Financial Information

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Profit & Loss

Balance Sheet

Review of Performance

SASSEUR REIT

CHONGQING OUTLETS AND BISHAN OUTLETS

COMPARISON OF SASSEUR REIT'S PERFORMANCE

Nine-month period ended 30 September 2017 over the nine-month period ended 30 September 2016

EMA Rental Income

The EMA Rental Income of the Properties increased by approximately 48.8% or S$29.9 million to S$91.2 million for the nine-month period ended 30 September 2017 compared to S$61.3 million for the same period in 2016. This is mainly due to the rent contribution from Hefei Outlets which opened in May 2016 and Kunming Outlets which opened in December 2016.

Manager's Management Fee

The Management Fee of the Manager increased by 71.9% to S$5.5 million in the nine-month period ended 30 September 2017 from the same period in 2016. This is primarily due to the higher DPU of the portfolio for the nine-month period ended 30 September 2017.

Trustee's fee

The Trustee's fee remained relatively stable from the nine-month period ended 30 September 2016 to the nine-month period ended 30 September 2017 at S$0.2 million.

Other trust expenses

Other trust expenses decreased by 90.7% or S$11.7 million in the nine-month period ended 30 September 2017 from S$12.9 million to S$1.2 million compared to the nine-month period ended 30 September 2016, mainly due to one-time IPO costs incurred in 2016.

Finance costs

Finance costs increased by 31.4% or S$5.5 million to S$23.0 million in the nine-month period ended 30 September 2017 compared to the nine-month period ended 30 September 2016. This is mainly due to the additional finance costs relating to Hefei and Kunming properties completed in 2016.

Net change in fair value of investment properties

Net change in fair value of investment properties, which is to adjust for the straight-lined accounting of rent income, decreased by 312.5% or S$5.0 million to a net gain of S$3.4 million in the nine-month period ended 30 September 2017 compared to a net loss of S$1.6 million in the nine-month period ended 30 September 2016.

Tax expense

Tax expense increased from S$11.3 million in the nine-month period ended 30 September 2016 to S$19.1 million for the same period ended 30 September 2017, due mainly to higher profits.

Total return for the period

Total return for the period increased from S$14.6 million for the nine-month period ended 30 September 2016 to S$47.0 million for the same period in 2017.

COMPARISON OF CHONGQING OUTLETS' PERFORMANCE

FY2015 over FY2014

EMA Rental Income

The EMA Rental Income of the Property increased marginally by 2.7% or S$1.5 million to S$56.9 million in FY2015 compared to S$55.4 million in FY2014. This is mainly due to the exchange rate differences year-on-year. The EMA Rental Income of the Properties in FY2014 and FY2015 were relatively consistent due to the accounting impact of the straight-lining of the EMA Rental Income. Without the straight-lined accounting effect, the EMA Rental Income would have increased by 5.7% or S$3.1 million from S$54.3 million for FY2014 to S$57.4 million for FY2015.

Finance costs

Finance costs remained relatively stable at S$16.3 million in FY2015.

Net change in fair value of investment property

Net change in fair value of investment property decreased by S$1.6 million in FY2015 compared to FY2014. This is the adjustment for the straight-lined accounting of EMA Rental Income for the year.

Tax expense

Tax expense increased from S$9.2 million in FY2014 to S$9.9 million in FY2015, due to the increase in profits for FY2015.

Total return for the year

Total return for FY2015 increased by 7.2% or S$2.1 million to S$31.2 million from S$29.1 million in FY2014 primarily due to higher return for FY2015.

FY2016 over FY2015

The EMA Rental Income of the Property in FY2016 compared to FY2015 remained flat due mainly to the straight-lining of the EMA Rental Income. Without the straight-lined accounting effect, the EMA Rental Income would have decreased by 1.7% or S$1.0 million from S$57.4 million for FY2015 to S$56.4 million for FY2016.

Finance costs

Finance costs remained relatively stable at S$15.9 million in FY2016.

Net change in fair value of investment property

Net change in fair value of investment property remained relatively stable at S$0.5 million in FY2016.

Tax expense

Tax expense remained relatively stable at S$9.7 million in FY2016.

Total return for the year

Total return for the year decreased by 1.3% or S$0.4 million to S$30.8 million for FY2016 compared to S$31.2 million for FY2015.

COMPARISON OF BISHAN OUTLETS' PERFORMANCE

FY2016 over FY2015

EMA Rental Income

The EMA Rental Income of the Property for FY2015 of S$11.5 million decreased marginally by S$0.2 million to S$11.3 million in FY2016. The EMA Rental Income of the Property in FY2015 and FY2016 remained flat due to the straight-lining of the EMA Rental Income. Without the straight-lined accounting effect, the EMA Rental Income would have increased by 6.3% or S$0.7 million from S$11.1 million for FY2015 to S$11.8 million for FY2016.

Finance costs

Finance costs increased by 31.6% or S$1.2 million to S$5.0 million in FY2016 compared to FY2015, due mainly to only one month of finance charge recorded in FY2015, in relation to the working capital loans of Bishan Outlets, as compared to a full year of finance charge recorded in FY2016.

Net change in fair value of investment property

Net change in fair value of investment property decreased by S$0.9 million in FY2016 compared to FY2015. This is to adjust for the straight-lined accounting for the EMA Rental Income.

Tax credit

Tax credit decreased from S$1.0 million in FY2015 to S$0.7 million in FY2016, due to lower profits resulting from higher finance costs.

Total return for the year

Total return for the year of S$8.3 million in FY2015 decreased by 6.0% or S$0.5 million to S$7.8 million for FY2016.