119
LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
32. CONTINGENT MATTER
Matter in relation to Pluit Village
In 2010, PT Carrefour Indonesia (now known as PT Trans Retail Indonesia (“PT TRI”) filed a claim against PT Duta
Wisata Loka (“PT DWL”), owner of Pluit Village and acquired by the Trust in December 2011, before the District Court
of North Jakarta for a violation of its lease agreement (“Carrefour case”).
On 19 December 2012, PT DWL and PT TRI entered into a settlement agreement, of which both parties had
submitted relevant court papers withdrawing/dropping the cases and/or any appeals in relation to the Carrefour case
and settling any claim of losses out of court. The revocation of confiscation of Land Certificate No. 7073 (Pluit Village)
had been undertaken in accordance with the provisions of the law in Indonesia, in order to effect the implementation
of the settlement agreement agreed upon by the parties. PT TRI had resumed it business in Pluit Village in June 2013
in view of such settlement.
In order to mitigate the risks relating to the Carrefour case, during the acquisition of PT DWL, the Trustee obtained
indemnities from PT Metropolis Propertindo Utama (“PT MPU”) under the Pluit Village Deed of Indemnity for all and
any losses which the Trust may suffer as a result of such case.
33. EVENTS AFTER THE END OF THE REPORTING YEAR
(i)
On 12 February 2015, a final distribution of 0.71 cents per unit was declared totalling $17,596,000, in respect
of the quarter ended 31 December 2014.
(ii)
Subsequent to the year-end, several interest rate swap contracts had been entered into by the Trust to convert
the floating interest rate to the fixed rate, ranging from 1.85% to 1.88% per annum, for a total notional
amount of $155,000,000. The contracts would expire on 16 December 2018.
(iii)
Subsequent to the year-end, the Trust entered into 3 foreign currency option contracts to take into consideration
the anticipated revenues in Indonesian Rupiah over operating expenses. The total notional amount of the
contracts amounted to $258,161,000, and would expire on 15 February 2017.
34. CHANGES AND ADOPTION OF FINANCIAL REPORTING STANDARDS
For the current reporting year, the following new or revised Singapore Financial Reporting Standards were adopted.
The new or revised standards did not require any modification of the measurement methods or the presentation in
the financial statements.
FRS No.
Title
FRS 27
Consolidated and Separate Financial Statements (Amendments to)
FRS 27
Separate Financial Statements (Revised)
FRS 28
Investments in Associates and Joint Ventures (Revised) (*)
FRS 36
Amendments to FRS 36: Recoverable Amount Disclosures for Non-Financial Assets
(relating to goodwill) (*)
FRS 39
Amendments to FRS 39: Novation of Derivatives and Continuation of Hedge Accounting (*)
FRS 110
Consolidated Financial Statements
FRS 110
Amendments to FRS 110, FRS 111 and FRS 112
FRS 111
Joint Arrangements (*)
FRS 112
Disclosure of Interests in Other Entities
INT FRS 121
Levies (*)
(*)
Not relevant to the entity.
Notes to the Financial Statements
(Cont’d)
31 December 2014
