Financial Statements and Related Announcement::Full Yearly Results

Frasers Centrepoint Trust and its Subsidiaries

(Constituted in the Republic of Singapore pursuant

to a trust deed dated 5 June 2006)

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX-MONTH AND FULL YEAR ENDED 30 SEPTEMBER 2021

Frasers Centrepoint Trust and its Subsidiaries ("Group")

TABLE OF CONTENTS

ITEM NO.	DESCRIPTION	Page
A.	CONDENSED INTERIM BALANCE SHEETS	1
B.	CONDENSED INTERIM STATEMENTS OF TOTAL RETURN	2
C.	DISTRIBUTION STATEMENTS	4
D.	CONDENSED INTERIM STATEMENTS OF MOVEMENTS IN	6
	UNITHOLDERS' FUNDS AND RESERVES
E.	PORTFOLIO STATEMENT	8
F.	CONDENSED INTERIM CASH FLOW STATEMENTS	12
G.	NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS	14
H.	OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2	33

Frasers Centrepoint Trust and its subsidiaries

Condensed Interim Financial Statements

For the six-month and full year ended 30 September 2021

CONDENSED INTERIM BALANCE SHEETS

AS AT 30 SEPTEMBER 2021

		Group	Trust
	Note	30/9/2021	30/9/2020	30/9/2021	30/9/2020
		$'000	$'000	$'000	$'000
Non-current assets
Investment properties	3	5,506,500	2,749,500	2,441,500	2,749,500
Fixed assets		175	229	175	229
Investment in subsidiaries		-	-	1,447,600	190,200
Investment in associates	4	46,494	696,406	46,494	62,784
Investment in joint ventures	5	294,399	177,197	287,436	173,626
Loan to joint venture	5	-	113,810	-	113,810
		5,847,568	3,737,142	4,223,205	3,290,149
Current assets
Trade and other receivables		8,995	9,686	463,205	191,533
Cash and cash equivalents		42,234	28,583	14,661	27,958
Asset held for sale		-	108,000	-	108,000
		51,229	146,269	477,866	327,491
Total assets		5,898,797	3,883,411	4,701,071	3,617,640
Current liabilities
Trade and other payables		75,843	43,277	117,840	43,286
Financial derivatives		1,281	466	1,281	466
Current portion of security deposits		38,981	16,856	13,288	16,856
Deferred income		-	1	-	1
Interest-bearing borrowings	6	204,827	255,000	204,827	255,000
Provision for taxation		1,266	86	-	-
Liabilities held for sale		-	1,427	-	1,427
		322,198	317,113	337,236	317,036
Non-current liabilities
Financial derivatives		1,855	6,901	1,855	6,901
Interest-bearing borrowings	6	1,604,089	997,308	547,731	807,164
Non-current portion of security
deposits		45,207	23,813	19,995	23,813
Deferred tax liabilities		6,640	-	-	-
		1,657,791	1,028,022	569,581	837,878
Total liabilities		1,979,989	1,345,135	906,817	1,154,914
Net assets		3,918,808	2,538,276	3,794,254	2,462,726
Represented by:-
Unitholders' funds		3,941,493	2,562,605	3,796,362	2,467,368
Translation reserve		(20,077)	(18,999)	-	-
Hedging reserve		(2,608)	(5,330)	(2,108)	(4,642)
Unitholders' funds and reserves		3,918,808	2,538,276	3,794,254	2,462,726
Units in issue ('000)	7	1,699,268	1,119,447	1,699,268	1,119,447
Net asset value and Net tangible
asset value per Unit ($)	8	2.30	2.27	2.23	2.20

The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements.

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Frasers Centrepoint Trust and its subsidiaries

Condensed Interim Financial Statements

For the six-month and full year ended 30 September 2021

CONDENSED INTERIM STATEMENTS OF TOTAL RETURN

SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2021

			Group			Trust
		Six-monthSix-month	Increase/	Six-month	Six-month	Increase/
		period	period	(Decrease)	period	period	(Decrease)
		ended	ended	ended	ended
	Note	30/9/2021	30/9/2020	%	30/9/2021	30/9/2020	%
		$'000	$'000		$'000	$'000
Gross revenue	9	167,535	64,456	159.9	78,299	64,456	21.5
Property expenses	10	(46,626)	(25,851)	80.4	(21,719)	(25,851)	(16.0)
Net property income		120,909	38,605	213.2	56,580	38,605	46.6
Interest income		39	14	178.6	-	14	NM
Other income		-	294	NM	-	-	NM
Interest income from joint venture		209	802	(73.9)	209	802	(73.9)
Borrowing costs	11	(21,763)	(14,250)	52.7	(9,519)	(12,489)	(23.8)
Asset management fees		(15,914)	(8,337)	90.9	(12,883)	(8,337)	54.5
Valuation fees		(7)	(61)	(88.5)	(25)	(61)	(59.0)
Trustee's fees		(482)	(293)	64.5	(195)	(293)	(33.4)
Audit fees		(182)	(74)	145.9	(95)	(74)	28.4
Other professional fees		(634)	(541)	17.2	(367)	(541)	(32.2)
Other charges		(126)	(223)	(43.5)	(180)	(221)	(18.6)
Net income		82,049	15,936	414.9	33,525	17,405	92.6
Distributions from subsidiaries		-	-	NM	45,699	3,769	1,112.5
Distributions from an associate		-	-	NM	-	(2)	NM
Distributions from joint ventures		-	-	NM	9,192	2,867	220.6
Share of results of associates		753	56,706	(98.7)	-	-	NM
Share of results of joint ventures		9,012	3,727	141.8	-	-	NM
Impairment loss on investment in
associate		(11,976)	-	NM	(16,291)	(1,824)	793.1
(Loss)/surplus on revaluation of
investment properties	3	(13,272)	4,747	(379.6)	(13,685)	4,747	(388.3)
Gain from fair valuation of
derivatives		1,850	328	464.0	412	328	25.6
Expenses in relation to
acquisitions of subsidiaries and
an associate		234	(3,713)	(106.3)	234	(3,713)	(106.3)
Net foreign exchange loss		(4)	-	NM	-	-	NM
Gain on disposal of properties		18,800	-	NM	18,800	-	NM
Total return before tax		87,446	77,731	12.5	77,886	23,577	230.3
Taxation		(1,359)	(50)	NM	-	-	NM
Total return for the period		86,087	77,681	10.8	77,886	23,577	230.3
Earnings per Unit (cents)	12
Basic		5.07	6.94		4.58	2.11
Diluted		5.06	6.94		4.58	2.11

The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements.

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Frasers Centrepoint Trust and its subsidiaries

Condensed Interim Financial Statements

For the six-month and full year ended 30 September 2021

CONDENSED INTERIM STATEMENTS OF TOTAL RETURN (cont'd)

YEAR ENDED 30 SEPTEMBER 2021

			Group			Trust
				Increase/			Increase/
		Year ended Year ended (Decrease)	Year ended Year ended(Decrease)
	Note	30/9/2021	30/9/2020	%	30/9/2021	30/9/2020	%
		$'000	$'000		$'000	$'000
Gross revenue	9	341,149	164,377	107.5	169,480	164,377	3.1
Property expenses	10	(94,582)	(53,489)	76.8	(47,832)	(53,489)	(10.6)
Net property income		246,567	110,888	122.4	121,648	110,888	9.7
Interest income		119	14	750.0	15	14	7.1
Other income		341	586	(41.8)	-	-	NM
Interest income from joint venture		801	2,211	(63.8)	801	2,211	(63.8)
Borrowing costs	11	(45,938)	(27,603)	66.4	(19,806)	(23,498)	(15.7)
Asset management fees		(32,389)	(18,430)	75.7	(29,358)	(18,430)	59.3
Valuation fees		(109)	(121)	(9.9)	(85)	(121)	(29.8)
Trustee's fees		(1,023)	(577)	77.3	(492)	(577)	(14.7)
Audit fees		(240)	(138)	73.9	(160)	(136)	17.6
Other professional fees		(1,684)	(768)	119.3	(531)	(762)	(30.3)
Other charges		(664)	(655)	1.4	(548)	(633)	(13.4)
Net income		165,781	65,407	153.5	71,484	68,956	3.7
Distributions from subsidiaries		-	-	NM	60,599	11,909	408.9
Distributions from associates		-	-	NM	383	1,629	(76.5)
Distributions from joint ventures		-	-	NM	16,092	10,579	52.1
Share of results of associates		(1,386)	75,280	(101.8)	-	-	NM
Share of results of joint ventures		16,886	11,200	50.8	-	-	NM
Impairment loss on investment in
associate		(11,976)	-	NM	(16,291)	(1,824)	793.1
(Loss)/surplus on revaluation of
investment properties	3	(3,298)	4,747	(169.5)	(3,711)	4,747	(178.2)
Gain/(loss) from fair valuation of
derivatives		2,948	(1,095)	369.2	1,510	(1,095)	237.9
Net gain on step acquisition		11,470	-	NM	-	-	NM
Expenses in relation to
acquisitions of subsidiaries
and an associate		(25,318)	(3,781)	569.6	(25,318)	(3,781)	569.6
Net foreign exchange loss		(21)	-	NM	-	-	NM
Gain on disposal of properties		17,156	-	NM	17,155	-	NM
Total return before tax		172,242	151,758	13.5	121,903	91,120	33.8
Taxation		(3,609)	(82)	NM	-	-	NM
Total return for the year		168,633	151,676	11.2	121,903	91,120	33.8
Earnings per Unit (cents)	12
Basic		10.10	13.57		7.30	8.15
Diluted		10.08	13.55		7.29	8.14

The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements.

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