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FY13/14
S$'000
FY13/14
ࡩ mil
FY12/13
ࡩ mil
INR YoY
Change
Comparison of FY13/14 to FY12/13
for Indian Rupee earnings
Net Property Income 72,106 3,450 3,165 9% Net property income increased by 9% to
ࡩ3,450 million.
Trustee-Manager's fees
Fees paid to the Trustee-Manager, which
includes base fees (0.5% of Trust property
value), performance fees (4.0% of net property
income), and Trustee fees (0.02% of Trust
property value)
(6,692) (320) (299) 7% The increase was in line with higher
portfolio valuation and net property income.
Other trust operating expenses (1,182) (56) (49) 14% The increase was mainly due to tax
advisory fees incurred in FY13/14.
Realised fair value gain on
derivative fnancial instruments
Derivative fnancial instruments include
(1) forward currency contracts used to hedge
income repatriated from India to Singapore,
(2) interest rate swaps used to change
foating-rate debt to fxed-rate obligation, and
(3) cross-currency swaps used to hedge
Singapore Dollar-denominated debt to Indian
Rupee-denominated debt.
Fair value changes on derivatives are realised
when the instruments expire or are terminated.
17 4 511 (99%) Realised gain on derivatives fell as a
one-off gain of ࡩ490 million (S$11.3 million)
was recognised last year. In FY12/13,
proceeds from a private placement were
used to prepay loans. In conjunction with
the loan settlements, the associated
interest rate and cross-currency swaps
were pre-terminated, resulting in realised
gain on derivatives.
Realised exchange loss
Realised foreign exchange gain or loss arises
mainly from loan settlements or inception of
hedges, cash balances and borrowings not
denominated in Indian Rupee.
(912) (45) (1,465) (97%) Realised exchange loss decreased as
a one-off loss of ࡩ1,437million (S$32.9
million), from the settlement of Singapore
Dollar-denominated loans, was recognised
in FY12/13.
Finance cost (13,306) (637) (611) 4% Finance costs increased slightly mainly
due to additional borrowings taken to
fnance the investment in aVance 3.
Interest income 9,372 450 185 143% The increase was due to higher interest
rates on deposits in India and additional
interest income from the investment in
aVance 3.
Ordinary proft before tax2 59,403 2,845 1,437 98% Ordinary proft before tax increased by
98% to ࡩ2,845 million.
2Proft before changes in fair value of investment properties, and unrealised loss/gain on deriative fnancial instruments and foreign exchange.