117
Annual Report 2015
Stapled Group
2015
2014
$’000
$’000
Income available for distribution to holders of Stapled Securities
at the beginning of the year
55,950
54,026
Net income of H-REIT (Note 22)
36,240 108,149
Net income of HBT (Note 22)
1,105
–
Net tax adjustments (Note A)
71,613
11,366
Amount retained for working capital
(10,896)
(11,952)
98,062 107,563
Capital distribution
1,130
–
Income available for distribution to holders of Stapled Securities
155,142 161,589
Distribution to holders of Stapled Securities:
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)
Distribution of 5.74 cents per Stapled Security
for the period from 1/7/2014 to 31/12/2014
(56,380)
–
Distribution of 4.69 cents per Stapled Security
for the period from 1/1/2015 to 30/6/2015
(46,207)
–
(102,587)
(105,639)
Income available for distribution to holders of Stapled Securities
at the end of the year
52,555
55,950
Distribution per Stapled Security (DPS) (cents) *
10.06
10.98
Note A – Net tax adjustments comprise:
Non-tax (chargeable)/deductible items:
- Amortisation of transaction costs
926
940
- Financial expense arising from remeasuring
non-current rental deposits at amortised cost
196
188
- Foreign exchange loss
22,267
10,032
- H-REIT Manager’s management fees paid/payable
in Stapled Securities
10,210
10,278
- HBT Trustee-Manager's trustee fee
37
–
- H-REIT Trustee's fee
273
266
- Net fair value loss/(gain) on investment properties
37,260
(10,717)
- Other items
444
379
Net tax adjustments
71,613
11,366
Distributions of the Stapled Group represents the aggregate of distributions by H-REIT and HBT.
* 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 financial year end.
DISTRIBUTION STATEMENT
The accompanying notes form an integral part of these financial statements.
Year ended 31 December 2015
