Financial Performance

 

STATEMENT OF TOTAL RETURN AND DISTRIBUTION STATEMENT

OUE Commercial Real Estate Investment Trust
(For the Fourth Quarter 2017 and Financial Year Ended 31 December 2017)


4Q 2017 (1)
(S$'000)

4Q 2016 (2)
(S$'000)
Change
(%)
 
FY 2017(1)
(S$'000)

FY 2016(2)
(S$'000)

Change  
(%)
Revenue 43,994    45,023    (2.3)      176,297    177,809    (0.9)   
Property operating expenses (9,295)    (10,203)    (8.9)      (38,111)    (39,178)    (2.7)   
Net property income 34,699    34,820    (0.3)      138,186    138,631    (0.3)   
               
Other income 1,003    482    N.M.      3,312    2,552    29.8   
Amortisation of intangible asset (1,113)    (1,118)    (0.4)      (4,452)    (4,471)    (0.4)   
Manager's management fees (2,478)    (3,142)    (21.1)      (9,593)    (12,141)    (21.0)   
Trustee's fee (142)    (139)    2.2      (557)    (551)    1.1   
Other expenses (276)    (212)    30.2      (1,692)    (1,404)    20.5   
Finance income 2,848    6,439    (55.8)      5,997    6,135    (2.2)   
Finance costs (11,651)    (20,417)    (42.9)      (48,763)    (61,727)    (21.0)   
Foreign exchange differences (79)    213    N.M.      (314)    (451)    (30.4)   
Net income 22,811    16,926    34.8      82,124    66,573    23.4   
Net change in fair value of investment properties 101,617    25,495    N.M.      101,617    25,495    N.M.   
Total return for the period/year before tax 124,428    42,421    N.M.      183,741    92,068    99.6   
Tax expense (23,014)    (9,076)    N.M.      (36,058)    (21,823)    65.2   
Total return for the period/year 101,414    33,345    N.M.      147,683    70,245    N.M.   
               
Attributable to:              
Unitholders and CPPU holder 95,816    30,364    N.M.      136,310    61,998    N.M.   
Non-controlling interests 5,598    2,981    87.8      11,373    8,247    37.9   
Total return for the period/year 101,414    33,345    N.M.      147,683    70,245    N.M.   
               
Distribution Statement              
Total return for the period/year attributable to Unitholders and CPPU holder 95,816    30,364    N.M.      136,310    61,998    N.M.   
Less: Amount reserved for distribution to CPPU holder (1,197)    (1,383)    (13.4)      (5,311)    (5,500)    (3.4)   
Distribution adjustments (76,939)    (13,553)    N.M.      (61,049)    10,919    N.M.   
Amount available for distribution to Unitholders 17,680    15,428    14.6      69,950    67,417    3.8   
               


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 1:4.888 for 4Q 2017 and 1:4.895 for FY 2017.
(2) The prior 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.

 

 

STATEMENT OF FINANCIAL POSITION

OUE Commercial Real Estate Investment Trust (For the Year Ended 31 December 2017)

               Group
             31 Dec 2017(1)
             (S$'000)   
 
Non-current assets    
Plant and equipment 512        
Investment properties 3,515,148        
Intangible asset(2) 4,751        
Trade and other receivables 290        
  3,520,701        
Current assets    
Trade and other receivables 12,555        
Cash and cash equivalents 40,314        
  52,869        
     
Total Assets 3,573,570        
     
Non-current liabilities    
Loans and borrowings 748,319        
Trade and other payables 38,489        
Financial derivatives(3) 10,705        
Deferred tax liabilities  84,152        
  881,665        
Current liabilities    
Loans and borrowings 514,016        
Trade and other payables 157,268        
Financial derivatives(3) 487        
Current tax liabilities 16,052        
  687,823        
     
Total Liabilities 1,569,488        
     
Net assets attributable to Unitholders 2,004,082        
     
Represented by:    
Unitholders' funds 1,407,285        
CPPU holder's funds 361,891        
Non-controlling interests 234,906        
  2,004,082        
     

Notes:
(1) The statements of financial position of OUE C-REIT’s foreign subsidiaries as at 31 December 2017 are translated using the SGD: CNY rate of 1:4.902.
(2) Intangible asset represents the unamortised income support receivable by OUE C-REIT from the Sponsor pursuant to the Deed of Income Support.
(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.