125 / 152
FINANCIALS
123
·
Participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation
of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust. However, a
unitholder does not have the right to require that any assets (or part thereof) of the Trust be transferred to him.
The restrictions of a unitholder include the following:
·
A unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions
of the Trust Deed; and
·
A unitholder has no right to request the Trust to redeem his units while the units are listed on SGX-ST.
The Trust Deed contains provisions that are designed to limit the liability of a unitholder to the amount paid or payable for
any units in the Trust. The provisions seek to ensure that if the issue price of the units held by a unitholder has been fully
paid, no such unitholder, by reason alone of being a unitholder, will be personally liable to indemnify the Trustee or any
creditor of the Trustee in the event that liabilities of the Trust exceed its assets.
15.
Gross revenue
Group
Trust
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Property rental income
208,595
210,969
128,310
129,820
Turnover rental income
2,882
6,198
1,732
1,919
Other income
4,887
2,512
4,438
2,512
216,364
219,679
134,480
134,251
16.
Property operating expenses
Group
Trust
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Maintenance and sinking fund contributions
7,043
7,065
6,926
6,926
Property management fees
5,778
6,259
4,060
4,059
Property tax
20,713
20,292
12,840
12,722
Depreciation expense
361
622
141
282
Leasing and upkeep expenses
11,959
11,674
1,820
2,047
Staff costs
(1)
769
881
–
–
Marketing expenses
1,182
888
901
415
Impairment loss recognised/(reversed) on trade
receivables
162
(13)
–
–
Administrative expenses
1,509
1,689
830
1,125
49,476
49,357
27,518
27,576
(1)
Relates solely to staff costs of the Group’s wholly-owned subsidiary, Renhe Spring Department Store Co., Ltd, which operates the China Property.
17.
Dividend income from subsidiaries
Represents dividend income from certain subsidiaries (Note 6).
18.
Management fees and performance fees
Management fees include Base Fee payable to the Manager, asset management fees payable to the asset manager
of the Japan Properties and fees payable to the servicer of the Malaysia Properties, which is a wholly-owned subsidiary
of the Manager. Base Fee paid and payable to the Manager for the year ended 30 June 2017 amounted to approximately
$15,256,000 (2016: $14,930,000). Approximately $94,000 (2016: $97,000) and $842,000 (2016: $876,000) were paid to the asset
manager of the Japan Properties and servicer of the Malaysia Properties for the year ended 30 June 2017 respectively.
The Manager has elected to receive 100% of its base management fees in cash for the years ended 30 June 2017 and
30 June 2016.
No performance fee was earned by the Manager for the years ended 30 June 2017 and 30 June 2016. The performance of the
Trust Index was approximately 33% and 13% below the Benchmark Index as at 30 June 2017 and 30 June 2016 respectively.