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Financial Statements And Related Announcement - Third Quarter Results

Financials Archive

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UNAUDITED THIRD QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2017

Profit & Loss

Consolidated Statement of Total Comprehensive Income

Balance Sheets

Review Of Performance

Consolidated income statement

Hotel owning & management

• Revenue growth of 4.5% in YTD FY2018 was mainly due to a stronger A$.
• Operating profit increased mainly due to lower operating costs.

Property development

• Revenue and operating results were higher in YTD FY2018 due to increased number of units settled in Macquarie Park Village (169 units). In addition, 2 apartments in The Stamford Residences Auckland were sold.

Property investment

• Revenue and operating profit for Q3 FY2018 and YTD FY2018 were comparatively lower to last year corresponding periods. This is due to the step-down of base rental as provided for in the tenancy agreement.

Consolidated Balance Sheet

• Decrease in cash and bank balances was mainly due to payment of dividends and repayment of borrowings.
• Decrease in tax recoverable was mainly due to refund of withholding tax.
• Decrease in development properties for sale was due to the settlement of apartments in Macquarie Park Village during the period.
• Decrease in trade and other payables was mainly due to payment of construction costs of an ongoing development project.

Consolidated Statement of Cash Flows

The Group registered a net decrease in cash and cash equivalents of S$20.4 million and S$30.9 million for Q3 FY2018 and YTD FY2018 respectively, details as follows:

• Cash inflow from operating activities was mainly due to settlement of apartments in Macquarie Park Village.
• Cash outflow from investing activities was mainly due to ongoing refurbishment projects and purchase of investments held-for-trading.
• Cash outflow from financing activities was mainly due to repayment of borrowings and payment of dividends, partially offset by additional borrowings drawn down for an ongoing development project.

Commentary

• As at 31 December 2017, the property development segment has settled 343 out of 712 units. The remaining units will be completed in FY2018 and beyond.
• The hotel segment continues to be stable and is slightly ahead of previous year.
• Property investment segment continues to deliver stable results albeit a step-down of base rental. In accordance with the Group’s accounting policies, we will be engaging an external valuer to perform an independent valuation of the investment property as at year end. This may lead to a write-down of its fair value due to the shorten remaining lease.
• Barring any unforeseen circumstances, with more units expecting to be settled, the Group expects to be profitable in FY2018.