98 / 152
96
STARHILL global reit ANNUAL REPORT FY 2016/17
statementsof
total return
Year ended 30 June 2017
Group
Trust
Note
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Gross revenue
15
216,364
219,679
134,480
134,251
Property operating expenses
16
(49,476)
(49,357)
(27,518)
(27,576)
Net property income
166,888
170,322
106,962
106,675
Interest income from fixed deposits
and bank balances
1,089
914
369
48
Interest income from subsidiaries
–
–
5,806
5,621
Dividend income from subsidiaries
17
–
–
22,771
8,343
Fair value adjustment on security deposits
(20)
(106)
(53)
(404)
Management fees
18
(16,192)
(15,903)
(15,256)
(14,930)
Performance fees
18
–
–
–
–
Trust expenses
19
(3,542)
(3,463)
(2,758)
(3,173)
Finance expenses
20
(38,930)
(38,767)
(25,056)
(24,211)
109,293
112,997
92,785
77,969
Change in fair value of derivative instruments
1,425
(6,487)
107
(4,959)
Foreign exchange gain/(loss)
3,819
(11,610)
(5,802)
(4,043)
Change in fair value of investment properties
4
(16,321)
77,973
3,493
69,029
Gain/(Loss) on divestment of
investment properties
(1)
770
(87)
–
–
Impairment loss on investment in subsidiaries
6
–
–
(9,000)
(23,000)
Impairment loss on intangible asset
(2)
–
(11,214)
–
–
Total return for the year before tax
and distribution
98,986
161,572
81,583
114,996
Income tax
21
1,268
2,324
(405)
–
Total return for the year after tax,
before distribution
100,254
163,896
81,178
114,996
Non-tax deductible/(chargeable) items
and other adjustments
10,191
(47,394)
29,267
1,506
Income available for distribution
110,445
116,502
110,445
116,502
Earnings per unit (cents)
Basic
22
4.60
7.51
3.72
5.27
Diluted
22
4.60
7.51
3.72
5.27
Notes:
(1)
Represents the difference between the net proceeds (including directly attributable costs) from divestment and the carrying amount of Harajuku Secondo in May 2017
(2016: Roppongi Terzo in January 2016).
(2)
Represents the impairment loss on goodwill arising from acquisition of Top Sure Investment Limited recorded in June 2016 and determined based on the difference between
the carrying amount and the recoverable amount of Top Sure Investment Limited and its subsidiary.
The accompanying notes form an integral part of these financial statements.