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Ascott Residence Trust
Annual Report 2015
31 Financial ratios
Group
2015
%
2014
%
Ratio of expenses to average net asset value
(1)
- including performance component of Manager’s management fees
1.03
1.07
- excluding performance component of Manager’s management fees
0.72
0.76
Portfolio turnover rate
(2)
2.67
0.25
Notes:
(1)
The annualised ratio is computed in accordance with guidelines of Investment Management Association of Singapore. The expenses used
in the computation relate to expenses at the Group level, excluding property related expenses, borrowing costs and foreign exchange
gains/(losses).
(2)
The annualised ratio is computed based on the lesser of purchases or sales of underlying serviced residence properties of the Group
expressed as a percentage of weighted average net asset value.
32 Operating segments
Segment information is presented in respect of the Group’s geographical segments. The operations of each of
the Group’s geographical segments are separately managed because of the different economic environments
in which they operate in. For each of the reportable segments, the CEO of the Manager reviews internal
management reports on at least a monthly basis. This forms the basis of identifying the operating segments
of the Group.
Performance measurement based on segment gross profit and non-financial assets as well as financial
assets attributable to each segment is used as the Manager believes that such information is most relevant
in evaluating the results of certain segments relative to other entities that operate within these industries.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that
can be allocated on a reasonable basis. Unallocated items comprise mainly finance costs, corporate assets
and expenses, and income tax expense. Segment capital expenditure is the total cost incurred during the
year to acquire segment assets that are expected to be used for more than one year. Information regarding
the Group’s reportable segments is presented in the following tables.
Notes to the Financial Statements
Year ended 31 December 2015
