2 BASIS OF PREPARATION
(continued)
2.5 Changes in accounting policies
(continued)
Joint Arrangements
(continued)
Impact on Statement of Total Return – Group
Year ended 31 December 2013
As
previously
reported
Joint
arrangements
As
restated
$’000
$’000
$’000
Gross revenue
729,162
(91,572)
637,590
Property operating expenses
(226,463)
27,588 (198,875)
Net property income
502,699
(63,984)
438,715
Interest income
3,983
(19)
3,964
Asset management fees
(44,646)
5,631
(39,015)
Professional fees
(514)
12
(502)
Valuation fees
(944)
84
(860)
Trustee’s fees
(1,272)
149
(1,123)
Audit fees
(373)
42
(331)
Finance costs
(120,738)
14,110 (106,628)
Other expenses
(860)
(1)
(861)
Net income before share of results of
associate and joint ventures
337,335
(43,976)
293,359
Share of results (net of tax) of:
– Associate
25,721
–
25,721
– Joint ventures
–
78,478
78,478
Net income
363,056
34,502
397,558
Net change in fair value of financial
derivative
6,946
–
6,946
Net change in fair value of investment
properties
204,923
(35,206)
169,717
Net change in fair value of investment
properties under development
(704)
704
–
Dilution gain of interest in associate
646
–
646
Total return for the year before tax
574,867
–
574,867
Income tax expense
(501)
–
(501)
Total return for the year
574,366
–
574,366
Earnings per unit (cents)
Basic
16.61
–
16.61
Diluted
16.26
–
16.26
Leading with Confidence | 153