Financial Performance

 

STATEMENT OF TOTAL RETURN AND DISTRIBUTION STATEMENT

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


2Q 2017(1)
(S$'000)

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

1H 2016(2)
(S$'000)

Change  
(%)
Revenue 44,214    45,688    (3.2)      89,030    88,602    0.5   
Property operating expenses (9,445)    (10,460)    (9.7)      (19,619)    (20,119)    (2.5)   
Net property income 34,769    35,228    (1.3)      69,411    68,483    1.4   
               
Other income 756    759    (0.4)      1,431    1,462    (2.1)   
Amortisation of intangible asset (1,113)    (1,118)    (0.4)      (2,226)    (2,236)    (0.4)   
Manager's management fees (2,367)    (3,528)    (32.9)      (4,706)    (5,873)    (19.9)   
Trustee's fee (137)    (136)    0.7      (275)    (274)    0.4   
Other expenses (446)    (326)    36.8      (933)    (892)    4.6   
Finance income 1,336    29    N.M.      1,700    78    N.M.   
Finance costs (11,277)    (13,791)    (18.2)      (25,243)    (27,542)    (8.3)   
Foreign exchange differences (112)    (276)    N.M.      (333)    (672)    (50.4)   
Total return for the period before tax 21,409    16,841    27.1      38,826    32,534    19.3   
Tax expense (4,489)    (4,460)    0.7      (8,937)    (8,371)    6.8   
Total return for the period 16,920    12,381    36.7      29,889    24,163    23.7   
               
Attributable to:              
Unitholders and CPPU holder 14,951    10,649    40.4      25,928    20,614    25.8   
Non-controlling interests 1,969    1,732    13.7      3,961    3,550    11.6   
Total return for the period 16,920    12,381    36.7      29,889    24,164    23.7   
               
Distribution Statement              
Total return for the period attributable to Unitholders and CPPU holder 14,951    10,649    40.4      25,928    20,614    25.8   
Less: Amount reserved for distribution to CPPU holder (1,371)    (1,368)    0.2      (2,727)    (2,735)    (0.3)   
Distribution adjustments 4,253    8,453    (49.7)      11,274    16,896    (33.3)   
Amount available for distribution to Unitholders 17,833    17,734    0.6      34,475    34,775    (0.9)   
               


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 1:4.929
     for 2Q 2017 and 1:4.892 for 1H 2017.
(2) The prior period results of OUE C-REIT’s foreign subsidiaries are translated using the SGD:CNY rate of 1:4.815
     for 2Q 2016 and 1:4.735 for 1H 2016.

 

 

STATEMENT OF FINANCIAL POSITION

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

               Group
             30 Jun 2017(1)
             (S$'000)
 
Non-current assets    
Plant and equipment 429       
Investment properties 3,398,880       
Intangible asset(2) 6,977       
Trade and other receivables 218       
  3,406,504       
Current assets    
Trade and other receivables 17,059       
Cash and cash equivalents 33,988       
  51,047       
     
Total Assets 3,457,551       
     
Non-current liabilities    
Loans and borrowings 1,184,721       
Trade and other payables 37,404       
Financial derivatives(3) 16,924       
Deferred tax liabilities  65,819       
  1,304,868       
Current liabilities    
Loans and borrowings 1,018       
Trade and other payables 55,382       
Financial derivatives(3) 248       
Current tax liabilities 16,963       
  73,611       
     
Total Liabilities 1,378,479       
     
Net assets 2,079,072       
     
Represented by:    
Unitholders' funds 1,320,923       
CPPU holder's funds 530,727       
Non-controlling interests 227,422       
  2,079,072       
     

Notes:
(1) The statements of financial position of OUE C-REIT’s foreign subsidiaries as at 30 June 2017 are translated
     using the SGD:CNY rate of 1:4.909.
(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.