Five year financial summary

Year 2010
$M
2011
$M
2012
$M
2013
$M
2014
$M
Income statement
Gross property income 237.4 225.1 235.7 219.6 207.7
Management income 132.0 120.9 139.2 181.0 205.5
Development income 210.8 341.2 340.1 471.6 767.6
Distributions from investments 26.7 27.1 22.2 3.1 2.0
Net (loss)/gain on disposals of assets (12.4) 67.4 34.2 12.8 2.4
Net (loss)/gain from fair value adjustments
on investment properties (210.0) (26.4) 6.5 28.0 48.6
Share of net results of equity accounted investments (211.2) 174.5 166.6 228.8 445.2
Total income 173.3 929.8 944.5 1,144.9 1,679.0
Property expenses (59.8) (58.6) (61.7) (59.7) (60.1)
Development expenses (147.7) (262.9) (216.0) (311.4) (579.8)
Employee expenses (78.2) (83.6) (87.3) (98.8) (132.7)
Share based payments expense (5.8) (12.2) (24.4) (26.4) (32.0)
Administrative and other expenses (66.0) (53.9) (64.0) (70.5) (74.0)
Impairment losses (145.4) (47.2) (89.5) (65.4) (14.4)
Restructuring costs (9.8)
Net finance (costs)/income (154.1) 49.1 58.6 (303.7) (94.3)
Total expenses (657.0) (469.3) (484.3) (945.7) (987.3)
(Loss)/profit before income tax (483.7) 460.5 460.2 199.2 691.7
Income tax expense (1.0) (7.5) (9.7) (15.9) (13.0)
(Loss)/profit for the year (484.7) 453.0 450.5 183.3 678.7
Profit attributable to other non-controlling interests (52.3) (61.0) (42.2) (22.3) (21.4)
(Loss)/profit attributable to Securityholders (537.0) 392.0 408.3 161.0 657.3
Operating profit reconciliation (non-IFRS)
Operating profit available for distribution 310.0 383.9 463.4 544.1 601.1
Adjustments for:
Property valuation (losses)/gains (583.4) 16.0 (6.6) (36.7) 172.4
Non-property related impairment losses (55.3) (26.2) (21.5)
Derivative mark to market and unrealised
foreign exchange movements (80.5) 35.1 5.1 (293.0) (78.4)
Other non-cash adjustments or non-recurring losses (127.8) (16.8) (32.1) (53.4) (37.8)
(Loss)/profit attributable to Securityholders (537.0) 392.0 408.3 161.0 657.3
Operating profit per stapled security
(cents per security)1 26.3 28.3 30.5 32.4 34.8
Distributions (cents per security) 17.0 17.5 18.0 19.4 20.7

1. Fully diluted for performance rights

 

 

 

Year 2010
$M
2011
$M
2012
$M
2013
$M
2014
$M
Balance sheet
Cash and receivables 1,008.6 548.5 605.9 1,172.8 780.8
Property assets 3,223.6 3,409.6 3,469.8 3,355.4 3,663.0
Equity accounted investments 2,304.1 2,597.4 2,893.4 3,243.1 3,855.6
Intangible assets 929.4 827.9 783.2 891.4 932.7
Other (including derivative financial instruments) 157.4 181.5 467.6 228.0 171.8
Total assets 7,623.1 7,564.9 8,219.9 8,890.7 9,403.9
Payables and provisions 387.1 467.0 434.1 438.4 566.7
Interest bearing liabilities 2,276.6 1,913.8 2,347.5 2,249.8 2,160.5
Other (including derivative financial instruments) 212.8 170.2 263.7 366.8 446.3
Total liabilities 2,876.5 2,551.0 3,045.3 3,055.0 3,173.5
Net assets 4,746.6 5,013.9 5,174.6 5,835.7 6,230.4
Non-controlling interests (798.1) (573.1) (318.8) (331.5) (325.8)
Net assets (after non-controlling interests) 3,948.5 4,440.8 4,855.8 5,504.2 5,904.6
NTA per security ($) 2.38 2.45 2.54 2.69 2.88
Gearing ratio (%) 24.9 23.0 23.9 18.5 19.5
Statement of changes in equity
Total equity at the beginning of the year 3,776.9 4,746.6 5,013.9 5,174.6 5,835.7
Total comprehensive income for the year (593.4) 325.7 429.9 460.2 797.4
3,183.5 5,072.3 5,443.8 5,634.8 6,633.1
Contributions of equity, net of transaction costs 1,343.6 241.7 33.3 441.4 42.1
Distributions provided or paid (212.9) (250.0) (283.1) (243.7) (445.4)
Other transactions with equity holders 5.4 10.9 22.8 20.9 27.7
Movements in non-controlling interests during the year 427.0 (61.0) (42.2) (17.7) (27.1)
Total equity at the end of the year 4,746.6 5,013.9 5,174.6 5,835.7 6,230.4
Cash flow statement
Net cash provided by operating activities 195.2 294.4 266.8 356.1 404.4
Net cash provided by/(used in) investing activities 17.1 (355.5) (220.8) 146.4 (228.5)
Net cash provided by/(used in) financing activities 60.3 (226.2) 37.0 (167.9) (461.4)
Net increase/(decrease) in cash held 272.6 (287.3) 83.0 334.6 (285.5)
Cash at the beginning of the year 242.5 515.1 227.8 310.8 645.4
Cash at the end of the year 515.1 227.8 310.8 645.4 359.9