113
112
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
Notes to the
Financial Statements
Cash flows
Note
Carrying
amount
$’000
Contractual
cash flows
$’000
Within
1 year
$’000
After
1 year but
within 5 years
$’000
After
5 years
$’000
Trust
30 June 2015
Non-derivative financial liabilities
JPY term loan facility
13
69,275
(70,204)
(739)
(69,465)
–
SGD term loan facilities
13
350,000
(373,271)
(7,303)
(365,968)
–
SGD revolving credit facilities
13
22,000
(22,014)
(22,014)
–
–
Intercompany loans
13
349,000
(406,136)
(133,865)
(31,021)
(241,250)
Trade and other payables
11
43,620
(46,942)
(23,611)
(23,331)
–
Total financial liabilities measured
at amortised cost
833,895
(918,567)
(187,532)
(489,785)
(241,250)
Derivative financial liabilities
Interest rate swaps
8
705
–
–
–
–
– inflow
4,214
1,358
2,856
–
– outflow
(9,804)
(2,780)
(7,024)
–
Currency option
8
17
–
–
–
–
Total held for trading
722
(5,590)
(1,422)
(4,168)
–
834,617
(924,157)
(188,954)
(493,953)
(241,250)
31 December 2013
Non-derivative financial liabilities
JPY term loan facility
13
84,308
(86,865)
(926)
(85,939)
–
SGD term loan facilities
13
350,000
(373,766)
(5,599)
(368,167)
–
SGD revolving credit facilities
13
77,500
(79,693)
(53,125)
(26,568)
–
Intercompany loan
13
124,000
(132,444)
(4,222)
(128,222)
–
Trade and other payables
11
43,663
(47,155)
(26,303)
(20,852)
–
Total financial liabilities measured
at amortised cost
679,471
(719,923)
(90,175)
(629,748)
–
The maturity analyses show the undiscounted cash flows of the Group's and the Trust’s financial liabilities on the basis of their
contractual maturity.
14. UNITHOLDERS’ FUNDS
Group
Trust
30 June 2015
$’000
31 December 2013
$’000
30 June 2015
$’000
31 December 2013
$’000
Net assets attributable to unitholders
(1)
2,010,369
1,979,351
1,966,489
1,947,962
Foreign currency translation reserve
(2)
(27,578)
10,413
–
–
1,982,791
1,989,764
1,966,489
1,947,962
(1)
Included in the net assets attributable to unitholders is approximately $2.8 million retained to satisfy certain legal reserve requirements in China.
(2)
The foreign currency translation reserve comprises (i) the foreign exchange differences arising from the translation of the financial statements of foreign
operations whose functional currencies are different from the functional currency of the Trust; and (ii) the foreign exchange differences on monetary
items which form part of the Group’s net investment in foreign operations.
15. CONVERTIBLE PREFERRED UNITS
On 28 June 2010, the Trust issued 173,062,575 convertible preferred units (“CPU”) (valued at $173.4 million, net of capitalised
costs incurred directly attributable to the issue of CPU) at the issue price of $1.00 per CPU, as part of the consideration for the
acquisition of Malaysia Properties. On 5 July 2013, 152,727,825 CPU were converted into 210,195,189 new units at a conversion
price of $0.7266 per unit. On 25 June 2015, all the remaining 20,334,750 CPU were converted into 27,986,168 new units at a
conversion price of $0.7266 per unit. There is no CPU outstanding as at 30 June 2015 (2013: 20,334,750 CPU outstanding).
The principal terms of the CPU are as follows:
•
subject to the sole discretion of the Manager, the CPU holder(s) are entitled to receive a discretionary, non-cumulative
variable S$ coupon distribution of up to RM0.1322 per CPU, which is equivalent to a distribution rate of 5.65% per annum
assuming the CPU distribution is paid in full and based on the Ringgit Malaysia amount of the CPU determined on the date
of issuance of the CPU;
•
any CPU distribution or part thereof not due or payable shall not accumulate for the benefit of the CPU holder(s) or entitle
the CPU holder(s) to any claim in respect thereof against the Trust, the Trustee and/or the Manager;
•
the CPU rank senior to the units in the Trust in respect of the entitlement to participate in the distributions of the Trust
and rank senior to the units in respect of the entitlement to receive out of the assets of the Trust in the event of the
commencement of any dissolution or winding up of the Trust. Upon the dissolution of the Trust, CPU holder(s) are entitled
to receive an amount equivalent to the sum of (i) the number of CPU held by the CPU holder(s) multiplied by the issue
price and (ii) any outstanding CPU and special CPU distributions;
•
the CPU holder(s) have the right to convert the CPU into units after a period of three years commencing from the date
of issuance of the CPU at a conversion price of $0.7266 per unit determined at the date of issuance of the CPU. Any CPU
remaining in existence after seven years from the date of issuance of the CPU shall be mandatorily converted into units at
the conversion price;
•
the CPU holder(s) do not have a right to attend and vote at meetings of unitholders except during such period as the CPU
or special CPU distribution remains in arrears and unpaid for at least 12 months, or in respect of any resolution which varies
or abrogates any right, preference or privilege of the CPU, or in respect of any resolution for the dissolution or winding up
of the Trust; and
•
the Manager shall have the sole right to redeem any number of CPU on a pro rata basis at the issue price after a period of
three years commencing from the date of issuance of the CPU (28 June 2010).
