Page 119 - ar2013.pdf

ANNUAL REPORT FY12/13 115
The accompanying notes form an integral part of these financial statements.
Group Trust
Note 2013 2012 2013 2012
$’000 $’000 $’000 $’000
Gross revenue 20 575,837 503,304 570,184 500,463
Property operating expenses 21 (167,027) (134,967) (165,522) (134,133)
Net property income 408,810 368,337 404,662 366,330
Management fee 22 (33,246) (29,142) (33,246) (29,142)
Performance fee (6,959) – (6,959) –
Trust expenses 23 (4,859) (4,970) (4,591) (4,884)
Finance income 24 24,899 5,437 24,743 5,307
Finance costs 24 (123,573) (64,202) (122,452) (63,732)
Foreign exchange gain/(loss) 42,274 (932) 42,265 (863)
Net income 307,346 274,528 304,422 273,016
Net change in fair value of financial derivatives (42,979) (4,196) (42,979) (4,196)
Net appreciation on revaluation of investment properties and
investment properties under development 72,779 224,452 65,510 224,162
Total return for the year before income tax expense 337,146 494,784 326,953 492,982
Income tax (expense)/credit 25 (860) (1,616) 1,419 (920)
Total return for the year 336,286 493,168 328,372 492,062
Net effect of non-tax deductible expenses and other adjustments 41,066 9,034 41,711 9,850
Net appreciation on revaluation of investment properties and
investment properties under development (72,779) (224,452) (65,510) (224,162)
Income available for distribution 304,573 277,750 304,573 277,750
Distribution from capital 984 3,993 984 3,993
Total amount available for distribution 305,557 281,743 305,557 281,743
Earnings per unit (cents)
– Basic 26 15.11 23.74 14.75 23.69
– Diluted 26 15.11 22.61 14.75 22.56
Distribution per unit (cents) 26 13.74 13.56 13.74 13.56
Statements of Total Return
Year ended 31 March 2013