Page 20 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 77

NOTES TO THE FINANCIAL STATEMENTS

Period from 19 May 2010 (date of constitution) to 31 December 2010

24 Amount available for distribution (Continued)

For the financial period from 19 May 2010 (date of constitution) to 30 September 2010, an interim distribution of 2.5 cents per unit was approved by the Board of Directors of the Trustee-Manager. The said distribution of $6.0 million was paid in December 2010. A final distribution of 2.5 cents per unit or $6.4 million has been proposed by the Board of Directors of the Trustee-Manager. The interim and final distributions for the period would comprise:

Period from 19/5/2010 to 31/12/2010 $’000

Distribution from operations 4,100 Distribution from realised gains (Note B) 8,311

12,411

Period from 19/5/2010 to 31/12/2010 $’000

Note A:

Adjustment items

– Depreciation of property, plant and equipment 121 – Deferred tax expense 12,205 – Unrealised foreign exchange gains (4,133) – Changes in fair value of investment properties (33,040) – Changes in fair value of financial derivatives (1,552) – Realised gains on settlement of financial derivatives (9,479) – Unit option expense 368 Distribution adjustments (35,510)

Note B:

Prior to the listing of the Trust, CREO sold its interest in Tangdao Bay development site and realised a profit of approximately $22.6 million from the sale in December 2009. In addition, CREO sold its interest in units of RREEF China Commercial Trust in the first quarter of 2010 and realised a profit of approximately $4.2 million from the disposal. Such profits form part of the Unitholders’ contribution to the Group and a portion of such earnings amounting to $8.3 million will be utilised to pay the distribution for the financial period ended 31 December 2010. The balance of $18.5 million will be available for future distributions to be made.

25 Earnings per unit

(a) Basic earnings per unit

The calculation of basic earnings per unit for the Group was based on the profit for the period attributable to Unitholders and a weighted average number of units outstanding:

Group 2010 $’000

Profit for the period attributable to Unitholders 39,610

2010 Number of units

Units issued at the date of the constitution 240,180,020 Effect of new units issued during the period 746,677 Weighted average number of units outstanding during the period 240,926,697