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Information updated based on latest annual report


For the Financial Year 2021 2020 2019 2018 2017
Gross Revenue (S$ million) 394.4 369.9 514.9 514.3 496.3
Gross Profit (S$ million) 173.3 149.6 252.6 239.4 226.9
Income Available for Distribution to Stapled
Securityholders (S$ million)
137.3 94.2 165.6 154.8 152.2
Distribution Per Stapled Security (DPS) (cents) 4.32 3.03 7.61 7.16 7.09
Distribution Yield1 (%) 4.19 2.81 5.72 6.63 5.81

Balance Sheet as at 31 December 2021 2020 2019 2018 2017
Total Assets (S$ million) 7,733.2 7,163.8 7,422.8 5,309.1 5,493.1
Stapled Securityholders' Funds (S$ million) 3,890.9 3,567.3 3,860.6 2,644.1 2,685.1
Total Borrowings (S$ million) 2,728.9 2,462.5 2,349.0 1,905.5 1,945.4

Financial Ratios as at 31 December 2021 2020 2019 2018 2017
Net Asset Value (NAV) per Stapled Security (S$) 1.19 1.15 1.25 1.22 1.25
Aggregate Leverage (%) 37.1 36.3 33.6 36.7 36.2
Interest Cover Ratio2 (times) 3.7 2.73 5.83 4.7 4.5
Management Expense Ratio4 (%) 1.0 1.0 0.8 1.2 1.2
Financial Derivatives as a Percentage of NAV5 (%) 0.7 0.7 0.3 0.04 0.3

Other Information as at 31 December 2021 2020 2019 2018 2017
Market Capitalisation1 (S$ million) 3,374.8 3,356.7 4,100.5 2,337.8 2,622.6
Number of Stapled Securities in Issue (million) 3,276.5 3,108.0 3,083.1 2,164.6 2,149.7

  1. Based on the closing price on the last trading day of each respective year. 2021: S$1.03, 2020: S$1.08, 2019: S$1.33, 2018: S$1.08 and 2017: S$1.22.
  2. Refers to EBITDA (earnings before net interest expense, income tax expense, depreciation and amortisation) before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on freehold land and buildings, and foreign exchange differences over net interest expense.
  3. Restated to exclude the interest expense on lease liabilities following the release of the circular dated 28 December 2021 from Monetary Authority of Singapore to exclude the interest expense on lease liabilities in the computation.
  4. Refers to expenses (excluding direct expenses, foreign exchange differences, net interest expense, change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on freehold land and buildings, assets written off and income tax expense) over net asset value.
  5. Financial derivatives refer to the cross currency interest rate swaps, currency forwards and interest rate swaps which ART has entered into.