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    C38U   SG1M51904654

CAPITALAND INTEGRATED COMMERCIAL TRUST

(C38U)
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CapitaLand Mall Trust : Financial Statements And Related Announcement - Third Quarter Results

10/21/2020 | 09:30pm EST

_____________________________________________________________________

CAPITALAND MALL TRUST

2020 THIRD QUARTER UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT

_____________________________________________________________________

TABLE OF CONTENTS

Item No.

Description

Page No.

-

Summary of CMT Results

2

-

Introduction

3

1(a)

Statements of Total Return & Distribution Statements

4-9

1(b)(i)

Statements of Financial Position

10-11

1(b)(ii)

Aggregate Amount of Borrowings and Debt Securities

12

1(c)

Statements of Cash Flow

13-14

1d(i)

Statements of Movements in Unitholders' Funds

15-16

1d(ii)

Details of Any Change in the Units

17

2 & 3

Audit Statement

17

4 & 5

Changes in Accounting Policies

17

6

Earnings Per Unit and Distribution Per Unit

18

7

Net Asset Value / Net Tangible Asset Per Unit

19

8

Review of the Performance

20-21

9

Variance from Previous Forecast / Prospect Statement

21

10

Outlook & Prospects

22

11 & 12

Distributions

23-24

13

Interested Person Transactions

24

14

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

24

15

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

24

CAPITALAND MALL TRUST

2020 THIRD QUARTER UNAUDITED FINANCIAL STATEMENT & DISTRIBUTION ANNOUNCEMENT

_____________________________________________________________________

Summary of CMT Results

2020

FY 2018

FY 2019

1 April to

1 July to

30 June

30 September

Actual

Actual

Actual

Actual

Gross Revenue (S$'000)

697,521

786,736

114,091

150,277

Net Property Income (S$'000)

493,548

558,215

68,052

104,449

Amount Available for Distribution (S$'000)

429,359

461,901

54,928

81,922

Distributable Income (S$'000)

410,675 1

441,596 2

78,128 3

114,294 4

Distribution Per Unit ("DPU") (cents)

For the period

11.50¢

11.97¢

2.11¢

3.10¢

Footnotes:

  1. Capital distribution and tax-exempt income distribution of S$7.6 million received from CapitaLand Retail China Trust ("CRCT") in FY 2018 had been retained for general corporate and working capital purposes. Prior to the completion of the acquisition of the balance 70.0% of the units in Infinity Mall Trust ("IMT") on 1 November 2018, CMT received capital distribution of S$11.1 million from IMT, which had been retained for general corporate and working capital purposes.
  2. Capital distribution and tax-exempt income distribution of S$13.6 million received from CRCT and capital distribution of S$6.7 million received from Infinity Office Trust ("IOT") in FY 2019 had been retained for general corporate and working capital purposes.
  3. In 2Q 2020, CMT had released S$23.2 million, part of the S$69.6 million of taxable income available for distribution retained in 1Q 2020 to holders of units in CMT ("Units" and holders of units, "Unitholders").
  4. In 3Q 2020, CMT had released S$36.4 million, part of the S$46.4 million of taxable income available for distribution retained in 1H 2020 to Unitholders. Tax-exempt income distribution of S$4.0 million for the period from 1 January 2020 to 30 June 2020 received from CRCT was retained for general corporate and working capital purposes.

DISTRIBUTION & RECORD DATE

Distribution

For 1 July 2020 to 30 September 2020

Distribution type

Taxable income

Distribution rate

Taxable income distribution of 3.10 cents per Unit

Record date

20 October 2020

Payment date

19 November 2020

Page 2 of 24

CAPITALAND MALL TRUST

2020 THIRD QUARTER UNAUDITED FINANCIAL STATEMENT & DISTRIBUTION ANNOUNCEMENT

_____________________________________________________________________

INTRODUCTION

CMT (the "Trust") was constituted under a trust deed dated 29 October 2001 entered into between CapitaLand Mall Trust Management Limited (as manager of CMT) (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CMT) (the "Trustee"), as amended.

CMT is the first Real Estate Investment Trust ("REIT") listed on Singapore Exchange Securities Trading Limited (the "SGX-ST") in July 2002.

The principal activity of CMT is to invest in income producing real estate, which is used or substantially used for retail purposes with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

CMT's current portfolio comprises 15 shopping malls which are strategically located in the suburban areas and downtown core of Singapore - Tampines Mall, Junction 8, Funan (retail and office components reopened in June 2019), IMM Building ("IMM"), Plaza Singapura, Bugis Junction, JCube, a 40.0% stake in Raffles City Singapore ("RCS") held through RCS Trust, Lot One Shoppers' Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Westgate held through IMT and Bedok Mall held through Brilliance Mall Trust ("BMT"). The retail component of Funan is held through CMT, and the office components are held through Victory Office 1 Trust ("VO1T") and Victory Office 2 Trust ("VO2T").

CMT owns an interest in CRCT, the first China shopping mall REIT listed on the SGX-ST in December 2006. As at 30 September 2020, CMT holds an aggregate of 133,380,335 units in CRCT, which represents an approximately 10.8% interest in CRCT.

On 22 January 2020, the Manager and the manager of CapitaLand Commercial Trust ("CCT") jointly announced the proposed merger of CMT and CCT (the "Merger") through the acquisition by CMT of all the issued and paid-up units of CCT by way of a trust scheme of arrangement ("Trust Scheme"), to be effected in accordance with the Singapore Code on Take-overs and Mergers. On 29 September 2020, unitholders of both CMT and CCT voted in favour of the Merger and the Trust Scheme (as the case may be) at their respective unitholders meetings. The Trust Scheme was sanctioned by the High Court on 12 October 2020 and became effective and binding in accordance with its terms on 21 October 2020. Following the completion of the Merger, the merged entity will be renamed "CapitaLand Integrated Commercial Trust" ("CICT"), which is expected to be the largest proxy for Singapore commercial real estate with 24 strategically-located and high-quality, retail, office and integrated developments in Singapore and overseas.

Page 3 of 24

CAPITALAND MALL TRUST

2020 THIRD QUARTER UNAUDITED FINANCIAL STATEMENT & DISTRIBUTION ANNOUNCEMENT

_____________________________________________________________________

1(a)(i) Statements of Total Return and Distribution Statements (3Q 2020 vs 3Q 2019)

Statements of Total Return

Gross rental income 2

Car park income

Other income 3

Gross revenue

Property management fees Property tax

Other property operating expenses 4

Property operating expenses Net property income

Interest and other income 5 Investment income 6 Management fees

Trust expenses

Transaction costs relating to the Merger 7 Finance costs 8

Net income before share of results of associate and joint ventures

Share of results (net of tax) of:

  • Associate 9
  • Joint ventures 10
    Net income

Dilution loss on investment in associate

Net (loss)/gain on derecognition of investment in associate 11

Total return for the period before taxation

Taxation

Total return for the period

Distribution Statements

Net income before share of results of associate and joint ventures

Net effect of non-tax deductible/(chargeable) items 12

Distribution from associate Distribution from joint venture 13 Rollover adjustment 14

Net gain from subsidiaries 15

Amount available for distribution to Unitholders

Distributable income to Unitholders 16

Group 1

Trust

3Q 2020

3Q 2019

%

3Q 2020

3Q 2019

%

S$'000

S$'000

Change

S$'000

S$'000

Change

140,413

184,899

(24.1)

113,399

151,833

(25.3)

4,197

4,708

(10.9)

3,779

4,251

(11.1)

5,667

11,504

(50.7)

4,608

9,311

(50.5)

150,277

201,111

(25.3)

121,786

165,395

(26.4)

(5,606)

(7,635)

(26.6)

(4,552)

(6,276)

(27.5)

(11,514)

(16,665)

(30.9)

(9,118)

(13,011)

(29.9)

(28,708)

(32,589)

(11.9)

(23,747)

(27,256)

(12.9)

(45,828)

(56,889)

(19.4)

(37,417)

(46,543)

(19.6)

104,449

144,222

(27.6)

84,369

118,852

(29.0)

24

2,511

(99.0)

13,364

14,347

(6.9)

4,028

-

NM

21,337

36,222

(41.1)

(10,873)

(12,844)

(15.3)

(8,644)

(10,345)

(16.4)

(1,012)

(1,139)

(11.2)

(992)

(1,058)

(6.2)

(6,632)

-

NM

(6,632)

-

NM

(28,456)

(30,597)

(7.0)

(28,450)

(28,882)

(1.5)

61,528

102,153

(39.8)

74,352

129,136

(42.4)

-

9,559

NM

-

-

-

9,620

12,355

(22.1)

-

-

-

71,148

124,067

(42.7)

74,352

129,136

(42.4)

-

(18)

NM

-

-

-

-

(17,601)

NM

-

50,768

NM

71,148

106,448

(33.2)

74,352

179,904

(58.7)

-

-

-

-

-

-

71,148

106,448

(33.2)

74,352

179,904

(58.7)

61,528

102,153

(39.8)

74,352

129,136

(42.4)

8,216

(3,963)

NM

7,570

(3,285)

NM

-

7,718

NM

-

-

-

12,501

20,327

(38.5)

-

-

-

1

-

NM

-

-

-

(324)

(384)

(15.6)

-

-

-

81,922

125,851

(34.9)

81,922

125,851

(34.9)

114,294

112,973

1.2

114,294

112,973

1.2

Page 4 of 24

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Capitaland Mall Trust published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 01:29:08 UTC


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P/E ratio 2021 19,4x
Yield 2021 5,27%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 1,99 SGD
Average target price 2,45 SGD
Spread / Average Target 23,0%
EPS Revisions
Managers and Directors
Ngiap Jong Low Chief Executive Officer & Director
Mei Lian Wong Chief Financial Officer
Swee Lian Teo Non-Executive Chairman
Jacqueline Lee Head-Investment & Portfolio Management
Mun Wai Leo Independent Non-Executive Officer