CRCT Results

Introduction

Statement of Total Return and Distribution Statement

Statement of Financial Position

Aggregate Amount of Borrowings and Debt Securities

Use of proceeds raised pursuant to Chapter 8 of the Listing Manual

Statement of Cash Flows

Statement of Movements in Unitholders' funds

Details of Any Change in the Units

Audit Statement

Changes in Accounting Policies

Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")

Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit

Review of the Performance

Variance from Previous Forecast / Prospect Statement

Outlook and Prospects

Distribution

Interested Person Transactions Mandate

Confirmation Pursuant to Rule 720(1) of the Listing Manual

Confirmation Pursuant to Rule 705(5) of the Listing Manual

2

3

4 -8

9

10

10

11 - 12

13 - 14

15

15

15 - 16

16 - 17

17

18 - 19

19

20 - 21

21

22

22

22

Summary of CRCT Results

3Q 2018

3Q 2017

YTD 2018

YTD 20171

Actual S$'000

Actual S$'000

Change %

Actual S$'000

Actual S$'000

Change %

Gross Revenue2

55,352

55,989

(1.1)

166,997

175,083

(4.6)

Net Property Income2

36,732

35,951

2.2

111,545

116,225

(4.0)

Distributable income contribution from joint venture3

1,847

-

100.0

5,077

-

100.0

Distributable amount to Unitholders

23,647

21,409

10.5

76,007

69,101

10.0

Distribution Per Unit ("DPU") (cents)

For the period4

2.41

2.37

1.7

7.80

7.73

0.9

Annualised

9.56

9.40

1.7

10.43

10.33

1.0

For Information Only

DPU (cents) (adjusted with the enlarged Units in issue)5

2.41

2.22

8.6

7.80

7.22

8.0

3Q 2018

3Q 2017

YTD 2018

YTD 20171

Actual RMB'000

Actual RMB'000

Change %

Actual RMB'000

Actual RMB'000

Change %

Gross Revenue

274,013

274,959

(0.3)

811,256

857,354

(5.4)

Net Property Income

181,856

176,570

3.0

541,878

569,126

(4.8)

Footnotes:

1. The financial results include CapitaMall Anzhen for period from 1 January 2017 to 30 June 2017. The mall was divested

  • in July 2017.

  • 2. Average exchange rate for SGD/RMB.

    3Q 2018

    3Q 2017

    Change %

    YTD 2018

    YTD 2017

    Change %

    4.950

    4.911

    (0.8)

    4.858

    4.897

    0.8

  • 3. This relates to 51% interest in Rock Square for 3Q 2018 and for period from 1 February 2018 to 30 September 2018.

  • 4. 3Q 2018 DPU was based on 980.5 million Units. YTD 2018 DPU was based on 969.9 million Units from 1 January

    2018 to 30 June 2018 and 980.5 million Units from 1 July 2018 to 30 September 2018.

    3Q 2017 DPU was based on 901.8 million Units. YTD 2017 DPU was based on 888.7 million Units from 1 January

    2017 to 30 June 2017 and 901.8 million Units from 1 July 2017 to 30 September 2017.

  • 5. Adjusted DPU for 3Q 2017 of 2.22 cents was based on 966.2 million Units and YTD 2017 of 7.22 cents was based on

    953.1 million Units from 1 January 2017 to 30 June 2017 and 966.2 million Units from 1 July 2017 to 30 September

    2017.

INTRODUCTION

CapitaLand Retail China Trust ("CRCT") was constituted as a private trust on 23 October 2006 under a trust deed entered into between CapitaLand Retail China Trust Management Limited (as manager of CRCT) (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CRCT) (the "Trustee"), and listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 8 December 2006.

CRCT is a Singapore-based real estate investment trust ("REIT") constituted with the investment objective of investing on a long term basis in real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau.

As at 30 September 2018, CRCT owns and invests in a portfolio of 11 shopping malls located in eight cities in China. The properties are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; CapitaMall Xinnan in Chengdu; CapitaMall Qibao in Shanghai; CapitaMall Erqi in Zhengzhou; CapitaMall Saihan in Huhhot; CapitaMall Minzhongleyuan in Wuhan; 51% interest in CapitaMall Wuhu in Wuhu and 51% interest in Rock Square ("RS JV") in Guangzhou.

2018 THIRD QUARTER UNAUDITED FINANCIAL STATEMENTS & DISTRIBUTION ANNOUNCEMENT ______________________________________________________________________________

1(a)(i)Statement of total return for the Group (3Q 2018 vs 3Q 2017)

Gross rental income Other income2 Gross revenue Land rental Property related tax Business tax

Property management fees3

Other property operating expenses4 Total property operating expenses 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)/income5 Finance income6

Foreign exchange loss - realised7 Finance costs

Net income before share of results of joint venture Share of results (net of tax) of joint venture8

Net Income

Gain on disposal of subsidiary9

Change in fair value of financial derivatives Foreign exchange (loss)/gain - unrealised Total return for the period before taxation Taxation10

Total return for the period after taxation

Attributable to:

Unitholders Non-controlling interest

Total return for the period after taxation

Group

3Q 2018

S$'000

3Q 2017

S$'000

% Change

51,258 4,094

51,395 4,594

(0.3) (10.9)

55,352

(1,411)

(5,056)

(305)

(3,574)

(8,274)

55,989

(1,479)

(5,776)

(294)

(3,409)

(9,080)

(1.1)

(4.6)

(12.5)

3.7

4.8

(8.9)

(18,620)

(20,038)

(7.1)

36,732

(1,909)

(1,603)

(117)

(112)

(55)

(318)

1,755

(235)

(7,166)

35,951

(1,751)

(1,445)

(108)

(107)

(56)

279

597

(32)

(5,772)

2.2

9.0

10.9

8.3

4.7

(1.8) N.M. N.M. N.M.

24.2

26,972 1,414

27,556 -

(2.1) 100.0

28,386 - 166 (1,326)

27,556 52,227 - 1,273

3.0

(100.0)

100.0 N.M.

27,226 (8,408)

81,056 (24,879)

(66.4) (66.2)

18,818

56,177

(66.5)

19,555

(737)

56,162 15

(65.2) N.M.

18,818

56,177

(66.5)

2018 THIRD QUARTER UNAUDITED FINANCIAL STATEMENTS & DISTRIBUTION ANNOUNCEMENT ______________________________________________________________________________

1(a)(i)Statement of total return for the Group (YTD 2018 vs YTD 2017)

Gross rental income

Other income2

Gross revenue Land rental Property related tax Business tax

Property management fees3

Other property operating expenses4

Total property operating expenses 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)/income5 Finance income6

Foreign exchange loss - realised7 Finance costs

Net income before share of results of joint venture

Share of results (net of tax) of joint venture8

Net Income

Gain on disposal of subsidiary9

Change in fair value of investment properties Change in fair value of financial derivatives Foreign exchange (loss)/gain - unrealised Total return for the period before taxation

Taxation10

Total return for the period after taxation

Attributable to:

Unitholders Non-controlling interest

Total return for the period after taxation

Group

YTD 2018

S$'000

YTD 20171

S$'000

% Change

156,414 10,583

162,286 12,797

(3.6) (17.3)

166,997

(4,363)

(15,466)

(922)

(10,785)

(23,916)

175,083

(4,469)

(18,198)

(953)

(10,572)

(24,666)

(4.6)

(2.4)

(15.0)

(3.3)

2.0

(3.0)

(55,452)

(58,858)

(5.8)

111,545

(5,754)

(4,828)

(348)

(349)

(155)

(1,062)

4,516

(186)

(19,547)

116,225

(5,304)

(4,622)

(319)

(307)

(152)

185

1,112

(261)

(17,670)

(4.0)

8.5

4.5

9.1

13.7

2.0 N.M. N.M.

(28.7)

10.6

83,832 5,565

88,887 -

(5.7) 100.0

89,397 - 23,642 166 (649)

88,887 52,227 13,049 - 1,575

0.6

(100.0)

81.2 100.0 N.M.

112,556 (34,026)

155,738 (48,322)

(27.7)

(29.6)

78,530

107,416

(26.9)

79,704 (1,174)

108,586 (1,170)

(26.6)

0.3

78,530

107,416

(26.9)

Footnotes:

  • 1. Includes contribution from CapitaMall Anzhen for period from 1 January 2017 to 30 June 2017. The mall was divested in July 2017.

  • 2. Other income comprises mainly income earned from atrium space, carpark, trolley carts and advertisement panels.

  • 3. Includes reimbursement of costs to the property manager.

  • 4. Includes items in the table below as part of the other property operating expenses.

    Depreciation and amortisation

    Write back on impairment losses on trade receivables, net

Group

3Q 2018

S$'000

3Q 2017

S$'000

% Change

(312)

54

(396)

3

(21.2) N.M.

Disclaimer

CapitaLand Retail China Trust published this content on 30 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 October 2018 10:46:06 UTC

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