/ 1 6 0
NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
27.
Segment reporting
Segment information is presented based on the information reviewed by CIT’s Chief Operating Decision Makers
(CODMs) for performance assessment and resource allocation.
As each investment property is mainly used for industrial (including warehousing) purposes, these investment
properties are similar in terms of economic characteristics, nature of services and type of customers. The CODMs
are of the view that the Group has only one reportable segment – Leasing of investment properties. This forms
the basis of identifying the operating segments of CIT under FRS 108 Operating Segments. The Group has one
tenant who contributed more than 6.9% (2014: 7.3%) of its total revenue during the financial year. The revenue
contributed by this tenant was approximately $7.5 million (2014: $7.2 million).
Accordingly, no operating segment information has been prepared as the Group has only one reportable
segment. No geographical segment information has been prepared as all of the Group’s investment properties
are located in Singapore.
28.
Financial ratios
2015
2014
%
%
Expenses to weighted average net assets
(1)
– Expense ratio excluding performance-related fee
1.08
0.92
– Expense ratio including performance-related fee
(2)
1.08
1.12
Portfolio turnover rate
(3)
3.92
0.90
(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 CIT, excluding property related expenses, borrowing costs and income tax expense.
(2)
The expense ratio including performance–related fee would have been 1.56 (2014: 1.43) if adjusted for actual performance fee paid and
payable of $4.2 million (2014: $4.4 million) for the financial year. The payment of performance fees are subject to an annual fee cap.
(3)
The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of CIT expressed as a
percentage of daily average net asset value.
