Page 14 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 83

NOTES TO THE FINANCIAL STATEMENTS

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

29 Segment reporting

Business segment

Period from 19/5/2010 to 31/12/2010

City Center

Central Plaza

Treasury Building

Properties under

development Total $’000 $’000 $’000 $’000 $’000

Gross rental income 27,691 8,631 3,210 – 39,532 Other income 30 5 4 5 44

Gross revenue 27,721 8,636 3,214 5 39,576

Business and property – related taxes (3,443) (1,063) (378) (14) (4,898) Property management fees (1,847) (578) (223) – (2,648) Other property expenses (6,464) (2,402) (609) – (9,475)

Total property operating expenses (11,754) (4,043) (1,210) (14) (17,021)

Net property income/(loss) 15,967 4,593 2,004 (9) 22,555

Trustee-Manager’s fees (6,425) Administrative expenses (10,001) Finance income 192 Finance costs (38,322) Net foreign exchange gains 40,523 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

Profit before tax 52,593 Income tax expense (12,983)

Total profit for the period attributable to

Unitholders before distribution 39,610

30 Commitments

Capital commitment

The Group entered into contracts to develop or refurbish certain investment properties. At 31 December 2010, the commitment under those contracts amounted to $8.6 million.

Operating leases

The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable as follows:

2010 Group $’000

Receivable:

– within 1 year 66,027 – after 1 year but within 5 years 83,681 – after 5 years 5,491

155,199

The Group leases out its investment properties to tenants under lease agreements for periods ranging from 6 months to 10 years with options granted to certain tenants to renew their leases.