FINANCIAL SUMMARY AND CORPORATE INFORMATION

FIVE YEAR FINANCIAL SUMMARY

2011
$M
2012
$M
2013
$M
2014
$M
2015
$M
Income statement
Gross property income 225.1 235.7 219.6 207.7 206.1
Management income 120.9 139.2 181.0 205.5 215.3
Development income 341.2 340.1 471.6 767.6 763.7
Distributions from investments 27.1 22.2 3.1 2.0 -
Net gain/(loss) on disposals of assets 67.4 34.2 12.8 2.4 41.5
Net (loss)/gain from fair value adjustments
on investment properties
(26.4) 6.5 28.0 48.6 515.9
Share of net results of equity accounted investments 174.5 166.6 228.8 445.2 614.1
Total income 929.8 944.5 1,144.9 1,679.0 2,356.6
Property expenses (58.6) (61.7) (59.7) (60.1) (59.4)
Development expenses (262.9) (216.0) (311.4) (579.8) (619.0)
Employee expenses (83.6) (87.3) (98.8) (132.7) (144.8)
Share based payments expense (12.2) (24.4) (26.4) (32.0) (51.0)
Administrative and other expenses (53.9) (64.0) (70.5) (74.0) (76.2)
Impairment losses (47.2) (89.5) (65.4) (14.4) (28.2)
Restructuring costs - - (9.8) - -
Net finance income/(costs) 49.1 58.6 (303.7) (94.3) (127.8)
Total expenses (469.3) (484.3) (945.7) (987.3) (1,106.4)
Profit before income tax 460.5 460.2 199.2 691.7 1,250.2
Income tax expense (7.5) (9.7) (15.9) (13.0) (21.0)
Profit for the year 453.0 450.5 183.3 678.7 1,229.2
Profit attributable to other non-controlling interests (61.0) (42.2) (22.3) (21.4) (21.2)
Profit attributable to Securityholders 392.0 408.3 161.0 657.3 1,208.0
Operating profit reconciliation (non-IFRS)
Operating profit available for distribution 383.9 463.4 544.1 601.1 653.5
Adjustments for:
Property valuation gains/(losses) 16.0 (6.6) (36.7) 172.4 709.7
Non-property related impairment losses (26.2) (21.5) - - -
Derivative mark to market and unrealised foreign exchange movements 35.1 5.1 (293.0) (78.4) (99.8)
Other non-cash adjustments or non-recurring losses (16.8) (32.1) (53.4) (37.8) (55.4)
Profit attributable to Securityholders 392.0 408.3 161.0 657.3 1,208.0
Operating profit per stapled security (cents per security)1 28.3 30.5 32.4 34.8 37.2
Distributions (cents per security) 17.5 18.0 19.4 20.7 22.2

1. Fully diluted for performance rights.

2011
$M
2012
$M
2013
$M
2014
$M
2015
$M
Balance sheet
Cash and receivables 548.5 605.9 1,172.8 780.8 1,137.0
Property assets 3,409.6 3,469.8 3,355.4 3,663.0 4,337.7
Equity accounted investments 2,597.4 2,893.4 3,243.1 3,855.6 4,508.8
Intangible assets 827.9 783.2 891.4 932.7 976.4
Other (including derivative financial instruments) 181.5 467.6 228.0 171.8 302.4
Total assets 7,564.9 8,219.9 8,890.7 9,403.9 11,262.3
Payables and provisions1 467.0 512.2 520.0 656.8 732.0
Interest bearing liabilities 1,913.8 2,347.5 2,249.8 2,160.5 2,707.9
Other (including derivative financial instruments)1 170.2 185.6 285.2 356.2 446.3
Total liabilities 2,551.0 3,045.3 3,055.0 3,173.5 3,886.2
Net assets 5,013.9 5,147.6 5,835.7 6,230.4 7,376.1
Non-controlling interests (573.1) (318.8) (331.5) (325.8) (325.8)
Net assets (after non-controlling interests) 4,440.8 4,855.8 5,504.2 5,904.6 7,050.3
NTA per security ($) 2.45 2.54 2.69 2.88 3.46
Gearing ratio2 (%) 23.0 23.9 18.5 19.5 17.3
Statement of changes in equity
Total equity at the beginning of the year 4,746.6 5,013.9 5,174.6 5,835.7 6,230.4
Total comprehensive income for the year 325.7 429.9 460.2 797.4 1,429.2
5,072.3 5,443.8 5,634.8 6,633.1 7,659.6
Contributions of equity, net of transaction costs 241.7 33.3 441.4 42.1 89.3
Distributions provided or paid (250.0) (283.1) (243.7) (445.4) (388.3)
Other transactions with equity holders 10.9 22.8 20.9 27.7 36.7
Movements in non-controlling interests during the year (61.0) (42.2) (17.7) (27.1) (21.2)
Total equity at the end of the year 5,013.9 5,174.6 5,835.7 6,230.4 7,376.1
Cash flow statement
Net cash provided by operating activities 294.4 266.8 356.1 404.4 654.7
Net cash used in investing activities (355.5) (220.8) 146.4 (228.5) (147.8)
Net cash (used in)/provided by financing activities (226.2) 37.0 (167.9) (461.4) (120.3)
Net (decrease)/increase in cash held (287.3) 83.0 334.6 (285.5) 386.6
Cash at the beginning of the year 515.1 227.8 310.8 645.4 359.9
Cash at the end of the year 227.8 310.8 645.4 359.9 746.5

1. To conform with the current year’s presentation, certain prior year comparatives have been reclassified.

2. Gearing calculated as total interest bearing liabilities over total assets.

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