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Statement of Total Return & Distribution Statement (1Q 2017 vs 1Q 2016)

Group Trust
1Q 2017
S$'000
1Q 2016
S$'000
Change
%
1Q 2017
S$'000
1Q 2016
S$'000
Change
%
Gross rental income 82,846 61,580 34.5 61,871 61,580 0.5
Car park income 2,758 2,755 0.1 2,431 2,755 (11.8)
Other income 3,921 2,522 55.5 3,286 2,522 30.3
Gross revenue 89,525 66,857 33.9 67,588 66,857 1.1
Property management fees (2,016) (1,464) 37.7 (1,473) (1,464) 0.6
Property tax (7,564) (5,968) 26.7 (5,635) (5,968) (5.6)
Other property operating expenses (10,090) (7,397) 36.4 (8,185) (7,397) 10.7
Property operating expenses (19,670) (14,829) 32.6 (15,293) (14,829) 3.1
Net property income 69,855 52,028 34.3 52,295 52,028 0.5
Interest income 248 1,322 (81.2) 3,625 1,307 NM
Investment income - 1,708 NM 29,247 24,303 20.3
Amortisation of intangible asset (813) (44) NM (813) (44) NM
Asset management fees:            
- Base fees (1,707) (1,302) 31.1 (1,307) (1,302) 0.4
- Performance fees (2,640) (2,361) 11.8 (2,288) (2,361) (3.1)
Trust expenses (1,041) (577) 80.4 (927) (567) 63.5
Finance costs (17,949) (9,471) 89.5 (10,587) (9,458) 11.9
Net income before share of profit of joint ventures 45,953 41,303 11.3 69,245 63,906 8.4
Share of profit (net of tax) of:            
- Joint ventures 19,946 20,576 (3.1) - - -
Total return for the period before tax 65,899 61,879 6.5 69,245 63,906 8.4
Tax expense (139) (177) (21.5) (138) (176) (21.6)
Total return for the period after tax 65,760 61,702 6.6 69,107 63,730 8.4
             
Distribution Statement            
Net income before share of profit of joint ventures 45,953 41,303 11.3 69,245 63,906 8.4
Net tax and other adjustments 3,908 947 NM 2,047 939 NM
Distribution from joint ventures 21,431 22,595 (5.2) - - -
Distributable income to unitholders 71,292 64,845 9.9 71,292 64,845 9.9

NM - Not Meaningful

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

Group Trust
31 Mar 2017
S$'000
31 Dec 2016
S$'000
Change
%
31 Mar 2017
S$'000
31 Dec 2016
S$'000
Change
%
Non-current assets            
Plant and equipment 1,347 1,439 (6.4) 1,301 1,384 (6.0)
Investment properties 6,591,895 6,590,500 0.0 4,988,830 4,987,500 0.0
Interest in subsidiaries - - - 718,044 718,043 -
Available-for-sale investment 47,388 44,834 5.7 47,388 44,834 5.7
Interest in joint ventures 1,193,264 1,189,793 0.3 869,810 864,393 0.6
Intangible asset 1,273 2,086 (39.0) 1,273 2,086 (39.0)
Financial derivatives 12,027 20,624 (41.7) 10,840 17,405 (37.7)
Total non-current assets 7,847,194 7,849,276 (0.0) 6,637,486 6,635,645 0.0
Current assets            
Trade and other receivables 39,591 41,636 (4.9) 40,570 48,574 (16.5)
Cash and cash equivalents 99,382 159,962 (37.9) 72,101 131,537 (45.2)
Financial derivatives - 257 NM - 257 NM
Total current assets 138,973 201,855 (31.2) 112,671 180,368 (37.5)
             
Total assets 7,986,167 8,051,131 (0.8) 6,750,157 6,816,013 (1.0)
             
Current liabilities            
Trade and other payables 60,777 52,786 15.1 204,401 202,800 0.8
Current portion of security deposits 9,868 8,413 17.3 9,868 8,413 17.3
Convertible bonds 174,010 173,450 0.3 174,010 173,450 0.3
Financial derivatives 637 - NM 637 - NM
Current tax payable 1,641 1,506 9.0 364 226 61.1
Total current liabilities 246,933 236,155 4.6 389,280 384,889 1.1
             
Non-current liabilities            
Non-current portion of security deposits 50,418 52,397 (3.8) 30,529 32,627 (6.4)
Interest-bearing liabilities 2,462,300 2,457,182 0.2 1,575,585 1,570,692 0.3
Financial derivatives 35,333 26,855 31.6 22,476 21,262 5.7
Total non-current liabilities 2,548,051 2,536,434 0.5 1,628,590 1,624,581 0.2
             
Total liabilities 2,794,984 2,772,589 0.8 2,017,870 2,009,470 0.4
             
Net assets 5,191,183 5,278,542 (1.7) 4,732,287 4,806,543 (1.5)
             
Unitholders' funds 5,191,183 5,278,542 (1.7) 4,732,287 4,806,543 (1.5)

NM - Not Meaningful

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