84
LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
3.
RELATED PARTY RELATIONSHIPS AND TRANSACTIONS (CONT’D)
3C. Key management compensation:
The Group and the Trust have no employees. All its services are provided by the Manager and others.
4.
GROSS REVENUE
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Rental revenue
115,096
122,663
–
–
Car park revenue
13,995
13,033
–
–
Dividend income from subsidiaries
–
–
80,294
78,571
Rental guarantee income
(1)
1,270
7,445
1,270
7,445
Income from rental of mechanical,
electrical and mall operating equipment
(2)
3,704
5,548
–
–
Other rental income
2,920
3,910
–
–
136,985
152,599
81,564
86,016
(1)
The Trust has minimum rent guarantee agreements, whereby the vendors guarantee to make good any shortfall between the actual rent
income derived and the guaranteed rent from Pluit Village vendor for the quarters ended 2013, and Lippo Plaza Kramat Jati vendor for
the quarters ending 2013 and 2014. The total rent guarantee earned from vendors of Lippo Plaza Kramat Jati amounted to $1,270,000
(2013: from the vendors of Pluit Village and Lippo Plaza Kramat Jati amounted to $5,461,000 and $1,984,000 respectively).
(2)
A third party operating company was engaged to co-manage the individual retail malls. Pursuant to the operating agreements entered into
between the Property Manager and the third party operating company, the third party operating company agreed to be responsible for all
costs directly related to the maintenance and operation of the individual malls, as well as pay for the rental of office and use of electrical,
mechanical and mall operating equipment of the individual malls.
5.
PROPERTY OPERATING EXPENSES
Group
2014
2013
$’000
$’000
Land rental expense
1,541
1,492
Property management fees
3,478
3,320
Legal and professional fees
718
1,119
Depreciation of plant and equipment
726
571
Allowance for impairment on trade receivables - loss/(reversal)
218
(743)
Property operating and maintenance expenses
4,297
3,480
10,978
9,239
Notes to the Financial Statements
(Cont’d)
31 December 2014
