The Group
3 months ended 12 months ended
31-Dec-16 31-Dec-15 31-Dec-16 31-Dec-15
$'000 $'000 % $'000 $'000 %
(restated) (restated)
Revenue 19,164 24,743 (22.5) 82,726 107,780 (23.2)
Other items of income | ||||||
Dividend income | 593 | 342 | 73.4 | 1,893 | 1,305 | 45.1 |
Financial income | 756 | 249 | 203.6 | 1,862 | 649 | 186.9 |
Other income | 28,601 1,722 | 1,560.9 | 63,111 6,154 | 925.5 | ||
29,950 2,313 | 1,194.9 | 66,866 8,108 | 724.7 | |||
Changes in development properties | - | (1,041) | NM | (1,944) | (11,150) | (82.6) |
Employee benefits expense | (6,331) | (7,257) | (12.8) | (24,676) | (23,412) | 5.4 |
Depreciation expense | (5,183) | (5,599) | (7.4) | (20,736) | (22,668) | (8.5) |
Other expenses | (8,434) | (11,541) | (26.9) | (39,091) | (44,129) | (11.4) |
Finance cost Fair value changes in financial instruments | (1,717) 880 | (3,992) (1,228) | (57.0) (171.7) | (10,898) 1,889 | (16,045) (4,252) | (32.1) (144.4) |
Foreign exchange (loss)/gain | (478) | 2,586 | (118.5) | 576 | (5,008) | (111.5) |
Profit/(loss) before tax | 27,851 (1,016) | (2,841.2) | 54,712 (10,776) | (607.7) | ||
Income tax credit/(expense) | 325 6,339 | (94.9) | (9,294) 3,557 | (361.3) | ||
Profit/(loss) for the period | 28,176 5,323 | 429.3 | 45,418 (7,219) | (729.1) | ||
Attributable to : Owners of the Company | 28,162 5,838 | 382.4 | 45,434 (6,874) | (761.0) | ||
Non-controlling interests | 14 (515) | (102.7) | (16) (345) | (95.4) | ||
Total | 28,176 5,323 | 429.3 | 45,418 (7,219) | (729.1) | ||
Note: The comparative figures in the income statement have been reclassified to conform to the current year's presentation by nature of expense method.
Statement of Comprehensive Income for the Group for the Fourth Quarter and Full Year Ended 31 December 2016The Group
3 months ended 12 months ended
31-Dec-16 31-Dec-15 31-Dec-16 31-Dec-15
$'000 $'000 $'000 $'000
(restated) (restated)
Profit/(loss) for the period 28,176 5,323 45,418 (7,219) Other comprehensive income Items that may be reclassified subsequently to profit or lossForeign currency translation | (288) 4,175 | 1,480 (3,231) |
Fair value (loss)/gain on net investment hedge | - (1,653) | (45) 979 |
Other comprehensive (loss)/income for the period, | (288) 2,522 | 1,435 (2,252) |
net of tax of nil Total comprehensive income/(loss) for the period 27,888 7,845 46,853 (9,471) | ||
Attributable to : Owners of the Company | 27,874 8,360 | 46,869 (9,126) |
Non-controlling interests | 14 (515) | (16) (345) |
Total comprehensive income/(loss) for the period | 27,888 7,845 | 46,853 (9,471) |
Additional Information
Profit/(loss) before tax is determined after charging / (crediting):
The Group
3 months ended 12 months ended
31-Dec-16 31-Dec-15 % 31-Dec-16 31-Dec-15 %
$'000 $'000 $'000 $'000
(restated) (restated)
Depreciation of property, plant and
equipment 4,205 4,173 0.8 16,733 16,734 (0.0)
Depreciation of investment properties 978 1,426 (31.4) 4,003 5,934 (32.5)
Gain on disposal of property, plant and
equipment (60) - NM (66) (71) (7.0)
Gain on disposal of investment
properties (1,110) - NM (12,276) ⁽¹⁾ (1,157) 961.0
Property, plant and equipment written off 2 291 (99.3) 16 299 (94.6)
Fair value changes in held-for-trading
investments (684) 899 (176.1) (793) 6,120 (113.0)
Fair value changes in derivative
instruments (196) 329 (159.6) (1,096) (1,868) (41.3)
(Write back)/allowance for doubtful debts
- trade (65) 6 (1,183.3) 431 9 NM
Bad debts written off/(recovered) - trade 43 (4) (1,175.0) 52 (4) (1,400.0)
Impairment loss on investment property | - | 2,439 | NM | 5,024 | 2,439 | 106.0 |
(Gain)/loss on disposal of investments | (56) | 20 | (380.0) | (125) | (40) | 212.5 |
(Gain)/loss on disposal of subsidiaries | (26,462) ⁽²⁾ | - | NM | (46,428) ⁽³⁾ | 447 | NM |
NM - Not meaningful Notes:
⁽¹⁾ This relates to the gain on disposal of 206 Bourke Street, Melbourne, Australia.
⁽²⁾ This relates to the gain on disposal of the issued and paid up share capital of Cavenagh Properties Pte Ltd.
⁽³⁾ This includes a gain of $19.97 million on disposal of shares in Meteorite Property (Lonsdale Street) Pty Ltd
and all its units in the Meteorite Property (Lonsdale Street) Unit Trust.
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.The Group The Company
31-Dec-16 31-Dec-15 31-Dec-16 31-Dec-15
$'000 $'000 $'000 $'000
Non-Current Assets | |
Property, plant and equipment | 727,107 712,679 336 421 |
Investment properties | 171,494 223,511 - - |
Investment in subsidiaries | - - 168,417 188,352 |
Investment in joint venture | - - 9,279 5,402 |
Other assets | 28,605 26,882 - - |
Other receivables | 52 35 - - |
Due from subsidiary, non-trade - - 103,870 38,200 Deferred tax assets 2,963 12,478 - -
930,221 975,585 281,902 232,375
Current Assets Cash and short-term deposits | 28,939 | 37,645 | 5,511 | 791 |
Other investments⁽¹⁾ | 91,017 | 36,998 | - | - |
Trade and other receivables | 8,533 | 6,856 | - | - |
Other assets | 683 | 413 | - | - |
Derivatives assets | - | 2,947 | - | - |
Prepaid operating expenses | 651 | 903 | 7 | 3 |
Due from subsidiaries, trade | - | - | 4 | 1,743 |
Due from subsidiaries, non-trade | - | - | 245,902 | 342,854 |
Due from related companies, trade 6 11 - -
Due from related companies, non-trade - 4 - -
Development properties | 150,927 | 60,947 | - - |
Properties for sale | 52,681 | 124,276 | - - |
Inventories | 2,044 | 2,049 | - - |
Tax recoverable - 145 - - 335,481 273,194 251,424 345,391
Assets held for sale | - 105,218 | - - |
335,481 378,412 | 251,424 345,391 |
Current Liabilities | ||||
Trade and other payables | 21,019 | 20,502 | 65 | 42 |
Other liabilities | 10,048 | 15,240 | 528 | 2,225 |
Derivatives liabilities | 203 | 2,936 | - | - |
Due to subsidiaries, trade | - - 4 | 163 | ||
Due to subsidiaries, non-trade | - - 60,504 | 77,185 | ||
Due to related companies, trade | 54 | 244 | 8 | - |
Due to related companies, non-trade | - | 24 | - | - |
Due to joint venture, trade - - - 60
158,259 | 27 | 27 |
114,917 | - | 114,917 |
Due to joint venture, non-trade - - - 2,095 Interest-bearing loans and borrowings 341,327
Medium Term Notes -
Tax payable 2,072 10,432 81 411
374,723 322,554 61,217 197,125
Non-Current Liabilities Other liabilities | 29,573 27,527 | - - | ||
Interest-bearing loans and borrowings | 58,173 241,390 | 24 51 | ||
Deferred tax liabilities | 84,419 85,794 | - - | ||
172,165 354,711 | 24 51 | |||
Net Assets | 718,814 676,732 | 472,085 380,590 | ||
Equity attributable to owners of the Company | ||||
Share capital | 84,445 | 84,445 | 84,445 | 84,445 |
Treasury shares | (1,101) | (1,101) | (1,101) | (1,101) |
Reserves 631,886 589,723 388,741 297,246 715,230 673,067 472,085 380,590
Non-controlling Interests | 3,584 3,665 | - - |
Total Equity | 718,814 676,732 | 472,085 380,590 |
Notes:
⁽¹⁾ This included short-term commercial papers and trading investments.
⁽²⁾ The Group is in a net current liabilities position mainly due to maturity of the long-term
borrowings within the next 12 months. The Group has sufficient banking facilities available to
refinance the portion of borrowings which are maturing within the next 12 months.
1(b)(ii) Aggregate amount of Group's borrowings and debts securities. Amount repayable in one year or less, or on demand($'000)
As at 31 Dec 16 | |
Secured | Unsecured |
341,327 | - |
As at 31 Dec 15 | |
Secured | Unsecured⁽¹⁾ |
158,259 | 116,683 |
($'000)
As at 31 Dec 16 | |
Secured | Unsecured |
58,173 | - |
As at 31 Dec 15 | |
Secured | Unsecured |
241,390 | - |
The above borrowings are from financial institutions and are secured by the following:
Legal mortgages on the Group's property, plant and equipment, investment properties, development properties and properties for sale (collectively, the "Properties");
Legal assignment of all rights and benefits under the sales and purchase agreements and/or tenancy agreements;
A charge over the Project Accounts;
The building contracts of certain Properties;
Assignment of all insurance policies for certain Properties;
Deed of subordination to subordinate all loans and advances from the Company to the facilities;
Corporate guarantees given by the Company; and
A charge over certain trading investments, cash and short-term deposits.
Notes:
⁽¹⁾ Unsecured borrowings refers to the drawdown of $115 million from $500 million Multicurrency
Medium Term Notes Programme which was due on 5 September 2016, net of issuance costs.