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Financial Performance

Statement of Total Return & Distribution Statement (2Q 2019 vs 2Q 2018)

Group Trust
2Q
2019
S$'000
2Q
2018
S$'000
Change
%
2Q
2019
S$'000
2Q
2018
S$'000
Change
%
Gross rental income 95,116 92,904 2.4 66,906 70,395 (5.0)
Car park income 1,555 1,561 (0.4) 1,172 1,199 (2.3)
Other income 4,314 3,550 21.5 2,992 2,715 10.2
Gross revenue 100,985 98,015 3.0 71,070 74,309 (4.4)
Property management fees (2,301) (2,238) 2.8 (1,528) (1,669) (8.4)
Property tax (7,507) (7,946) (5.5) (5,284) (5,876) (10.1)
Other property operating expenses (12,794) (10,094) 26.7 (9,915) (8,132) 21.9
Property operating expenses (22,602) (20,278) 11.5 (16,727) (15,677) 6.7
Net property income 78,383 77,737 0.8 54,343 58,632 (7.3)
Interest income 1,143 1,126 1.5 13,907 12,056 15.4
Investment income - - - 40,388 32,319 25.0
Asset management fees:            
- Base fees (1,987) (2,165) (8.2) (1,571) (1,752) (10.3)
- Performance fees (2,987) (2,706) 10.4 (2,331) (2,376) (1.9)
Trust and other operating expenses (1,457) (914) 59.4 (10,013) (9,495) 5.5
Finance costs (17,136) (22,286) (23.1) (17,036) (15,935) 6.9
Net income before share of profit of joint ventures 55,959 50,792 10.2 77,687 73,449 5.8
Share of profit (net of tax) of joint ventures 28,278 47,914 (41.0) - - -
Net income before tax 84,237 98,706 (14.7) 77,687 73,449 5.8
Net increase in fair value of investment properties 57,448 178,884 (67.9) 17,313 321,285 (94.6)
Total return for the period before tax 141,685 277,590 (49.0) 95,000 394,734 (75.9)
Tax expense (1,414) (2,226) (36.5) (16) (50) (68.0)
Total return for the period after tax 140,271 275,364 (49.1) 94,984 394,684 (75.9)
             
Attributable to            
Unitholders 140,075 274,996 (49.1) 94,984 394,684 (75.9)
Non-controlling interest 196 368 (46.7) - - -
Total return for the period 140,271 275,364 (49.1) 94,984 394,684 (75.9)
Distribution Statement            
Total return attributable to unitholders 140,075 274,996 (49.1) 94,984 394,684 (75.9)
Net tax and other adjustments (85,613) (220,072) (61.1) (16,399) (316,051) (94.8)
Tax-exempt income distribution 3,850 750 NM 3,850 750 NM
Distribution from joint ventures 24,123 23,709 1.7 - - -
Distributable income to unitholders 82,435 79,383 3.8 82,435 79,383 3.8

Statement of Financial Position as at 30 June 2019 vs 31 December 2018

Group Trust
30 Jun 2019
S$'000
31 Dec 2018
S$'000
Change
%
30 Jun 2019
S$'000
31 Dec 2018
S$'000
Change
%
Non-current assets            
Plant and equipment 769 793 (3.0) 745 790 (5.7)
Investment properties 7,665,961 7,613,634 0.7 3,628,200 3,605,700 0.6
Interest in subsidiaries - - - 3,701,858 3,707,905 (0.2)
Equity instrument at fair value 40,675 40,632 0.1 40,675 40,632 0.1
Interest in joint ventures 1,770,606 1,763,086 0.4 1,434,265 1,428,818 0.4
Financial derivatives 9,551 7,348 30.0 9,503 7,050 34.8
Total non-current assets 9,487,562 9,425,493 0.7 8,815,246 8,790,895 0.3
Current assets            
Assets held for sale - 40,746 NM - 40,746 NM
Trade and other receivables 49,705 49,355 0.7 73,918 70,163 5.4
Cash and cash equivalents 201,207 174,913 15.0 170,014 144,106 18.0
Financial derivatives 81 - NM 81 - NM
Total current assets 250,993 265,014 (5.3) 244,013 255,015 (4.3)
           
Total assets 9,738,555 9,690,507 0.5 9,059,259 9,045,910 0.1
             
Current liabilities            
Trade and other payables 56,607 63,663 (11.1) 60,316 63,393 (4.9)
Current portion of security deposits 16,754 10,708 56.5 10,076 8,173 23.3
Interest-bearing liabilities 124,900 120,800 3.4 124,900 120,800 3.4
Financial derivatives 21,775 24,197 (10.0) 21,775 24,197 (10.0)
Current tax payable 4,523 5,401 (16.3) 35 194 (82.0)
Total current liabilities 224,559 224,769 (0.1) 217,102 216,757 0.2
             
Non-current liabilities            
Non-current portion of security deposits 51,791 57,302 (9.6) 34,722 36,315 (4.4)
Interest-bearing liabilities 2,489,640 2,493,182 (0.1) 2,096,033 2,095,736 0.0
Financial derivatives 3,422 3,725 (8.1) 2,575 2,771 (7.1)
Other payables 433 430 - 131,558 131,559 (0.0)
Deferred tax liabilities 2,576 1,938 32.9 - - -
Total non-current liabilities 2,547,862 2,556,577 (0.3) 2,264,888 2,266,381 (0.1)
             
Total liabilities 2,772,421 2,781,346 (0.3) 2,481,990 2,483,138 (0.0)
             
Net assets 6,966,134 6,909,161 0.8 6,577,269 6,562,772 0.2
           
Represented by:            
Unitholders’ funds 6,948,992 6,892,018 0.8 6,577,269 6,562,772 0.2
Non-controlling interests 17,142 17,143 (0.0) - - -
Total equity 6,966,134 6,909,161 0.8 6,577,269 6,562,772 0.2

NM - Not Meaningful