BUILDING LANDMARKS, CHARTING GROWTH
115
Annual Report 2015
EBIT
28 October 2014 to
31 December 2015
S$M
Percentage
(%)
Singapore
118.5
60.2
China
96.1
48.7
Management Businesses
4.4
2.2
One-off RTO and VO Transaction Cost
(11.4)
(5.8)
Corporate and Others
(10.5)
(5.3)
197.1
100
EBIT
Perennial achieved EBIT of S$197.1 million from its real
estate business. The EBIT included a one-off transaction
cost totalling S$11.4 million which was incurred for the
RTO and VO exercises undertaken at the end of 2014.
Excluding the one-off transaction cost of S$11.4 million
arising from these two major restructuring exercises,
the EBIT would be S$208.5 million.
The key contributions to EBIT are the operating income
from the Singapore operating assets, Perennial Jihua Mall
and Perennial Qingyang Mall in China as well as fair value
gains from the revaluation of its investment properties which
are held for long term. Fair value gains on revaluation of
investment properties held through subsidiaries, associates
and joint ventures totalled S$115.6 million and these mainly
came from the revaluation of Perennial International Health
and Medical Hub (“
PIHMH
”), CHIJMES, Capitol Singapore
and AXA Tower.
For the Period, Singapore assets contributed approximately
S$118.5 million or 60.2% of the total EBIT. The assets in
China contributed EBIT of S$96.1 million or 48.7%.
EBIT by Segment
From 28 October 2014
1
to 31 December 2015
PATMI
After deducting finance costs and accounting for taxes
and the non-controlling interests’ share of profit, Perennial
achieved a PATMI of S$79.4 million for the Period,
comprising operating PATMI of S$10.8 million and net
fair value gains of S$68.6 million. Excluding the one-off
transaction cost, PATMI would be S$90.8 million.
Finance costs comprised mainly interest expenses on
bank borrowings, medium term notes and retail bonds,
as well as amortisation of financing transaction costs.
Tax expenses included mainly deferred tax on the fair
value gains of investment properties in China.
DIVIDEND
The Board of Directors is pleased to declare an ordinary
dividend of 0.4 Singapore cents per share for the financial
period ended 31 December 2015. The dividends are
subject to the shareholders’ approval at Perennial’s
upcoming Annual General Meeting.
This is the first dividend declared by the Company
following the RTO.
