GLOBAL LOGISTIC PROPERTIES LTD (Registration Number : 200715832Z)
UNAUDITED FINANCIAL STATEMENTS AND ANNOUNCEMENT FOR THE YEAR ENDED MARCH 31, 2016 TABLE OF CONTENTSItem No. | Description | Page No. |
1 (a)(i) | Summary of Group Results | 2 |
Consolidated Income Statements | 3 | |
1 (a)(ii) | Explanatory Notes to Consolidated Income Statement | 4 - 6 |
1 (a)(iii) | Consolidated Statements of Comprehensive Income | 7 |
1 (b)(i) | Statements of Financial Position | 8 - 9 |
1 (b)(ii) | Group's Borrowings and Debt Securities | 10 |
1 (c) | Consolidated Statements of Cash Flows | 11 - 13 |
1 (d)(i) | Statements of Changes in Equity | 14 - 16 |
1 (d)(ii) | Changes in the Company's Issued Share Capital | 17 |
1 (d)(iii) | Treasury Shares | 17 |
2 & 3 | Audit Statement | 18 |
4 & 5 | Accounting Policies | 18 - 19 |
6 | Earnings per Share | 19 - 20 |
7 | Net Asset Value and Net Tangible Assets per Share | 20 |
8 & 15 | Review of Performance | 21 - 25 & 29 |
9 | Variance from Prospect Statement | 25 |
10 | Outlook & Prospect | 26 - 27 |
11 & 17 | Dividend | 28 & 30 - 31 |
12 | Interested Person Transactions ("IPT") | 28 |
13 | Negative Confirmation Pursuant to Rule 705(5) of the Listing Manual | 28 |
14 | Segmental Information | 29 |
16 | Breakdown of Group's revenue and profit after tax for first half year and second half year | 30 |
18 | Disclosure Pursuant to Rule 704(13) | 31 |
19 | Disclosure Pursuant to Rule 720(1) of the Listing Manual | 31 |
Three- month period ended Mar. 31, 2016 US$'000 | Three- month period ended Mar. 31, 2015 US$'000 | Increase / (Decrease) % | Year ended Mar. 31, 2016 US$'000 | Year ended Mar. 31, 2015 US$'000 | Increase / (Decrease) % | |
Revenue | 199,121 | 166,757 | 19.4 | 777,473 | 708,009 | 9.8 |
Profit from operating activities after share of results of associates and joint ventures | 139,931 | 84,104 | 66.4 | 632,436 | 476,223 | 32.8 |
EBIT | 384,979 | 213,765 | 80.1 | 1,494,252 | 910,168 | 64.2 |
PATMI | 152,749 | 104,859 | 45.7 | 719,083 | 486,199 | 47.9 |
Profit for the period/year | 230,858 | 174,856 | 32.0 | 1,032,817 | 667,970 | 54.6 |
Earnings Per Share (cents) - Basic | 3.06 | 2.01 | 52.2 | 14.43 | 9.41 | 53.3 |
Earnings Per Share (cents) - Diluted | 3.05 | 2.00 | 52.5 | 14.38 | 9.38 | 53.3 |
1(a)(i) Consolidated Income Statements
Group | |||||||
Note | Three- month period ended Mar. 31, 2016 US$'000 | Three- month period ended Mar. 31, 2015 US$'000 | Change % | Year ended Mar. 31, 2016 US$'000 | Year ended Mar. 31, 2015 US$'000 | Change % | |
Continuing operations | A | ||||||
Revenue | 199,121 | 166,757 | 19.4 | 777,473 | 708,009 | 9.8 | |
Other income | B | 2,576 | 701 | 267.5 | 7,038 | 5,233 | 34.5 |
Property-related expenses | C | (41,306) | (36,687) | 12.6 | (157,041) | (138,510) | 13.4 |
Other expenses | D | (59,393) | (47,348) | 25.4 | (235,805) | (169,935) | 38.8 |
Share of results (net of income tax) of associates and joint ventures | E | 100,998 | 83,423 | 21.1 | 391,665 | 404,797 | (3.2) |
38,933 | 681 | N.M. | 240,771 | 71,426 | 237.1 | ||
Profit from operating activities after share of results of associates and joint ventures | F | 139,931 | 84,104 | 66.4 | 632,436 | 476,223 | 32.8 |
Net finance (costs)/income | (39,598) | 14,367 | N.M. | (101,355) | (47,933) | 111.5 | |
Non-operating (costs)/income | G | (346) | (128) | 170.3 | 55,091 | (54,233) | N.M. |
Profit before changes in fair value of subsidiaries' investment properties | 99,987 | 98,343 | 1.7 | 586,172 | 374,057 | 56.7 | |
Changes in fair value of subsidiaries' investment properties | 192,079 | 129,789 | 48.0 | 720,403 | 488,178 | 47.6 | |
Profit before income tax | H | 292,066 | 228,132 | 28.0 | 1,306,575 | 862,235 | 51.5 |
Income tax expense | (82,646) | (53,276) | 55.1 | (309,768) | (194,265) | 59.5 | |
Profit from continuing operations | I | 209,420 | 174,856 | 19.8 | 996,807 | 667,970 | 49.2 |
Discontinued operation | |||||||
Profit from discontinued operation (net of tax) | 21,438 | - | N.M. | 36,010 | - | N.M. | |
Profit for the period/year | J | 230,858 | 174,856 | 32.0 | 1,032,817 | 667,970 | 54.6 |
Attributable to: | |||||||
Owners of the Company ("PATMI") | 152,749 | 104,859 | 45.7 | 719,083 | 486,199 | 47.9 | |
Non-controlling interests ("NCI") | 78,109 | 69,997 | 11.6 | 313,734 | 181,771 | 72.6 | |
Profit for the period/year | 230,858 | 174,856 | 32.0 | 1,032,817 | 667,970 | 54.6 | |
.: Not meaningful
1(a)(ii) Explanatory Notes to Consolidated Income Statement - Three-month Period ended March 31, 2016 compared to Three-month Period ended March 31, 2015-
Revenue
Revenue increased by 19.4% from US$166.8 million during the three-month period ended March 31, 2015 to US$199.1 million during the three-month period ended March 31, 2016. The increase was mainly attributable to completion and stabilisation of development projects in China with increasing rents and inclusion of management fee income from GLP US Income Partners I and GLP US Income Partners II.
-
Other income
Other income consists mainly of net gain from tenant expense recoveries and government subsidies received.
-
Property-related expenses
Property-related expenses increased by 12.6% from US$36.7 million during the three-month period ended March 31, 2015 to US$41.3 million during the three-month period ended March 31, 2016. The increase was mainly attributable to an increased property portfolio and completion of development projects which increased the leasable area and attributable expenses of the Group's properties.
Three-month period ended Mar. 31, 2016
US$' 000
Three-month period ended Mar. 31, 2015
US$' 000
Included in other expenses:
Depreciation and amortisation
(3,005)
(2,938)
(Recognition)/ Reversal of impairment loss on trade and other receivables
(79)
195
- Other expenses
Other expenses increased by 25.4% from US$47.3 million during the three-month period ended March 31, 2015 to US$59.4 million during the three-month period ended March 31, 2016. The increase was mainly due to inclusion of the US asset management platform and higher staff and business costs in the Group arising from an increased property portfolio and business expansion.
Global Logistic Properties Limited published this content on 19 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 May 2016 23:17:07 UTC.
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