Notes to the financial statements Year ended 31 December 2024 15. UNITHOLDERS’ FUNDS (continued) (a) The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments relating to forecast hedged transactions. (b) The foreign currency translation reserve comprises: (i) foreign exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the functional currency of the Trust; (ii) the gains or losses on financial instruments used to hedge the Group’s net investment in foreign operations that are determined to be effective hedges; and (iii) the foreign exchange differences on monetary items which form part of the Group’s net investment in foreign operations, provided certain conditions are met. (c) General reserve The subsidiaries incorporated in China are required to transfer 10% of their profits after taxation, as determined under the accounting principles and relevant financial regulations of China to the general reserve until the reserve balance reaches 50% of registered capital. The transfer to this reserve must be made before distribution of dividends to its shareholders. General reserve can be used to make good previous years’ losses, if any, and may be converted to registered capital in proportion to the existing interests of the shareholders, provided that the balance after such conversion is not less than 25% of the registered capital. 16. UNITS IN ISSUE AND PERPETUAL SECURITIES (a) Units in issue 2024 2023 Number of Units Number of Units Balance as at beginning of year 1,688,862,115 1,673,892,897 New Units issued: – As payment of distribution through distribution reinvestment plan 15,494,730 1,473,597 – As payment of Manager’s management fees 16,010,485 13,495,621 Total issued Units as at end of the year 1,720,367,330 1,688,862,115 New Units to be issued: – as payment of Manager’s management fees 19,612,240 16,010,485 Total issued and issuable Units as at end of the year 1,739,979,570 1,704,872,600 Units issued during the year ended 31 December 2024 are as follows: (a) On 27 March 2024, the Trust issued 15,494,730 new Units at an issue price of $0.806 per Unit as payment of distribution under the distribution reinvestment plan for the period from 1 July 2023 to 31 December 2023; and (b) On 27 September 2024, the Trust issued 6,479,178 and 9,531,307 new Units at an issue price of $0.9326 per Unit as partial payment of the base and performance management fee respectively for the period from 1 January 2023 to 31 December 2023; 136 CapitaLand China Trust
RkJQdWJsaXNoZXIy NTM2MDQ5