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04
EC World Real Estate Investment Trust ANNUAL REPORT 2016
FINANCIAL
HIGHLIGHTS
Statement of Total Return
1
(For the Financial Year ended 31 December 2016)
S$ Million
Gross revenue
95.5
Net property income
83.9
Amount available for distribution
19.1
Statement of Financial Position (As at 31 December 2016)
S$ Million
Total assets
1,482.3
Investment properties
1,333.3
Total liabilities
756.2
Net assets
726.1
Key Financial Ratios (As at 31 December 2016)
Gross borrowings/Total assets
27.6%
Interest cover ratio
2
5.9 times
Weighted average debt maturity
2.6 years
Annualised all-in interest rate
5.4%
Total operating expenses as a percentage of net assets
1.6%
1
Include financial period from 1 January 2016 to 27 July 2016 when ECW was a private trust.
2 Defined as net property income divided by interest paid/payable to Banks (excludes upfront financing fee).
Financial performance (28 July 2016 to 31 December 2016)
Actual
Forecast
3
Variance (%)
Gross revenue (S$’000)
41,175
39,294
4.8
Net property income (S$’000)
36,761
35,716
2.9
Income available for distribution (S$’000)
19,109
19,059
0.3
Distribution per unit (cents)
2.454
2.448
0.2
Annualised distribution yield (%)
4
7.06
7.00
0.9
3 The forecast figures are derived by pro-rating the forecast disclosed in the Prospectus for the period from 28 July 2016 to 31 December 2016.
4 Based on IPO price of S$0.81 per unit.