GLP Global Footprint and Financial Highlights
Prudent Capital Management
GLP
GLP's main objectives are to build a strong capital base to sustain growth and mitigate risk
Access to diverse sources of funds increases financial flexibility - debt, cash, third party capital
Recent panda bond issuance continues natural hedge policy and optimizes GLP's capital structure
Policy
Metric
Leverage
Liquidity
Currency
•
•
•
Net debt/ assets <40%
Balanced debt maturity profile with long tenures
Efficient capital structure that considers GLP's growth plans, projected LT/ST
capital requirements and general economic/business conditions
Natural hedge maintained, with currency matching of revenue/costs and
assets/liabilities
Fixed and certain FX cash exposures hedged
.
Interest Rate
Maintain high proportion of fixed rate debt
Dividends
Share
Buyback
•
Active debt management to respond to dynamic market conditions
Target consistent and sustainable dividend that balances GLP's capital
requirements for growth and cash return to shareholders
Repurchasing shares at discount to intrinsic value of assets creates shareholder
value and provides attractive risk-adjusted return
GLP Today
30% look-through net debt to
assets¹
4.7 years debt maturity
US$1.5bn cash¹ and
US$2.5bn unutilized credit
facilities
e.g. J-REIT sales proceeds,
dividends hedged and
issue of RMB-denom. bonds
56% fixed rate debt
3.1% dividend yield 2
(50% of operating cash flow)
Bought 169m shares 3
(3.6% of shares outstanding)
Note:
1. Pro-forma figures assume GLP's equity stake in GLP US Income Partners III is syndicated down to -10%
Dividend yield based on FY2016 dividend of 6.0 SGD cents and GLP's share price as of 31 March 2016
As of 31 December 2016
2.
3.
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