Financial Highlights

Key Financial Figures

For the 2H 2020 and FY 2020 ended 31 December 2020
S$'000	2H 2020	2H 2019	Variance (%)	1H 2020	Variance (%)	FY 2020	FY 2019	Variance (%)
Gross revenue⁽¹⁾	37,438	39,609	(5.5)	34,263	9.2	71,701	76,338	(6.1)
Net property income ("NPI")⁽¹⁾	23,781	26,919	(11.7)	20,862	14.0	44,643	51,612	(13.5)
Total Amount Available for Distribution	18,033	16,292	10.7	11,077	62.8	29,110	30,743⁽⁴⁾	(5.3)
Amount Available for Distribution per unit (“DPU”) (in cents)	1.71	1.55	10.3	1,05	62.9	2.76	2.92⁽⁴⁾	(5.5)
Total Distribution Amount Declared⁽²⁾	24,125⁽²⁾	16,292	48.1	4,985	384.0	29,110	30,743⁽⁴⁾	(5.3)
DPU (cents)	2.29⁽²⁾	1.55	47.7	0.47	387.2	2.76	2.92⁽⁴⁾	(5.5)

S$'000	As at 31 Dec 2020	As at 31 Dec 2019
Investment properties⁽²⁾	904,565	949,241
Investment property held for divestments⁽²⁾	13,794	14,888
Other assets	12,358	7,518
Total assets	930,717	971,647
Borrowings, at amortised costs⁽³⁾	284,019	275,184
Other liabilities	106,951	101,448
Total liabilities	390,970	376,632
Net assets attributable to Unitholders	539,747	595,015
Units in issue (units)	1,053,083,530	1,053,083,530
NAV per Unit ($)	0.51	0.57

	As at 31 Dec 2020	As at 31 Dec 2019
Aggregate leverage⁽⁴⁾ (%)	33.5	31.1
Total Borrowings (S$ m) - Term loans - Revolving Facilities	284.8 226.3 58.5	276.5 220.0 56.5
Average all-in financing cost (%)	3.1	3.9
Weighted average tenor of borrowings (years)	1.2	2.1
Profit cover⁽⁵⁾ (times)	4.2	4.2

Notes

⁽¹⁾ Please refer to section 8 of the unaudited financial statement for explanation of the variances.
⁽²⁾ Movement in investment properties mainly due to the revaluation of investment properties based on the independent valuations of the properties undertaken by independent valuers.
⁽³⁾ Increase in borrowings mainly due to loan drawdown relating to AEI work progress at NTP.
⁽⁴⁾ Ratio of total borrowings & deferred payment over deposited property as defined in the Property Funds Appendix of the Code on Collective Investment Schemes.
⁽⁵⁾ Ratio of net property income over profit expense (excluding effects of FRS 116, amortisation of transaction costs, finance costs relating to lease liabilities & other fees).