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EC World Real Estate Investment Trust ANNUAL REPORT 2016
NOTES TO THE
Financial Statements
For the Financial Year ended 31 December 2016
27. Segment information
The Group had determined the operating segments based on reports reviewed by Management that are used
to make strategic decisions, allocate resources and assess performance. Management comprises the Chief
Executive Officer, Chief Financial Officer and the President of Investment & Asset Management. Management
considers and evaluates the business by the nature of investment properties – port logistics, specialised logistics
and E-commerce logistics. These properties are concentrated in one geographical location: People’s Republic
of China. This forms the basis of identifying the operating segments of the Group under FRS 108
Operating
Segments
.
Segment revenue comprises mainly income generated from its tenants. Segment net property income represents
the income earned by each segment after allocating property expenses. This is the measure reported to
Management for the purpose of assessment of segment performance. In addition, Management monitors the
non-financial assets as well as financial assets attributable to each segment when assessing segment performance.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Unallocated items comprise mainly management fee, trust expenses, finance
income, finance costs and related assets and liabilities.
Property income and expenses
Port
Logistics
Specialised
Logistics
E-commerce
Logistics
Total
2016
2015
2016
2015
2016
2015
2016
2015
S$’000
S$’000
S$’000
S$’000
S$’000
S$’000
S$’000
S$’000
Group
Gross revenue
43,928
13,543
16,605
2,945
35,001
8,730
95,534
25,218
Property expenses
(3,766)
(1,902)
(2,860)
(560)
(5,005)
(1,859)
(11,631)
(4,321)
Segment net property income 40,162
11,641
13,745
2,385
29,996
6,871
83,903
20,897
Net change in fair value of
investment properties
3,905
493,356
(946)
212,864
(4,691)
243,112
(1,732)
949,332
Finance income
527
319
Finance costs
(20,146)
(3,806)
Exchange difference
15,298
3,173
Net change in fair value of
financial derivatives
30
–
Other trust expenses
(5,035)
(201)
Total return for the financial
year before income tax
72,845
969,714
Income tax expenses
(17,025)
(272,900)
Total return for the financial
year after income tax
before distribution
55,820
696,814