MEXICO CITY--(BUSINESS WIRE)--FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in Mexico, announced its financial and operating results for the quarter ended June 30, 2016.
HIGHLIGHTS
- Generated AFFO per certificate of Ps 0.4871, a 19.1% increase from the prior comparable period
- Achieved overall occupancy of 93.0%, a record for FIBRAMQ
- Completed 2.25 million square feet of industrial leasing
- Delivered 6,800 square meter shell to Fábricas de Francia at the Tecamac retail center
- Successfully refinanced US$717 million of debt
- Declared a distribution of Ps 0.4400 per certificate, representing a 15.8% increase over the prior corresponding period
“FIBRA Macquarie delivered another successful quarter of financial and operating results, demonstrating the team’s commitment to delivering on our initiatives, and highlighting the benefits of our internal property management platform. Our considerable leasing activity should enhance both our cash flow and ability to support a strong and sustainable distribution policy,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “In addition, we enhanced our financial flexibility by converting our secured debt to a predominately unsecured structure while extending our weighted average maturity and diversifying our capital sources. Our operational excellence, coupled with our improved capitalization, positions FIBRA Macquarie to continue delivering value for investors.”
FINANCIAL RESULTS
For the quarter ended June 30, 2016, FIBRAMQ reported:
- Earnings before interest, tax, depreciation and amortization (EBITDA) of Ps 677.5 million, compared to Ps 553.7 million for the same period in 2015
- Funds from operations (FFO) of Ps 461.8 million, or Ps 0.5692 per certificate, compared to Ps 389.9 million, or Ps 0.4805 per certificate, for the same period in 2015
- Adjusted funds from operations (AFFO) of Ps 395.2 million, or Ps 0.4871 per certificate, compared to Ps 331.8 million, or Ps 0.4090 per certificate, for the same period in 2015
For the six months ended June 30, 2016, FIBRAMQ reported:
- EBITDA of Ps 1,357.3 million, compared to Ps 1,037.1 million for the same period in 2015
- FFO of Ps 928.1 million, or Ps 1.1439 per certificate, compared to Ps 728.4 million, or Ps 0.8977 per certificate, for the same period in 2015
- AFFO of Ps 804.1 million, or Ps 0.9911 per certificate, compared to Ps 614.1 million, or Ps 0.7569 per certificate, for the same period in 2015
OPERATING RESULTS
FIBRAMQ’s total portfolio results were as follows:
TOTAL PORTFOLIO | 2Q16 | 2Q15 | Variance | 1H16 | 1H15 | Variance | |||||||||||||||||||||
Net Operating Income (NOI) | Ps 733.1m | Ps 611.8m | 19.8% | Ps 1,472.2m | Ps 1,157.6m | 27.1% | |||||||||||||||||||||
FFO | Ps 461.8m | Ps 389.9m | 18.5% | Ps 928.1m | Ps 728.4m | 27.4% | |||||||||||||||||||||
AFFO | Ps 395.2m | Ps 331.8m | 19.1% | Ps 804.1m | Ps 614.1m | 30.9% | |||||||||||||||||||||
GLA (’000s sqm) EOP | 3,436 | 3,162 | 8.7% | 3,436 | 3,162 | 8.7% | |||||||||||||||||||||
Occupancy EOP | 93.0% | 90.9% | 210 bps | 93.0% | 90.9% | 210 bps | |||||||||||||||||||||
FIBRAMQ’s same store portfolio results were as follows:
TOTAL PORTFOLIO - SAME STORE | 2Q16 | 2Q15 | Variance | ||||||||||||
Net Operating Income | Ps 690.3m | Ps 611.8m | 12.8% | ||||||||||||
GLA (’000s sqm) EOP | 3,168 | 3,162 | 0.2% | ||||||||||||
Occupancy EOP | 92.7% | 90.9% | 180 bps | ||||||||||||
Retention (LTM) | 71% | 77% | -7.7% | ||||||||||||
Weighted average lease term (years) | 3.8 | 3.9 | -3.1% | ||||||||||||
Note: GLA in FIBRAMQ’s same store portfolio includes expansions completed at same store sites. |
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Industrial Portfolio
The following table summarizes the results of operations for the industrial segment during the quarter ended June 30, 2016.
2Q16 | 2Q15 | Variance | |||||||||||||
Net Operating Income | Ps 599.4m | Ps 479.9m | 24.9% | ||||||||||||
GLA (’000s sqft) EOP | 32,192 | 29,248 | 10.1% | ||||||||||||
GLA (’000s sqm) EOP | 2,991 | 2,717 | 10.1% | ||||||||||||
Occupancy EOP | 92.6% | 90.3% | 230 bps | ||||||||||||
Average monthly rent per leased sqm (US$) | $4.43 | $4.51 | -1.8% | ||||||||||||
Retention (LTM) | 69% | 77% | -800 bps | ||||||||||||
Weighted average lease term (years) | 3.4 | 3.3 | 3.0% | ||||||||||||
The industrial portfolio occupancy rate at the end of the second quarter was 92.6 percent, up 230 basis points over the prior comparable period and up 100 basis points sequentially, raising the industrial portfolio occupancy level to the highest since FIBRAMQ´s inception in 2012.
FIBRAMQ’s “Customer First” initiative, an internal program to develop best practices in customer service, continues to be successful. The internal leasing team has been able to lease 4.3 million square feet in new and renewed leases, comfortably exceeding the 1.3 million square feet of move outs that have occurred year-to-date. During the second quarter, FIBRAMQ signed 13 new leases totaling 794 thousand square feet. The average lease term increased to 3.4 years. In addition, FIBRAMQ completed 12 lease renewals, for 754 thousand square feet of GLA. The strong leasing performance was somewhat offset by move outs due primarily to tenant-specific conditions, resulting in a 69 percent retention rate over the last twelve months.
Notable new leases included a 353 thousand square foot lease with an international logistics company across two buildings in Monterrey totaling 238 thousand square feet and one in Puebla totaling 114 thousand square feet. Additionally, FIBRAMQ renovated and leased a 114 thousand square foot building in Ciudad Juarez to an industrial packaging manufacturer. FIBRAMQ also leased 84 thousand square feet to a plastic injection molding manufacturer in Querétaro. Leasing for the third quarter of 2016 is expected to be challenging with 1.2 million square feet of leases expiring during what has traditionally been the quietest quarter of the year.
Active asset management resulted in the recent announcement of the expansion of Belden de Sonora’s industrial facility in Nogales, Sonora by approximately 55 percent, or 215 thousand square feet. The lease, which has been extended for an additional 10 years to 2026, now totals 607 thousand square feet. The expansion is expected to be completed by the end of 2016. Year-to-date, FIBRAMQ has completed over 54,000 square feet of pre-leased, value-accretive expansions.
Retail/Office Portfolio
The following table summarizes the results of operations for the retail/office segment during the quarter ended June 30, 2016.
2Q16 | 2Q15 | Variance | |||||||||||||
Net Operating Income | Ps 133.8m | Ps 131.9m | 1.4% | ||||||||||||
GLA (’000 sqm) | 445 | 445 | 0.0% | ||||||||||||
Occupancy | 95.2% | 94.4% | 80 bps | ||||||||||||
Average monthly rent per leased sqm (Ps) | Ps 143.47 | Ps 141.95 | 1.1% | ||||||||||||
Retention (LTM) | 77% | 80% | -300 bps | ||||||||||||
Weighted Average Lease Term (years) | 5.5 | 5.5 | 0.0% | ||||||||||||
At the end of the quarter, the portfolio was 95.2% occupied, consistent with the prior quarter but up 80 bps on the comparable period. FIBRAMQ continues to make meaningful strides on development and expansion efforts in its retail/office portfolio.
Construction of Fábricas de Francia’s two new retail stores will expand retail GLA by 11,700 square meters. FIBRAMQ delivered a 6,800 square meter shell building to Fábricas de Francia in Tecamac in May 2016 for an expected store opening, and lease income generation, by the end of the fourth quarter of 2016. An additional 1,200 square meters has also been constructed as part of this project and is being, or expected to be, leased to other high quality tenants. Leasing of this space is proceeding well with interest from several high quality tenants.
In addition, FIBRAMQ signed its first lease for 372 square meters in its newly expanded office area which repurposed underutilized space in City Shops Valle Dorado. Construction of the new space is expected to be completed in the third quarter. FIBRAMQ also expects to deliver a new 6,254 square meter space to Fábricas de Francia at Tuxtepec during the third quarter of 2016. The delivery of this space involved the construction of a 3,800 square meter expansion.
PORTFOLIO ACTIVITY
FIBRAMQ continues to evaluate accretive acquisitions of high quality industrial and retail/office assets in core markets across Mexico. In addition, it continues to focus on investing in expansions or redevelopment of existing properties as well as pursuing a select number of development opportunities driven by tenant requirements and market dynamics.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As previously announced, FIBRAMQ successfully achieved its strategic objective of transitioning to a predominately unsecured capital structure during the second quarter. On June 30, 2016, FIBRAMQ retired US$717 million of secured financing that was due to mature in December 2017 with a combination of unsecured debt totaling US$655 million and US$62 million of cash on hand.
Its US$685 million of unsecured debt is comprised of:
- US$250 million of unsecured notes
- US$220 million non-amortizing term loan, and
- US$183 million drawn under a revolving credit facility with US$32 million available to draw.
The new and remaining debt carries a weighted average interest rate of 5.16%, similar to that before the secured debt was retired, but importantly, the weighted average maturity has extended to 4.2 years from 1.4 years. The financing has also diversified the types of debt instruments used as well as FIBRAMQ’s sources of debt, which includes participation from local and international money center banks as well as US-based insurance companies.
As of June 30, 2016, FIBRAMQ had approximately Ps. 17.5 billion of debt outstanding. FIBRAMQ had Ps. 752.9 million of unrestricted cash on hand and Ps. 594.8 million available on its credit facility. A large portion of this cash is anticipated to fund quarterly cash distributions.
FIBRAMQ’s CNBV regulatory debt to total asset ratio was 39.1% and the DSCR ratio was 1.4x.
FIBRAMQ is evaluating opportunities to repay amounts outstanding under the revolving credit facility and other upcoming secured debt maturities, and to further increase liquidity.
DISTRIBUTION
On July 27, 2016, FIBRAMQ declared a cash distribution for the quarter ended June 30, 2016, of Ps. 0.4400 per certificate. The distribution is expected to be paid on August 10, 2016 to holders of record on August 9, 2016. FIBRAMQ’s certificates will commence trading ex-distribution on August 5, 2016. The distribution of Ps.0.4400 per certificate reflects a 15.8% increase over the second quarter of 2015 and an AFFO payout ratio of 90.3% for the second quarter.
FIBRAMQ re-affirms its annual distribution guidance of between Ps.1.74 and 1.84 per certificate. Subsequent distributions in 2016 are expected to remain broadly in line with the second quarter.
WEBCAST AND CONFERENCE CALL
FIBRAMQ will host an earnings conference call and webcast presentation on Thursday, July 28, 2016 at 7:30 a.m. CT / 8:30 a.m. ET.
The conference call, which will also be audio webcast, can be accessed online at www.fibramacquarie.com or by dialing toll free +1 (877) 304 8957. Callers from outside the United States may dial +1 (973) 638 3235. Please ask for the FIBRA Macquarie Second Quarter 2016 Earnings Call.
An audio replay will be available by dialing +1-855-859-2056 or +1-404-537-3406 for callers outside the United States. The passcode for the replay is 45902215. A webcast archive of the conference call and a copy of FIBRAMQ’s financial information for the second quarter 2016 will also be available on FIBRAMQ’s website, http://www.fibramacquarie.com.
ADDITIONAL INFORMATION
For detailed charts, tables and definitions, please refer to the Second Quarter 2016 Supplementary Information materials located at http://www.fibramacquarie.com/investors/bolsa-mexicana-de-valoresfilings.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRAMQ) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRAMQ’s portfolio consists of 277 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states as of June 30, 2016. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRAMQ is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRAMQ, please visit http://www.fibramacquarie.com.
Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets has approximately US$104.6 billion of total assets under management as of March 31, 2016.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 14,400 people and has assets under management of $367 billion (as of March 31, 2016). For more information, please visit http://www.macquarie.com.
Cautionary Note Regarding Forward-looking Statements
This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.
None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.
THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES |
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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT JUNE 30, 2016 (UNAUDITED) AND DECEMBER 31, 2015 | |||
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
|||
Jun 30, 2016 | Dec 31, 2015 | ||
$’000 | $’000 | ||
Current assets | |||
Cash and cash equivalents | 719,631 | 2,223,294 | |
Restricted cash | 9,928 | 9,033 | |
Trade and other receivables, net | 108,077 | 102,431 | |
Value added tax receivable | 96,875 | 287,020 | |
Other assets | 149,221 | 96,422 | |
Total current assets | 1,083,732 | 2,718,200 | |
Non-current assets | |||
Restricted cash | 49,366 | 162,099 | |
Other assets | 158,970 | 132,854 | |
Equity-accounted investees | 1,020,806 | 959,363 | |
Goodwill | 931,605 | 931,605 | |
Investment properties | 39,188,212 | 35,639,298 | |
Total non-current assets | 41,348,959 | 37,825,219 | |
Total assets | 42,432,691 | 40,543,419 | |
Current liabilities | |||
Trade and other payables | 423,776 | 350,300 | |
Interest-bearing liabilities | 939,009 | 937,621 | |
Tenant deposits | 20,545 | 18,925 | |
Total current liabilities | 1,383,330 | 1,306,846 | |
Non-current liabilities | |||
Tenant deposits | 333,077 | 306,804 | |
Interest-bearing liabilities | 15,658,768 | 15,409,369 | |
Total non-current liabilities | 15,991,845 | 15,716,173 | |
Total liabilities | 17,375,175 | 17,023,019 | |
Net assets | 25,057,516 | 23,520,400 | |
Equity | |||
Contributed equity | 18,369,994 | 18,369,994 | |
Retained earnings | 6,687,522 | 5,150,406 | |
Total equity | 25,057,516 | 23,520,400 | |
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES | ||||||||||||
CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2016 AND 2015 | ||||||||||||
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
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3 months ended | 6 months ended | |||||||||||
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2016 |
Jun 30, 2015 |
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$’000 | $’000 | $’000 | $’000 | |||||||||
Property related income | 800,093 | 656,892 | 1,637,211 | 1,267,015 | ||||||||
Property related expenses | (116,150) | (86,268) | (253,506) | (193,197) | ||||||||
Net property income | 683,943 | 570,624 | 1,383,705 | 1,073,818 | ||||||||
Management fees | (44,499) | (49,608) | (90,586) | (101,352) | ||||||||
Transaction related expenses | (15,553) | (3,305) | (15,507) | (8,853) | ||||||||
Professional, legal and other expenses | (11,104) | (8,656) | (24,230) | (19,133) | ||||||||
Total expenses | (71,156) | (61,569) | (130,323) | (129,338) | ||||||||
Finance costs | (261,146) | (186,369) | (479,371) | (367,165) | ||||||||
Financial income | 14,128 | 31,103 | 26,586 | 74,959 | ||||||||
Share of profits from equity-accounted investees | 48,557 | 15,175 | 60,618 | 29,285 | ||||||||
Foreign exchange loss | (1,257,206) | (361,043) | (1,414,558) | (740,696) | ||||||||
Net unrealized foreign exchange gain on foreign currency denominated investment property measured at fair value | 2,507,125 | 626,947 | 2,806,397 | 1,278,038 | ||||||||
Unrealized revaluation gain on investment property measured at fair value | 14,712 | - | 14,712 | - | ||||||||
Income tax expense | (423) | - | (423) | - | ||||||||
Profit for the period | 1,678,534 | 634,868 | 2,267,343 | 1,218,901 | ||||||||
Other comprehensive income | ||||||||||||
Other comprehensive income for the period | - | - | - | - | ||||||||
Total comprehensive income for the period | 1,678,534 | 634,868 | 2,267,343 | 1,218,901 | ||||||||
Earnings per CBFI* | ||||||||||||
Basic earnings per CBFI (pesos) | 2.07 | 0.78 | 2.79 | 1.50 | ||||||||
Diluted earnings per CBFI (pesos) | 2.07 | 0.78 | 2.79 | 1.50 | ||||||||
*Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios) | ||||||||||||
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES | ||||||||||||
CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2015 | ||||||||||||
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
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Contributed | Retained | |||||||||||
equity | earnings | Total | ||||||||||
$’000 | $’000 | $’000 | ||||||||||
Total equity at January 1, 2015 | 18,376,480 | 2,476,442 | 20,852,922 | |||||||||
Total comprehensive income for the period | - | 1,218,901 | 1,218,901 | |||||||||
Total comprehensive income for the period | - | 1,218,901 | 1,218,901 | |||||||||
Transactions with equity holders in their capacity as equity holders: | ||||||||||||
- Cost directly attributable to follow-on equity placement | (6,486) | - | (6,486) | |||||||||
- Distributions to CBFI holders | - | (581,376) | (581,376) | |||||||||
Total transactions with equity holders in their capacity as equity holders | (6,486) | (581,376) | (587,862) | |||||||||
Total equity at June 30, 2015 | 18,369,994 | 3,113,967 | 21,483,961 | |||||||||
Total equity at January 1, 2016 | 18,369,994 | 5,150,406 | 23,520,400 | |||||||||
Total comprehensive income for the period | - | 2,267,343 | 2,267,343 | |||||||||
Total comprehensive income for the period | - | 2,267,343 | 2,267,343 | |||||||||
Transactions with equity holders in their capacity as equity holders: | ||||||||||||
- Distributions to CBFI holders | - | (730,227) | (730,227) | |||||||||
Total transactions with equity holders in their capacity as equity holders | - | (730,227) | (730,227) | |||||||||
Total equity at June 30, 2016 | 18,369,994 | 6,687,522 | 25,057,516 | |||||||||
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES | |||||||
CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2015 | |||||||
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
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6 months ended | |||||||
Jun 30, 2016 | Jun 30, 2015 | ||||||
$’000 | $’000 | ||||||
Inflows/(Outflows) | Inflows/(Outflows) | ||||||
Operating activities: | |||||||
Profit for the period | 2,267,343 | 1,218,901 | |||||
Adjustments for: | |||||||
Net unrealized foreign exchange gain on foreign currency denominated investment property measured at fair value | |||||||
(2,806,397) | (1,278,038) | ||||||
Unrealized revaluation gain on investment property measured at fair value | (14,712) | - | |||||
Straight line rental income adjustment | (22,262) | (29,606) | |||||
Tenant improvements amortization | 10,867 | 6,041 | |||||
Leasing expense amortization | 15,917 | 14,838 | |||||
Financial income | (26,586) | (74,959) | |||||
Provision for bad debt | 19,049 | 17,726 | |||||
Net foreign exchange loss | 1,546,507 | 762,767 | |||||
Finance costs recognized in profit for the period | 479,372 | 367,165 | |||||
Share of profits from equity-accounted investees | (60,618) | (29,285) | |||||
Income tax expense | 423 | - | |||||
Movements in working capital: | |||||||
Decrease in receivables | 108,701 | 85,813 | |||||
Increase/(decrease) in payables | 188,467 | (16,083) | |||||
Net cash flows from operating activities | 1,706,071 | 1,045,280 | |||||
Investing activities: | |||||||
Investment property - asset acquisitions | (396,408) | (1,072,155) | |||||
Maintenance capital expenditure and other capitalized costs | (277,273) | - | |||||
Distributions received from equity-accounted investees | - | 21,372 | |||||
Investment in equity-accounted investees | (825) | - | |||||
Net cash flows used in investing activities | (674,506) | (1,050,783) | |||||
Financing activities: | |||||||
Financial income | 26,586 | 74,959 | |||||
Repayment of interest-bearing liabilities | (13,551,963) | - | |||||
Interest paid | (480,282) | (341,350) | |||||
Proceeds from interest-bearing liabilities, net of facility charges | 12,220,770 | - | |||||
Capital raising costs (follow-on equity placement) | - | (29,445) | |||||
Distributions to CBFI holders | (730,227) | (581,376) | |||||
Net cash flows used in financing activities | (2,515,116) | (877,212) | |||||
Net decrease in cash and cash equivalents | (1,483,551) | (882,715) | |||||
Cash, cash equivalents at the beginning of the period | 2,394,426 | 5 ,603,834 | |||||
Foreign exchange gain on cash and cash equivalents | (131,950) | (22,071) | |||||
Cash and cash equivalents at the end of the period* | 778,925 | 4,699,048 | |||||
*Included in the cash and cash equivalent balance at the end of the period is restricted cash of $59.3 million (June 30, 2015: $177.6 million). | |||||||