ASX/Media Release
22 February 2017
AJA HALF YEAR RESULTS TO 31 DECEMBER 2016Please find attached the following documents relating to Astro Japan Property Group's Half Year Results to 31 December 2016:
ASX Appendix 4D
Interim Financial Report for the half year ended 31 December 2016
Eric Lucas John Pettigrew
Senior Advisor Chief Financial Officer
Phone: +61 2 8987 3900 (Australia) Phone: +61 2 8987 3902
+81 3 3238 1671 (Japan)
About Astro Japan Property Group (AJA)Astro Japan Property Group is a listed property group which invests in the Japan real estate market. It currently holds interests in a portfolio comprising 27 retail, office, residential and hotel properties. Asset management services in Japan are generally undertaken by Spring Investment Co., Ltd.
AJA is a stapled entity comprising Astro Japan Property Trust (ARSN 112 799 854) and Astro Japan Property Group Limited (ABN 25 135 381 663). For further information please visit our website: www.astrojapanproperty.com.
Appendix 4D Half Year ReportASTRO JAPAN PROPERTY GROUP
[The financial information in this Appendix 4D represents the consolidated financial information of Astro Japan Property Trust (ARSN 112 799 854), Astro Japan Property Group Limited (ABN 25 135 381 663) and its controlled entity.]
-
Details of the reporting period
Current Period:
1 July 2016 - 31 December 2016
Previous Corresponding Period:1 July 2015 - 31 December 2015
-
Results for announcement to the market
$A'000
2.1 Revenue from ordinary activities1
down 56.8% to
6,385
2.2 Net (loss) for the period attributable to stapled securityholders
% movement not applicable2
(22,445)
2.3 Underlying profit3
up 6.3% to
18,256
2.4 Distributions
Amount per security
Franked amount per
security
Current Period: Final distribution Interim distribution
N/A 21.00¢4
N/A N/A
Previous Corresponding Period:
Final distribution Interim distribution
N/A 18.00¢
N/A N/A
Refer to Section 3 below and to the associated ASX results announcement
Record date for determining entitlements to the 30 December 2016 interim distribution
Provide a brief explanation of any of the figures reported above necessary to enable the figures to be understood:
1 Revenues from ordinary activities comprise financing income and distribution income.
2 Percentage movement cannot be calculated as the result in the previous corresponding period was a net profit.
3 Net (loss)/profit for the half year after tax before fair value adjustments to the unlisted investments, foreign currency translation impact on the fair value of the TKs, TK operator share of TK distributions, fair value adjustments to investment property, fair value adjustments to interest bearing debt, gain on disposal of investment properties, expenses associated with TK refinancings, net foreign exchange loss/(gain) and deferred tax on fair value adjustments.
4 There is no foreign conduit income attributed to this distribution.
-
Analysis of financial performance
The Group's statutory loss after tax for the half year ended 31 December 2016 was $22.5 million. The following table summarises key reconciling items between the Group's statutory result and underlying profit5.
3.1 Reconciliation between the Group's statutory result and
31 December
31 December
underlying profit:
2016
2015
$A'000
$A'000
Net (loss)/profit attributable to stapled securityholders6
(22,445)
54,220
Fair value adjustment to the unlisted investments
32
1,352
Foreign currency translation impact on the fair value of the TKs
42,066
(23,959)
TK operator share of TK distributions
26
44
Fair value adjustments to investment property
(2,909)
(10,656)
Fair value adjustments to interest bearing debt
(58)
2,843
Gain on disposal of investment properties
(50)
-
Expenses associated with TK refinancings
-
779
Net foreign exchange loss/(gain)
4,368
(2,489)
Deferred tax on fair value adjustments
(2,774)
(4,958)
Underlying profit after tax
18,256
17,176
-
Net tangible asset backing per security
31 December 2016
30 June 2016
Net tangible asset backing per ordinary security
$7.68
$8.26
-
Control gained or lost over entities during the period
N/A
-
Details of distributions
Refer to the attached financial statements Note 4 Distributions paid and payable and the attached Directors' Report.
-
Details of distribution reinvestment plan
The Distribution Reinvestment Plan will not be activated for the distribution for the half year ended 31 December 2016.
5 Underlying profit is used to provide a better understanding of the Astro Group's financial performance and comparison of performance between the different financial periods. It is a non-IFRS measure which adjusts the balances that are unrelated to the underlying performance of the business to reflect the Directors' assessment of the Astro Group's underlying business activities having regard to the guidance from ASIC's RG 230 Disclosing Non-IFRS information. These principles include providing a clear reconciliation between statutory profit and underlying profit in the Directors' Report, including both positive and negative adjustments and maintaining consistency between reporting periods. The adjustments include non- cash fair value movements within the financial assets at fair value through profit or loss (representing investments in the TKs), and detailed in the segment reporting disclosure in Note 1. The adjustments between statutory profit after income tax and underlying profit are set out in table 3.1 (this reconciliation has not been audited in accordance with Australian Auditing Standards).
6 All items in table 3.1 are as set out in Note 1 Segment reporting.
-
Details of associates and joint venture entities
N/A
-
Accounting standards used by foreign entities
Refer to the attached Financial Statements Note 8 Statement of significant accounting policies of the Interim Financial Report.
- Independent audit review
The auditor's review report is attached to the Interim Financial Report which accompanies this appendix, and is not subject to a modified opinion, emphasis of matter or other matter paragraph.
Astro Japan Property Group published this content on 22 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 February 2017 22:44:10 UTC.
Original documenthttp://www.astrojapanproperty.com/wp-content/uploads/2017/02/220217-AJA-Financial-Report-and-Appendix-4D-220217-Final.pdf
Public permalinkhttp://www.publicnow.com/view/35018BB36777BE36FF8EF803344602D488DF03EA