NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
20.
TOTAL UNITHOLDERS’ FUNDS (CONT’D)
Capital management (cont’d):
In accordance with the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore, the
total borrowings and deferred payments of the Group should not exceed 35% of the Group’s deposited property.
The aggregate leverage of the Group may exceed 35% of the Group’s deposited property (up to a maximum of
60%) only if the credit rating of the Group is obtained and disclosed to the public.
During the year, the Group has been assigned a rating of “Baa3” by Moody’s Investors Services. The Group had
computed its aggregate leverage ratio as follows:
Group
2015
2014
$’000
$’000
Total borrowings and deferred payments
695,000
630,000
Total deposited property
1,987,744
2,017,489
Aggregated leverage ratio (%)
35.0%
31.2%
The Group met the aggregate leverage ratio as at the end of the reporting year.
The unfavourable change as shown by the increase in the aggregate leverage ratio for the reporting year resulted
primarily from the increase in new debt.
The Code on Collective Investment Schemes was revised on 14 July 2015 and takes effect on 1 January 2016.
Under the revised Code, the aggregate leverage of the Group should not exceed 45% of its deposited property.
21.
UNITS IN ISSUE
Group and Trust
2015
2014
Units at beginning of the year
2,701,802,668
2,453,307,080
Manager’s management fees settled in units
17,822,463
12,427,536
Manager’s acquisition fees settled in units
10,622,065
–
Issuance of new units for acquisition (Note 20)
67,567,000
236,068,052
Units at end of the year
2,797,814,196
2,701,802,668
ANNUAL REPORT 2015
113
