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DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2016
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 2015
and ended 30 June 2016. The information on pages 1 to 25 forms part
of this Directors’ report and is to be read in conjunction with the following
information:
RESULTS AND DISTRIBUTIONS
June 2016
$000
June 2015
$000
Profit attributable to unitholders
of BWP Trust
310,504
210,079
Realised gains on disposal of
investment properties
-
(371)
Net unrealised gains in fair value
of investment properties
(202,633)
(108,137)
Distributable profit for the year
107,871
101,571
Opening undistributed profit
22
1
Closing undistributed profit
(36)
(22)
Distributable amount
107,857
101,550
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 2016:
June 2016
$000
June 2015
$000
(a) Out of the profits for the
year ended 30 June 2015 on
ordinary units as disclosed in
last year’s Directors’ report:
(i) Final distribution of 8.17
cents per ordinary unit
paid on 27 August 2015
52,483
49,991
(b) Out of the profits for the year
ended 30 June 2016 (see
Note 8 of the notes to the
financial statements):
(i) Interimdistribution of 8.29
cents per ordinary unit
paid on 25 February 2016
53,254
49,067
(ii) Final distribution of
8.50 cents per ordinary
unit declared by the
directors for payment on
25 August 2016
54,603
52,483
UNITS ON ISSUE
At 30 June 2016, 642,383,803 units of BWP Trust were on issue
(2015: 642,383,803).
PRINCIPALACTIVITY
The principal activity is property investment.
There has been no significant change in the nature of this activity
during the financial year.
TRUSTASSETS
At 30 June 2016, BWP Trust held assets to a total value of $2,200.5
million (2015: $2,018.0 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 ENTITYAND
ASSOCIATES
Management fees totalling $11,793,442 (2015: $11,071,092) 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 (2015: 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
Information on directors
Mr E Fraunschiel (Chairman)
Ms F E Harris
Mr R D Higgins
Mr AJ Howarth
Mr MJ G Steur
Mr MJWedgwood (Managing Director)
Mr J KAtkins (resigned 31 August 2015)
Mr J AAustin (retired 2 December 2015)
Details of the current directors appear on page 25.
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.
BWP Trust Annual Report 2016
46
Financial Report