Group Note 2023 2022 $’000 $’000 Gross rental income 330,905 356,441 Other income 33,841 26,730 Gross revenue 364,746 383,171 Property related tax (30,022) (30,300) Business tax (1,922) (2,138) Property management fees and reimbursables (23,399) (25,584) Other property operating expenses 19 (62,664) (70,933) Total property operating expenses (118,007) (128,955) Net property income 246,739 254,216 Manager’s management fees 20 (20,819) (21,782) Trustee’s fees (683) (729) Audit fees (1) (811) (693) Valuation fees (123) (87) Other operating (expenses)/income 21 (254) 185 Foreign exchange gain – realised 7,001 1,083 Finance income 3,723 4,169 Finance costs (70,394) (60,399) Net finance costs 22 (66,671) (56,230) Net income 164,379 175,963 Loss on liquidation of subsidiary (2) – (1,831) Gain on derecognition of lease liabilities (3) 1,574 – Change in fair value of investment properties 4 (39,769) 67,845 Change in fair value of financial derivatives (1,067) 1,861 Foreign exchange loss – unrealised (141) (927) Total return for the year before taxation 124,976 242,911 Taxation 23 (70,005) (87,785) Total return for the year after taxation 54,971 155,126 Attributable to: Unitholders 37,451 119,618 Perpetual securities holders 3,375 3,375 Non-controlling interests 17 14,145 32,133 Total return for the year after taxation 54,971 155,126 Earnings per Unit (cents) 24 - Basic 2.42 7.36 - Diluted 2.40 7.30 (1) Relates to audit and audit related fees paid or payable to auditors of the Group. There is no non-audit fees incurred for both years. (2) For 2022, the liquidation relates to the deconsolidation of the Group’s subsidiary, CapitaRetail China Investments (B) Gamma Pte. Ltd., following the company’s voluntary deregistration with the Corporate Affairs and Intellectual Property Office of Barbados which was completed on 10 Nov 2022. (3) This relates to CapitaMall Qibao as the mall had ceased operations since end of March 2023. STATEMENTS OF TOTAL RETURN Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. 154 CAPITALAND CHINA TRUST
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