Page 121 - ar2013.pdf

ANNUAL REPORT FY12/13 117
Group Trust
Note 2013 2012 2013 2012
$’000 $’000 $’000 $’000
At beginning of the year 3,917,456 3,293,349 3,917,003 3,293,349
Operations
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
Income tax (expense)/credit (860) (1,616) 1,419 (920)
Net increase in net assets resulting from operations 336,286 493,168 328,372 492,062
Hedging transactions
Effective portion of changes in fair value of financial derivatives 11,063 (6,413) 11,063 (6,413)
Changes in fair value of financial derivatives transferred to the
Statement of Total Return (1,333) 4,694 (1,333) 4,694
Net increase/(decrease) in net assets resulting from hedging
transactions 9,730 (1,719) 9,730 (1,719)
Movement in foreign currency translation reserve (120) (653) – –
Unitholders’ transactions
New units issued 704,900 400,001 704,900 400,001
Acquisition fee (IPT* acquisition) paid/payable in units 3,090 1,874 3,090 1,874
Development fee (IPT*) paid in units – 1,853 – 1,853
Management fee paid/payable in units 6,648 5,828 6,648 5,828
Issue expenses 27 (7,465) (6,153) (7,465) (6,153)
Distributions to Unitholders (309,376) (270,092) (309,376) (270,092)
Net increase in net assets resulting from Unitholders’
transactions 397,797 133,311 397,797 133,311
At end of the year 4,661,149 3,917,456 4,652,902 3,917,003
* IPT denotes interested party transaction
Statements of Movements in Unitholders’ Funds
Year ended 31 March 2013
The accompanying notes form an integral part of these financial statements.