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Financial Performance

Statement of Total Return & Distribution Statement (1Q 2018 vs 1Q 2017)

Group Trust
1Q
2018
S$'000
1Q
2017
S$'000
Change
%
1Q
2018
S$'000
1Q
2017
S$'000
Change
%
Gross rental income 91,817 82,846 10.8 70,129 61,871 13.3
Car park income 1,445 2,758 (47.6) 1,074 2,431 (55.8)
Other income 3,156 3,921 (19.5) 2,186 3,286 (33.5)
Gross revenue 96,418 89,525 7.7 73,389 67,588 8.6
Property management fees (2,166) (2,016) 7.4 (1,664) (1,473) 13.0
Property tax (7,635) (7,564) 0.9 (5,640) (5,635) 0.1
Other property operating expenses (9,408) (10,090) (6.8) (7,618) (8,185) (6.9)
Property operating expenses (19,209) (19,670) (2.3) (14,922) (15,293) (2.4)
Net property income 77,209 69,855 10.5 58,467 52,295 11.8
Interest income 1,202 248 NM 9,693 3,625 NM
Investment income 1,647 - NM 35,097 29,247 20.0
Amortisation of intangible asset - (813) NM - (813) NM
Asset management fees:            
- Base fees (1,908) (1,707) 11.8 (1,503) (1,307) 15.0
- Performance fees (2,865) (2,640) 8.5 (2,426) (2,288) 6.0
Trust and other operating expenses (839) (1,041) (19.4) (9,456) (927) NM
Finance costs (19,335) (17,949) 7.7 (14,129) (10,587) 33.5
Net income before share of profit of joint ventures 55,111 45,953 19.9 75,743 69,245 9.4
Share of profit (net of tax) of:            
- Joint ventures 22,992 19,946 15.3 - - -
Net income 78,103 65,899 18.5 75,743 69,245 9.4
Loss on disposal of subsidiary - - - (4,478) - NM
Total return for the period before tax 78,103 65,899 18.5 71,265 69,245 2.9
Tax expense (1,133) (139) NM (231) (138) 67.4
Total return for the period after tax 76,970 65,760 17.0 71,034 69,107 2.8
             
Distribution Statement            
Net income before share of profit of joint ventures 55,111 45,953 19.9 75,743 69,245 9.4
Net tax and other adjustments (2,877) 3,908 NM 863 2,047 (57.8)
Distribution from joint ventures 24,372 21,431 13.7 - - -
Distributable income to unitholders 76,606 71,292 7.5 76,606 71,292 7.5

Statement of Financial Position as at 31 March 2018 vs 31 December 2017

Group Trust
31 Mar 2018
S$'000
31 Dec 2017
S$'000
Change
%
31 Mar 2018
S$'000
31 Dec 2017
S$'000
Change
%
Non-current assets            
Plant and equipment 984 1,002 (1.8) 972 980 (0.8)
Investment properties 7,363,556 7,408,000 (0.6) 3,792,842 3,698,000 2.6
Interest in subsidiaries - - - 2,658,662 2,827,171 (6.0)
Available-for-sale investment 39,978 47,533 (15.9) 39,978 47,533 (15.9)
Interest in joint ventures 1,738,954 1,732,140 0.4 1,425,737 1,420,289 0.4
Financial derivatives 11,534 - NM 10,388 - NM
Total non-current assets 9,155,006 9,188,675 (0.4) 7,928,579 7,993,973 (0.8)
Current assets            
Assets held for sale 44,009 - NM 44,009 - NM
Trade and other receivables 43,187 42,746 1.0 52,075 49,011 6.3
Cash and cash equivalents 98,846 122,581 (19.4) 81,186 72,346 12.2
Financial derivatives 183 - NM 183 - NM
Total current assets 186,225 165,327 12.6 177,453 121,357 46.2
           
Total assets 9,341,231 9,354,002 (0.1) 8,106,032 8,115,330 (0.1)
             
Current liabilities            
Trade and other payables 76,513 90,293 (15.3) 68,576 226,571 (69.7)
Current portion of security deposits 7,120 4,002 77.9 5,557 2,545 NM
Interest-bearing liabilities 19,067 - NM 19,067 - NM
Financial derivatives - 81 NM - 81 NM
Current tax payable 3,470 3,187 8.9 449 379 18.5
Total current liabilities 106,170 97,563 8.8 93,649 229,576 (59.2)
             
Non-current liabilities            
Non-current portion of security deposits 62,915 66,404 (5.3) 41,121 21,694 89.6
Interest-bearing liabilities 2,762,737 2,720,208 1.6 1,875,121 1,832,818 2.3
Financial derivatives 40,227 52,904 (24.0) 31,854 37,476 (15.0)
Other payables - - - 135,145 - NM
Total non-current liabilities 2,865,879 2,839,516 0.9 2,083,241 1,891,988 10.1
             
Total liabilities 2,972,049 2,937,079 1.2 2,176,890 2,121,564 2.6
             
Net assets 6,369,182 6,416,923 (0.7) 5,929,142 5,993,766 (1.1)
           
Unitholders’ funds 6,369,182 6,416,923 (0.7) 5,929,142 5,993,766 (1.1)

NM - Not Meaningful