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Statement of Total Return & Distribution Statement (4Q 2016 vs 4Q 2015)

Group Trust
4Q 2016
S$'000
4Q 2015
S$'000
Change
%
4Q 2016
S$'000
4Q 2015
S$'000
Change
%
Gross rental income 82,892 61,716 34.3 61,836 61,715 0.2
Car park income 2,992 2,848 5.1 2,767 2,847 (2.8)
Other income 3,842 3,035 26.6 3,488 3,095 12.7
Gross revenue 89,726 67,599 32.7 68,091 67,657 0.6
Property management fees (2,049) (1,472) 39.2 (1,489) (1,473) 1.1
Property tax (7,115) (5,526) 28.8 (5,271) (5,526) (4.6)
Other property operating expenses (9,792) (8,347) 17.3 (8,562) (8,350) 2.5
Property operating expenses (18,956) (15,345) 23.5 (15,322) (15,349) (0.2)
Net property income 70,770 52,254 35.4 52,769 52,308 0.9
Interest income 235 1,051 (77.6) 3,686 1,040 NM
Investment income 1,551 - NM 32,205 22,013 46.3
Amortisation of intangible asset (561) (271) NM (561) (271) NM
Costs associated with acquisition of subsidiary 234 - NM 234 - NM
Asset management fees:            
- Base fees (1,762) (1,325) 33.0 (1,352) (1,325) 2.0
- Performance fees (2,883) (2,237) 28.9 (2,423) (2,237) 8.3
Trust expenses (602) (870) (30.8) (503) (878) (42.7)
Finance costs (18,579) (9,593 93.7 (11,024) (9,593) 14.9
Net income before share of profit of joint ventures 48,403 39,009 24.1 73,031 61,057 19.6
Share of profit (net of tax) of:            
- Joint ventures 7,403 29,040 (74.5) - - -
Net Income 55,806 68,049 (18.0) 73,031 61,057 19.6
Gain on acquisition of subsidiary - net 116 - NM - - -
Net gain in fair value of investment properties 18,412 29,059 (36.6) 15,509 29,059 (46.6)
Total return for the period before tax 74,334 97,108 (23.5) 88,540 90,116 (1.7)
Tax expense (832) (58) NM (248) (57) NM
Total return for the period after tax 73,502 97,050 (24.3) 88,292 90,059 (2.0)
             
Distribution Statement            
Net income before share of profit of joint ventures 48,403 39,009 24.1 73,031 61,057 19.6
Net tax and other adjustments (547) 2,809 NM (2,223) 2,774 NM
Tax-exempt income distribution - 296 NM - 296 NM
Distribution from joint ventures 22,952 22,013 4.3 - - -
Distributable income to unitholders 70,808 64,127 10.4 70,808 64,127 10.4

NM - Not Meaningful

Statement of Financial Position as at 31 December 2016 vs 31 December 2015

Group Trust
31 Dec 2016
S$'000
31 Dec 2015
S$'000
Change
%
31 Dec 2016
S$'000
31 Dec 2015
S$'000
Change
%
Non-current assets            
Plant and equipment 1,439 1,272 13.1 1,384 1,272 8.8
Investment properties 6,590,500 4,961,700 32.8 4,987,500 4,961,700 0.5
Subsidiaries - - - 718,043 167,657 NM
Available-for-sale investment 44,834 41,621 7.7 44,834 41,621 7.7
Joint ventures 1,189,793 1,452,447 (18.1) 864,393 997,780 (13.4)
Intangible asset 2,086 3,416 (38.9) 2,086 3,416 (38.9)
Financial derivatives 20,624 5,611 NM 17,405 5,611 NM
Total non-current assets 7,849,276 6,466,067 21.4 6,635,645 6,179,057 7.4
Current assets            
Trade and other receivables 41,636 43,540 (4.4) 48,574 43,451 11.8
Cash and cash equivalents 159,962 81,212 97.0 131,537 67,151 95.9
Financial derivatives 257 1,726 (85.1) 257 1,726 (85.1)
Total current assets 201,855 126,478 59.6 180,368 112,328 60.6
             
Total assets 8,051,131 6,592,545 22.1 6,816,013 6,291,385 8.3
             
Current liabilities            
Trade and other payables 52,786 37,263 41.7 202,800 199,900 1.5
Current portion of security deposits 8,413 8,611 (2.3) 8,413 8,611 (2.3)
Convertible bonds 173,450 - NM 173,450 - NM
Current tax payable 1,506 64 NM 226 60 NM
Total current liabilities 236,155 45,938 NM 384,889 208,571 84.5
             
Non-current liabilities            
Non-current portion of security deposits 52,397 31,848 64.5 32,627 31,848 2.4
Interest-bearing liabilities 2,457,182 1,083,623 NM 1,570,692 1,083,623 44.9
Convertible bonds - 171,281 NM - 171,281 NM
Financial derivatives 26,855 25,719 4.4 21,262 25,719 (17.3)
Total non-current liabilities 2,536,434 1,312,471 93.3 1,624,581 1,312,471 23.8
             
Total liabilities 2,772,589 1,358,409 NM 2,009,470 1,521,042 32.1
             
Net assets 5,278,542 5,234,136 0.8 4,806,543 4,770,343 0.8
             
Unitholders' funds 5,278,542 5,234,136 0.8 4,806,543 4,770,343 0.8

NM - Not Meaningful

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