Page 47 - ar2012

Capital management
Funding and borrowings
Cash management
Cash fows and liquidity
Financing activities
Cash and cash equivalents
Investing activities
Operating activities
Debt maturity profle
Key ratios (as at 31 March 12)
During FY2011/12, the Group raised S$140 million debt by a combination of term loans from bank and issuance of medium
term notes. The proceeds were utilised to repay outstanding INR loan, fund development projects and fund acquisition of two
buildings in aVance Business Hub, Hyderabad.
In summary, the total borrowings of the Group as at 31 March 2012 after adjusting for foreign exchange fuctuation and interest
cost amortisation, was S$249 million and the gearing ratio was 29%. The gearing ratio is calculated as total borrowing divided
by market value of asset.
The Group monitors and maintains a level of cash and cash equivalents deemed adequate to meet the Group’s operations
as well as to meet any short term liabilities. The cash generated from operations at VCUs are placed in bank fxed deposits to
maximise interest income prior to the intended repatriation event.
Operating net cash fow for FY2011/12 is S$68 million. This is a decrease of S$1 million over the operating cash fow of S$69
million in the preceding fnancial year.
During the year, the Group raised S$140 million of debt and re-paid S$52 million. The Group constantly monitors the cash
position and deploys surplus cash in interest yielding bank fxed deposits.
As at 31 March 2012, the value of cash and cash equivalents of the Group stood at S$65 million compared with S$40 million as
at 31 March 2011.
The Group has a unique growth model comprising organic growth with an “in-built” development pipeline of land the Trust
already owns. During the year, the construction of a multi-tenanted building, Voyager in SEZ at ITPB was completed. In addition,
the Group acquired two buildings and renamed them aVance Business Hub, Hyderabad. As at 31 March 2012, a new multi-
tenanted building in SEZ at ITPB was under planning for construction.
Bulk of the cash outfow under investing activities represents development and acquisition cost of the above properties.
Net Property Income for FY2011/12 is S$73 million as compared to S$71 million in the preceding fnancial year.
FY12/13 FY13/14 FY14/15 FY15/16 FY16/17
Medium term Notes S$60 m - - - S$25 m
SGD Loan - S$25 m S$115 m S$25 m -
Total S$60 m S$25 m S$115 m S$25 m S$25 m
4 times
Interest Cover
29%39
Gearing Ratio (Loan to Value)
6.2%40
Average Cost of Debt
2.36 times
Debt Cover (Unit holder’s Fund / Debt)
39Total borrowings divided by value of Trust property, excluding non-controlling interest.
40Net of tax shield benefts.
A-ITRUST ANNUAL REPORT 2011/2012 45