 |
| |
|
Group |
Trust |
FY 2007
S$’000 |
FY 2006
S$’000 |
FY 2007
S$’000 |
FY 2006
S$’000 |
| Gross revenue |
240,078 |
155,722 |
137,130 |
121,210 |
| Property operating expenses |
(66,082) |
(41,054) |
(36,700) |
(30,989) |
| Net property income |
173,996 |
114,668 |
100,430 |
90,221 |
| |
|
|
|
|
| Interest income |
1,224 |
1,115 |
414 |
942 |
| Investment income |
- |
- |
55,967 |
15,908 |
| Other income |
428 |
- |
428 |
- |
| Manager's management fees |
(13,646) |
(7,833) |
(7,085) |
(5,836) |
| Audit fees |
(245) |
(211) |
(197) |
(180) |
| Borrowing costs |
(49,293) |
(30,461) |
(25,792) |
(22,137) |
| Professional fees |
(1,569) |
(322) |
(1,061) |
67 |
| Trustee's fees |
(572) |
(341) |
(386) |
(285) |
| Loss on remeasurement of financial derivatives |
(6,121) |
(5,600) |
(6,121) |
(5,600) |
| Loss on disposal of subsidiary |
(241) |
- |
- |
- |
| Other expenses |
(3,437) |
(670) |
(3,133) |
(665) |
| |
(73,472) |
(44,323) |
13,034 |
17,786 |
| |
|
|
|
|
| Net income before share of profit of associate |
100,524 |
70,345 |
113,464 |
72,435 |
| Share of profit of associate, net of tax |
8,982 |
- |
- |
- |
| Net income |
109,506 |
70,345 |
113,464 |
72,435 |
| Net change in fair value of investment properties |
1,305,837 |
356,538 |
1,135,910 |
304,503 |
| Gain on sale of investment property |
625 |
- |
- |
- |
| Total return for the year before tax |
1,415,968 |
426,883 |
1,249,374 |
376,938 |
| Income tax expenses |
(73) |
(47) |
- |
- |
| Total return for the year |
1,415,895 |
426,836 |
1,249,374 |
376,938 |
| |
|
|
|
|
| Earnings per Unit |
Cents |
Cents |
Cents |
Cents |
| Basic |
102.33 |
40.32 |
90.30 |
35.61 |
| Diluted |
102.33 |
40.32 |
90.30 |
35.61 |
|
| |
|
| |
 |
| |
| |
Group |
Trust |
FY 2007
S$’000 |
FY 2006
S$’000 |
FY 2007
S$’000 |
FY 2006
S$’000 |
| Amount available for distribution to Unitholders at beginning of the year |
40,641 |
35,263 |
40,641 |
35,263 |
| Total return for the year before tax |
1,415,968 |
426,883 |
1,249,374 |
376,938 |
| Net tax and other adjustments (Note A) |
(1,298,541) |
(347,781) |
(1,128,952) |
(298,066) |
| Net income/(loss) from subsidiary |
2,995 |
(230) |
- |
- |
| |
120,422 |
78,872 |
120,422 |
78,872 |
| |
|
|
|
|
| Amount available for distribution to Unitholders |
161,063 |
114,135 |
161,063 |
114,135 |
| |
|
|
|
|
| Distributions to Unitholders: |
| Distributions of 3.57 cents per Unit for period from 1/7/2005 to 31/12/2005 |
- |
31,997 |
- |
31,997 |
| Distributions of 4.63 cents per Unit for period from 1/1/2006 to 31/8/2006 |
- |
41,497 |
- |
41,497 |
| Distributions of 2.70 cents per Unit for period from 1/9/2006 to 31/12/2006 |
37,325 |
- |
37,325 |
- |
| Distributions of 4.23 cents per Unit for period from 1/1/2007 to 30/6/2007 |
58,524 |
- |
58,524 |
- |
| |
95,849 |
73,494 |
95,849 |
73,494 |
| |
|
|
|
|
| Amount available for distribution to Unitholders at end of the year |
65,214 |
40,641 |
65,214 |
40,641 |
| |
|
|
|
|
| Note A - Net tax and other adjustments comprise: |
| Non-tax deductible /(chargeable) items: |
| - Trustee's fees |
572 |
341 |
386 |
285 |
| - Net chance in fair value of investment properties |
(1,305,837) |
(356,538) |
(1,135,910) |
(304,503) |
| - Loss on remeasurement of financial derivatives |
6,121 |
5,600 |
6,121 |
5,600 |
| - RCS Trust's asset management fees paid and payable in Units |
6,561 |
1,996 |
- |
- |
| - Depreciation |
442 |
204 |
218 |
148 |
| - Other items |
(6,400) |
616 |
233 |
404 |
| Net tax and other adjustments |
(1,298,541) |
(347,781) |
(1,128,952) |
(298,066) |
|
| |
| |
|
|
|
 |
| |
| |
Group |
Trust |
2007
S$’000 |
2006
S$’000 |
2007
S$’000 |
2006
S$’000 |
| Non-current assets |
|
|
|
|
| |
|
|
|
|
| Plant and equipment |
1,094 |
876 |
596 |
303 |
| Investment properties |
5,109,950 |
3,814,839 |
3,558,350 |
2,404,000 |
| Subsidiaries |
- |
- |
* |
19,698 |
| Joint venture |
- |
- |
794,692 |
788,332 |
| Associate |
64,605 |
28,819 |
58,850 |
28,819 |
| Available-for-sale unquoted investment |
7,763 |
- |
7,763 |
- |
| Other asset |
54,947 |
- |
54,947 |
- |
| |
5,238,359 |
3,844,534 |
4,475,198 |
3,241,152 |
| Current assets |
|
|
|
|
| Inventories |
273 |
252 |
- |
- |
| Trade and other receivables |
4,617 |
5,048 |
10,246 |
12,987 |
| Cash and cash equivalents |
35,484 |
41,923 |
27,800 |
16,322 |
| |
40,374 |
47,223 |
38,046 |
29,309 |
| Current liabilities |
|
|
|
|
| Trade and other payables |
50,633 |
33,448 |
30,769 |
21,541 |
| Current portion of security deposits |
7,326 |
8,259 |
4,906 |
3,969 |
| Interest-bearing liabilities |
162,100 |
89,500 |
162,100 |
89,500 |
| Current tax payable |
666 |
712 |
666 |
666 |
| |
220,725 |
131,919 |
198,441 |
115,676 |
| |
|
|
|
|
| Net current liabilities |
(180,351) |
(84,696) |
(160,395) |
(86,367) |
| * Les than $1,000 |
|
|
|
|
| |
|
|
|
|
| Non-current liabilities |
|
|
|
|
| Non-current portion of security deposits |
22,930 |
20,016 |
11,843 |
11,709 |
| Interest-bearing liabilities |
1,097,456 |
1,126,537 |
580,042 |
580,042 |
| Deferred tax liability |
- |
871 |
- |
- |
| |
1,120,386 |
1,147,424 |
591,885 |
591,751
|
| |
|
|
|
|
| Net assets |
3,937,622 |
2,612,414 |
3,722,918 |
2,563,034 |
| |
|
|
|
|
| Represented by: |
|
|
|
|
| Unitholders’ funds |
3,397,622 |
2,612,414 |
3,722,918 |
2,563,034 |
| |
|
|
|
|
| Units in issue ('000) |
1,384,692 |
1,382,390 |
1,384,692 |
1,382,390 |
| |
|
|
|
|
| |
$ |
$ |
$ |
$ |
| Net asset value per Unit |
2.84 |
1.89 |
2.69 |
1.85 |
|
| |
|
|