32 OPERATING SEGMENTS
(continued)
Geographical segments
(continued)
Singapore Australia Belgium China France Germany Indonesia Subtotal
$’000 $’000 $’000 $’000 $’000 $’000
$’000 $’000
Year ended
31 December 2013
Gross rental income
36,910 4,957 10,534 37,959 35,601 8,373 14,507 148,841
Other income
168
(1)
89 1,198
(2)
1,181 2,638
921
946 7,141
Gross revenue
37,078 5,046 11,732 39,140 38,239 9,294 15,453 155,982
Direct expenses
(17,203)
(3,285) (9,450) (26,421) (2,784)
(969)
(10,860) (70,972)
Segment gross profit
19,875 1,761 2,282 12,719 35,455 8,325
4,593 85,010
Change in fair value of
serviced residence
properties and
assets held for sale
4,307
72
(593) 56,491 35,714 (4,226)
7,280 99,045
Japan Philippines Spain
United
Kingdom Vietnam Subtotal
Total
$’000
$’000 $’000
$’000
$’000 $’000 $’000
Year ended
31 December 2013
Gross rental income
30,698
27,161 5,075
49,995 36,089 149,018 297,859
Other income
1,660
2,899 1,738
(2)
881
4,431
(1)
11,609 18,750
Gross revenue
32,358
30,060 6,813
50,876 40,520 160,627 316,609
Direct expenses
(14,788)
(19,427) (3,570)
(29,256) (17,438) (84,479) (155,451)
Segment gross profit
17,570
10,633 3,243
21,620 23,082 76,148 161,158
Change in fair value of
serviced residence
properties and assets
held for sale
9,287
5,533 2,543
26,987 (3,863)
40,487 139,532
Share of results of
associate (net of tax)
(2)
Finance income
2,089
Finance costs
(44,646)
Unallocated net expense
(6,568)
Reportable segment profit before income tax
251,563
Income tax expense
(36,209)
Total return for the year
215,354
(1)
Included in the gross revenue for Vietnam is an amount of $1,610,000 relating to yield protection income received/receivable by the Trust,
allocated from Singapore.
(2)
Included in the gross revenue is an amount of $437,000 for Belgium and $1,369,000 for Spain relating to the shortfall in net operating
profit guarantee amount.
Notes to the Financial Statements
Year ended 31 December 2014
188 | Ascott Residence Trust Annual Report 2014
