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EC World Real Estate Investment Trust ANNUAL REPORT 2016
Group
Year ended
31 December
2016*
S$’000
Amount available for distribution to Unitholders at beginning of the year
–
Total return for the year
55,820
Less: Total return for the period from 1 January 2016 to 27 July 2016*
(26,479)
Total return for the period 28 July 2016 to 31 December 2016* after income
tax before distribution
29,341
Adjustment for net effect of non-tax chargeable items and other
adjustments (Note A)
(10,231)
Amount available for distribution
19,110
Distribution to Unitholders:
Distribution of 0.991 cents per unit for the period from 28 July 2016 to
30 September 2016 (Note B)
(7,715)
Amount available for distribution to Unitholders at end of the year
11,395
Note A:
Adjustment for net effect of non-tax deductible/(chargeable) items and
other adjustments comprise:
– Straight lining of step-up rental
(2,364)
– Security deposit accretion
(118)
– Management fees paid/payable in units
1,911
– Trustee’s fees
121
– Net fair value gain on investment properties
(8,625)
– Deferred tax on fair value gain on investment properties
3,629
– Fair value gain on financial derivatives
(30)
– Swaption premium
329
– Amortisation of upfront debt issuance costs
867
– Foreign exchange loss, net (unrealised) (up to 31 December 2016)
3,575
– Foreign exchange gain, net (realised – capital in nature)
(11,714)
– Initial Public Offering (“IPO”) expenses
2,188
(10,231)
Note B:
Total Unitholders’ distribution:
– From Unitholders’ contribution
7,715
* The year ended 31 December 2016 constitutes both the results when ECW was a private trust from 1 January 2016 to 27 July 2016 and after it was
listed on SGX-ST from 28 July 2016 to 31 December 2016.
Consolidated DISTRIBUTION
STATEMENT
For the Financial Year ended 31 December 2016
The accompanying notes form an integral part of these financial statements.