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10. ISSUED CAPITAL
June 2016
$000
June 2015
$000
Balance at the beginning of the
financial year
945,558
924,786
Issue of units – DRP:
-
-
August 2014 at $2.4937 per unit
-
13,290
-
-
February 2015 at $2.8137 per
unit
-
7,482
Balance at the end of the
financial year
945,558
945,558
During the year no new units were issued under the Trust’s distribution
reinvestment plan, therefore the number of ordinary units on issue as
at 30 June 2016 remained at 642,383,803 (2015: 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 (“DRP”). The DRP
was in place for both the interim distribution and final distribution for
the year ended 30 June 2016 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 2016
$000
June 2015
$000
Balance at the beginning of the
financial year
(10,943)
(12,047)
Effective portion of changes in fair
value of cash flow hedges:
-
-
Realised losses transferred to
profit or loss
4,981
5,290
-
-
Unrealised losses on cash flow
hedges
(4,016)
(4,186)
Balance at the end of the
financial year
(9,978)
(10,943)
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 2016
June 2015
Net earnings used in calculating
basic and diluted earnings per
unit ($000)
310,504
210,079
Basic and diluted earnings per
unit (cents)
48.34
32.84
Basic and diluted earnings per
unit excluding unrealised gains in
fair value of investment properties
(cents)
16.79
15.88
Weighted average number
of units on issue used in the
calculation of basic and diluted
earnings per unit
642,383,803
639,766,648
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.
BWP Trust Annual Report 2016
39
Financial Report