Notes to the financial statements
Year ended 31 March 2016
16 Exchangeable Collateralised Securities and collateral loan (continued)
The ECS may be redeemed, in whole but not in part, at the option of Ruby Assets on or any time after 1 February 2015
but not less than 7 business days prior to 1 February 2017 at the early redemption amount if the Volume Weighted
Average Price of the Units is at least 130% of the adjusted exchange price for 20 consecutive trading days (subject to the
satisfaction of certain conditions). The early redemption amount represents the redemption price upon maturity which is
equal to the principal amount, together with any accrued but unpaid interest up to but excluding the date of redemption.
Subsequent to year end, A-REIT received an exchange notice amounting to $14.0 million in relation to the ECS and
new Units were issued in May 2016. Any new Units issued (or to be issued) in exchange for the ECS will rank
pari passu
in all respects with the Units in issue on the day immediately following the date of the Exchange Notice, including the
entitlement to distributions by A-REIT for the period preceding the date of issue of the Units.
17 Deferred tax liabilities
The movements in the deferred tax assets and liabilities during the year are as follows:
At
1 April
2014
Recognised
in
Statement
of Total
Return
(Note 26)
Exchange
differences
At
31 March
2015
Recognised
in
Statement
of Total
Return
(Note 26)
Exchange
differences
At
31 March
2016
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Group
Deferred tax liabilities
Investment properties
23,675
2,818
2,060
28,553
15,630
(2,067)
42,116
Unremitted earnings of
overseas subsidiaries
–
–
–
–
808
–
808
23,675
2,818
2,060
28,553
16,438
(2,067)
42,924
Trust
Deferred tax liabilities
Subsidiaries
–
–
–
–
606
–
606
As at 31 March 2016, deferred tax liabilities amounting to $7,822,900 (2015: $2,148,600) for temporary differences
of $78,229,000 (2015: $21,486,000) relating to the unremitted earnings of overseas subsidiaries were not recognised
for taxes as the Group controls whether the liability will be incurred and it is satisfied that it will not be incurred in the
foreseeable future.
.186
A-REIT ANNUAL REPORT
2015/2016
