ASX/Media Release
24 February 2016
Astro Japan Property Group (ASX: AJA) advises that an amendment has been made to the Appendix 4D (Half Year Report) attached to the AJA Interim Financial Report for the half year ended 31 December 2015 released earlier today. A revised Appendix 4D is attached.
The amended Appendix 4D shows Underlying Profit in paragraph 2.3 as $17,176,000 and corrects a typographical error in the originally lodged Appendix 4D which showed the figure as
$17,716,000.
AJA confirms that the Media Release and Investor Presentation released earlier today with the half year results correctly stated the underlying profit figure of $17,176,000.
Eric Lucas John Pettigrew
Senior Advisor Chief Financial Officer
Phone: +61 2 8987 3900 (Australia) Phone: +61 2 8987 3902
+81 3 3238 1671 (Japan)
Astro Japan Property Group is a listed property group which invests in the Japan real estate market. It currently holds interests in a portfolio comprising 30 retail, office and residential properties. Asset management services in Japan are generally undertaken by Spring Investment Co., Ltd.
AJA is a stapled entity comprising Astro Japan Property Trust (ARSN 112 799 854) and Astro Japan Property Group Limited (ABN 25 135 381 663). For further information please visit our website: www.astrojapanproperty.com.
ASTRO JAPAN PROPERTY GROUP
[The financial information in this Appendix 4D represents the consolidated financial information of Astro Japan Property Trust (ARSN 112 799 854), Astro Japan Property Group Limited (ABN 25 135 381 663) and its controlled entity.]
-
Details of the reporting period
Current Period:
1 July 2015 - 31 December 2015
Previous Corresponding Period:1 July 2014 - 31 December 2014
-
Results for announcement to the market
$A'000
2.1 Revenue from ordinary activities1
up
168.5%
to
14,766
2.2 Net profit for the period attributable to stapled securityholders
up
793.2%
to
54,220
2.3 Underlying profit2
up
29.3%
to
17,176
2.4 Distributions
Amount per security
Franked amount per
security
Current Period: Final distribution Interim distribution
N/A 18.00¢3
N/A N/A
Previous Corresponding Period:
Final distribution Interim distribution
N/A 12.50¢
N/A N/A
Refer to Section 3 below and to the associated ASX results announcement
Record date for determining entitlements to the 31 December 2015 interim distribution
Provide a brief explanation of any of the figures reported above necessary to enable the figures to be understood:
-
Analysis of financial performance
The Group's statutory profit after tax for the half year ended 31 December 2015 was $54.2 million. The following table summarises key reconciling items between the Group's statutory result and underlying profit4.
3.1 Reconciliation between the Group's statutory result and
31 December
31 December
underlying profit:
2015
2014
$A'000
$A'000
Net profit attributable to stapled securityholders5
54,220
6,070
Fair value adjustment to the unlisted investments
1,352
(458)
Foreign currency translation impact on the fair value of the TKs
(23,959)
10,716
TK operator share of TK distributions
44
24
Fair value adjustments to investment property
(10,656)
(3,828)
Fair value adjustments to interest bearing debt
2,843
-
Gain on disposal of investment properties
-
(4,576)
Expenses associated with TK refinancings
779
3,494
Net foreign exchange gain
(2,489)
(9)
Impairment of goodwill
-
400
Deferred tax on fair value adjustments
(4,958)
1,451
Underlying profit after tax
17,176
13,284
-
Net tangible asset backing per security
31 December 2015
30 June 2015
Net tangible asset backing per ordinary security
$7.15
$6.44
-
Control gained or lost over entities during the period
N/A
-
Details of distributions
Refer to the attached financial statements Note 2 Distributions paid and payable and the attached Directors' Report.
-
Details of distribution reinvestment plan
The Distribution Reinvestment Plan will not be activated for the distribution for the half year ended 31 December 2015.
4 Underlying profit is used to provide a better understanding of the Astro Group's financial performance and comparison of performance between the different financial periods. It is a non-IFRS measure which adjusts the balances that are unrelated to the underlying performance of the business to reflect the Directors' assessment of the Astro Group's underlying business activities having regard to the guidance from ASIC's RG 230 Disclosing Non-IFRS information. These principles include providing a clear reconciliation between statutory profit/(loss) and underlying profit in the Directors' Report, including both positive and negative adjustments and maintaining consistency between reporting periods. The adjustments are non- cash fair value movements within the financial assets at fair value through profit and loss (representing investments in the TKs), and each item reconciles to the segment reporting disclosure in Note 7. The reconciliation between statutory profit/(loss) after income tax and underlying profit has not been reviewed in accordance with Australian Auditing Standards.
5 All items below are included in the underlying TKs' fair value determination as set out in Note 7 Segment reporting.
-
Details of associates and joint venture entities
N/A
-
Accounting standards used by foreign entities
Refer to the attached Financial Statements Note 1 Basis of Preparation of the Interim Financial Report.
- Independent audit review
1 Revenues from ordinary activities comprise financing income and distribution income.
2 Net profit for the half year after tax before fair value adjustments to the unlisted investments, foreign currency translation
impact on the fair value of the TKs, TK operator share of TK distributions, fair value adjustments to investment property, fair value adjustments to interest bearing debt, gain on disposal of investment properties, expenses associated with TK refinancings, net foreign exchange gain, impairment of goodwill and deferred tax on fair value adjustments.
3 There is no foreign conduit income attributed to this distribution.
The auditor's review report is attached to the interim financial report which accompanies this appendix, and is not subject to a modified opinion, emphasis of matter or other matter paragraph.
Astro Japan Property Group issued this content on 24 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 February 2016 22:30:30 UTC
Original Document: http://www.astrojapanproperty.com/wp-content/uploads/2016/02/240216-Correction-to-Appendix-4D.pdf