Financial Performance

 

STATEMENT OF TOTAL RETURN AND DISTRIBUTION STATEMENT

 
4Q 2016 (1)
(S$'000)

4Q 2015 (2)
(S$'000)
Change
(%)
 
FY 2016(1)
(S$'000)

FY 2015(2)
(S$'000)

Change  
(%)
 
Revenue 45,023 40,344 11.6   177,809 101,038 76.0  
Property operating expenses (10,203) (10,666) (4.3)   (39,178) (25,399) 54.3  
Net property income 34,820 29,678 17.3   138,631 75,639 83.3  
                 
Other income 482 2,154 (77.6)   2,552 8,347 (69.4)  
Negative goodwill arising from acquisition of subsidiaries -     30,629 N.M.   -     30,629 N.M.  
Amortisation of intangible asset (1,118) (1,047) 6.8   (4,471) (4,187) 6.8  
Write-back of impairment loss on intangible asset -     5,300 N.M.   -     5,300 N.M.  
Manager's base management fee (2,389) (2,399) (0.4)   (9,427) (6,367) 48.1  
Manager's performance fee (753) -     N.M.   (2,714) -     N.M.  
Manager's acquisition fee -     (10,719) N.M.   -     (10,719) N.M.  
Net non-property expenses (351) (2,467) (85.8)   (1,955) (3,726) (47.5)  
Finance income 6,439 96 N.M.   6,135 715 N.M.  
Finance costs (20,417) (11,492) 77.7   (61,727) (26,674) N.M.  
Foreign exchange differences 213 (125) N.M.   (451) 328 N.M.  
Net income 16,926 39,608 (57.3)   66,573 69,285 (3.9)  
Net change in fair vαlue of investment properties 25,495 21,825 16.8   25,495 21,825 16.8  
Total return for the period/year before tax 42,421 61,433 (30.9)   92,068 91,110 1.1  
Tax expense (9,076) (6,473) 40.2   (21,823) (10,410) N.M.  
Total return for the period/year 33,345 54,960 (39.3)   70,245 80,700 (13.0)  
                 
Attributable to:                
Unitholders and CPPU holder 30,364 53,458 (43.2)   61,998 79,198 (21.7)  
Non-controlling interests 2,981 1,502 98.5   8,247 1,502 N.M.  
Total return for the period/year 33,345 54,960 (39.3)   70,245 80,700 (13.0)  
                 
Distribution Statement                
Total return for the period/year attributable to Unitholders and CPPU holder 30,364 53,458 (43.2)   61,998 79,198 (21.7)  
Less: Amount reserved for distribution to CPPU holder (1,383) (1,281) 8.0   (5,500) (1,281) N.M.  
Distribution adjustments (13,553) (34,551) (60.8)   10,919 (21,799) N.M.  
Amount available for distribution to Unitholders 15,428 17,626 (12.5)   67,417 56,118 20.1  
                 


N.M: Not meaningful

Notes:
(1) The current period results of OUE C-REIT’s foreign subsidiaries are translated using the SGD: CNY rate of 1:4.832
     for 4Q 2016 and 1:4.803 for FY 2016.
(2) The prior period results of OUE C-REIT’s foreign subsidiaries are translated using the SGD: CNY rate of 1:4.555
     for 4Q 2015 and 1:4.572 for FY 2015.

 

 

STATEMENT OF FINANCIAL POSITION

OUE Commercial Real Estate Investment Trust (For the Year Ended 31 December 2016)

               Group
             31 Dec 2016(1)
             (S$'000)
 
Non-current assets    
Plant and equipment 486  
Investment properties 3,408,535  
Intangible asset(2) 9,203  
Trade and other receivables 309  
Financial derivatives(3) 315  
  3,418,848  
Current assets    
Trade and other receivables 11,302  
Cash and cash equivalents 29,278  
  40,580  
     
Total Assets 3,459,428  
     
Non-current liabilities    
Loans and borrowings 961,949  
Trade and other payables 39,196  
Financial derivatives(3) 7,747  
Deferred tax liabilities  66,267  
  1,075,159  
Current liabilities    
Loans and borrowings 341,796  
Trade and other payables 57,590  
Financial derivatives(3) 43  
Current tax liabilities 15,962  
  415,391  
     
Total Liabilities 1,490,550  
     
Net assets attributable to Unitholders 1,968,878  
     
Represented by:    
Unitholders' funds 1,206,751  
CPPU holder's funds 530,765  
Non-controlling interests 231,362  
  1,968,878  
     

Notes:
(1) The statements of financial position of OUE C-REIT’s foreign subsidiaries as at 31 December 2016 are translated
     using the SGD: CNY rate of 1:4.815.
(2) Intangible asset represents the unamortised income support receivable by OUE C-REIT under the income support
     arrangement with the Sponsor in relation to OUE Bayfront.
(3) Financial derivatives represent the fair value of the interest rate swaps entered to hedge floating interest rate risk on
     the OUE C-REIT Group’s borrowings.