BWP TRUST ANNUAL REPORT 2015
50
DIRECTORS’ REPORT
For the year ended 30 June 2015
In accordance with the
Corporations Act 2001
, BWP Management
Limited (ABN 26 082 856 424), the responsible entity of BWP Trust,
provides this report for the financial year that commenced 1 July 2014
and ended 30 June 2015. The information on pages 1 to 29 forms
part of this directors’ report and is to be read in conjunction with the
following information:
RESULTS AND DISTRIBUTIONS
June 2015
$000
June 2014
$000
Profit attributable to unitholders
of BWP Trust
210,079
149,081
Capital profits released from
undistributed income reserve
-
825
Realised gains on disposal of
investment properties
(371)
-
Net unrealised gains in fair value
of investment properties
(108,137)
(57,113)
Distributable profit for the year
101,571
92,793
Opening undistributed profit
1
34
Closing undistributed profit
(22)
(1)
Distributable amount
101,550
92,826
DISTRIBUTIONS
The following distributions have been paid by the Trust or declared by
the directors of the responsible entity since the commencement of the
financial year ended 30 June 2015:
June 2015
$000
June 2014
$000
(a) Out of the profits for the
year ended 30 June 2014 on
ordinary units as disclosed in
last year’s directors’ report:
(i) Final distribution of 7.88
cents per ordinary unit
paid on 28 August 2014
49,991
38,396
(b) Out of the profits for the year
ended 30 June 2015 (see
Note 8 of the notes to the
financial statements):
(i) Interimdistribution of 7.67
cents per ordinary unit
paid on 26 February 2015
49,067
42,835
(ii) Final distribution of
8.17 cents per ordinary
unit declared by the
directors for payment on
27 August 2015
52,483
49,991
UNITS ON ISSUE
At 30 June 2015, 642,383,803 units of BWP Trust were on issue
(2014: 634,395,195).
PRINCIPAL ACTIVITY
The principal activity is property investment.
There has been no significant change in the nature of this activity
during the financial year.
TRUST ASSETS
At 30 June 2015, BWP Trust held assets to a total value of $2,018.0
million (2014: $1,837.4 million). The basis for valuation of investment
properties which comprises the majority of the value of the Trust’s
assets is disclosed in Note 6 of the notes to and forming part of the
financial statements.
FEE PAID TO THE RESPONSIBLE ENTITY AND ASSOCIATES
Management fees totalling $11,071,092 (2014: $8,566,858) were
paid or payable to the responsible entity out of Trust property during
the financial year.
TRUST INFORMATION
BWP Trust is a Managed Investment Scheme registered in Australia.
BWP Management Limited, the responsible entity of the Trust, is
incorporated and domiciled in Australia and holds an Australian
Financial Services Licence. The responsible entity’s parent company
and ultimate parent company is Wesfarmers Limited.
The registered office of the responsible entity is Level 11, 40
The Esplanade, Perth, Western Australia, 6000. The principal
administrative office of the responsible entity is Level 6, 40 The
Esplanade, Perth, Western Australia, 6000.
The Trust had no employees during the financial year (2014: nil).
Management services are provided to the responsible entity by
Wesfarmers Limited. Wesfarmers Limited employees seconded to
the responsible entity to provide management services to the Trust
are engaged in dedicated roles to act exclusively for the responsible
entity on behalf of the Trust and are paid directly by Wesfarmers
Limited. Short-term incentives paid by Wesfarmers Limited to
employees engaged by the responsible entity are based entirely on
the performance of the Trust and furthering the objectives of the Trust.
DIRECTORS
Mr J A Austin (Chairman)
Mr J K Atkins
Mr E Fraunschiel (from 1 February 2015)
Ms F E Harris
Mr R D Higgins
Mr A J Howarth
Mr M J G Steur (from 1 February 2015)
Mr M J Wedgwood (Managing Director)
Details of the directors appear on pages 20 and 21.
No director is a former partner or director of the current auditor of the Trust,
at a time when the current auditor has undertaken an audit of the Trust.
FINANCIAL REPORT
