Notes to the financial statements
Year ended 31 March 2016
27 Earnings per unit and distribution per unit (continued)
(b)
Diluted earnings per unit (continued)
Number of Units
2016
2015
(’000)
(’000)
(1)
Weighted average number of units used in calculation of
basic earnings per unit
2,456,041
2,404,887
Effect of conversion of ECS
146,306
–
Weighted average number of units (diluted)
2,602,347
2,404,887
The conversion option embedded in the ECS of the Group could potentially dilute basic earnings per unit in the
future. Based on the adjusted conversion price of $2.0505 (2015: $2.1394), the ECS of the Group is convertible
into approximately 146,305,779 (2015: 140,226,231) Units, representing 5.5% (2015: 5.8%) of the total number of
Units of the Trust in issue as at 31 March 2016.
Group
2016
2015
Diluted earnings per unit (cents)
12.692
16.533
(1)
For the current financial year, the impact of the conversion of the ECS of the Group was computed on the basis
that the ECS of the Group was converted at the beginning of the year. In the previous financial year, the impact
of the conversion of the ECS of the Group was anti-dilutive and was excluded from the calculation of diluted
earnings per unit.
(1)
Restated for the effect of the preferential offering units undertaken by the Trust in January 2016.
(c)
Distribution per unit
The calculation of distribution per unit for the financial year is based on:
Group
2016
2015
Total amount available for distribution for the year ($’000)
378,321
351,140
Distribution per unit (cents)
15.352
(1)
14.596
(1)
(1)
The figure has been restated to reflect the bonus element in the new Units issued pursuant to the preferential offering units in January 2016.
The actual distribution per unit paid/payable to Unitholders is 15.357 cents per unit.
.194
A-REIT ANNUAL REPORT
2015/2016
