DISTRIBUTION POLICY
Distributions will be declared and paid in Singapore dollars. Any proposed distributions by the Trust will be paid from its residual cash flows (“distributable free cash flows”). These cash flows are derived from dividends and principal and interest payments (net of applicable taxes and expenses) received by the Trust from the entities held within the Group. In addition, any other cash received by the Trust from the entities held within the Group also contribute towards distributable free cash flows.
The distributable free cash flows available to the Trust are after any cash required to: (i) pay the operating expenses of the Trust, including the Trustee-Manager’s fees, (ii) repay principal amounts (including any premium or fee) under any debt or financing arrangement of the Trust, (iii) pay interest or any other financing expense on any debt or financing arrangement of the Trust, (iv) provide for the cash flow needs of the Trust or to ensure that the Trust has sufficient funds and/or financing resources to meet the short-term liquidity needs of the Trust and (v) provide for the cash needs of the Trust for capital expenditure purposes.
The Trust intends to distribute 100% of its distributable free cash flows. Distributions will be made on a half-yearly basis, with the amount calculated for the six-month period ending on 30 June and 31 December each year. The Trustee-Manager will pay the distribution no later than 92 days after the end of each distribution period.
Historical Distributions
The table below provides details of APTT’s historical distributions:
| Distribution period | Cents per unit |
|---|---|
| Six months ended: | |
| 30 June 2013 | 4.80 |
| 31 December 2013 | 4.13 |
| 30 June 2014 | 4.12 |
| Quarter ended: | |
| 30 September 2014 | 2.00 |
| 31 December 2014 | 2.13 |
| 31 March 2015 | 2.00 |
| 30 June 2015 | 2.00 |
| 30 September 2015 | 2.00 |
| 31 December 2015 | 2.25 |
| 31 March 2016 | 1.625 |
| 30 June 2016 | 1.625 |
| 30 September 2016 | 1.625 |
| 31 December 2016 | 1.625 |
| 31 March 2017 | 1.625 |
| 30 June 2017 | 1.625 |
| 30 September 2017 | 1.625 |
| 31 December 2017 | 1.625 |
| 31 March 2018 | 1.625 |
| 30 June 2018 | 1.625 |
| 30 September 2018 | 1.625 |
| 31 December 2018 | 0.30 |
| 31 March 2019 | 0.30 |
| 30 June 2019 | 0.30 |
| 30 September 2019 | 0.30 |
| 31 December 2019 | 0.30 |
| 31 March 2020 | 0.30 |
| 30 June 2020 | 0.25 |
| 30 September 2020 | 0.25 |
| 31 December 2020 | 0.25 |
| 31 March 2021 | 0.25 |
| 30 June 2021 | 0.25 |
| 30 September 2021 | 0.25 |
| 31 December 2021 | 0.25 |
| 31 March 2022 | 0.25 |
| 30 June 2022 | 0.25 |
| 30 September 2022 | 0.25 |
| 31 December 2022 | 0.25 |
| Six months ended: | |
| 30 June 2023 | 0.525 |
| 31 December 2023 | 0.525 |
| 30 June 2024 (to be paid on 27 September 2024) | 0.525 |
The foregoing are statements of the present intentions of the Trustee-Manager in relation to APTT and may be subject to modification (including the reduction or cancellation of any proposed distribution) in the sole and absolute discretion of the Trustee-Manager. The form, frequency and amount of future distributions (if any) on APTT’s Units will depend on the earnings, financial position and results of operations of APTT, as well as contractual restrictions, provisions of applicable law and other factors that the Trustee-Manager may deem relevant.