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Investees include proportionate consolidation of the 40.00% interest in Raffles City Singapore (RCS) through RCS Trust, and equity accounting of its associate, CRS. 2 CMT Group includes the proportionate consolidation of the 40.00% interest in RCS, consolidation of 100.00% interest in CRS with effect from 1 June 2007 and CMT MTN Pte. Ltd. (CMT MTN) with effect from 13 April 2007 and equity accounting of its associate, CapitaRetail China Trust, with effect from 1 April 2007. With effect from 30 May 2011, CMT Group also includes the proportionate consolidation of 30.00% interest in Infinity Mall Trust and Infinity Office Trust. 3 The decrease in total assets as at 31 December 2009 is mainly due to the revaluation deficit on investment properties, offset by the increase in cash and cash equivalents mainly from the balance of net proceeds from the 1,502,358,923 units issued under the underwritten renounceable 9-for-10 rights issue (Rights Issue) in April 2009. 4 Excludes unamortised premium and transaction costs. 5 Lower due to repayment of loans with the proceeds from the Rights Issue in 2009. 6 Excludes outstanding distributable income as at end of each period. 4 Building A Decade of Excellence 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TRUST TRUST TRUST & ITS ASSOCIATE1 & ITS GROUP2 INVESTEES1 Selected Statement of Total Return and Distribution Data Gross Rental Income (S$ million) 107.2 162.8 223.5 307.3 399.2 473.6 513.7 539.2 582.7 610.9 Car Park Income (S$ million) 4.4 5.7 7.6 8.9 12.0 13.7 14.3 15.5 17.6 19.1 Other Income (S$ million) 5.4 8.7 12.0 15.5 20.7 23.6 24.7 26.4 30.3 31.6 Gross Revenue (S$ million) 117.0 177.2 243.1 331.7 431.9 510.9 552.7 581.1 630.6 661.6 Net Property Income (S$ million) 78.4 114.2 154.1 217.6 287.8 341.1 376.8 399.1 418.2 445.3 Distributable Income (S$ million) 64.9 98.1 126.8 169.4 211.2 238.4 282.0 294.8 301.6 316.9 Selected Balance Sheet Data Total Assets (S$ million) 1,351.5 2,361.7 3,483.6 4,811.3 5,957.3 7,509.0 7,423.03 8,125.9 9,172.2 9,888.7 Total Borrowings4 (S$ million) 325.0 660.0 1,093.0 1,695.2 2,052.2 3,216.4 2,243.05 2,916.9 3,483.8 3,706.1 Net Asset Value Per Unit6 (S$) 1.03 1.31 1.64 1.87 2.21 2.41 1.54 1.53 1.56 1.64 Unitholders’ Funds (S$ million) 972.4 1,622.5 2,283.9 2,975.8 3,721.8 4,079.6 4,969.6 4,939.4 5,246.07 5,702.97 Market Capitalisation8 (S$ million) 1,295.7 2,117.6 3,090.5 4,543.8 5,751.9 2,650.3 5,722.7 6,209.3 5,658.3 7,362.2 Portfolio Property Valuation (S$ million) 1,240.0 2,235.0 3,365.0 4,575.1 5,777.9 7,174.0 6,920.5 7,271.5 7,849.2 8,191.8 Key Financial Indicators Earnings Per Unit9 (cents) 9.78 25.37 33.24 29.17 38.52 33.70 (2.23)10 8.49 11.98 16.05 Distribution Per Unit (cents) 8.03 9.48 10.23 11.69 13.34 14.29 8.8511 9.2411 9.3711 9.4611 Gearing 24.7% 28.5% 31.6% 35.6% 34.5% 42.8% 30.2% 35.9% 38.4% 36.7% Interest Coverage (times) 8.0 7.2 6.0 5.0 4.2 3.4 3.6 3.6 3.3 3.2 Management Expense Ratio12 1.0% 1.1% 0.9% 0.9% 0.7% 0.7% 0.7% 0.7% 0.8% 0.8% 7 139,665,000 and 125,000,000 new units in CMT with gross proceeds of S$250.0 million each were issued via private placement exercises on 10 November 2011 and 30 November 2012 respectively. 8 Based on the closing unit price of S$1.43 on 31 December 2003, S$1.76 on 31 December 2004, S$2.24 on 30 December 2005, S$2.91 on 29 December 2006, S$3.46 on 31 December 2007, S$1.59 on 31 December 2008, S$1.80 on 31 December 2009, S$1.95 on 31 December 2010, S$1.70 on 30 December 2011 and S$2.13 on 31 December 2012. 9 With the introduction of Financial Reporting Standards 40: Investment Property with effect from 1 January 2007, Earnings Per Unit (EPU) are computed based on total return for the period after tax.
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