Notes to the financial statements Year ended 31 December 2024 25. RELATED PARTY TRANSACTIONS (continued) During the financial year, other than those disclosed elsewhere in the financial statements, the following were significant related party transactions carried out in the normal course of business on arm’s length commercial terms: Group 2024 2023 $’000 $’000 Divestment fee paid to the Manager 783 – Project management fees paid/payable to related parties 677 1,174 26. FINANCIAL RATIOS Group 2024 2023 % % Ratio of expenses to average net asset value(1) – including performance component of Manager’s management fees 0.85 0.88 – excluding performance component of Manager’s management fees 0.51 0.54 Portfolio turnover rate(2) 6.5 – Notes: (1) The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses and finance costs. (2) The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of weighted average net asset value. 27. OPERATING SEGMENTS For the purpose of making resource allocation decisions and the assessment of segment performance, the Group’s Chief Operating Decision Makers (“CODMs”) review internal/management reports of its strategic divisions. This forms the basis of identifying the operating segments of the Group consistent with the principles of FRS 108 Operating Segments. The Group is organised into the following main business segments: – Retail Malls: management of retail properties in China; – Business Parks: management of business parks in China; and – Logistics Parks: management of logistics parks in China. Segment revenue comprises mainly income generated from its tenants. Segment net property income represents the income earned by each segment after allocating property operating expenses. This is the measure reported to the CODMs for the purpose of assessment of segment performance. In addition, the CODMs monitor the non-financial assets as well as financial assets attributable to each segment when assessing segment performance. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly the Trust’s financial assets and liabilities and its expenses. Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more than one year. Information regarding the Group’s reportable segments is presented in the tables in the following pages. For the purpose of monitoring segment performance, the Group’s CODMs monitor the non-financial assets as well as financial assets attributable to each segment. 145 Annual Report 2024
RkJQdWJsaXNoZXIy NTM2MDQ5