103
ANNUAL REPORT 2014
Year ended 31 December 2014
DISTRIBUTION STATEMENTS
H-REIT Group and
Stapled Group
2014
2013
$’000
$’000
Income available for distribution to holders of
Stapled Securities at the beginning of the year
54,026
54,463
Net income of H-REIT (Note 22)
108,149 119,977
Net tax adjustments (Note A)
11,366
(1,423)
Income available for distribution for the current year
119,515 118,554
Income available for distribution to holders of Stapled Securities
173,541 173,017
Distribution to holders of Stapled Securities:
Distribution of 5.62 cents per Stapled Security for the period from 1/7/2012 to 31/12/2012
–
(54,516)
Distribution of 5.41 cents per Stapled Security for the period from 1/1/2013 to 30/6/2013
–
(52,620)
Distribution of 5.56 cents per Stapled Security for the period from 1/7/2013 to 31/12/2013
(54,253)
–
Distribution of 5.25 cents per Stapled Security for the period from 1/1/2014 to 30/6/2014
(51,386)
–
(105,639)
(107,136)
Income available for distribution to holders of Stapled Securities at end of the year
67,902
65,881
Amount retained for working capital
(11,952)
(11,855)
Income to be distributed to holders of Stapled Securities at the end of the year
55,950
54,026
Distribution per Stapled Security (DPS) (cents)*
10.98
10.97
Note A – Net tax adjustments comprise:
Non-tax (chargeable)/deductible items:
- Amortisation of transaction costs
940
741
- Financial expense arising from remeasuring non-current rental deposits at amortised cost
188
181
- Foreign exchange loss
10,032
4,307
- H-REIT Manager’s management fees paid/payable in Stapled Securities
10,278
9,924
- H-REIT Trustee’s fee
266
256
- Net surplus on revaluation of investment properties
(10,717)
(17,402)
- Other items
379
570
Net tax adjustments
11,366
(1,423)
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.
The income available for distribution of HBT for the year is not presented as HBT is still in the initial start up phase with
minimal accumulated earnings and HBT has decided not to make any distribution for the year.
* The DPS relates to the distributions in respect of the relevant financial year. The distribution for the second half of the financial year will be
made subsequent to the reporting date.
The accompanying notes form an integral part of these financial statements.
