GROUP FINANCIAL
HIGHLIGHTS
Summary of Results
FY 2015
(S$’000)
FY 2014
(S$’000)
Change Favourable/
(Unfavourable)
Gross Rental Income
173,004
136,985
26.3%
Property Operating Expenses
(14,439)
(10,978)
-31.5%
Net Property Income
158,565
126,007
25.8%
Net Income Before tax
44,277
89,915
-50.8%
Distributable Income
85,553
68,014
25.8%
Distribution Per Unit (cents)
3.10
2.76
12.3%
Balance Sheet*
31-Dec-15
(S$’000)
31-Dec-14
(S$’000)
Non-current assets
1,837,285
1,845,885
Current assets
150,459
171,604
Total assets
1,987,744
2,017,489
Current liabilities
349,921
305,278
Non-current liabilities
562,708
562,481
Net assets
1,075,115
1,149,730
Net Asset Value (NAV)
31-Dec-15
31-Dec-14
Including fair value changes on investment properties (cents)
38.43
42.55
Financial Derivatives and Expenses
FY 2015
Net Fair Value of Financial Derivatives at end of period (S$'000)
1
1,219
Proportion of Financial Derivatives to Net Assets Attributable to Unitholders (%)
0.11
Total Operating Expenses (S$'000)
2
14,439
Total Operating Expenses as a percentage of Net Asset Value (%)
1.34
Taxation (S$'000)
3
17,829
1
Financial derivatives include currency option contracts and interest rate swaps
2
Total operating expenses includes all fees and charges paid to the Manager and interested parties
3
Taxation includes corporate tax, withholding tax and deferred tax
*
After taking into account interest swap contracts entered in 2015
** Fully repaid in January 2016
Debt Information
31-Dec-15
31-Dec-14
Term Loan Due December 2018 (All in cost of debt 5.57%*)
S$145 MILLION S$155 MILLION
Bridging Loan Due January 2016 (All in cost of debt 5.9%)
S$100 MILLION**
–
Notes issued under the Guaranteed Euro Medium Term Notes/
Securities Programmes
31-Dec-15
31-Dec-14
4.88% Due July 2015 (All in cost of debt: 5.2%)
***
S$200 MILLION
4.25% Due October 2016 (All in cost of debt: 5.0%)
S$150 MILLION S$150 MILLION
5.875% Due July 2017 (All in cost of debt: 6.7%)
S$50 MILLION
S$50 MILLION
4.48% Due November 2017 (All in cost of debt: 5.2%)
S$75 MILLION
S$75 MILLION
4.50% Due November 2018 (All in cost of debt: 4.9%)
S$100 MILLION
–
4.10% Due June 2020 (All in cost of debt: 4.5%)
S$75 MILLION
–
*** Fully repaid in July 2015
*
The exchange rates for FY2015 and FY2014 were 9,707 and 9,374, respectively
Gearing
35.0%
Gearing remained
conservative as at
31 December 2015
Interest Cover Ratio
4.8 TIMES
Refers to earnings before interest expense, tax, depreciation,
amortisation and changes in fair value of investment
properties (EBITDA), over interest expenses for FY 2015
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