Financial Performance

 

STATEMENT OF TOTAL RETURN AND DISTRIBUTION STATEMENT

OUE Commercial Real Estate Investment Trust
(For the Third Quarter and Financial Period from 1 January 2017 to 30 September 2017)


3Q 2017(1)
(S$'000)

3Q 2016(2)
(S$'000)
Change
(%)
 
YTD Sep 2017(1)
(S$'000)

YTD Sep 2016(2)
(S$'000)

Change  
(%)
Revenue 43,273    44,184    (2.1)      132,303    132,786    (0.4)   
Property operating expenses (9,197)    (8,856)    3.9      (28,816)    (28,975)    (0.5)   
Net property income 34,076    35,328    (3.5)      103,487    103,811    (0.3)   
               
Other income 878    608    44.4      2,309    2,070    11.5   
Amortisation of intangible asset (1,113)    (1,117)    (0.4)      (3,339)    (3,353)    (0.4)   
Manager's management fees (2,409)    (3,126)    (22.9)      (7,115)    (8,999)    (20.9)   
Trustee's fee (140)    (138)    1.4      (415)    (412)    0.7   
Other expenses (483)    (300)    61.0      (1,416)    (1,192)    18.8   
Finance income 1,505    1,578    (4.6)      3,149    1,656    90.2   
Finance costs (11,925)    (15,729)    (24.2)      (37,112)    (43,270)    (14.2)   
Foreign exchange differences 98    8    N.M.      (235)    (664)    (64.6)   
Total return for the period before tax 20,487    17,112    19.7      59,313    49,647    19.5   
Tax expense (4,107)    (4,376)    (6.1)      (13,044)    (12,747)    2.3   
Total return for the period 16,380    12,736    28.6      46,269    36,900    25.4   
               
Attributable to:              
Unitholders and CPPU holder 14,566    11,020    32.2      40,494    31,634    28.0   
Non-controlling interests 1,814    1,716    5.7      5,775    5,266    9.7   
Total return for the period 16,380    12,736    28.6      46,269    36,900    25.4   
               
Distribution Statement              
Total return for the period attributable to Unitholders and CPPU holder 14,566    11,020    32.2      40,494    31,634    28.0   
Less: Amount reserved for distribution to CPPU holder (1,387)    (1,382)    0.4      (4,114)    (4,117)    (0.1)   
Distribution adjustments 4,616    7,576    (39.1)      15,890    24,472    (35.1)   
Amount available for distribution to Unitholders 17,795    17,214    3.4      52,270    51,989    0.5   
               


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 1:4.905
     for 3Q 2017 and 1:4.897 for YTD September 2017.
(2) The prior period results of OUE C-REIT’s foreign subsidiaries are translated using the SGD:CNY rate of 1:4.919
     for 3Q 2016 and 1:4.794 for YTD September 2016.

 

 

STATEMENT OF FINANCIAL POSITION

OUE Commercial Real Estate Investment Trust (For the Period Ended 30 September 2017)

               Group
             30 Sep 2017(1)
             (S$'000)
 
Non-current assets    
Plant and equipment 552      
Investment properties 3,402,526      
Intangible asset(2) 5,864      
Trade and other receivables 84      
  3,409,026      
Current assets    
Trade and other receivables 20,789      
Cash and cash equivalents 48,961      
  69,750      
     
Total Assets 3,478,776      
     
Non-current liabilities    
Borrowings 926,901      
Trade and other payables 38,749      
Financial derivatives(3) 13,134      
Deferred tax liabilities  65,927      
  1,044,711      
Current liabilities    
Borrowings 283,793      
Trade and other payables 57,147      
Financial derivatives(3) 835      
Current tax liabilities 14,359      
  356,134      
     
Total Liabilities 1,400,845      
     
Net assets 2,077,931      
     
Represented by:    
Unitholders' funds 1,319,256      
CPPU holder's funds 529,387      
Non-controlling interests 229,288      
  2,077,931      
     

Notes:
(1) The statements of financial position of OUE C-REIT’s foreign subsidiaries as at 30 September 2017 are
     translated using the SGD:CNY rate of 1:4.880.
(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 the floating interest
     rate exposure of OUE C-REIT Group’s borrowings.