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STATEMENTS
OF TOTAL RETURN
Year ended 31 December 2007
GROUP TRUST
Note 2007 2006 2007 2006
$’000 $’000 $’000 $’000
Gross revenue 14 102,959 89,876 94,314 89,876
Property operating expenses 15 (26,145) (20,624) (24,147) (20,624)
Net property income 76,814 69,252 70,167 69,252
Finance income 18 222 344 222 344
Fair value adjustment on security
deposit and retention sum 42 (648) (387) (648)
Tenancy relief (917) (1,028) (917) (1,028)
Management fees 16 (8,843) (6,549) (8,751) (6,549)
Performance fees 16 – – – –
Trust expenses 17 (1,460) (1,476) (1,236) (1,476)
Finance expense 18 (16,448) (13,483) (14,036) (13,483)
Net income before tax 49,410 46,412 45,062 46,412
Change in fair value of unrealised
derivative instruments (7,983) – (7,698) –
Unrealised foreign exchange gain – – 3,730 –
Change in fair value of
investment properties 3 448,870 171,000 433,652 171,000
Total return for the year before tax
and distribution 490,297 217,412 474,746 217,412
Income tax expense 19 (3,188) – – –
Total return for the year after tax,
before distribution 487,109 217,412 474,746 217,412
Earnings per unit (cents) 20 51.30 22.98 50.00 22.98
The accompanying notes form an integral part of these financial statements.