Stamford Land Corporate Ltd

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Financial Statements And Related Announcement - Full Yearly Results

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Financial Statement (573 KB)

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UNAUDITED FULL YEAR FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

Profit & Loss

Financials

Consolidated Statement of Total Comprehensive Income

Financials

Balance Sheets

Financials

Review Of Performance

Consolidated income statement

Financials

Hotel owning & management

  • Revenue decline of 15.6% in 2H FY2020 and 11.9% in YTD FY2020 was mainly due to a weaker A$.
  • Operating profit decreased in line with the decline in revenue.

Property development

  • Revenue and operating profit were lower due to decreased number of units settled in Macquarie Park Village in 2H FY2020 (2H FY2020: 4 units; 2H FY2019: 9 units) and YTD FY2020 (YTD FY2020: 8 units; YTD FY2019: 135 units).
  • In YTD FY2019, there were sales of 2 commercial units (YTD FY2020: Nil) in The Stamford Residences & The Reynell Terraces and 2 units (YTD FY2020: 1 unit) in The Stamford Residences Auckland.

Property investment

  • Revenue and operating profit were higher due to rental income earned from the newly acquired investment property, 8 Finsbury Circus, in London.

Consolidated Balance Sheet

  • On 26 July 2019, the Company and Ow Global Pte Ltd, through their respective subsidiaries, completed the acquisition of the property located at 8 Finsbury Circus, London, United Kingdom (the “Property”), through a special purpose vehicle incorporated in the British Virgin Islands.

The acquisition resulted in an increase in investment properties, bank borrowings and amount due to non-controlling interests as at 31 March 2020.

Consolidated Statement of Cash Flows

The Group registered a net decrease in cash and cash equivalents of S$87.5 million in YTD FY2020, details as follows:

  • Cash inflow from operating activities;
  • Cash outflow from investing activities was mainly due to acquisition of the Property and ongoing refurbishment projects, partially offset by the proceeds from disposal of investment securities; and
  • Cash inflow from financing activities was mainly due to proceeds from bank borrowings, partially offset by payment of dividends and purchase of treasury shares.

Commentary

  • The hotel segment was badly affected by the worst ever bushfire in Australia during the third quarter of FY2020. While recovering from this bushfire, COVID-19 swiftly set in, resulting in the closure of all our hotels in Adelaide, Auckland, Brisbane, Melbourne and Sydney except Stamford Plaza Sydney Airport in the beginning of April 2020. We are closely monitoring when it will be expedient to reopen our hotels.
  • A significant fair value impairment on Dynons Plaza of S$19.3 million in FY2020 was recorded due to the expiry of the long lease to Chevron in April 2020.
  • The acquisition of the Property in London will mitigate the loss of revenue due to the current vacancy of Dynons Plaza which will undergo refurbishment to receive multi-let tenancies.
  • 34 units at Macquarie Park Village remain unsold but are currently leased out for recurring income.