CAPITALAND CHINA TRUST CAPITALAND CHINA TRUST
2022 FIRST HALF UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
INTRODUCTION
CapitaLand China Trust ("CLCT") was constituted as a private trust on 23 October 2006 under a trust deed entered into between CapitaLand China Trust Management Limited (as manager of CLCT) (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CLCT) (the "Trustee"). CLCT was listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 8 December 2006.
CLCT is a Singapore-based real estate investment trust ("REIT") established with the objective of investing on a long- term basis in a diversified portfolio of income-producing real estate and real estate-related assets in mainland China, Hong Kong and Macau that are used primarily for retail, office and industrial purposes (including business parks, logistics facilities, data centres and integrated developments).
As at 30 June 2022, CLCT owns and invests in a portfolio of 11 retail malls, 5 business parks and 4 logistics parks located in 12 cities in mainland China.
Retail Malls | Business Parks | Logistics Parks | |||
1. | CapitaMall Xizhimen | 1. | Ascendas Xinsu Portfolio | 1. | Kunshan Bacheng Logistics Park |
2. | Rock Square | 2. | Ascendas Innovation Towers | 2. Wuhan Yangluo Logistics Park | |
3. | CapitaMall Wangjing | 3. | Ascendas Innovation Hub | 3. | Chengdu Shuangliu Logistics Park |
4. | CapitaMall Grand Canyon | 4. | Singapore-Hangzhou Science & | 4. | Shanghai Fengxian Logistics Park |
5. | CapitaMall Xuefu | Technology Park (Phase I) | |||
6. | CapitaMall Xinnan | 5. | Singapore-Hangzhou Science & | ||
7. | CapitaMall Nuohemule | Technology Park (Phase II) | |||
8. | CapitaMall Yuhuating | ||||
9. | CapitaMall Aidemengdun | ||||
10. CapitaMall Qibao | |||||
11. CapitaMall Shuangjing | |||||
Page 1 of 37
CAPITALAND CHINA TRUST
2022 FIRST HALF UNAUDITED FINANCIAL STATEMENTS & DISTRIBUTION ANNOUNCEMENT
______________________________________________________________________________
TABLE OF CONTENTS
Item No. | Description | Page No. | ||||
- | Introduction | 1 | ||||
- | Condensed Interim Financial Statements for the six-month period ended | 3 | ||||
30 June 2022 | ||||||
1(a) | Condensed Interim Statements of Financial Position | 4 | ||||
1(b)(i) | Condensed Interim Consolidated Statements of Total Return | 5 | ||||
1(b)(ii) | Condensed Interim Distribution Statements | 6 | - 7 | |||
1(b)(iii) | Condensed Interim Statements of Movements in Unitholders' Funds | 8 | - 9 | |||
1(c) | Portfolio Statement | 10 | - 12 | |||
1(d) | Condensed Interim Consolidated Statement of Cash Flows | 13 | - 15 | |||
1(e) | Notes to the Condensed Interim Consolidated Financial Statements | 16 | - 24 | |||
- | Other information required by Listing Rule Appendix 7.2 | 25 | - 37 | |||
Page 2 of 37
CapitaLand China Trust and its Subsidiaries
Condensed Interim Financial Statements
For the six-month period ended 30 June 2022
CapitaLand China Trust and its Subsidiaries
(Constituted in the Republic of Singapore pursuant to a trust deed dated 23 October 2006 (As amended))
Condensed Interim Financial Statements
For the six-month period ended 30 June 2022
Page 3 of 37
CapitaLand China Trust and its Subsidiaries
Condensed Interim Financial Statements
For the six-month period ended 30 June 2022
1(a) Condensed Interim Statements of Financial Position
As at 30 June 2022
Group | Trust | ||||
Note | 30 Jun 2022 | 31 Dec 2021 | 30 Jun 2022 | 31 Dec 2021 | |
$'000 | $'000 | $'000 | $'000 | ||
Non-current assets | |||||
Investment properties | 3 | 5,094,787 | 5,249,617 | - | - |
Plant and equipment | 3,118 | 3,749 | - | - | |
Subsidiaries | - | - | 2,962,971 | 2,946,142 | |
Financial derivatives | 34,010 | 5,735 | 34,010 | 5,735 | |
Other receivables | 1,277 | 1,365 | - | - | |
5,133,192 | 5,260,466 | 2,996,981 | 2,951,877 | ||
Current assets | |||||
Non-trade amounts due from | |||||
subsidiaries | - | - | 1,929 | 2,247 | |
Financial derivatives | 1,910 | 7 | 1,910 | 7 | |
Trade and other receivables | 45,563 | 26,567 | 1,596 | 329 | |
Cash and cash equivalents | 297,491 | 288,860 | 2,383 | 15,994 | |
344,964 | 315,434 | 7,818 | 18,577 | ||
Total assets | 5,478,156 | 5,575,900 | 3,004,799 | 2,970,454 | |
Current liabilities | |||||
Trade and other payables | 112,530 | 149,996 | 54,026 | 60,830 | |
Security deposits | 49,839 | 51,352 | - | - | |
Financial derivatives | 65 | 821 | 65 | 821 | |
Interest-bearing borrowings | 4 | 426,349 | 215,001 | 384,683 | 179,953 |
Lease liabilities | 5,085 | 5,147 | - | - | |
Provision for taxation | 6,685 | 7,716 | 10 | 10 | |
600,553 | 430,033 | 438,784 | 241,614 | ||
Non-current liabilities | |||||
Financial derivatives | 92 | 2,820 | 92 | 2,820 | |
Other payables | 23,516 | 24,131 | - | - | |
Security deposits | 64,171 | 66,035 | - | - | |
Interest-bearing borrowings | 4 | 1,573,577 | 1,774,520 | 1,257,545 | 1,416,154 |
Lease liabilities | 2,768 | 5,505 | - | - | |
Deferred tax liabilities | 321,164 | 318,493 | - | - | |
1,985,288 | 2,191,504 | 1,257,637 | 1,418,974 | ||
Total liabilities | 2,585,841 | 2,621,537 | 1,696,421 | 1,660,588 | |
Net assets | 2,892,315 | 2,954,363 | 1,308,378 | 1,309,866 | |
Represented by: | |||||
Unitholders' funds | 2,525,694 | 2,588,199 | 1,208,777 | 1,210,256 | |
Perpetual securities holders | 99,601 | 99,610 | 99,601 | 99,610 | |
Non-controlling interests | 267,020 | 266,554 | - | - | |
2,892,315 | 2,954,363 | 1,308,378 | 1,309,866 | ||
Units in issue ('000) | 5 | 1,671,635 | 1,659,528 | 1,671,635 | 1,659,528 |
Net asset value per Unit | |||||
attributable to Unitholders ($) | 6 | 1.51 | 1.56 | 0.72 | 0.73 |
The accompanying notes form an integral part of these condensed interim financial statements.
Page 4 of 37
CapitaLand China Trust and its Subsidiaries
Condensed Interim Financial Statements
For the six-month period ended 30 June 2022
1(b)(i) Condensed Interim Consolidated Statements of Total Return Six-month period ended 30 June 2022
Group | |||
Six-month period ended | |||
Note | 30 Jun 2022 | 30 Jun 2021 | |
$'000 | $'000 | ||
Gross rental income | 183,526 | 163,948 | |
Other income | 15,769 | 12,944 | |
Gross revenue | 199,295 | 176,892 | |
Property related tax | (13,559) | (15,834) | |
Business tax | (1,097) | (1,006) | |
Property management fees and reimbursables | (13,159) | (11,335) | |
Other property operating expenses | (31,948) | (28,375) | |
Total property operating expenses | (59,763) | (56,550) | |
Net property income | 139,532 | 120,342 | |
Manager's management fees | 7 | (11,438) | (10,092) |
Trustee's fees | (368) | (327) | |
Audit fees | (388) | (266) | |
Valuation fees | (47) | (67) | |
Other operating expenses | (457) | (792) | |
Foreign exchange (loss)/gain - realised | (800) | 2,004 | |
Finance income | 1,244 | 1,613 | |
Finance costs | (27,685) | (22,501) | |
Net finance costs | 8 | (26,441) | (20,888) |
Net income | 99,593 | 89,914 | |
Gain on disposal of subsidiaries(1) | - | 13,328 | |
Change in fair value of financial derivatives | 746 | 1,179 | |
Foreign exchange loss - unrealised | (4) | (753) | |
Total return for the period before taxation | 100,335 | 103,668 | |
Taxation | (30,893) | (34,004) | |
Total return for the period after taxation | 69,442 | 69,664 | |
Attributable to: | |||
Unitholders | 59,772 | 61,342 | |
Perpetual securities holders | 1,674 | 1,674 | |
Non-controlling interests | 7,996 | 6,648 | |
Total return for the period after taxation | 69,442 | 69,664 | |
Earnings per Unit (cents) | 9 | ||
- Basic | 3.69 | 4.17 | |
- Diluted | 3.67 | 4.16 |
- This relates to the gain arising from the disposal of 100% interest in the companies which held CapitaMall Saihan and CapitaMall Minzhongleyuan.
The accompanying notes form an integral part of these condensed interim financial statements.
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CapitaLand China Trust published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 00:18:00 UTC.
