85
84
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
Balance
Sheets
As at 30 June 2015
Group
Trust
Note
30 June 2015
$’000
31 December 2013
$’000
30 June 2015
$’000
31 December 2013
$’000
Non-current assets
Investment properties
4
3,116,155
2,854,443
2,071,500
2,035,500
Plant and equipment
5
1,050
1,234
423
–
Interests in subsidiaries
6
–
–
703,217
573,748
Intangible asset
7
11,185
10,517
–
–
Derivative financial instruments
8
4,454
2,647
4,357
2,389
Trade and other receivables
9
3,674
6,053
2,344
3,533
3,136,518
2,874,894
2,781,841
2,615,170
Current assets
Derivative financial instruments
8
121
29
121
29
Trade and other receivables
9
5,184
10,192
4,853
12,514
Cash and cash equivalents
10
51,571
58,038
9,708
14,359
56,876
68,259
14,682
26,902
Total assets
3,193,394
2,943,153
2,796,523
2,642,072
Non-current liabilities
Trade and other payables
11
26,013
23,379
20,422
18,067
Derivative financial instruments
8
1,042
–
705
–
Deferred tax liabilities
12
14,884
18,552
–
–
Borrowings
13
983,249
792,330
639,692
577,634
1,025,188
834,261
660,819
595,701
Current liabilities
Trade and other payables
11
37,190
43,040
23,198
25,596
Derivative financial instruments
8
17
–
17
–
Income tax payable
2,208
2,136
–
–
Borrowings
13
146,000
53,572
146,000
52,433
185,415
98,748
169,215
78,029
Total liabilities
1,210,603
933,009
830,034
673,730
Net assets
1,982,791
2,010,144
1,966,489
1,968,342
Represented by:
Unitholders’ funds
14
1,982,791
1,989,764
1,966,489
1,947,962
Convertible preferred units (“CPU”)
15
–
20,380
–
20,380
1,982,791
2,010,144
1,966,489
1,968,342
Units in issue (’000)
16
2,181,204
2,153,218
2,181,204
2,153,218
Net asset value per unit ($) based on:
– Units issued at the end of the period/year
0.91
0.93
0.90
0.91
– Units issued at the end of the period/year,
assuming full conversion of CPU outstanding
0.91
0.92
0.90
0.90
The accompanying notes form an integral part of these financial statements.
The accompanying notes form an integral part of these financial statements.
Statements of
Total Return
18 months ended 30 June 2015
Group
Trust
Note
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
Gross revenue
17
294,789
200,616
198,240
132,045
Property operating expenses
18
(57,160)
(42,760)
(40,725)
(29,402)
Net property income
237,629
157,856
157,515
102,643
Interest income from fixed deposits
and bank balances
1,551
541
330
72
Interest income from subsidiaries
–
–
6,639
6,482
Dividend income from subsidiaries 19
–
–
30,289
26,169
Fair value adjustment on
security deposits
(505)
38
(170)
233
Management fees
20
(22,399)
(14,216)
(20,792)
(13,088)
Performance fees
20
–
–
–
–
Trust expenses
21
(4,425)
(3,099)
(3,548)
(2,168)
Gain/(Loss) on divestment of
investment property
(1)
364
(300)
–
–
Finance expenses
22
(46,874)
(30,152)
(30,343)
(17,904)
165,341
110,668
139,920
102,439
Change in fair value of
derivative instruments
(479)
4,643
140
4,327
Unrealised foreign exchange loss
–
–
(14,010)
(8,023)
Change in fair value of
investment properties
4
9,120
137,528
36,000
131,841
Total return for the period/year
before tax and distribution
173,982
252,839
162,050
230,584
Income tax
23
559
(2,861)
–
–
Total return for the period/year
after tax, before distribution
174,541
249,978
162,050
230,584
Non-tax (chargeable)/deductible
items
(2,965)
(139,125)
9,526
(119,731)
Income available for distribution
171,576
110,853
171,576
110,853
Earnings per unit (cents)
Basic
24
8.05
12.06
7.47
11.12
Diluted
24
8.00
11.46
7.43
10.57
Note:
(1)
Represents the difference between the net proceeds (including directly attributable costs) from divestment and the carrying amount of Holon L divested in
March 2014 (2013: Roppongi Primo in February 2013).
