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Investor Relations > Financial Information > Financial Performance

Consolidated Statement of Total Return (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year
       
 1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		Inc / (Dec)
%		1/1/09-
30/9/09(1)
S$'000		1/1/08-
31/12/08
S$'000		Inc / (Dec)
%
Gross revenue(2)25,68026,576(3.4%)72,315106,954(32.4%)
Property operating expenses(3)(5,719)(6,495)(11.9%)(16,613)(25,995)(36.1%)
Net property income(4)19,96120,081(0.6%)55,70280,959(31.2%)
Interest income79369(78.6%)3621,718(78.9%)
Other (expenses) / income(25)(2,852)(99.1%)629(2,640)NM
Trust expenses(5)(3,395)(3,706)(8.4%)(9,788)(16,004)(38.8%)
(Allowance for) / Reversal of impairment of receivables(6)(688)-NM(4,841)1,299NM
Finance costs(12,654)(10,929)15.8%(39,272)(42,296)7.1%
Net income before net changes in unrealised foreign exchange (loss)/gain, fair values of investment properties, other investment and derivative financial instruments, income tax and distribution3,2782,96310.6%2,79223,036(87.9%)
Unrealised foreign exchange gain / (loss)(4,134)(5,987)(31.0%)5,011(31,455)NM
Net change in fair value of investment properties(7)(29,940)(83,543)(64.2%)(174,833)(164,634)6.2%
Net change in fair value of other investment and derivative financial instruments(8)(917)(2,369)(61.3%)(804)(47,334)(98.3%)
Realised(loss) / gain on derivative financial instruments(1,603)1,167NM(3,377)6,038NM
Net (loss) / gain in unrealised foreign exchange (loss)/gain, fair values of investment properties, other investment and derivative financial instruments

(36,594)

(90,732)

(59.7%)

(174,003)

(237,385)

(26.7%)
Total return before income tax and distribution(33,316)(87,769)(62.0%)(171,211)(214,349)(20.1%)
Income tax credit43112,419(96.5%)90111,967(92.5%)
Total return for the period(32,885)(75,350)(56.4%)(170,310)(202,382)(15.8%)
NM - Not meaningful

Reconciliation of Total Return for the Period After Income Tax, Before Distribution to the Total Amount Distributable to Unitholders:






 1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		Inc / (Dec)
%		1/1/09-
30/9/09(1)
S$'000		1/1/08-
30/9/08
S$'000		Inc/(Dec)
%
Total return for the period(32,885)(75,350)(56.4%)(170,310)(202,382)(15.8%)
Non-tax deductible / (non-taxable) items and other adjustments: 
Property management fees paid / payable in Units----831NM
Management fees paid / payable in Units2,7592,815(2.0%)7,67111,476(33.2%)
Trustee's fees2432305.7%650968(32.9%)
Amortisation of borrowing costs2,6153,078(15.0%)8,49510,465(18.8%)
Net change in fair value of investment properties29,94083,543(64.2%)174,833164,6346.2%
Amortisation of leasing costs1328359.0%351472(25.6%)
Net change in fair value of other investment and derivative financial investments9172,369(61.3%)80447,334(98.3%)
Deferred income tax (written back)/expense233(13,092)NM(504)(12,441)(95.9%)
Effect of recognising accounting income on a straightline basis over the lease terms(649)(896)(27.6%)(1,920)(3,575)(46.3%)
Unrealised foreign exchange loss/(gain)4,1345,987(31.0%)(5,011)31,455NM
(Allowance for) / Reversal of impairment of receivables688-NM4,841(1,299)NM
Other adjustments(9)(122)(692)(82.4%)(908)(2,098)(56.7%)
Net effect of non-tax deductible / (non-taxable) items and other adjustments40,89083,425(51.0%)189,302248,222(23.7%)
Available for distribution to Unitholders and Series A CPPUs holders8,0058,075(0.9%)18,99245,840(58.6%)
Distributions to:
- Series A convertible perpetual preferred
units(Series A CPPUs)(10)		1,858-NM1,858-NM
- Unitholders (11)6,1478,075(23.9%)17,13445,840(62.6%)
Unitholders distribution comprises:
- from operations6,0074,228-14,99232,064-
- from Unitholder contributions 1403,847-2,14213,776-
NM- Not meaningful

Footnotes

(1)On 26 August 2009, Frasers Commercial Trust ('FCOT') announced the change of FCOT's financial year from 1 January and ending on 31 December in each year to 1 October and ending on 30 September. Hence the current financial period amounts relate only to the period from 1 January 2009 to 30 Sepetmber 2009.

(2)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, turnover rent, income support and distributions from AWPF.The composition of gross revenue by property is as follows:

Gross revenue

 1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		Inc / (Dec)
%		1/1/09-
30/9/09
S$'000		1/1/08-
31/12/08
S$'000		Inc/(Dec)
%
China Square Central4,3884,388-13,16317,551(25.0%)
55 Market Street1,6621,732(4.0%)5,2437,088(26.0%)
KeyPoint3,6845,213(29.3%)11,61121,365(45.7%)
Alexandra Technopark2,188-NM2,188-NM
Central Park6,9127,975(13.3%)20,26830,899(34.4%)
Caroline Chisholm Centre2,8793,009(4.3%)7,99011,538(30.8%)
Cosmo Plaza1,1281,832(38.4%)3,3017,878(58.1%)
Azabu Aco43437715.1%1,2931,57217.7%
Galleria Otemae1,7701,51516.8%5,3406,300(15.2%)
Ebara Techno-Serve63553518.7%1,9182,268(15.4%)
AWPF(Distribution)----495NM
Total25,68026,576(3.4%)72,315106,954(32.4%)

NM - not meaningful

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

Property operating expenses (By major items)

 1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		Inc / (Dec)
%		1/1/09-
30/9/09
S$'000		1/1/08-
31/12/08
S$'000		Inc/(Dec)
%
Property maintenance expenses1,8421,7893.0%5,2946,750(21.6%)
Property management fees357798(55.3%)9653,188(69.7%)
Property tax9931,190(16.6%)2,9564,671(36.7%)
Utilities1,1891,343(11.5%)3,5055,219(32.8%)
Professional fees750855(12.3%)2,2753,063(25.7%)
Insurance1031012.0%293402(27.1%)
Council rates2282270.4%615861(28.6%)
Amortisation of leasing commission1328359.0%351472(25.6%)
Other operating expenses12510914.7%3591,369(73.8%)
Total5,7196,495(11.9%)16,61325,995(36.1%)

NM - not meaningful


Property operating expenses (By property)

 1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		Inc / (Dec)
%		1/1/09-
30/9/09
S$'000		1/1/08-
31/12/08
S$'000		Inc/(Dec)
%
China Square Central1441412.1%426551(22.7%)
55 Market Street373532(29.9%)1,1912,122(43.9%)
KeyPoint1,0271,383(25.7%)3,1575,453(42.1%)
Alexandra Technopark66-NM66-NM
Central Park1,9692,190(10.1%)5,6458,572(34.1%)
Caroline Chisholm Centre345455(24.2%)9921,860(46.7%)
Cosmo Plaza908849(6.9%)2,5213,634(30.6%)
Azabu Aco149160(6.9%)441636(30.7%)
Galleria Otemae646664(2.7%)1,9002,591(26.7%)
Ebara Techno-Serve92121(24.0%)274576(52.4%)
Total5,7196,495(11.9%)16,61325,995(36.1%)

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

 1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		Inc / (Dec)
%		1/1/09-
30/9/09
S$'000		1/1/08-
31/12/08
S$'000		Inc/(Dec)
%
China Square Central4,2444,247(0.1%)12,73717,000(25.1%)
55 Market Street1,2891,2007.4%4,0524,966(18.4%)
KeyPoint2,6573,830(30.6%)8,45415,912(46.9%)
Alexandra Technopark2,122-NM2,122-NM
Central Park4,9435,785(14.6%)14,62322,327(34.5%)
Caroline Chisholm Centre2,5342,554(0.8%)6,9989,678(27.7%)
Cosmo Plaza220983(77.6%)7804,244(81.6%)
Azabu Aco28521731.3%852936(9.0%)
Galleria Otemae1,12485132.1%3,4403,709(7.3%)
Ebara Techno-Serve54341432.2%1,6441,692(2.8%)
AWPF(Distribution)----495NM
Total19,96120,081(0.6%)55,70280,959(31.2%)

NM - not meaningful

(5)The composition of Trust Expenses is as follows:-

Group
1/7/09-
30/9/09
S$'000		Group
1/7/08-
30/9/08
S$'000		Group
1/1/09-
30/9/09
S$'000		Group
1/1/08-
31/12/08
S$'000
Management fees2,7592,8157,67111,476
Trustee's fees243230650968
Audit fees13914303417
Non-audit fees paid to the auditors of the Trust---141
Professional and legal fees2098101,0042,188
Other expenses45(163)160814
Total3,3953,7069,78816,004

(6)Allowance for impairment of receivables in 3Q2009 pertained to the amounts receivable from a tenant of Cosmo Plaza. Please refer to section 8 page 17 for further details.

(7)Revaluations in all the investment properties were completed as at 30 September 2009, giving rise to a decrease in the fair values of these properties amounting to S$174.8 million for the financial period ended 30 September 2009. The downward revaluation in 3Q2009 of S$29.9 million arose from the adjustment of the carrying values of the properties.

(8)This represents the changes in fair values of the Group’s investment in AWPF and in derivative financial instruments. The derivative financial instruments comprise foreign currency forward contracts and interest rate swaps entered into by the Trust to manage its foreign currency and interest rate risks.

1/7/09-
30/9/09
S$'000		1/7/08-
30/9/08
S$'000		1/1/09-
30/9/09
S$'000		1/1/08-
31/12/08
S$'000
Change in fair value of interest in AWPF(212)(1,787)(212)(37,371)
Change in fair value of derivative financial instruments(705)(582)(592)(9,963)
Fair value moments(917)(2,369)(804)(47,334)

(9)Other adjustments comprise primarily the differences between the cash available to be distributed and the accounting profit available for distribution in foreign jurisdictions and other non-tax deductible/ non-taxable items.

(10)Each Series A CPPUs shall entitle the Series A CPPUs 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 CPPUs.

(11)FCOT's distribution policy is to distribute at least 90.0% of its taxable income and tax-exempt income to the unitholders.
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