250
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
27 EARNINGS PER SHARE
(continued)
Weighted average number of ordinary shares
Group
Period from
1/7/2014 to Year ended
31/12/2015
30/6/2014
Number
Number
of shares
of shares
’000
’000
At the beginning of the period/year
382,871
382,871
Effects of share consolidation
(375,214)
–
Effect of units issued during the period/year
1,146,333
–
Weighted average number of ordinary shares during the period/year
1,153,990
382,871
Diluted earnings/(loss) per share
The diluted earnings/(loss) per share is the same as basic earnings/(loss) per share as 20,590,000 (2014: 360,000)
share options were not included in the calculation of diluted earnings per share. Those options were anti-dilutive for the
periods presented.
28 OPERATING SEGMENTS
Management determines the operating segments based on the reports reviewed and used by the Group’s CEO for
strategic decisions making and resources allocation. For management purposes, the Group is organised into Singapore,
China, management businesses and corporate and others.
The China segment comprises mainly large scale integrated mixed use projects which are under development,
2 operational retail malls and 1 operational integrated development. The Singapore segment comprises mainly income
producing projects located in downtown civic district, central business district and Orchard Road precinct. Management
businesses include asset and retail management, project development, project and design management, as well as
investment advisory services. Other developing markets together with corporate function are included under corporate
and others.
Management monitors the operating results of each of its business units for the purpose of making decisions on resource
allocation and performance assessment. Performance is measured based on segment earnings before interest and tax
(“EBIT”). EBIT is used to measure performance as management believes that such information is the most relevant in
evaluating the results of certain segments relative to other entities that operate within these industries. Tax expenses are
managed on a group basis and are not allocated to operating segments. Inter-segment pricing is determined on arm’s
length basis.
