128
FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
FH-REIT was constituted on 12 June 2014 and was inactive until FHT’s listing on SGX-ST on 14 July 2014. FH-BT has
been dormant since its date of registration. FHT is a Stapled Group comprising units in FH-REIT stapled to units in FH-BT
pursuant to the Stapling Deed dated 20 June 2014. The Statements of Total Return and Statements of Comprehensive
Income comprise results for FH-REIT and its subsidiaries (collectively “FH-REIT Group”), FH-BT and the Stapled Group
commencing from its date of listing on 14 July 2014.
FHT FH-REIT Group
FH-BT
20 Jun 2014 to
30 Sep 2015
20 Jun 2014 to
30 Sep 2015
20 Jun 2014 to
30 Sep 2015
Note
$’000
$’000
$’000
Master lease rental
12
128,745
128,745
–
Gross revenue
128,745
128,745
–
Property tax
(10,532)
(10,532)
–
Property insurance
(1,194)
(1,194)
–
Property management fees
(7,431)
(7,431)
–
Other property expenses
(3,867)
(3,867)
–
Property operating expenses
(23,024)
(23,024)
–
Net property income
105,721
105,721
–
Acquisition fee paid in Stapled Securities
19
(1,164)
(1,164)
–
REIT Manager’s management fees
3(a)
(9,560)
(9,560)
–
Other management fees
3(b)
(2,227)
(2,227)
–
Trustees’ fees
4
(502)
(502)
–
Administrative and other expenses
5
(7,317)
(7,315)
(2)
Non-capitalisable expenses in relation to Initial Public
Offering (“IPO”)
6(a)
(27,201)
(27,201)
–
Non-capitalisable expenses in relation to asset acquisition
and Private Placement
6(b)
(13,398)
(13,398)
–
Other income
528
528
–
Payment top-up
7
6,790
6,790
–
Finance income
300
300
–
Amortisation of debt upfront costs
8(a)
(1,917)
(1,917)
–
Finance costs
8(b)
(17,758)
(17,758)
–
Total return before foreign exchange differences, fair
value changes and tax
32,295
32,297
(2)
Foreign exchange gain, net
2,584
2,584
–
Net change in fair value of investment properties
12
116,671
116,671
–
Net change in fair value of derivative financial instruments
1,744
1,744
–
Realised gain on derivative financial instruments
159
159
–
Total return for the period before tax
153,453
153,455
(2)
Taxation
9
(17,986)
(17,986)
–
Total return for the period after tax, attributable to
Stapled Securityholders of the Trust
135,467
135,469
(2)
Earnings per Stapled Security (cents)
Basic and diluted
10
11.04
11.04
–*
*
Denotes amount less than 1 cent
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTS OF TOTAL RETURN AND STATEMENTS OF
COMPREHENSIVE INCOME
FOR THE FINANCIAL PERIOD FROM 20 JUNE 2014 (DATE OF CONSTITUTION) TO 30 SEPTEMBER 2015
