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