FUNDS FROM OPERATIONS
$m 12 months to
31 December 2015
Net Property Income
– Australia 1,668
– New Zealand 156
Total Net Property Income 1,824
Management income 46
Project income 85
Gross Income 1,955
Overheads (91)
EBIT 1,864
Net Interest (499)
Earnings before Tax 1,365
Tax (72)
Minority interest (94)
Funds from Operations 1,199
DISTRIBUTION
$m 12 months to
31 December 2015
Funds from Operations 1,199
Retained Earnings (89)
Distribution 1,110
Number of securities (million) 5,311.6
Funds from Operations per Security (cents) 22.58
Distribution per Security (cents) 20.90
BALANCE SHEET - PROPORTIONATE
$m 31 December 2015 31 December 2014
Cash 153 190
Property investments
– Shopping centres 29,513 28,920
– Development projects and construction in progress 565 374
Total Property investments 30,078 29,294
Assets held for sale 417 1,005
Deferred tax assets 83 98
Other assets 1,217 833
Total assets 31,948 31,420
Interest bearing liabilities
– Current 1,713 579
– Non-current 9,391 11,316
Finance lease liabilities 54 57
Deferred tax liabilities 236 314
Other liabilities 1,492 1,316
Total liabilities 12,886 13,582
Net Assets 19,062 17,838
Minority interest (1,422) (1,667)
Net Assets attributable to Scentre Group 17,640 16,171
PROFIT AND FFO
$m PROFIT
12 months
to 31 December 2015
FFO Adjustments 1 FFO
12 months
to 31 December 2015
Financial
Statement Notes
A B C=A+B
Net Property Income
– Australia 1,632 36 1,668 Note 4(a)(iv)
– New Zealand 154 2 156 Note 4(a)(iv)
Total Net Property Income 1,786 38 1,824 Note 4(a)(iv)
Management income 2 46 - 46
Project income 3 85 - 85
Gross Income 1,917 38 1,955
Overheads (91) - (91) Note 4(a)(i)
Revaluations 1,539 (1,539) - Note 4(a)(i)
Gain in respect of capital transactions 19 (19) - Note 4(a)(i)
EBIT 3,384 (1,520) 1,864
Net Interest 4 (613) 114 (499)
Currency derivatives 103 (103) - Note 4(a)(i)
Earnings before Tax 2,874 (1,509) 1,365
Tax (38) (34) (72) Note 4(a)(i), Note 9, Note 16(a)
Minority interest 5 (128) 34 (94)
Profit after Tax / Funds from Operations 2,708 (1,509) 1,199
Retained earnings (89)
Distribution 1,110

1. FFO adjustments relate to revaluations, mark to market of interest rate and currency derivatives, tenant allowance amortisation, deferred tax benefit and gain on sale of capital transactions.
2. Management income $57m less management expenses $11m = $46m.
3. Project income $683m less project expenses $598m = $85m.
4. Financing costs $727m (Note 4(a)(i)) less interest income $8m (Note 4(a)(i)) less interest expense on other financial liabilities $81m (Note 7) less net fair value loss on other financial liabilities $25m (Note 7) = $613m.
5. Minority interest $22m (Note 4(a)(i)) plus interest expense on other financial liabilities $81m (Note 7) plus net fair value loss on other financial liabilities $25m (Note 7) = $128m.

BALANCE SHEET PROPORTIONATE 1
$m Consolidated Equity Accounted 31 December 2015
A B C=A+B
Cash 143 10 153
Property investments
– Shopping centres 27,161 2,352 29,513
– Development projects and construction in progress 494 71 565
Total Property investments 27,655 2,423 30,078
Assets held for sale 417 - 417
Equity accounted investments 2,333 (2,333) -
Deferred tax assets 83 - 83
Other assets 1,211 6 1,217
Total assets 31,842 106 31,948
Interest bearing liabilities
– Current 1,713 - 1,713
– Non-current 9,391 - 9,391
Finance lease liabilities 39 15 54
Deferred tax liabilities 180 56 236
Other liabilities 1,457 35 1,492
Total liabilities 12,780 106 12,886
Net Assets 19,062 - 19,062
Minority interest 2 (1,422) - (1,422)
Net Assets attributable to Scentre Group 17,640 - 17,640

1. Period end AUD/NZD exchange rate 1.0665 at 31 December 2015
2. Includes $1,155m of Property Linked Notes shown in minority interest given their equity characteristics, and $267m relating to Carindale