1 For Immediate Release GLP REPORTS STRONG FY15 OPERATIONAL MOMENTUM; ACCELERATED FUND MANAGEMENT GROWTH Strong earnings growth from core operations with FY15 pro-forma earnings (PATMI) excluding revaluations up 31% y-o-y US$183 million of development gains in FY15, on the back of record US$516 million China development completions in 4Q China lease ratio 1 up 170 bps q-o-q to 91% on the back of record 1.2 million sqm of leasing in 4Q FY15; Same-property NOI growth of 7.0% y-o-y in FY15 Fund management AUM up 80% y-o-y to US$20.0 billion; Annual fund fee run rate of US$150 million 2 US$ million FY15 Pro- Forma 3 FY15 YoY Change Pro- forma YoY Change 4Q FY15 Pro- forma 4Q FY15 YoY Change Pro- forma YoY Change Revenue 708 708 13% 25% 167 167 6% 21% EBIT 910 970 (4%) 12% 214 214 (7%) 2% Earnings (ex reval) 201 257 (19%) 31% 65 65 24% 10% Earnings 486 543 (29%) (1%) 105 105 (34%) (24%) Diluted EPS (in US cents) 9.4 10.6 (31%) (2%) 2.0 2.0 (37%) (26%) Singapore, 14 May 2015 – Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan, Brazil and the US, reported continued growth for the year ended 31 March 2015 (“FY15”) on the back of strong China operational results and further expansion of GLP’s fund management platform. 1 Stabilized logistics portfolio 2 Potential fund fees based on assumptions including AUM and fee structure of GLP’s existing fund platform 3 Pro-forma financials provided for like-for-like comparison and were adjusted for: China investor consortium’s 33.8% stake in GLP China, sale of assets to GLP J-REIT, FX-related effects and material non-recurring items. For more detail on the adjustments, please see slides 26 & 27 of GLP’s 4Q FY15 earnings presentation
14
Embed
GLP REPORTS STRONG FY15 OPERATIONAL ......Singapore, 14 May 2015 – Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan,
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
1
For Immediate Release
GLP REPORTS STRONG FY15 OPERATIONAL MOMENTUM;
ACCELERATED FUND MANAGEMENT GROWTH
Strong earnings growth from core operations with FY15 pro-forma earnings
(PATMI) excluding revaluations up 31% y-o-y
US$183 million of development gains in FY15, on the back of record US$516
million China development completions in 4Q
China lease ratio1 up 170 bps q-o-q to 91% on the back of record 1.2 million sqm of
leasing in 4Q FY15; Same-property NOI growth of 7.0% y-o-y in FY15
Fund management AUM up 80% y-o-y to US$20.0 billion; Annual fund fee run rate
Singapore, 14 May 2015 – Global Logistic Properties Limited (“GLP”), the leading provider of
modern logistics facilities in China, Japan, Brazil and the US, reported continued growth for
the year ended 31 March 2015 (“FY15”) on the back of strong China operational results and
further expansion of GLP’s fund management platform.
1 Stabilized logistics portfolio
2 Potential fund fees based on assumptions including AUM and fee structure of GLP’s existing fund platform
3Pro-forma financials provided for like-for-like comparison and were adjusted for: China investor consortium’s
33.8% stake in GLP China, sale of assets to GLP J-REIT, FX-related effects and material non-recurring items. For more detail on the adjustments, please see slides 26 & 27 of GLP’s 4Q FY15 earnings presentation
2
Mr. Ming Z. Mei, Chief Executive Officer of GLP, said: “We are pleased to announce solid
results in each of our business segments: property operations, development and fund
management. GLP achieved strong leasing volumes, rent growth and higher fund fees in
FY15. Development margins remained strong. In-line with our capital recycling strategy, GLP
continues to evaluate opportunities to unlock value and maximize returns. This is being
undertaken while maintaining a strong balance sheet.”
FY15 Group revenue was US$708 million, up 13% year-on-year. GLP’s core operations
continued to deliver strong growth, with FY15 pro-forma earnings excluding revaluations up 31%
year-on-year. China pro-forma earnings excluding revaluations grew by 33% year-on-year.
4Q FY15 Group revenue was US$167 million with earnings (PATMI) of US$105 million.
Group earnings included one-off US$26 million of foreign exchange (“FX”) gains, a US$27
million revaluation loss in Brazil and US$6 million of transaction costs arising from the US
acquisition. During the quarter, GLP’s average revenue yield in Brazil expanded 65 basis
points to 10.0% on the back of interest rate hikes.
The Board has recommended the payment of an ordinary dividend of SGD 5.5 cents per
ordinary share (US$200 million), an increase of 22% over last year’s dividend per share. The
proposed dividend is subject to shareholders’ approval at the Annual General Meeting.
3
Operational Momentum Continues with Solid Customer Demand
Demand for GLP’s modern logistics facilities remained high, with strong leasing across all its
markets. FY15 Group new and expansion leases increased 25% year-on-year to 3.7 million
square meters (“sqm”) (40 million square feet (“sq ft”)).
Pro-rata balance sheet (US$ mil) Group China Japan Brazil United States7
Others
Pro-rata interest valuation of investment properties6
9,660 5,099 2,963 794 804 -
- Completed and stabilized 7,665 3,694 2,697 646 628 -
- Completed and pre-stabilized 589 373 - 39 177 -
- Other facilities 67 67 - - - -
- Properties under development or being repositioned 845 516 266 63 - -
- Land held for future development 494 448 - 45 - -
Add: intangible assets 375 222 153 - - -
other investment 435 63 372 - - -
assets classified as held for sale 1,467 - - - 1,467 -
effective share of cash and cash equivalents 1,112 481 110 40 36 445
effective share of other assets (including deferred tax asset, PPE, receivables and others)
- effective share of other assets - deferred tax asset 22 15 6 1 - -
- effective share of other assets - plant & equipment 62 4 49 2 - 7
- effective share of other assets - others 533 235 153 22 71 52
Less: effective share of loans and borrowings (3,666) (385) (1,345) (280) (533) (1,123)
effective share of other liabilities (including deferred tax liabilities, payables & others)
- effective share of other liabilities - deferred tax liabilities (526) (456) (46) (18) (6) -
- effective share of other liabilities - payables & other (695) (325) (306) (18) (1) (45)
Equity attributable to equity holders - US$' mil 8,780 4,952 2,109 542 1,839 (664)
- No. of shares- mil 4,840
- US$ per share 1.81
- S$ per share 2.47
Note:
1 Includes amortization of transaction costs for bonds and loans
2 The Group generally borrows in the currency of the country in which the investment is located.
3 Pertains to RMB 3 billion fixed rate notes swapped to USD.
4 Country NAV refers to GLP share of the consolidated net asset value of the entities. Segment NAV refers to Country NAV and adjusted to exclude intercompany loans from GLP.
5 "Others" segment consists mainly Listco.
6 Excludes pro-rata interest valuation of J-REIT.
7 United States pro-rata balance sheet is based on GLP 10% shareholdings classified as investment in joint ventures
Page 1
GLOBAL LOGISTIC PROPERTIES SUPPLEMENTARY INFORMATION
Net operating income margin5 90% 91% 90% 91% 90% 90% 90% 90%
US portfolio
Rents (USD/sqft/year) 5.88
Effective Rents (USD/sqft/year)10 6.01
Lease ratio8 92%
Net operating income margin5 74%
China portfolio movements (sqm mil) 4Q 2015
Land reserve
Opening balance 12.88
Additions 0.80
Conversions to land held for future development (1.31)
Cancelled (0.26)
Ending balance 12.11
Land held for future development
Opening balance 5.28
Conversions to land held for future development 1.31
Development starts (1.04)
Disposals (0.08)
Design adjustment (0.08)
Ending balance6 5.39
Properties under development or being repositioned
Opening balance 4.72
Development starts 1.04
Development completion (1.12)
Ending balance 4.64
Completed & Pre-stabilized
Opening balance 1.41
Development completion 1.12
Acquired completed properties 0.01
Stabilized properties7 (1.05)
Design adjustment 0.03
Ending balance 1.52
Completed & Stabilized
Opening balance 8.52
Stabilized properties7 1.05
Ending balance 9.57
Note:
1 Our Portfolio Information comprises all assets under management which includes all properties held by subsidiaries, jointly-controlled entities and J-REIT but excludes Blogis
2 Portfolio area is based on GFA in China, Japan, US and GLA in Brazil
3 Excludes completed properties acquired
4 “Other facilities” includes container yard and parking lot facilities
5 Net Operating Income is calculated as revenue less expenses
6 Includes land & properties held for sale, total GFA is computed based on estimated buildable area
7 "Stabilized properties” refers to properties that are 1 year after completion/acquisition or the lease ratio is more than 93%, whichever is earlier.
8 Rents and lease ratio for Brazil and US portfolio include industrial properties' rents. Lease ratio for US portfolio is presented for all completed properties.
9 Any discrepancy between sum of individual amounts and total is due to rounding.
10 Effective rents for 4Q FY2015 a) includes all stabilized logistics assets under management, prior periods effective rents include completed assets held by subsidiaries
b) for US based on full quarter results and include period prior to GLP's acquisition
Page 2
GLOBAL LOGISTIC PROPERTIES SUPPLEMENTARY INFORMATION