Page 152 - ar2013

CapitaMall Trust Annual Report 2013 150 Clarity
Statements of
Total Return
Year ended 31 December 2013
The accompanying notes form an integral part of these financial statements.
Group Trust
2013 2012 2013 2012
Note $’000 $’000 $’000 $’000
Gross revenue 18 729,162 661,588 637,590 573,218
Property operating expenses 19 (226,463) (216,335) (198,875) (192,490)
Net property income 502,699 445,253 438,715 380,728
Interest and other income 20 3,983 6,552 6,503 8,870
Investment income 21 – – 65,065 67,494
Asset management fees 22 (44,646) (43,370) (39,015) (37,870)
Professional fees (514) (781) (447) (764)
Valuation fees (944) (1,010) (860) (934)
Trustee’s fees (1,272) (1,305) (1,123) (1,159)
Audit fees (373) (366) (324) (315)
Finance costs 23 (120,738) (138,938) (106,628) (125,415)
Other expenses (860) (1,406) (871) (744)
Net income before share of profit of associate 337,335 264,629 361,015 289,891
Share of profit of associate 25,721 20,261 – –
Net income 363,056 284,890 361,015 289,891
Net change in fair value of financial derivatives 6,946 4,332 6,946 4,332
Net change in fair value of investment
properties and investment properties
under development 204,219 165,828 169,717 146,244
Gain on dilution of interest in associate 646 – – –
Gain on disposal of investment property 24 – 84,346 – 84,346
Loss on repurchase of convertible bonds – (5,055) – (5,055)
Total return for the year before tax 574,867 534,341 537,678 519,758
Income tax expense 25 (501) 1,992 (501) –
Total return for the year 574,366 536,333 537,177 519,758
Earnings per unit (cents) 26
Basic 16.61 16.05 15.53 15.56
Diluted 16.26 15.75 15.24 15.28