BWP TRUST ANNUAL REPORT 2015
43
10. ISSUED CAPITAL
Movement in units on issue
$000 Number of units
At 1 July 2013
707,363 537,753,954
Issue of units – DRP:
-
-
August 2013 at
$2.3387 per unit
5,583
2,387,450
-
-
February 2014 at
$2.2176 per unit
16,032
7,229,276
Issue of units -
pro-rata entitlement offer at
$2.30 per unit
200,156
87,024,515
Expenses incurred in
pro-rata entitlement offer
(4,348)
-
At 30 June 2014 and
1 July 2014
924,786 634,395,195
Issue of units – DRP:
-
-
August 2014 at
$2.4937 per unit
13,290
5,329,631
-
-
February 2015 at
$2.8137 per unit
7,482
2,658,977
At 30 June 2015
945,558 642,383,803
Recognition and measurement
Units on issue
Units on issue are recognised at the fair value of the consideration
received by the Trust. Any transaction costs arising on the issue of
ordinary units are recognised directly in equity as a reduction of the
unit proceeds received.
Rights
The Trust is a unit trust of no fixed duration and the units in the Trust
have no right of redemption.
Each unit entitles the unitholder to receive distributions as declared
and, in the event of winding up the Trust, to participate in all net cash
proceeds from the realisation of assets of the Trust in proportion to the
number of and amounts paid up on units held.
Distribution Reinvestment Plan
The Trust operates a Distribution Reinvestment Plan (“DRPâ€). The DRP
was in place for both the interim distribution and final distribution for
the year ended 30 June 2015 and the preceding year. An issue of
units under the DRP results in an increase in issued capital unless the
units are acquired on-market.
11. HEDGE RESERVE
June 2015
$000
June 2014
$000
Balance at the beginning of the
financial year
(12,047)
(12,516)
Effective portion of changes in fair
value of cash flow hedges:
-
-
Realised losses transferred to
profit or loss
5,290
5,421
-
-
Unrealised losses on cash flow
hedges
(4,186)
(4,952)
Balance at the end of the
financial year
(10,943)
(12,047)
Recognition and measurement
This reserve records the portion of the gain or loss on a hedging
instrument in a cash flow hedge that is determined to be an
effective hedge.
12. EARNINGS PER UNIT
June 2015
June 2014
Net earnings used in
calculating basic and diluted
earnings per unit ($000)
210,079
149,081
Basic and diluted earnings
per unit (cents)
32.84
24.34
Basic and diluted earnings per
unit excluding gains in fair value
of investment properties (cents)
15.88
15.01
Weighted average number
of units on issue used in the
calculation of basic and diluted
earnings per unit
639,766,648 612,563,010
Recognition and measurement
Earnings per unit
Basic earnings per unit is calculated as net profit attributable to
unitholders divided by the weighted average number of units.
The diluted earnings per unit is equal to the basic earnings per unit.
