1 Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense and borrowingrelated fees. 2 Calculated based on original loan maturity date. 3 Exclude upfront financing fee. 4 Defined as property expenses divided by net assets. 5 For FY20, the Manager resolved to distribute 91.3% of income available for distribution to Unitholders. Based on 100% payout ratio, DPU would have been 5.869 cents Balance Sheet (S$ million) As at 31 December 2024 As at 31 December 2023 As at 31 December 2022 As at 31 December 2021 As at 31 December 2020 Total Assets 887.1 1,005.3 1,666.8 1,895.3 1,815.7 Investment Properties 713.7 805.6 1,469.8 1,673.9 1,623.7 Total Liabilities 855.0 910.4 1,059.8 1,143.5 1,100.1 Net Assets 32.1 94.9 607.0 751.8 715.5 Key Financial Indicator Gross borrowings / Total assets 56.5% 57.9% 38.8% 38.2% 38.1% Interest cover ratio (times)1 1.6 2.1 2.7 2.9 2.6 Weighted average debt maturity (years)2 0.7 1.0 0.4 0.6 1.6 Annualised all-in interest rate 8.8% 7.2% 5.8% 4.9% 5.1% Annualised all-in blended running interest rate3 8.2% 6.3% 4.9% 4.1% 4.3% Total operating expenses as percentage of net assets4 34.3% 9.0% 1.7% 1.7% 1.3% Financial Performance For the Financial Year Ended 31 December 2024 For the Financial Year Ended 31 December 2023 For the Financial Year Ended 31 December 2022 For the Financial Year Ended 31 December 2021 For the Financial Year Ended 31 December 2020 Gross Revenue (S$’000) 92,208 107,770 121,568 125,488 109,726 Net Property Income (S$’000) 81,199 99,201 110,956 113,025 100,307 Calculated Distribution to Unitholders (S$’000) 15,804 29,631 38,564 50,615 43,111 Calculated Distribution Per Unit (Singapore cents) 1.9518 3.6598 4.7627 6.2636 5.3595 Calculated Distribution yield (%) (Based on IPO price of S$0.81 per Unit) 2.4 4.5 5.9 7.7 6.6 Calculated Distribution yield (%) (Based on Unit Price of S$0.28 per Unit on 28 Aug 2023) 7.0 13.1 10.7 14.1 12.0 6 FY21 distribution includes payout of distribution previously retained in 4Q2019, 1Q2020 and 2Q2020 (partial) in 2Q2021 amounting to approximately S$2.0 million. 7 FY22 distribution includes payout of distribution previously retained in 2Q2020 (balance) and 3Q2020 (partial) in 2Q2022 amounting to approximately S$1.3 million. 8 ECW was not able to pay the distribution to unitholders with effect from 1 January 2023. The payment of the distribution will be deferred to a future date when ECW has sufficient free cash for the said distribution. Total Assets S$ (m) Gross Revenue (S$’000) Net Property Income (S$’000) 2024 2023 2022 2024 2023 2022 2024 2023 2022 887.1 92,208 81,199 1,005.3 107,770 99,201 1,666.8 121,568 110,956 ANNUAL REPORT 2024 03 FINANCIAL HIGHLIGHTS
RkJQdWJsaXNoZXIy NTkwNzg=