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Statement of Total Return & Distribution Statement (4Q 2017 vs 4Q 2016)

Group Trust
4Q
2017
S$'000
4Q
2016
S$'000
Change
%
4Q
2017
S$'000
4Q
2016
S$'000
Change
%
Gross rental income 81,944 82,892 (1.1) 44,976 61,836 (27.3)
Car park income 1,497 2,992 (50.0) 941 2,767 (66.0)
Other income 2,851 3,842 (25.8) 1,785 3,488 (48.8)
Gross revenue 86,292 89,726 (3.8) 47,702 68,091 (29.9)
Property management fees (1,987) (2,049) (3.0) (1,026) (1,489) (31.1)
Property tax (5,583) (7,115) (21.5) (2,785) (5,271) (47.2)
Other property operating expenses (10,767) (9,792) 10.0 (6,090) (8,562) (28.9)
Property operating expenses (18,337) (18,956) (3.3) (9,901) (15,322) (35.4)
Net property income 67,955 70,770 (4.0) 37,801 52,769 (28.4)
Interest income 1,469 235 NM 8,064 3,686 NM
Investment income - 1,551 NM 33,542 32,205 4.2
Amortisation of intangible asset - (561) NM - (561) NM
Costs associated with acquisition of subsidiary - 234 NM - 234 NM
Asset management fees:            
- Base fees (1,951) (1,762) 10.7 (1,539) (1,352) 13.8
- Performance fees (2,108) (2,883) (26.9) (1,787) (2,423) (26.2)
Trust expenses (788) (602) 30.9 (703) (503) 39.8
Finance costs (18,639) (18,579) 0.3 (11,082) (11,024) 0.5
Net income before share of profit of joint ventures 45,938 48,403 (5.1) 64,296 73,031 (12.0)
Share of profit (net of tax) of:            
- Joint ventures 15,564 7,403 NM - - -
Net income 61,502 55,806 10.2 64,296 73,031 (12.0)
Gain on acquisition of subsidiary - net - 116 NM - - NM
Net loss on disposal of investment properties (90) - NM (90) - NM
Net (loss) / gain in fair value of investment properties (24,376) 18,412 NM (1,554) 15,509 NM
Total return for the period before tax 37,036 74,334 (50.2) 62,652 88,540 (29.2)
Tax expense (3,176) (832) NM (23) (248) (90.7)
Total return for the period after tax 33,860 73,502 (53.9) 62,629 88,292 (29.1)
             
Distribution Statement            
Net income before share of profit of joint ventures 45,938 48,403 (5.1) 64,296 73,031 (12.0)
Net tax and other adjustments (6,568) (547) NM 1,635 (2,223) NM
Tax-exempt income distribution 8,000 - NM 8,000 - NM
Distribution from joint ventures 26,561 22,952 15.7 - - -
Other gains distribution 1,100 - NM 1,100 - NM
Distributable income to unitholders 75,031 70,808 6.0 75,031 70,808 6.0

Statement of Financial Position as at 31 December 2017 vs 31 December 2016

Group Trust
31 Dec 2017
S$'000
31 Dec 2016
S$'000
Change
%
31 Dec 2017
S$'000
31 Dec 2016
S$'000
Change
%
Non-current assets            
Plant and equipment 1,002 1,439 (30.4) 980 1,384 (29.2)
Investment properties 7,408,000 6,590,500 12.4 3,698,000 4,987,500 (25.9)
Interest in subsidiaries - - - 2,827,171 718,043 NM
Available-for-sale investment 47,533 44,834 6.0 47,533 44,834 6.0
Interest in joint ventures 1,732,140 1,189,793 45.6 1,420,289 864,393 64.3
Intangible asset - 2,086 NM - 2,086 NM
Financial derivatives - 20,624 NM - 17,405 NM
Total non-current assets 9,188,675 7,849,276 17.1 7,993,973 6,635,645 20.5
Current assets            
Trade and other receivables 42,746 41,636 2.7 49,011 48,574 0.9
Cash and cash equivalents 122,581 159,962 (23.4) 72,346 131,537 (45.0)
Financial derivatives - 257 NM - 257 NM
Total current assets 165,327 201,855 (18.1) 121,357 180,368 (32.7)
           
Total assets 9,354,002 8,051,131 16.2 8,115,330 6,816,013 19.1
             
Current liabilities            
Trade and other payables 90,293 52,786 71.1 226,571 202,800 11.7
Current portion of security deposits 4,002 8,413 (52.4) 2,545 8,413 (69.7)
Convertible bonds - 173,450 NM - 173,450 NM
Financial derivatives 81 - NM 81 - NM
Current tax payable 3,187 1,506 NM 379 226 67.7
Total current liabilities 97,563 236,155 (58.7) 229,576 384,889 (40.4)
             
Non-current liabilities            
Non-current portion of security deposits 66,404 52,397 26.7 21,694 32,627 (33.5)
Interest-bearing liabilities 2,720,208 2,457,182 10.7 1,832,818 1,570,692 16.7
Financial derivatives 52,904 26,855 97.0 37,476 21,262 76.3
Total non-current liabilities 2,839,516 2,536,434 11.9 1,891,988 1,624,581 16.5
             
Total liabilities 2,937,079 2,772,589 5.9 2,121,564 2,009,470 5.6
             
Net assets 6,416,923 5,278,542 21.6 5,993,766 4,806,543 24.7
           
Unitholders’ funds 6,416,923 5,278,542 21.6 5,993,766 4,806,543 24.7

NM - Not Meaningful

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