NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 19 TAX EXPENSE/(INCOME) (CONT’D) Provision for Taxation Uncertainties exist with respect to the interpretation of complex tax regulations in the jurisdictions in which the Group operates and the amount and timing of future taxable income. Given the span of tax regulations which may apply to the various taxable entities or persons within the Group, the cross-border and long-term nature and complexity of the contractual arrangements and the conditions to the tax rulings which have been obtained, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax provisions recorded or require new or additional tax provisions to be recorded. The Group establishes provisions, based on reasonable estimates, for anticipated tax liabilities or possible consequences of audits by the tax authorities of the respective jurisdictions in which it operates. The amount of such provisions is based on various factors, such as differing interpretations of tax regulations between the taxable entity or person involved and the relevant tax authority and anticipated future changes in the tax laws that may have a direct impact on any tax ruling or favourable tax treatment relied upon. Such instances may arise on a wide variety of issues depending on the conditions prevailing in the domicile of the respective entity or person involved. 20 EARNINGS PER UNIT Basic earnings per Unit is based on: Group 2025 2024 US$’000 US$’000 Net loss for the year (87,653) (178,003) No. of Units No. of Units ’000 ’000 Weighted average number of Units 1,835,124 1,835,124 Basic EPU is calculated based on the weighted number of Units for the year. This is comprised of: (i) the weighted average number of Units in issue for the year; and (ii) the estimated weighted average number of Units issuable as payment of the Manager’s fees and Property Manager’s management fees for the year. Diluted EPU is the same as the basic EPU as there are no dilutive instruments in issue during the year. 21 FINANCIAL RISK MANAGEMENT Capital management The Manager’s objective when managing capital is to optimise the Group’s capital structure within the borrowing limits set out in the CIS Code by the MAS to fund future acquisitions and asset enhancement projects at the Trust’s properties. To maintain or achieve an optimal capital structure, the Manager may issue new Units or source additional borrowings from both financial institutions and capital markets. The Group has a policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Manager monitors the yield, which is defined as net property income from the property divided by the latest valuation for the property. The Manager also monitors the level of distributions made to Unitholders. / 138 / EXPANDING HORIZONS
RkJQdWJsaXNoZXIy NTM2MDQ5