NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
3.
RELATED PARTY RELATIONSHIPS AND TRANSACTIONS (CONT’D)
3B.
Key management compensation:
The Group and the Trust have no employees. All its services are provided by the Manager and others. There is
no charge made.
The Trust obtains key management personnel services from the Manager. Key management personnel of the
Manager include the directors of those persons having authority and responsibility for planning, directing and
controlling the activities of the Trust, directly or indirectly.
Further information about the remuneration of individual directors of the Manager is provided in the Corporate
Governance Report of the Trust’s Annual Report.
3C.
Interest in the Trust:
2015
2014
Number of
units held
% interest
held
Number of
units held
% interest
held
The Manager
LMIRT Management Ltd
116,438,144
4.16 97,993,616
3.63
The director of the Manager
Mr Albert Saychuan Cheok
400,000
0.01 400,000
0.01
4.
GROSS REVENUE
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Rental revenue
141,347 115,096
–
–
Car park revenue
23,534
13,995
–
–
Dividend income from subsidiaries
–
–
98,584
80,294
Rental support income
(1)
–
1,270
–
1,270
Income from rental of mechanical, electrical and mall
operating equipment
(2)
4,822
3,704
–
–
Other rental income
3,301
2,920
–
–
173,004 136,985
98,584
81,564
(1)
The Trust has minimum rental support agreement, whereby the vendor provides rental support to
make good any shortfall between the actual rent income derived and the guaranteed rent from Lippo
Plaza Kramat Jati vendor. The total rental guarantee earned from vendor of Lippo Plaza Kramat Jati
amounted to $1,270,000. The rental support agreement expired in 2014. There is no new rental support
agreement entered into in 2015.
(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.
LIPPO MALLS INDONESIA RETAIL TRUST
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