117 / 212
STATEMENT OF PROFIT OR LOSS OF THE HBT GROUP
STATEMENTS OF TOTAL RETURN OF THE H-REIT GROUP AND
THE STAPLED GROUP
REPORTS
Year ended 31 December 2016
HBT Group
H-REIT Group
Stapled Group
Note 2016
2015
2016
2015
2016
2015
$’000
$’000
$’000
$’000
$’000
$’000
Restated
Restated
Revenue
17
49,471 36,010 141,868 147,209 180,857 172,410
Property expenses
Operations and maintenance
expenses
18(a)
(15,025)
(11,635)
–
– (15,025)
(11,635)
Hotel management fee
(2,568)
(2,022)
–
–
(2,568)
(2,022)
Property tax
(977)
(267)
(8,938)
(8,609)
(9,915)
(8,876)
Insurance
(161)
(27)
(794)
(1,608)
(955)
(1,635)
Administrative and general
expenses
18(b)
(6,826)
(4,609)
–
–
(6,826)
(4,609)
Sales and marketing expenses
18(c)
(2,171)
(1,674)
–
–
(2,171)
(1,674)
Energy and utility expenses
(2,041)
(2,021)
–
–
(2,041)
(2,021)
Rental expenses
(10,917)
(10,931)
–
–
(435)
(122)
Other property expenses
–
(42)
(3,361)
(2,771)
(3,361)
(2,813)
(40,686)
(33,228)
(13,093)
(12,988)
(43,297)
(35,407)
Net property income
8,785
2,782 128,775 134,221 137,560 137,003
H-REIT Manager’s base fees
19
–
–
(5,975)
(6,052)
(5,975)
(6,052)
H-REIT Manager’s
performance fees
19
–
–
(6,439)
(6,711)
(6,439)
(6,711)
H-REIT Trustee’s fees
–
–
(272)
(273)
(272)
(273)
HBT Trustee-Manager’s
management fees
19
(438)
–
–
–
(438)
–
HBT Trustee-Manager’s
trustee fees
(134)
(37)
–
–
(134)
(37)
HBT Trustee-Manager’s
acquisition fee
–
(132)
–
–
–
(132)
Valuation fees
(28)
–
(157)
(198)
(185)
(198)
Depreciation, amortisation and
impairment losses
(3,769)
(8,824)
(1,774)
(1,511)
(16,938)
(15,230)
Other trust expenses
(187)
(2,631)
(2,107)
(1,659)
(2,294)
(4,290)
Finance income
13
16
2,367
908
141
332
Finance costs
(2,663)
(582)
(32,633)
(22,636)
(33,057)
(22,626)
Net finance costs
20
(2,650)
(566)
(30,266)
(21,728)
(32,916)
(22,294)
Net income/(loss) before fair
value adjustments
1,579 (9,408)
81,785 96,089 71,969 81,786
Net fair value losses on investment
properties
–
– (33,018)
(38,534)
(21,623)
(30,221)
Net income/(loss)
before tax
21
1,579
(9,408)
48,767 57,555 50,346 51,565
Tax expense
22
(634)
(190)
(380)
(629)
(1,014)
(874)
Net income/(loss)/Total return
for the year
23
945 (9,598)
48,387 56,926 49,332 50,691
Earnings per Stapled
Security (cents)
24
Basic
4.98
5.15
Diluted
4.95
5.15
The accompanying notes form an integral part of these financial statements.
115
Annual Report 2016