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Group Trust
Note 2012 2011 2012 2011
$’000 $’000 $’000 $’000
At beginning of the year 3,291,666 2,946,974 3,291,666 2,946,974
Operations
Net income 274,528 233,665 273,016 233,665
Net change in fair value of fnancial derivatives (4,196) 1,144 (4,196) 1,144
Net appreciation on revaluation of investment properties and
investment properties under development 224,452 344,777 224,162 344,777
Income tax expense (1,616) (976) (920) (976)
Transfer to general reserve (78) - - -
Net increase in net assets resulting from operations 493,090 578,610 492,062 578,610
Hedging transactions
Effective portion of changes in fair value of fnancial derivatives (6,413) (2,689) (6,413) (2,689)
Changes in fair value of fnancial derivatives transferred to the
Statement of Total Return 4,694 290 4,694 290
Net decrease in net assets resulting from hedging transactions (1,719) (2,399) (1,719) (2,399)
Movement in general reserve 78 - - -
Movement in foreign currency translation reserve (653) - - -
Unitholders’ transactions
New units issued 400,001 - 400,001 -
Acquisition fees (IPT acquisition) paid in units 1,874 1,160 1,874 1,160
Development fees (IPT) paid in units 1,853 - 1,853 -
Management fees paid in units 5,435 5,006 5,435 5,006
Issue expenses 28 (6,153) - (6,153) -
Distributions to Unitholders (270,092) (237,685) (270,092) (237,685)
Net increase/(decrease) in net assets resulting from
Unitholders’ transactions 132,918 (231,519) 132,918 (231,519)
At end of the year 3,915,380 3,291,666 3,914,927 3,291,666
STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS
Year ended 31 March 2012
The accompanying notes form an integral part of these fnancial statements.
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
124