78 / 132
76
EC World Real Estate Investment Trust ANNUAL REPORT 2016
Group
ECW
Year ended
31 December
2016
#
Period from
5 August 2015
to 31 December
2015
Year ended
31 December
2016
#
Period from
5 August 2015
to 31 December
2015
Note
S$’000
S$’000
S$’000
S$’000
OPERATIONS
Beginning of the year/period
696,814
–
(167)
–
Total return for the year/period
55,820
696,814
(9,088)
(167)
Distribution to Sponsor
before listing (Note a)
(34,516)
–
–
–
End of the year/period
718,118
696,814
(9,255)
(167)
UNITHOLDERS’ CONTRIBUTION
Beginning of the year/period
–
–*
–
–*
Movement during the year/period
– Issuance of new units at listing
629,785
–
629,785
–
– Issue expenses
(12,324)
–
(12,324)
–
– Redemption of units
(545,936)
–
(545,936)
–
– Manager’s management fees
paid in units
772
–
772
–
– Distribution to Unitholders
(7,715)
–
(7,715)
–
End of the year/period
21
64,582
–*
64,582
–*
FOREIGN CURRENCY
TRANSLATION RESERVE
Beginning of the year/period
(13,944)
–
–
–
Translation differences relating to
financial statements of foreign
subsidiaries
(42,637)
(13,944)
–
–
End of the year/period
(56,581)
(13,944)
–
–
Total Unitholders’ funds at end of
the year/period
726,119
682,870
55,327
(167)
* Amounts to S$1
#
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.
Note (a): The Group holds the land use right to Bei Gang Logistics. Bei Gang Logistics comprises an entire plot of land which includes completed,
income-producing buildings being Buildings No. 1 to No. 8 (collectively, the “Stage 1 Properties”), and three plots of land under development
(comprising of Buildings No. 9 to No. 17) (collectively, the “Stage 2 Properties”). Prior to listing, the Stage 2 Properties were transferred back to
the Sponsor (FORCHN Holdings Group Co., Ltd.) as the development rights and thereafter the economic rights were assigned to the Sponsor.
As such, the assets and liabilities in relation to the Stage 2 properties amounting to S$52,536,000 and S$18,020,000 respectively were not
assumed by the Group. The aggregate net assets not assumed by the Group, amounted to S$34,516,000 and was recognised as a distribution
to the Sponsor in the consolidated financial statements for the year ended 31 December 2016.
STATEMENTS OF MOVEMENTS
IN UNITHOLDERS’ FUNDS
For the Financial Year ended 31 December 2016
The accompanying notes form an integral part of these financial statements.