N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
27 Earnings per unit and distribution per unit (continued)
(b) Diluted earnings per unit (continued)
Group
Trust
2015
2014
2015
2014
(Restated)
Diluted earnings per unit (cents)
16.54
18.45
14.25
16.27
The conversion option embedded in the ECS of the Group and the collateral loan of the Trust could potentially dilute
basic earnings per unit in the future. Based on the adjusted conversion price of $2.1394 (2014: $2.1770), the ECS
of the Group and the collateral loan of the Trust is convertible into approximately 140,226,231 (2014: 137,804,317)
Units, representing 5.8% (2014: 5.7%) of the total number of Units of the Trust in issue as at 31 March 2015.
For the current financial year, the impact of the conversion of the ECS of the Group and the collateral loan of the
Trust was anti-dilutive and was excluded from the calculation of diluted earnings per unit. In the previous financial
year, the diluted earnings per unit is computed on the basis that the ECS of the Group and the collateral loan of the
Trust was converted at the beginning of the year.
(c)
Distribution per unit
The calculation of distribution per unit for the financial year is based on:
Group and Trust
2015
2014
Total amount available for distribution for the year ($’000)
351,140 342,005
Distribution per unit (cents)
14.60
14.24
28 Commitments
(a)
The Trust is required to pay JTC Corporation (“JTC”) and the Housing Development Board (“HDB”) annual land
rent (including licence fee payable for development projects) in respect of certain properties. The annual land rent
payable is based on the market land rent in the relevant year of the lease term. However, the lease agreement limits
any increase in the annual land rent from year to year to 5.5% of the annual land rent for the immediate preceding
year. The land rent paid/payable to JTC and HDB amounted to $36,223,000 (2014: $35,263,000) and $2,452,000
(2014: $3,103,000), respectively, in relation to 78 (2014: 76) properties for the financial year ended 31 March 2015
(including amounts that have been directly recharged to tenants).
(b)
The Group and the Trust lease out their investment properties under operating lease agreements. Non-cancellable
operating lease rental receivables are as follows:
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Within 1 year
614,857 540,927 592,769 531,176
After 1 year but within 5 years
1,253,489 1,141,220 1,212,673 1,117,622
After 5 years
642,597 821,049 633,630 809,298
2,510,943 2,503,196 2,439,072 2,458,096
(c)
As at 31 March 2015, the Group and the Trust had $76.4 million (2014: $92.0 million) and $61.0 million (2014:
$91.2 million) of capital expenditure commitments that had been contracted for but not provided for in the financial
statements, respectively.
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