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Investor Relations > Financial Information > Financial Performance

Consolidated Statement of Total Return together with a comparative statement for the corresponding period of the immediately preceding financial year

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 ("FY2010") S$'000	1/10/2009- 30/9/2010 S$'000	Change Note (a) %
Gross revenue⁽¹⁾	30,396	29,291	4%	119,567	117,934	1%
Property operating expenses⁽²⁾	(6,052)	(6,061)	-	(23,550)	(24,896)	(5%)
Net property income⁽³⁾	24,344	23,230	5%	96,017	93,038	3%
Interest income	131	65	NM	454	267	70%
Manager's management fees	(3,227)	(3,181)	1%	(12,727)	(12,475)	2%
Trust expenses	(1,243)	(827)	50%	(2,735)	(2,629)	4%
Allowance for impairment of receivables	-	(291)	NM	(2)	(2,192)	(100%)
Finance costs⁽⁴⁾	(10,756)	(11,657)	(8%)	(45,824)	(43,751)	5%
Net income	9,249	7,339	26%	35,183	32,258	9%
Foreign exchange gain / (loss)	(1,040)	434	NM	(679)	733	NM
Net change in fair value of investment properties⁽⁵⁾	19,039	30,094	(37%)	17,159	24,257	(29%)
Net change in fair value of other investment and derivative financial instruments⁽⁶⁾	(567)	(113)	NM	1,954	(2,556)	NM
Realised loss on derivative financial instruments⁽⁷⁾	86	-	NM	(5)	(911)	(99%)
Other income⁽⁸⁾	-	-	-	861	-	NM
Net gain on divestments⁽⁹⁾	-	-	-	12,803	-	NM
Total return before income tax	26,767	37,754	(29%)	67,276	53,781	25%
Taxation	(556)	(2,055)	(73%)	(2,366)	(3,644)	(35%)
Total return for the period	26,211	35,699	(27%)	64,910	50,137	29%

NM - Not meaningful

Reconciliation of Total Return for the Period After Income Tax, before Distribution to the Total Amount Distributable to Unitholders
		1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change Note (a) %
Total return for the period		26,211	35,699	(27%)	64,910	50,137	29%
(Non-taxable)/ non-tax deductible items and other adjustments:
	Management fees paid / payable in Units	2,743	2,226	23%	10,818	10,587	2%
	Trustee's fees	180	187	(4%)	732	720	2%
	Amortisation of borrowing costs	2,912	3,092	(6%)	13,113	11,371	15%
	Net change in fair value of investment properties	(19,039)	(30,094)	(37%)	(17,159)	(24,257)	(29%)
	Net change in fair value of other investment and derivative financial instruments	567	113	NM	(1,954)	2,556	NM
	Deferred income tax expense	480	2,026	(76%)	2,043	3,317	(38%)
	Effects of recognising accounting income on a straight-line basis over the lease term	(915)	(353)	NM	(2,482)	(1,973)	26%
	Allowance for impairment of receivables	-	291	NM	2	2,192	(100%)
	Realised gain on derivative financial instruments⁽⁷⁾	-	-	-	-	(710)	NM
	Net gain on divestments	-	-	-	(12,803)	-	NM
	Other non-tax deductible items and temporary differences⁽¹⁰⁾	1,254	1,065	18%	(2,058)	(637)	NM
Net effect of (non-taxable) / non-tax deductible items and other adjustments		(11,818)	(21,447)	(45%)	(9,748)	3,166	NM
Income available for distribution to Unitholders and CPPU holders		14,393	14,252	1%	55,162	53,303	3%
Income available for distribution attributable to:
	- CPPU⁽¹¹⁾	4,748	4,748	-	18,838	18,838	-
	- Unitholders⁽¹²⁾	9,645	9,504	1%	36,324	34,465	5%
Unitholders' distribution comprise:
	- from operations	7,975	7,469	7%	33,494	32,430	3%
	- from capital returns⁽¹³⁾	1,670	2,035	(18%)	2,830	2,035	39%
		9,645	9,504	1%	36,324	34,465	5%

NM - Not meaningful

Footnotes

⁽¹⁾Gross revenue includes base rental income, car park income, service charges (payable by the tenants towards property expenses of the properties such as air-conditioning, utility charges and cleaning charges), public car park revenue and turnover rent. The composition of gross revenue by property is as follows:

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 ("FY2010") S$'000	1/10/2009- 30/9/2010 S$'000	Change %
China Square Central	4,387	4,387	-	17,550	17,550	-
55 Market Street	1,390	1,590	(13%)	5,665	6,512	(13%)
KeyPoint	4,088	3,826	7%	16,050	14,954	7%
Alexandra Technopark	5,500	5,500	-	22,000	22,000	-
Central Park	9,105	7,293	25%	33,953	29,457	15%
Caroline Chisholm Centre	3,150	2,972	6%	12,631	12,014	5%
Cosmo Plaza	-	937	NM	803	4,583	(82%)
Azabu Aco	433	458	(5%)	1,710	1,726	(1%)
Galleria Otemae	1,695	1,678	1%	6,645	6,596	1%
Ebara Techno-Serve	648	650	-	2,560	2,542	1%
Total	30,396	29,291	4%	119,567	117,934	1%

NM - not meaningful

⁽²⁾The composition of the property operating expenses by major items and by property is as follows:-

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change %
Property maintenance expenses	1,706	1,464	17%	7,238	7,277	(1%)
Property management fees	461	460	-	1,838	1,831	-
Property tax	799	875	(9%)	3,111	3,885	(20%)
Utilities	1,398	1,764	(21%)	5,193	5,715	(9%)
Professional fees	453	725	(38%)	2,607	3,114	(16%)
Insurance	106	88	20%	439	477	(8%)
Council rates	303	250	21%	1,083	919	18%
Amortisation of leasing commission	182	114	60%	601	634	(5%)
Other operating expenses	644	321	NM	1,440	1,044	38%
Total	6,052	6,061	-	23,550	24,896	(5%)

⁽³⁾The composition of the net property income by property is as follows:-

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change %
China Square Central	4,252	4,256	-	16,967	16,959	-
55 Market Street	910	1,341	(32%)	4,102	5,086	(19%)
KeyPoint	2,736	3,032	(10%)	11,248	10,629	6%
Alexandra Technopark	5,343	5,349	-	21,329	21,315	-
Central Park	6,609	5,214	27%	24,271	20,758	17%
Caroline Chisholm Centre	2,748	2,419	14%	10,929	10,071	9%
Cosmo Plaza	-	(173)	NM	(252)	895	NM
Azabu Aco	282	298	(5%)	1,159	1,168	(1%)
Galleria Otemae	913	946	(3%)	4,106	3,999	3%
Ebara Techno-Serve	548	543	1%	2,158	2,075	4%
Total	24,344	23,230	5%	96,017	93,038	3%

NM - not meaningful

⁽⁴⁾The composition of finance costs is as follows:-

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change %
Interest expenses	7,844	8,565	(8%)	32,711	32,368	1%
Amortisation of borrowing costs	2,912	3,092	(6%)	13,113	11,371	15%
Other fees	-	-	-	-	12	NM
Total	10,756	11,657	(8%)	45,824	43,751	5%

NM - not meaningful

⁽⁵⁾The revaluation of all investment properties were completed as at 30 September 2011, giving rise to a net increase in fair values amounting to S$19.0 million in 4Q2011 and S$17.2 million in FY2011.

⁽⁶⁾The composition of net change in fair value of other investment and derivative financial instruments is as follows:-

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change %
Fair value loss on derivative financial instruments	(567)	(1,209)	(53%)	(690)	(6,335)	(89%)
Fair value gain on other investment	-	1,096	NM	2,644	3,779	(30%)
Total	(567)	(113)	NM	1,954	(2,556)	NM

NM - not meaningful

⁽⁷⁾Included in the realised gain / (loss) on derivative financial instruments are the following:

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change Note (a) %
Loss arising from termination of interest rate swaps	-	-	-	-	(1,003)	NM
Gain / (loss) arising from realisation of foreign currency forward contract	86	-	NM	(5)	(1,621)	(100%)
Reversal of unrealised loss previously recognised on foreign currency forward contract	-	-	-	-	1,713	NM
Total	86	-	NM	(5)	(911)	(99%)

The loss arising from termination of interest rate swaps and reversal of unrealised loss recognised previously on foreign currency forward contract as follows are non-taxable items and have no impact on distributable income.

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change %
Loss arising from termination of interest rate swaps	-	-	-	-	(1,003)	NM
Reversal of unrealised loss previously recognised on foreign currency forward contract	-	-	-	1,713	-	NM
Total	-	-	-	710	-	NM

NM - not meaningful

⁽⁸⁾Other income relates to payments received pursuant to a settlement.

⁽⁹⁾Included in net gain on divestments are the following:

	1/7/2011- 30/9/2011 S$'000	1/7/2010- 30/9/2010 S$'000	Change %	1/10/2010- 30/9/2011 S$'000	1/10/2009- 30/9/2010 S$'000	Change %
Gain on disposal of subsidiaries	-	-	-	16,423		NM
Loss on disposal of other investment	-	-	-	(3,620)	-	NM
Total	-	-	-	12,803	-	NM

The divestment of Cosmo Plaza was completed on 18 January 2011 via the disposal of the holding companies, Frasers Commercial Osaka No.1 TMK and Frasers Commercial Osaka Master Lessee KK. The gain on disposal of $16.4 million comprises the net liabilities of $7.5 million disposed of and the realisation of cumulative translation differences on the investment of $8.9 million.

The divestment of the Group's investment in Australian Wholesale Property Fund ("AWPF") was completed on 12 May 2011. The loss on disposal represents the deficit of the sales proceeds over the carrying value of the investment as at the date of the disposal.

⁽¹⁰⁾Other non tax deductible items and temporary differences comprise primarily of foreign-sourced income yet to be distributed to the Trust and other non-tax deductible/ non-taxable items.

⁽¹¹⁾Each Series A CPPUs shall entitle the Series A CPPU holders to receive a distribution of an amount equivalent to 5.50% per annum of the issue price of S$1.00 each of Series A CPPU.

⁽¹²⁾FCOT's distribution policy is to distribute at least 90% of its taxable income and tax-exempt income to the Unitholders.

⁽¹³⁾Unitholders' distribution from capital returns relates to the distribution available to Unitholders arising from the capital reduction of a subsidiary to distribute earnings trapped due to non-cash items.

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