Page 76 - ar2011

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CDL Hospitality Trusts
74
H-REIT Group
and Stapled Group
2011
2010
$’000
$’000
Income available for distribution to holders of
Stapled Securities at the beginning of the year
51,163
39,636
Net income of H-REIT (Note 18)
182,715
144,033
Net tax adjustments (Note A)
(64,583)
(43,380)
Income available for distribution for the current year
118,132
100,653
Income available for distribution to holders of Stapled Securities
169,295
140,289
Distribution to holders of Stapled Securities:
Distribution of 4.71 cents per Stapled Security
for the period from 1/7/2009 to 31/12/2009
–
(39,451)
Distribution of 4.89 cents per Stapled Security
for the period from 1/1/2010 to 30/6/2010
–
(41,010)
Distribution of 5.31 cents per Stapled Security
for the period from 1/7/2010 to 31/12/2010
(50,911)
–
Distribution of 5.34 cents per Stapled Security
for the period from 1/1/2011 to 30/6/2011
(51,359)
–
(102,270)
(80,461)
Income available for distribution to holders of Stapled Securities
at end of the year
67,025
59,828
Amount retained for working capital
(11,813)
(8,665)
Income to be distributed to holders of Stapled Securities
at the end of the year
55,212
51,163
Note A – Net tax adjustments comprise:
Non-tax deductible/(chargeable) items:
- Amortisation of transaction costs
442
6,398
- Financial expense arising from remeasuring
non-current rental deposits at amortised cost
169
167
- Foreign exchange gain
(3,358)
(3,482)
- H-REIT Manager’s management fees paid/payable
in Stapled Securities
9,354
8,126
- H-REIT Trustee’s fee
235
217
- Net surplus on revaluation of investment properties
(71,738)
(55,213)
- Other items
313
407
Net tax adjustments
(64,583)
(43,380)
Distributions of the Stapled Group represents the aggregate of distributions by H-REIT and HBT. The distribution of the
Stapled Group for the year is contributed solely by H-REIT as HBT was dormant during the year. Accordingly, only the
income available for distribution of H-REIT has been presented.
Distribution Statements
Year ended 31 December 2011
The accompanying notes form an integral part of these fnancial statements.