Ascendas India Trust : Supplementary Info (532 KB)
August 02, 2021 at 04:12 am EDT
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Contents
Ascendas India Trust
Supplementary Information
As at 30 June 2021
Contents
Overview
Portfolio breakdown
2
Portfolio history
2
Lease expiry profile
2
Portfolio
Floor area
3
Portfolio by city
3
Physical occupancy
3
Retention rate
3
Weighted average lease term
3
Tenant
Number of tenants
4
Tenant activity
4
Tenant industry
4
Country of origin
4
Company structure
4
Top 10 tenants
5
Balance sheet
SGD/INR closing FX rate (for balance sheet)
6
Valuation
6
Net asset value ("NAV") per unit
6
Adjusted NAV per unit
6
Gearing
6
Effective debt
6
Effective weighted average cost of debt
6
Percentage of fixed rate debt
6
Breakdown of loans by currency
6
Singapore Dollar income statement
SGD/INR average FX rate (for income statement)
7
Indian Rupee income statement
8
Glossary
9
Note:
An excel version of this file is available on a-iTrust's website:
https://ir.a-itrust.com/financials.html
Any discrepancy between individual amounts and total shown in this document is due to rounding.
Page 1
Overview
ASCENDAS INDIA TRUST
OVERVIEW AS AT 30 JUNE 2021
Portfolio breakdown
Property
City
Floor area (million sqft)
International Tech Park Bangalore (ITPB)
Bangalore
5.2
International Tech Park Chennai (ITPC)
Chennai
2.0
CyberVale (CV)
Chennai
0.8
International Tech Park Hyderabad (ITPH)
Hyderabad
1.5
CyberPearl (CP)
Hyderabad
0.4
aVance, HITEC City, Hyderabad (aVance Hyderabad)
Hyderabad
2.1
aVance, Hinjawadi, Pune (aVance Pune)
Pune
1.5
Arshiya Panvel
Mumbai
0.8
Total
14.4
Portfolio history
Date
Property
Building
Floor area
Portfolio floor area
Type
(million sqft)
(million sqft)
Aug-07
-
-
-
3.6
At IPO
Dec-07
ITPH
Vega
0.4
4.0
Development
Dec-07
ITPC
Crest
0.7
4.7
Development
Sep-08
ITPB
Strata units
0.1
4.8
Acquisition
Dec-10
ITPB
Park Square
0.4
5.3
Development
Dec-10
ITPC
Zenith
0.7
6.0
Development
Jun-11
ITPB
Voyager
0.5
6.5
Development
Feb-12
aVance Hyderabad
aVance 1 & 2
0.4
6.9
Acquisition
Jan-14
ITPB
Aviator
0.6
7.5
Development
Mar-15
CyberVale
Lakeview & Springfield
0.6
8.1
Acquisition
Jul-15
aVance Hyderabad
aVance 3
0.7
8.8
Acquisition
Mar-16
CyberVale
CyberVale 3
0.3
9.0
Acquisition
Jun-16
ITPB
Victor
0.6
9.7
Development
Feb-17
aVance Pune
aVance Pune
1.5
11.1
Acquisition
Apr-17
aVance Hyderabad
aVance 4
0.4
11.5
Acquisition
Sep-17
ITPH
Atria
0.4
11.9
Development
Feb-18
Arshiya Panvel
Arshiya
0.8
12.8
Acquisition
Apr-18
ITPH
Auriga
-0.2
12.6
Redevelopment
May-19
ITPB
Anchor
0.5
13.1
Development
Nov-20
ITPB
Endeavour
0.7
13.8
Development
Mar-21
aVance Hyderabad
aVance 6
0.6
14.4
Acquisition
Lease expiry profile by monthly base rent (%)
City
FY2021
FY2022
FY2023
FY2024
FY2025 &
Total
beyond
Bangalore
5.1%
5.7%
1.5%
5.5%
17.4%
35.2%
Chennai
2.7%
11.2%
4.8%
3.0%
7.4%
29.1%
Hyderabad
3.9%
6.1%
4.0%
2.8%
2.3%
19.1%
Pune
0.0%
0.4%
0.4%
0.2%
8.4%
9.4%
Mumbai
0.0%
0.0%
0.0%
7.1%
0.0%
7.1%
Total
11.7%
23.5%
10.6%
18.6%
35.6%
100.0%
Note:
Anchor building was previously known as MTB 4.
Endeavour building was previously known as MTB 5.
aVance Hyderabad was previously known as aVance Business Hub.
aVance Pune was previously known as BlueRidge 2.
International Tech Park Hyderabad was previously known as The V.
All measurements of floor area are defined herein as Super Built-up Area (SBA), which is the sum of the floor area enclosed within the walls, the area occupied by the walls, and the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable.
Page 2
Portfolio
ASCENDAS INDIA TRUST
PORTFOLIO AS AT 30 JUNE 2021
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Dec-191
Dec-20
Jun-21
Floor area (million sqft)
Portfolio
3.6
4.7
4.8
4.8
6.0
6.9
6.9
7.5
8.1
9.0
11.1
12.8
12.6
13.1
13.8
Development
1.1
-
-
1.2
0.5
-
0.6
-
-
0.6
0.4
-0.2
0.5
0.7
-
Acquisition
-
0.1
-
-
0.4
-
-
0.6
1.0
1.5
1.2
-
-
-
0.6
Total
4.7
4.8
4.8
6.0
6.9
6.9
7.5
8.1
9.0
11.1
12.8
12.6
13.1
13.8
14.4
Portfolio by city (%)6
Bangalore
36%
38%
38%
38%
40%
40%
45%
42%
38%
36%
31%
32%
34%
34%
35%
Chennai
28%
27%
27%
33%
29%
29%
26%
31%
31%
25%
22%
22%
22%
22%
19%
Hyderabad
36%
36%
36%
29%
31%
31%
29%
27%
31%
25%
28%
27%
26%
26%
29%
Pune
-
-
-
-
-
-
-
-
-
14%
12%
12%
12%
11%
10%
Mumbai
-
-
-
-
-
-
-
7%
7%
6%
7%
7%
Total
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Physical occupancy (%)
ITPB
100%
99%
98%
99%2
97%2
94%
90%2
92%
94%
95%
96%
98%
98%
81%5
91%
ITPC
100%2
99%
98%
97%2
98%
99%
99%
100%
100%
100%
99%
100%
100%
82%
72%
CyberVale
-
-
-
-
-
-
-
100%
79%
100%
100%
100%
100%
100%
87%
aVance Hyderabad
-
-
-
-
100%
96%
96%
98%
98%
100%
96%
98%
98%
97%
95%
CyberPearl
95%
97%
99%
100%
100%
100%
100%
100%
100%
100%
99%
96%
100%
91%
91%
ITPH
94%2
98%
95%
93%
94%
93%
99%
98%
100%
99%
88%3
99%
98%
91%4
94%
aVance Pune
-
-
-
-
-
-
-
-
-
54%
72%
98%
100%
100%
96%
Arshiya Panvel
-
-
-
-
-
-
-
100%
100%
100%
100%
100%
Portfolio
98%
98%
97%
97%
97%
97%
95%
96%
95%
92%
93%
98%
99%
89%
90%
Retention rate (%)
92%
89%
77%
63%
78%
77%
94%
86%
86%
80%
72%4
71%4
63%4
53%
45%
Weighted average lease term (years)
3.9
3.9
3.9
4.1
4.8
4.8
5.1
5.3
5.5
6.4
6.5
6.6
6.7
6.6
6.6
Note:
1 With effect from 1 April 2019, a-iTrust's financial year end was changed from 31 March to 31 December.
2 Comprises stabilised buildings (excludes buildings that were completed recently).
3 Committed occupancy was 93%. The consolidation of existing tenants into Atria building, as well as the shifting out of tenants affected by the redevelopment, resulted in lower occupancy at ITPH.
4 Excludes leases in ITPH that were affected by the redevelopment in ITPH and/or consolidation in Atria building.
5 Includes the newly completed Endeavour building in ITPB, which is 100% committed. ITPB committed occupancy is 94%.
6 Portfolio breakdown by city on or before December 2019 is presented based on portfolio area. Portfolio breakdown from December 2020 onwards is based on base rental.
Page 3
Tenant
ASCENDAS INDIA TRUST
TENANT AS AT 30 JUNE 2021
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Dec-191
Dec-20
Jun-21
Number of tenants
234
239
248
266
309
337
345
324
297
300
321
337
344
289
264
Tenant activity (By base rental)
IT
61%
64%
63%
62%
59%
58%
54%
50%
43%
49%
45%
44%
47%
49%
49%
IT/ITES
10%
10%
12%
13%
17%
19%
25%
31%
40%
37%
36%
37%
36%
36%
38%
Logistics and warehousing
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
7%
7%
7%
7%
7%
ITES
18%
15%
16%
13%
11%
12%
12%
12%
8%
7%
6%
5%
4%
4%
3%
Retail and F&B
1%
1%
1%
4%
7%
7%
5%
4%
3%
3%
3%
3%
3%
3%
2%
R&D
6%
6%
5%
6%
4%
3%
3%
2%
4%
3%
2%
2%
2%
0%
0%
Others
5%
4%
3%
2%
1%
1%
1%
1%
2%
1%
1%
2%
1%
1%
1%
Tenant industry (By base rental)
IT, Software & Application Devt & Service Support
N.A.
N.A.
N.A.
N.A.
40%
46%
53%
43%
45%
51%
49%
49%
51%
52%
58%
Banking & Financial Services
N.A.
N.A.
N.A.
N.A.
19%
19%
18%
19%
16%
14%
13%
12%
11%
10%
8%
Design, Gaming and Media
N.A.
N.A.
N.A.
N.A.
8%
10%
9%
8%
7%
7%
7%
7%
7%
7%
6%
Electronics, Semiconductor & Engineering
N.A.
N.A.
N.A.
N.A.
6%
5%
4%
9%
7%
7%
6%
7%
6%
7%
7%
Logistics
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
7%
7%
7%
7%
7%
Automobile
N.A.
N.A.
N.A.
N.A.
3%
3%
3%
8%
8%
8%
7%
6%
6%
5%
4%
Healthcare & Pharmaceutical
N.A.
N.A.
N.A.
N.A.
4%
2%
2%
2%
4%
4%
3%
3%
3%
3%
2%
Retail
N.A.
N.A.
N.A.
N.A.
5%
5%
3%
2%
2%
1%
2%
2%
2%
1%
1%
Telecommunication & Network
N.A.
N.A.
N.A.
N.A.
5%
4%
2%
4%
4%
2%
2%
2%
2%
2%
2%
F&B
N.A.
N.A.
N.A.
N.A.
2%
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
Oil & Gas
N.A.
N.A.
N.A.
N.A.
1%
2%
2%
1%
2%
1%
1%
1%
1%
2%
2%
Others
N.A.
N.A.
N.A.
N.A.
7%
2%
2%
2%
3%
3%
2%
3%
3%
3%
2%
Country of origin
USA
N.A.
69%
70%
68%
65%
66%
71%
68%
67%
62%
59%
59%
57%
51%
52%
India2
N.A.
14%
14%
16%
15%
15%
13%
13%
13%
19%
23%
24%
27%
30%
31%
France
N.A.
2%
2%
2%
8%
6%
6%
9%
11%
10%
9%
8%
7%
9%
10%
UK
N.A.
5%
5%
5%
4%
4%
4%
3%
2%
2%
2%
2%
2%
2%
1%
Singapore
N.A.
1%
1%
2%
2%
2%
2%
1%
1%
1%
1%
2%
1%
2%
2%
Japan
N.A.
0%
0%
0%
0%
0%
0%
3%
3%
3%
3%
2%
2%
2%
0%
Others
N.A.
9%
8%
7%
5%
7%
4%
3%
3%
3%
3%
3%
4%
4%
3%
Company structure
Multinational corporations3
N.A.
91%
92%
89%
88%
88%
90%
90%
91%
93%
87%
86%
86%
87%
88%
Indian company4
N.A.
9%
8%
11%
12%
12%
10%
10%
9%
7%
13%
14%
14%
13%
12%
Note:
1 With effect from 1 April 2019, a-iTrust's financial year end was changed from 31 March to 31 December.
2 Comprises Indian companies with local and overseas operations.
3 Multinational corporations, including Indian companies with local and overseas operations.
4 Comprises Indian companies with local operations only.
Page 4
Top 10 Tenants
ASCENDAS INDIA TRUST
TOP 10 TENANTS AS AT 30 JUNE 2021
(In alphabetical order)
Mar-08
Mar-09
Mar-10
1
Affiliated Computer Services of India Pvt. Ltd.
Affiliated Computer Services of India Pvt. Ltd.
Affiliated Computer Services of India Pvt. Ltd.
2
Applied Materials India Pvt. Ltd.
Applied Materials India Pvt. Ltd.
Applied Materials India Pvt. Ltd.
3
C A Computer Associates India Pvt. Ltd.
Cognizant Technology Solution (India) Pvt. Ltd.
Cognizant Technology Solution (India) Pvt. Ltd.
4
Cognizant Technology Solution (India) Pvt. Ltd.
General Motors India Pvt. Ltd.
General Motors India Pvt. Ltd.
5
General Motors India Pvt. Ltd.
iNautix Technologies India Pvt. Ltd.
iNautix Technologies India Pvt. Ltd.
6
IBM Global Services Pvt. Ltd.
Invensys Development Center India Pvt. Ltd.
Merrill Lynch (India) Technology Services
7
iNautix Technologies India Pvt. Ltd.
Merrill Lynch (India) Technology Services
Paprikaas Interactive Services Pvt. Ltd.
8
Infineon Technologies India Pvt. Ltd.
Paprikaas Interactive Services Pvt. Ltd.
Pfizer Pharmaceutical India Pvt. Ltd.
9
Paprikaas Interactive Services Pvt. Ltd.
Pfizer Pharmaceutical India Pvt. Ltd.
Tata Consultancy Services Ltd.
10
ZapApp/First Indian Corporation/First Advantage
ZapApp/First Indian Corporation/First Advantage
ZapApp/First Indian Corporation/First Advantage/First American (India)
Mar-11
Mar-12
Mar-13
1
Affiliated Computer Services of India Pvt. Ltd.
Affiliated Computer Services of India Pvt. Ltd.
Affiliated Computer Services of India Pvt. Ltd.
2
Applied Materials India Pvt. Ltd.
Applied Materials India Pvt. Ltd.
Applied Materials India Pvt. Ltd.
3
Bally Technologies India Pvt. Ltd.
BA Continuum Pvt. Ltd.
BA Continuum Pvt. Ltd.
4
Cognizant Technology Solution (India) Pvt. Ltd.
Cognizant Technology Solution (India) Pvt. Ltd.
Bally Technologies India Pvt. Ltd.
5
General Motors India Pvt. Ltd.
First American (India) Private Limited
Cognizant Technology Solution (India) Pvt. Ltd.
6
iNautix Technologies India Pvt. Ltd.
General Motors India Pvt. Ltd.
First American (India) Private Limited
7
Merrill Lynch (India) Technology Services
iNautix Technologies India Pvt. Ltd.
General Motors India Pvt. Ltd.
8
Paprikaas Interactive Services Pvt. Ltd.
McKinsey Knowledge Centre India Private Limited
iNautix Technologies India Pvt. Ltd.
9
Tata Consultancy Services Ltd.
Societe Generale Global Solution Centre Pvt. Ltd.
Societe Generale Global Solution Centre Pvt. Ltd.
10
ZapApp/First Indian Corporation/First Advantage/First American (India)
Technicolor India Pvt. Ltd.
Technicolor India Pvt. Ltd.
Mar-14
Mar-15
Mar-16
1
Affiliated Computer Services of India Pvt. Ltd.
Affiliated Computer Services of India Pvt. Ltd.
Applied Materials
2
Applied Materials India Pvt. Ltd.
Applied Materials India Pvt. Ltd.
Bank of America
3
BA Continuum Pvt. Ltd.
BA Continuum Pvt. Ltd.
Cognizant
4
Bally Technologies India Pvt. Ltd.
Cognizant Technology Solution (India) Pvt. Ltd.
General Motors
5
Cognizant Technology Solution (India) Pvt. Ltd.
General Motors India Pvt. Ltd.
Mu Sigma
6
General Motors India Pvt. Ltd.
iNautix Technologies India Pvt. Ltd.
Renault Nissan
7
iNautix Technologies India Pvt. Ltd.
Mu Sigma Business Solutions Pvt. Ltd.
Societe Generale
8
Mu Sigma Business Solutions Pvt. Ltd.
Renault Nissan Technology & Business Centre Pvt. Ltd.
The Bank of New York Mellon
9
Societe Generale Global Solution Centre Pvt. Ltd.
Societe Generale Global Solution Centre Pvt. Ltd.
UnitedHealth Group
10
Technicolor India Pvt. Ltd.
Technicolor India Pvt. Ltd.
Xerox
Mar-17
Mar-18
Mar-19
1
Bank of America
Arshiya Panvel
Applied Materials
2
Cognizant
Bank of America
Arshiya Panvel
3
General Motors
Cognizant
Bank of America
4
Mu Sigma
IBM
Cognizant
5
Renault Nissan
Mu Sigma
Mu Sigma
6
Societe Generale
Renault Nissan
Renault Nissan
7
Tata Consultancy Services
Societe Generale
Societe Generale
8
The Bank of New York Mellon
Tata Consultancy Services
Tata Consultancy Services
9
UnitedHealth Group
The Bank of New York Mellon
Technicolor
10
Xerox
UnitedHealth Group
The Bank of New York Mellon
Dec-19
Dec-20
Jun-21
1
Applied Materials
Applied Materials
Amazon
2
Arshiya Panvel
Arshiya Panvel
Applied Materials
3
Bank of America
Bank of America
Arshiya Panvel
4
Mu Sigma
Cognizant
Bank of America
5
Renault Nissan
Renault Nissan
Larsen & Toubro
6
Societe Generale
Societe Generale
Renault Nissan
7
Tata Consultancy Services
Tata Consultancy Services
Societe Generale
8
Technicolor
Technicolor
Tata Consultancy Services
9
The Bank of New York Mellon
UnitedHealth Group
Technicolor
10
UnitedHealth Group
Xerox
UnitedHealth Group
Note:
Starting from March 2016, the parent company is shown instead of the operating entity.
Page 5
Balance Sheet
ASCENDAS INDIA TRUST
BALANCE SHEET AS AT 30 JUNE 2021
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Dec-191
Dec-20
Jun-21
SGD/INR closing FX rate (for balance sheet)
29.4
33.3
32.3
35.7
40.0
43.5
47.8
45.2
49.0
46.7
49.5
51.0
52.7
55.3
55.0
Valuation (₹ mil)
ITPB
13,623
13,858
15,476
16,917
17,868
18,535
20,318
20,671
23,761
25,000
27,516
32,687
37,825
40,892
N.A.
ITPC
7,088
6,611
8,146
8,879
9,060
9,574
10,740
11,809
13,332
14,704
16,867
18,559
19,677
21,127
N.A.
CyberVale
-
-
-
-
-
-
-
1,653
2,522
2,768
3,539
3,693
4,065
4,052
N.A.
ITPH
6,544
5,646
5,940
5,941
5,973
6,263
6,450
6,875
8,126
9,378
13,102
16,333
17,778
18,544
N.A.
CyberPearl
2,043
1,810
1,922
1,921
1,924
1,959
2,024
2,145
2,384
2,600
3,077
3,247
3,418
3,279
N.A.
aVance Hyderabad
-
-
-
-
1,882
1,911
2,051
2,149
5,637
5,956
9,657
10,146
10,848
10,650
N.A.
aVance Pune
-
-
-
-
-
-
-
-
-
7,058
7,668
8,198
9,282
9,490
N.A.
Arshiya Panvel
-
-
-
-
-
-
-
4,762
4,984
5,698
6,150
N.A.
Total
29,298
27,925
31,484
33,658
36,707
38,242
41,583
45,302
55,762
67,464
86,188
97,847
108,591
114,183
N.A.
Net asset value ("NAV") per unit (S$)
1.08
0.89
0.90
0.80
0.71
0.67
0.62
0.68
0.69
0.81
0.90
1.02
1.09
1.08
1.10
Adjusted NAV per unit (S$)2
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
0.85
0.87
1.05
1.15
1.31
1.38
1.38
1.40
Gearing (LTV basis)3
4%
9%
19%
18%
29%
22%
22%
25%
26%
29%
26%
31%
28%
30%
33%
Effective borrowings (S$ mil)4
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
218
312
353
475
506
717
719
786
962
Gross borrowings (S$ mil)
40
79
172
160
250
205
234
315
363
453
512
724
741
814
987
Effective weighted average cost of debt
N.A.
N.A.
6.2%
5.6%
6.2%
5.9%
6.1%
6.7%
6.9%
6.8%
6.3%
6.0%
6.3%
5.3%
5.3%
Percentage of fixed rate debt
N.A.
N.A.
43%
70%
100%
100%
100%
100%
100%
99%
86%
77%
89%
86%
77%
Breakdown of effective borrowings by currency (S$ mil)5
SGD denominated
N.A.
N.A.
110
110
110
83
83
103
101
122
183
274
217
301
351
INR denominated
N.A.
N.A.
62
50
140
122
135
209
244
342
318
442
502
485
611
Total
N.A.
N.A.
172
160
250
205
218
312
345
464
501
716
719
786
962
Note:
1 With effect from 1 April 2019, a-iTrust's financial year end was changed from 31 March to 31 December.
2 Excludes deferred income tax liabilities on capital gains due to fair value revaluation of investment properties.
3 From FY07/08 to FY12/13, gearing was computed as gross borrowings divided by asset values, excluding minority interests. From FY13/14 onwards, gearing was computed as effective borrowings divided by Trust property.
4 Effective borrowings is calculated by adding/(deducting) derivative financial instruments liabilities/(assets) to/from gross borrowings, inclusive of deferred consideration.
5 Excludes deferred consideration.
Any discrepancy between individual amounts and total shown in this presentation is due to rounding.
Page 6
SGD P&L
ASCENDAS INDIA TRUST
SINGAPORE DOLLAR INCOME STATEMENT AS AT 30 JUNE 2021
FY07/08
FY08/09
FY09/10
FY10/11
FY11/12
FY12/13
FY13/14
FY14/15
FY15/16
FY16/17
FY17/18
FY18/19
FY20191
FY2020
FY2021
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
YTD
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
Base rent
61,726
71,820
71,416
69,886
73,657
73,855
70,066
76,692
89,613
99,041
125,712
134,744
110,381
143,026
72,292
Amenities income
2,416
2,552
2,487
2,505
2,378
2,098
1,920
1,986
2,036
2,008
2,136
2,221
1,589
1,743
791
Fit-out rental income
4,972
4,799
4,241
3,832
2,687
1,861
1,795
1,659
1,476
1,343
1,600
1,709
2,232
2,604
1,107
Operations, maintenance and utilities income
30,850
34,882
37,847
39,937
43,692
43,298
41,908
42,894
44,386
46,279
48,975
35,350
29,428
37,628
17,291
Car park and other operating income
2,749
4,026
4,871
5,346
5,101
5,154
5,020
5,528
6,448
7,994
9,729
7,947
6,685
6,671
3,894
Total property income
102,713
118,079
120,862
121,506
127,515
126,266
120,709
128,759
143,959
156,665
188,152
181,971
150,315
191,672
95,375
Operations, maintenance and utilities expenses
(29,584)
(35,394)
(32,333)
(36,532)
(39,215)
(37,239)
(34,755)
(35,949)
(34,487)
(35,067)
(36,005)
(22,343)
(18,806)
(19,591)
(7,853)
Service and property taxes
(1,164)
(1,608)
(1,839)
(2,300)
(3,052)
(2,743)
(2,506)
(2,679)
(2,940)
(3,871)
(5,438)
(5,053)
(3,754)
(4,983)
(2,558)
Property management fees
(5,137)
(6,054)
(6,461)
(6,216)
(6,698)
(6,794)
(6,254)
(6,261)
(6,762)
(7,352)
(8,854)
(9,216)
(7,031)
(8,815)
(4,101)
Other property operating expenses
(6,292)
(8,862)
(6,436)
(5,882)
(5,521)
(7,341)
(5,088)
(6,268)
(6,050)
(6,172)
(9,788)
(9,683)
(7,363)
(10,362)
(3,585)
Total property expenses
(42,177)
(51,918)
(47,069)
(50,930)
(54,485)
(54,117)
(48,603)
(51,157)
(50,239)
(52,462)
(60,085)
(46,295)
(36,954)
(43,751)
(18,097)
Net property income
60,536
66,161
73,793
70,576
73,030
72,149
72,106
77,602
93,720
104,203
128,067
135,676
113,361
147,921
77,278
Property development income
10,812
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Property development cost
(10,276)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net property development income
536
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Trustee-manager's fees
(7,349)
(7,103)
(7,015)
(7,254)
(7,196)
(6,815)
(6,692)
(7,271)
(8,705)
(9,716)
(12,480)
(13,874)
(11,704)
(15,984)
(8,232)
Other operating expenses
(1,413)
(1,529)
(1,738)
(1,456)
(1,029)
(1,125)
(1,182)
(1,084)
(1,092)
(1,698)
(1,669)
(4,163)
(4,366)
(7,283)
(2,764)
Finance costs
(10,565)
(2,646)
(5,051)
(5,956)
(14,489)
(13,936)
(13,306)
(16,457)
(23,551)
(28,699)
(32,754)
(37,046)
(35,956)
(44,265)
(24,073)
Interest income
3,121
3,867
2,442
3,484
4,288
4,227
9,372
13,620
14,325
14,046
4,915
28,661
32,790
51,752
26,276
Other income
0
0
0
0
0
0
0
0
0
0
0
45
600
198
0
Provision for impairment loss
7,879
(5,348)
0
0
0
0
0
0
0
0
0
0
0
0
0
Loss on dilution
(48,911)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
IPO costs
(1,725)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Excess of the interest of the Group in the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition of a subsidiary company
41,944
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Share of profit of Associates
113
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Fair value gain/(loss) on derivative financial instruments - realised
(6)
4,436
2,799
(763)
749
11,857
17
2,202
5,091
4,926
1,162
7,962
2,571
7,528
5,450
Exchange gain/(loss) - realised
2,286
(2,010)
(76)
(208)
1,177
(33,538)
(912)
(8,773)
(11,395)
(4,641)
(1,892)
(16,840)
(3,365)
(18,906)
(8,417)
Ordinary profit before tax
38,567
55,828
65,154
58,423
56,530
32,819
59,403
59,839
68,393
78,421
85,349
100,421
93,931
120,961
65,518
Fair value gain/(loss) on derivative financial instruments - unrealised
2,470
9,488
(9,348)
(663)
(1,434)
222
(420)
303
960
(1,016)
717
(2,272)
3,247
7,848
2,113
Exchange gain/(loss) - unrealised
(2,272)
(7,023)
5,869
(9,044)
(9,909)
9,044
(6,772)
10,576
(1,706)
5,603
(9,085)
5,634
(8,895)
(1,143)
2,759
Fair value gain/(loss) on investment properties
59,124
(53,904)
7,501
15,407
26,395
18,619
33,013
38,596
96,136
88,211
211,812
184,888
173,986
65,639
7,210
Profit before tax
97,889
4,389
69,176
64,123
71,582
60,704
85,224
109,314
163,783
171,219
288,793
288,671
262,269
193,305
77,600
Income tax expenses
(31,499)
(1,990)
(16,558)
(23,600)
(20,434)
(15,416)
(30,364)
(38,297)
(51,089)
(22,974)
(87,525)
(84,152)
(73,280)
(50,479)
(19,193)
Net profit after tax
66,390
2,399
52,618
40,523
51,148
45,288
54,860
71,017
112,694
148,245
201,268
204,519
188,989
142,826
58,407
Attributable to:
Unitholders of the Trust
61,866
1,835
49,560
36,717
46,391
41,518
50,107
65,911
104,732
139,166
191,312
192,115
177,808
130,716
55,308
Non-controlling interest
4,524
564
3,058
3,806
3,770
4,753
5,106
7,962
9,079
9,956
12,404
11,181
12,110
3,099
66,390
2,399
52,618
40,523
51,148
45,288
54,860
71,017
112,694
148,245
201,268
204,519
188,989
142,826
58,407
Distributions
Ordinary profit before tax
38,567
55,828
65,154
58,423
56,530
32,819
59,403
59,839
68,393
78,421
85,349
100,421
93,931
120,961
65,518
Distribution adjustments
7,231
1,242
(7,619)
(8,093)
(10,451)
10,463
(13,272)
(10,019)
(11,938)
(19,695)
(21,117)
(15,888)
(18,445)
(8,353)
(11,760)
Income available for distribution
45,798
57,070
57,535
50,330
46,079
43,282
46,131
49,820
56,455
58,726
64,232
84,533
75,486
112,608
53,758
Income to be distributed2
45,798
57,070
57,535
50,330
46,079
38,954
41,518
44,838
50,809
52,853
57,809
76,080
67,937
101,347
48,382
Income available for distribution per unit (S¢)
6.09
7.54
7.55
6.58
6.00
5.16
5.05
5.41
6.11
6.32
6.78
8.14
7.17
9.81
4.67
Income to be distributed (DPU) (S¢)2
6.09
7.54
7.55
6.58
6.00
4.65
4.56
4.86
5.50
5.69
6.10
7.33
6.45
8.83
4.20
SGD/INR average FX rate (for income statement)
27.2
32.0
33.2
34.4
38.4
43.9
47.9
47.5
47.1
48.5
47.5
51.5
51.4
53.5
55.0
Note:
1 FY2019 refers to the nine-month period ended 31 December 2019. Hence the numbers presented in FY2019 are not comparable to those of prior years.
2 10% of income available for distribution was retained from FY12/13 onwards.
Page 7
INR P&L
ASCENDAS INDIA TRUST
INDIAN RUPEE INCOME STATEMENT AS AT 30 JUNE 2021
FY07/08
FY08/09
FY09/10
FY10/11
FY11/12
FY12/13
FY13/14
FY14/15
FY15/16
FY16/17
FY17/18
FY18/19
FY20191
FY2020
FY2021
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
Full Year
YTD
INR 'mil
INR 'mil
INR 'mil
INR 'mil
INR 'mil
INR '000
INR '000
INR '000
INR '000
INR '000
INR '000
INR '000
INR '000
INR '000
INR '000
Base rent
N.A.
N.A.
N.A.
N.A.
N.A.
3,240,748
3,349,723
3,636,932
4,222,700
4,796,407
5,976,391
6,953,294
5,674,932
7,648,474
3,976,479
Amenities income
N.A.
N.A.
N.A.
N.A.
N.A.
92,087
91,830
94,221
95,934
97,395
101,539
114,397
81,665
93,188
43,524
Fit-out rental income
N.A.
N.A.
N.A.
N.A.
N.A.
81,614
85,981
78,854
69,607
65,163
75,940
88,307
114,769
139,277
60,871
Operations, maintenance and utilities income
N.A.
N.A.
N.A.
N.A.
N.A.
1,900,122
2,006,176
2,035,798
2,091,310
2,241,997
2,324,590
1,823,234
1,512,979
2,012,233
951,095
Car park and other operating income
N.A.
N.A.
N.A.
N.A.
N.A.
225,855
240,104
262,079
303,994
385,731
464,777
409,924
343,801
356,750
214,154
Total property income
N.A.
N.A.
N.A.
N.A.
N.A.
5,540,426
5,773,814
6,107,884
6,783,545
7,586,693
8,943,237
9,389,156
7,728,146
10,249,922
5,246,123
Operations, maintenance and utilities expenses
N.A.
N.A.
N.A.
N.A.
N.A.
(1,633,376)
(1,661,282)
(1,707,732)
(1,625,254)
(1,697,970)
(1,708,695)
(1,152,333)
(967,198)
(1,047,658)
(431,973)
Service and property taxes
N.A.
N.A.
N.A.
N.A.
N.A.
(120,328)
(119,740)
(127,052)
(138,568)
(187,625)
(258,566)
(261,315)
(192,949)
(266,461)
(140,693)
Property management fees
N.A.
N.A.
N.A.
N.A.
N.A.
(298,084)
(299,439)
(296,751)
(318,697)
(356,098)
(420,933)
(475,898)
(361,480)
(471,403)
(225,564)
Other property operating expenses
N.A.
N.A.
N.A.
N.A.
N.A.
(324,127)
(243,483)
(295,837)
(285,923)
(298,343)
(465,972)
(500,539)
(379,095)
(554,122)
(197,179)
Total property expenses
N.A.
N.A.
N.A.
N.A.
N.A.
(2,375,915)
(2,323,944)
(2,427,372)
(2,368,442)
(2,540,036)
(2,854,166)
(2,390,085)
(1,900,722)
(2,339,644)
(995,409)
Net property income
N.A.
N.A.
N.A.
N.A.
N.A.
3,164,511
3,449,870
3,680,512
4,415,103
5,046,657
6,089,071
6,999,071
5,827,424
7,910,278
4,250,714
Property development income
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Property development cost
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Net property development income
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Trustee-manager's fees
N.A.
N.A.
N.A.
N.A.
N.A.
(299,137)
(319,995)
(344,651)
(410,961)
(472,309)
(593,403)
(714,997)
(601,769)
(847,281)
(452,801)
Other operating expenses
N.A.
N.A.
N.A.
N.A.
N.A.
(49,357)
(56,195)
(51,663)
(51,716)
(81,105)
(79,682)
(215,130)
(224,167)
(389,466)
(152,033)
Finance costs
N.A.
N.A.
N.A.
N.A.
N.A.
(610,704)
(637,385)
(780,245)
(1,110,176)
(1,391,666)
(1,555,871)
(1,911,202)
(1,848,909)
(2,367,110)
(1,324,162)
Interest income
N.A.
N.A.
N.A.
N.A.
N.A.
185,207
449,508
645,865
674,819
682,869
234,246
1,483,017
1,686,429
2,767,503
1,445,336
Other income
0
0
0
0
0
0
2,328
30,906
10,575
0
Provision for impairment loss
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Loss on dilution
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
IPO costs
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Excess of the interest of the Group in the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition of a subsidiary company
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Share of profit/(loss) of Associates
N.A.
N.A.
N.A.
N.A.
N.A.
0
0
0
0
0
0
0
0
0
0
Fair value gain/(loss) on derivative financial instruments - realised
N.A.
N.A.
N.A.
N.A.
N.A.
511,376
3,976
109,398
244,966
238,409
57,767
420,715
132,268
402,585
299,795
Exchange gain/(loss) - realised
N.A.
N.A.
N.A.
N.A.
N.A.
(1,464,584)
(44,864)
(427,019)
(532,874)
(224,519)
(86,932)
(899,762)
(173,092)
(1,011,029)
(462,999)
Ordinary profit before tax
N.A.
N.A.
N.A.
N.A.
N.A.
1,437,312
2,844,915
2,832,197
3,229,161
3,798,336
4,065,196
5,164,040
4,829,090
6,476,055
3,603,850
Fair value gain/(loss) on derivative financial instruments - unrealised
N.A.
N.A.
N.A.
N.A.
N.A.
9,400
(24,201)
14,250
45,569
(48,477)
33,311
(117,833)
167,176
419,674
116,213
Exchange gain/(loss) - unrealised
N.A.
N.A.
N.A.
N.A.
N.A.
401,804
(310,601)
500,676
(92,361)
265,950
(437,685)
297,430
(461,506)
(61,148)
151,778
Fair value gain/(loss) on investment properties
N.A.
N.A.
N.A.
N.A.
N.A.
813,041
1,601,424
1,746,432
4,684,418
4,141,341
10,478,023
9,530,340
8,977,617
3,510,122
396,583
Profit before tax
N.A.
N.A.
N.A.
N.A.
N.A.
2,661,557
4,111,537
5,093,555
7,866,787
8,157,150
14,138,845
14,873,977
13,512,377
10,344,703
4,268,424
Income tax expenses
N.A.
N.A.
N.A.
N.A.
N.A.
(669,822)
(1,459,490)
(1,766,147)
(2,449,874)
(1,105,127)
(4,293,866)
(4,338,881)
(3,777,204)
(2,699,427)
(1,055,694)
Net profit after tax
N.A.
N.A.
N.A.
N.A.
N.A.
1,991,735
2,652,047
3,327,408
5,416,913
7,052,023
9,844,979
10,535,096
9,735,173
7,645,276
3,212,730
Attributable to:
N.A.
N.A.
N.A.
N.A.
N.A.
Unitholders of the Trust
N.A.
N.A.
N.A.
N.A.
N.A.
1,826,505
2,423,321
3,088,403
5,034,867
6,618,788
9,363,113
9,895,945
9,159,198
6,997,673
3,042,284
Non-controlling interest
N.A.
N.A.
N.A.
N.A.
165,230
228,726
239,005
382,046
433,235
481,866
639,151
575,975
647,603
170,446
N.A.
N.A.
N.A.
N.A.
N.A.
1,991,735
2,652,047
3,327,408
5,416,913
7,052,023
9,844,979
10,535,096
9,735,173
7,645,276
3,212,730
Distributions
Ordinary profit before tax
N.A.
N.A.
N.A.
N.A.
N.A.
1,437,312
2,844,915
2,832,197
3,229,161
3,798,336
4,065,196
5,164,040
4,829,090
6,476,055
3,603,850
Distribution adjustments
N.A.
N.A.
N.A.
N.A.
N.A.
459,097
(635,160)
(469,811)
(570,014)
(955,216)
(1,002,757)
(807,181)
(947,928)
(450,299)
(646,841)
Income available for distribution
N.A.
N.A.
N.A.
N.A.
N.A.
1,896,409
2,209,755
2,362,386
2,659,147
2,843,120
3,062,439
4,356,859
3,881,162
6,025,756
2,957,009
Income to be distributed
N.A.
N.A.
N.A.
N.A.
N.A.
1,706,768
1,988,779
2,126,147
2,393,232
2,558,808
2,756,195
3,921,173
3,493,046
5,423,180
2,661,308
Income available for distribution per unit (INR)
N.A.
N.A.
N.A.
N.A.
N.A.
2.25
2.42
2.56
2.88
3.06
3.23
4.20
3.69
5.26
2.57
Income to be distributed (DPU) (INR)
N.A.
N.A.
N.A.
N.A.
N.A.
2.03
2.18
2.31
2.59
2.75
2.91
3.78
3.32
4.73
2.31
Note:
The Income Statement in India Rupee was disclosed from FY12/13 onwards.
1 FY2019 refers to the nine-month period ended 31 December 2019. Hence the numbers presented in FY2019 are not comparable to those of prior years.
Page 8
Glossary
GLOSSARY
Arshiya Panvel
Operating warehouses located at the Arshiya Free Trade Warehouse Zone, Panvel (near Mumbai)
aVance Hyderabad
aVance, HITEC City, Hyderabad, located at IT corridor of Madhapur and Gachibowli, Hyderabad
aVance Pune
aVance, Hinjawadi, Pune, located at Blue Ridge Township, Hinjawadi, Pune 411057
CP
CyberPearl, Hyderabad, located at Hitec City Layout, Madhapur, Hyderabad 500081
CV
CyberVale, located at Mahindra World City, Chennai 603002
F&B
Food and beverage
IT
Information technology
ITES
IT enabled services (includes various services ranging from call centres, claims processing, medical transcription, e-CRM, SCM to back-office operations such as accounting, data processing, and data mining)
ITPB
International Tech Park, Bangalore, located at Whitefield Road, Bangalore 560066
ITPC
International Tech Park, Chennai, located at Tharamani Road, Chennai 600013
ITPH
International Tech Park Hyderabad, located at IT Park, Software Units Layout, Madhapur, Hyderabad 500081
R&D
Research and development
UK
United Kingdom
USA
United States of America
Page 9
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Disclaimer
Ascendas India Trust published this content on 31 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 08:11:05 UTC.
CapitaLand India Trust (CLINT) is a Singapore-based property trust. The Company is focused on capitalizing on the information technology (IT) industry and logistics/industrial asset classes in India, as well as proactively diversifying into other new economy asset classes such as data centers. Its principal objective is to own income-producing real estate used primarily as business space in India. It owns a portfolio of over 10 IT business parks, four data center developments, one logistics park and three industrial facilities in India. It has a total completed floor area of approximately 21 million square feet spread across Bangalore, Chennai, Hyderabad, Mumbai and Pune. Its properties include International Tech Park Bangalore, International Tech Park Chennai, CapitaLand DC Chennai, CyberVale, CyberPearl, International Tech Park Hyderabad, CapitaLand DC ITPH, aVance Hyderabad, aVance Pune, Arshiya Panvel Warehouses, Building Q1, Aurum Q Parc, BlueRidge and CapitaLand DC Navi Mumbai 1.
CAPITALAND INDIA TRUST 
