CAPITALAND CHINA TRUST
2021 HALF YEAR 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"), and 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 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).
Since the beginning of the financial period, CLCT has completed the acquisitions of the 5 business parks, with the acquisitions of 51% interest in Ascendas Xinsu Portfolio, 100% interest in Ascendas Innovation Towers and 80% interest in Ascendas Innovation Hub completed on 4 January 2021, 10 February 2021, and 26 February 2021 respectively. While the acquisitions of the 80% interest in Singapore-Hangzhou Science & Technology Park Phase I and Phase II were completed on 18 June 2021, the risk and reward have been transferred from 15 February 2021.
The divestments of CapitaMall Minzhongleyuan and CapitaMall Saihan were announced on 10 February 2021 and 7 June 2021 respectively.
As at 30 June 2021, CLCT owns and invests in a portfolio of 11 retail and 5 business parks assets located in 10 cities in China as below.
Retail | 1. | CapitaMall Xizhimen |
2. | Rock Square | |
3. | CapitaMall Wangjing | |
4. | CapitaMall Grand Canyon | |
5. | CapitaMall Xuefu | |
6. | CapitaMall Xinnan | |
7. | CapitaMall Nuohemule | |
8. | CapitaMall Yuhuating | |
9. | CapitaMall Aidemengdun | |
10. | CapitaMall Qibao | |
11. | CapitaMall Shuangjing | |
Business parks | 1. | Ascendas Xinsu Portfolio |
2. | Ascendas Innovation Towers | |
3. | Ascendas Innovation Hub | |
4. | Singapore-Hangzhou Science & Technology | |
Park (Phase I) | ||
5. | Singapore-Hangzhou Science & Technology | |
Park (Phase II) | ||
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CAPITALAND CHINA TRUST
2021 HALF YEAR UNAUDITED FINANCIAL STATEMENTS & DISTRIBUTION ANNOUNCEMENT
______________________________________________________________________________
TABLE OF CONTENTS
Item No. | Description | Page No. | ||||
- | Introduction | 1 | ||||
- | Condensed Interim Financial Statements Six-month period ended 30 June | 3 | ||||
2021 | ||||||
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 | ||||
1(c) | Portfolio Statement | 9 - 11 | ||||
1(d) | Condensed Interim Consolidated Statement of Cash Flows | 12 | - 14 | |||
1(e) | Notes to the Condensed Interim Consolidated Financial Statements | 15 | - 22 | |||
- | Other information required by Listing Rule Appendix 7.2 | 23 | - 37 | |||
Page 2 of 37
CapitaLand China Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 23 October 2006 (As amended))
Condensed Interim Financial Statements
Six-month period ended 30 June 2021
Page 3 of 37
CapitaLand China Trust and its Subsidiaries
Condensed Interim Financial Statements
Six-month period ended 30 June 2021
1(a) Condensed Interim Statements of Financial Position
As at 30 June 2021 | ||||||
Group | Trust | |||||
Note | 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | ||
$'000 | $'000 | $'000 | $'000 | |||
Non-current assets | ||||||
Investment properties | 3 | 4,775,287 | 3,726,433 | - | - | |
Plant and equipment | 3,324 | 2,394 | - | - | ||
Subsidiaries | - | - | 2,612,343 | 2,208,738 | ||
Financial derivatives | 2,459 | - | 2,459 | - | ||
Other receivables | 1,344 | 1,266 | - | - | ||
4,782,414 | 3,730,093 | 2,614,802 | 2,208,738 | |||
Current assets | ||||||
Non-trade amounts due from | ||||||
subsidiaries | - | - | 4,817 | 2,216 | ||
Financial derivatives | - | 1 | - | 1 | ||
Trade and other receivables | 40,848 | 148,353 | 1,190 | 93,187 | ||
Cash and cash equivalents | 236,435 | 208,440 | 6,575 | 858 | ||
277,283 | 356,794 | 12,582 | 96,262 | |||
Assets held for sale | - | 223,370 | - | - | ||
277,283 | 580,164 | 12,582 | 96,262 | |||
Total assets | 5,059,697 | 4,310,257 | 2,627,384 | 2,305,000 | ||
Current liabilities | ||||||
Trade and other payables | 152,125 | 177,704 | 55,621 | 22,619 | ||
Security deposits | 48,791 | 36,893 | - | - | ||
Financial derivatives | 2,302 | 2,193 | 2,302 | 2,193 | ||
Interest-bearing borrowings | 4 | 72,365 | 155,560 | 50,000 | 145,359 | |
Lease liabilities | 4,158 | 4,091 | - | - | ||
Provision for taxation | 8,837 | 7,066 | 23 | 23 | ||
288,578 | 383,507 | 107,946 | 170,194 | |||
Liabilities held for sale | - | 32,161 | - | - | ||
288,578 | 415,668 | 107,946 | 170,194 | |||
Non-current liabilities | ||||||
Financial derivatives | 5,807 | 16,134 | 5,807 | 16,134 | ||
Other payables | 49 | 85 | - | - | ||
Security deposits | 59,142 | 37,806 | - | - | ||
Interest-bearing borrowings | 4 | 1,643,741 | 1,200,374 | 1,346,231 | 1,046,380 | |
Lease liabilities | 8,562 | 10,631 | - | - | ||
Deferred tax liabilities | 299,065 | 284,705 | - | - | ||
2,016,366 | 1,549,735 | 1,352,038 | 1,062,514 | |||
Total liabilities | 2,304,944 | 1,965,403 | 1,459,984 | 1,232,708 | ||
Net assets | 2,754,753 | 2,344,854 | 1,167,400 | 1,072,292 | ||
Represented by: | ||||||
Unitholders' funds | 2,373,845 | 2,245,244 | 1,067,799 | 972,682 | ||
Perpetual securities holders | 99,601 | 99,610 | 99,601 | 99,610 | ||
Non-controlling interests | 281,307 | - | - | - | ||
2,754,753 | 2,344,854 | 1,167,400 | 1,072,292 | |||
Units in issue ('000) | 5 | 1,511,793 | 1,506,433 | 1,511,793 | 1,506,433 | |
Net asset value per Unit | ||||||
attributable to Unitholders ($) | 6 | 1.57 | 1.49 | 0.71 | 0.65 |
The accompanying notes form an integral part of these financial statements.
Page 4 of 37
CapitaLand China Trust and its Subsidiaries
Condensed Interim Financial Statements
Six-month period ended 30 June 2021
1(b)(i) Condensed Interim Consolidated Statements of Total Return Six-month period ended 30 June 2021
Group | Trust | ||||||
Six-month | Six-month | Six-month | Six-month | ||||
period ended | period ended | period ended | period ended | ||||
Note | 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | |||
$'000 | $'000 | $'000 | $'000 | ||||
- | |||||||
Gross rental income | 163,948 | 94,367 | - | - | |||
Other income | 12,944 | 7,150 | - | - | |||
Gross revenue | 176,892 | 101,517 | - | - | |||
Property related tax | (15,834) | (9,641) | - | - | |||
Business tax | (1,006) | (546) | - | - | |||
Property management fees and | |||||||
reimbursables | (11,335) | (7,839) | - | - | |||
Other property operating expenses | (28,375) | (18,213) | - | - | |||
Total property operating expenses | (56,550) | (36,239) | - | - | |||
Net property income | 120,342 | 65,278 | - | - | |||
Manager's management fees | 7 | (10,092) | (7,716) | (10,092) | (7,716) | ||
Manager's acquisition fee | - | - | (6,667) | - | |||
Manager's divestment fee | - | - | (946) | (782) | |||
Trustee's fees | (327) | (292) | (327) | (292) | |||
Audit fees | (266) | (240) | (75) | (74) | |||
Valuation fees | (67) | (106) | - | - | |||
Other trust operating | |||||||
(expense)/income | (792) | (389) | 979 | (166) | |||
Dividend income | - | - | 121,532 | 109,606 | |||
Foreign exchange gain/(loss) - | |||||||
realised | 2,004 | 2,139 | (8,778) | (13,720) | |||
Finance income | 1,613 | 3,464 | 5,348 | 5,620 | |||
Finance costs | (22,501) | (20,196) | (15,146) | (17,577) | |||
Net finance costs | 8 | (20,888) | (16,732) | (9,798) | (11,957) | ||
Net income before share of results | |||||||
of joint venture | 89,914 | 41,942 | 85,828 | 74,899 | |||
Share of results (net of tax) of joint | |||||||
venture | - | 3,364 | - | - | |||
Net income | 89,914 | 45,306 | 85,828 | 74,899 | |||
Gain on disposal of subsidiary (1) | 13,328 | 34,708 | - | - | |||
Change in fair value of investment | |||||||
properties | 3 | - | (57) | - | - | ||
Change in fair value of financial | |||||||
derivatives | 1,179 | (984) | 1,179 | (984) | |||
Foreign exchange (loss)/gain - | |||||||
unrealised | (753) | (381) | 214 | 29,226 | |||
Total return for the period before | |||||||
taxation | 103,668 | 78,592 | 87,221 | 103,141 | |||
Taxation | (34,004) | (28,778) | - | - | |||
Total return for the period after | |||||||
taxation | 69,664 | 49,814 | 87,221 | 103,141 | |||
Attributable to: | |||||||
Unitholders | 61,342 | 49,814 | 85,547 | 103,141 | |||
Perpetual securities holders | 1,674 | - | 1,674 | - | |||
Non-controlling interests | 6,648 | - | - | - | |||
Total return for the period after | |||||||
taxation | 69,664 | 49,814 | 87,221 | 103,141 | |||
Earnings per Unit (cents) | 9 | 4.08(2) | |||||
- | Basic | 4.17 | |||||
- | Diluted | 4.16 | 4.07(2) |
- This relates to the gain arising from the disposal of 100% interest in the company which held CapitaMall Saihan and CapitaMall Minzhongleyuan in 1H 2021 and the disposal of 100% interest in the company which held CapitaMall Erqi in 1H 2020.
- The figures have been restated for the effect of the bonus element of the preferential offering of 68,997,855 Units which were issued on 16 December 2020.
The accompanying notes form an integral part of these financial statements.
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CapitaLand China Trust published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 02:56:07 UTC.