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Statement of Total Return & Distribution Statement (3Q 2017 vs 3Q 2016)

Group Trust
3Q 2017
S$'000
3Q 2016
S$'000
Change
%
3Q 2017
S$'000
3Q 2016
S$'000
Change
%
Gross rental income 68,848 68,264 0.9 47,164 61,599 (23.4)
Car park income 1,852 2,944 (37.1) 1,467 2,833 (48.2)
Other income 3,445 3,214 7.2 2,570 2,997 (14.2)
Gross revenue 74,145 74,422 (0.4) 51,201 67,429 (24.1)
Property management fees (1,666) (1,620) 2.8 (1,117) (1,454) (23.2)
Property tax (4,879) (6,086) (19.8) (3,026) (5,438) (44.4)
Other property operating expenses (9,045) (9,688) (6.6) (6,236) (8,858) (29.6)
Property operating expenses (15,590) (17,394) (10.4) (10,379) (15,750) (34.1)
Net property income 58,555 57,028 2.7 40,822 51,679 (21.0)
Interest income 1,043 1,020 2.3 4,514 2,123 NM
Investment income 1,575 1,661 (5.2) 35,916 28,161 27.5
Amortisation of intangible asset (252) (438) (42.5) (252) (438) (42.5)
Costs associated with acquisition of subsidiary - (10,935) NM - (10,935) NM
Asset management fees:            
- Base fees (1,627) (1,469) 10.8 (1,211) (1,335) (9.3)
- Performance fees (2,312) (1,825) 26.7 (1,961) (1,751) 12.0
Trust expenses 414 (620) NM 490 (596) NM
Finance costs (14,726) (12,422) 18.5 (7,220) (10,124) (28.7)
Net income before share of profit of joint ventures 42,670 32,000 33.3 71,098 56,784 25.2
Share of profit (net of tax) of:            
- Joint ventures 23,488 22,158 6.0 - - -
Net income 66,158 54,158 22.2 71,098 56,784 25.2
Loss on acquisition of subsidiary - net  - (2,562) NM - - NM
Net gain on disposal of investment properties 72,572 - NM 72,572 - NM
Net gain in fair value of investment properties 20,100 - NM 20,100 - NM
Total return for the period before tax 158,830 51,596 NM 163,770 56,784 NM
Tax expense (198) (165) 20.0 (198) (237) (16.5)
Total return for the period after tax 158,632 51,431 NM 163,572 56,547 NM
             
Distribution Statement            
Net income before share of profit of joint ventures 42,670 32,000 33.3 71,098 56,784 25.2
Net tax and other adjustments 549 11,699 (95.3) (1,289) 11,512 NM
Distribution from joint ventures 26,590 24,597 8.1 - - -
Other gains distribution 3,300 - NM 3,300 - -
Distributable income to unitholders 73,109 68,296 7.0 73,109 68,296 7.0

NM - Not Meaningful

Statement of Financial Position as at 30 September 2017 vs 31 December 2016

Group Trust
30 Sep 2017
S$'000
31 Dec 2016
S$'000
Change
%
30 Sep 2017
S$'000
31 Dec 2016
S$'000
Change
%
Non-current assets            
Plant and equipment 1,052 1,439 (26.9) 1,023 1,384 (26.1)
Investment properties 5,314,368 6,590,500 (19.4) 3,698,368 4,987,500 (25.8)
Interest in subsidiaries - - - 718,043 718,043 -
Available-for-sale investment 47,655 44,834 6.3 47,655 44,834 6.3
Interest in joint ventures 1,594,756 1,189,793 34.0 1,271,446 864,393 47.1
Intangible asset - 2,086 NM - 2,086 NM
Financial derivatives 1,633 20,624 (92.1) 1,633 17,405 (90.6)
Total non-current assets 6,959,464 7,849,276 (11.3) 5,738,168 6,635,645 (13.5)
Current assets            
Trade and other receivables 80,386 41,636 93.1 83,462 48,574 71.8
Cash and cash equivalents 857,473 159,962 NM 840,616 131,537 NM
Financial derivatives - 257 NM - 257 NM
Total current assets 937,859 201,855 NM 924,078 180,368 NM
             
Total assets 7,897,323 8,051,131 (1.9) 6,662,246 6,816,013 (2.3)
             
Current liabilities            
Trade and other payables 64,196 52,786 21.6 207,092 202,800 2.1
Current portion of security deposits 7,734 8,413 (8.1) 6,501 8,413 (22.7)
Interest-bearing liabilities 199,842 - NM 199,842 - NM
Convertible bonds - 173,450 NM - 173,450 NM
Financial derivatives 426 - NM 426 - NM
Current tax payable 372 1,506 (75.3) 355 226 57.1
Total current liabilities 272,570 236,155 15.4 414,216 384,889 7.6
             
Non-current liabilities            
Non-current portion of security deposits 39,434 52,397 (24.7) 17,690 32,627 (45.8)
Interest-bearing liabilities 1,844,378 2,457,182 (24.9) 957,213 1,570,692 (39.1)
Financial derivatives 48,253 26,855 79.7 30,301 21,262 42.5
Total non-current liabilities 1,932,065 2,536,434 (23.8) 1,005,204 1,624,581 (38.1)
             
Total liabilities 2,204,635 2,772,589 (20.5) 1,419,420 2,009,470 (29.4)
             
Net assets 5,692,688 5,278,542 7.8 5,242,826 4,806,543 9.1
             
Unitholders' funds 5,692,688 5,278,542 7.8 5,242,826 4,806,543 9.1

NM - Not Meaningful

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