Wednesday, August 14, 2019

Accordia Golf Tr

First quarter result is out!

Operating income: Improved 1.4% YoY ➢ Attributed to an increase in the number of players

• Operating profit: Grew 12.2% YoY ➢ Due to the effect of newly adopted accounting standard,

 IFRS 16 Leases (details on page 14) ➢ Without the effect of IFRS 16, operating profit would have

been JPY3,160 million (+2.4% YoY) • Distributable income: Surged 35.2% YoY ➢ Largely due to

the refinancing costs reserved (1Q FY19/20: Nil, 1Q FY18/19: JPY4521 million)


DPU per unit is 2.57 cents. Beautiful! Versus last year 1.86 cents.

NAV of 73 cents.

Gearing ratios of 30.1%.



Distribution Policy
Trustee-Manager will distribute at least 90.0% of AGT’s distributable income, with the actual level of distribution to be determined at the Trustee-Manager board’s discretion, having regard to funding requirements, other capital management considerations and ensuring the overall stability of distributions. AGT will make distributions to Unitholders on a semi-annual basis, with the amount calculated as at 31 March and 30 September each year for the six-month period ending on each of the said dates.


Not a call to buy or sell.

Pls dyodd.





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