Scentre Group Trust 1
Half-Year Financial Report
For the half-year ended 30 June 2019
Page | |
Statement of Comprehensive Income | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 3 |
Cash Flow Statement | 4 |
Notes to the Financial Statements | 5 |
Directors' Declaration | 11 |
Independent Auditor's Review Report | 12 |
Directors' Report | 13 |
Directory | 15 |
Scentre Management Limited ABN 41 001 670 579 AFS Licence No. 230329 as Responsible Entity of Scentre Group Trust 1 ARSN 090 849 746
SCENTRE GROUP TRUST 1
STATEMENT OF COMPREHENSIVE INCOME for the half-year ended 30 June 2019
30 Jun 19 | 30 Jun 18 | ||
Note | $million | $million | |
Revenue | |||
Property revenue | 315.8 | 303.3 | |
315.8 | 303.3 | ||
Expenses | |||
Property expenses, outgoings and other costs | (82.1) | (77.7) | |
Overheads | (7.0) | (7.3) | |
(89.1) | (85.0) | ||
Share of after tax profits of equity accounted entities | 182.9 | 487.1 | |
Interest income | 0.6 | 11.5 | |
Currency gain/(loss) | 1.8 | (10.9) | |
Financing costs | (173.8) | (303.7) | |
Gain in respect of capital transactions | 6 | 91.7 | - |
Property revaluations | 19.9 | 195.9 | |
Profit before tax | 349.8 | 598.2 | |
Tax expense | - | - | |
Profit after tax for the period | 349.8 | 598.2 | |
Other comprehensive income | |||
Movement in foreign currency translation reserve (i) | |||
- Realised and unrealised differences on the translation of investment in foreign | 0.6 | 1.4 | |
operations and asset hedging derivatives which qualify for hedge accounting | |||
Total comprehensive income for the period | 350.4 | 599.6 |
- This may be subsequently transferred to the profit and loss. In relation to the foreign currency translation reserve, the portion relating to the foreign operations may be transferred to the profit and loss depending on how the foreign operations are sold.
Profit after tax for the period attributable to: | |||
- Members of Scentre Group Trust 1 | 345.8 | 593.1 | |
- External non controlling interests | 4.0 | 5.1 | |
Profit after tax for the period | 349.8 | 598.2 | |
Total comprehensive income attributable to: | |||
- Members of Scentre Group Trust 1 | 346.4 | 594.5 | |
- External non controlling interests | 4.0 | 5.1 | |
Total comprehensive income for the period | 350.4 | 599.6 | |
cents | cents | ||
Basic earnings per unit attributable to members of Scentre Group Trust 1 | 5 | 6.50 | 11.14 |
Diluted earnings per unit attributable to members of Scentre Group Trust 1 | 5 | 6.50 | 11.14 |
Page 1
SCENTRE GROUP TRUST 1
BALANCE SHEET
as at 30 June 2019
30 Jun 19 | 31 Dec 18 | ||
Note | $million | $million | |
Current assets | |||
Cash and cash equivalents | 39.3 | 17.2 | |
Trade debtors | 7.9 | 4.6 | |
Derivative assets | 224.4 | 220.3 | |
Receivables | 7 | 1,206.3 | 99.2 |
Other current assets | 13.0 | 21.8 | |
Total current assets | 1,490.9 | 363.1 | |
Non current assets | |||
Investment properties | 9,191.5 | 10,359.0 | |
Equity accounted investments | 9,220.8 | 9,133.7 | |
Derivative assets | 730.2 | 662.3 | |
Other non current assets | 44.3 | 49.2 | |
Total non current assets | 19,186.8 | 20,204.2 | |
Total assets | 20,677.7 | 20,567.3 | |
Current liabilities | |||
Trade creditors | 63.5 | 81.1 | |
Payables and other creditors | 8 | 1,263.0 | 1,272.5 |
Interest bearing liabilities | 9 | 1,518.1 | 1,606.8 |
Derivative liabilities | 11.8 | 12.3 | |
Total current liabilities | 2,856.4 | 2,972.7 | |
Non current liabilities | |||
Interest bearing liabilities | 9 | 7,143.7 | 7,144.1 |
Other financial liabilities | 696.5 | 696.9 | |
Derivative liabilities | 327.4 | 264.4 | |
Total non current liabilities | 8,167.6 | 8,105.4 | |
Total liabilities | 11,024.0 | 11,078.1 | |
Net assets | 9,653.7 | 9,489.2 | |
Equity attributable to members of Scentre Group Trust 1 | |||
Contributed equity | 1,646.7 | 1,646.7 | |
Reserves | 23.5 | 22.9 | |
Retained profits | 7,756.5 | 7,591.5 | |
Total equity attributable to members of Scentre Group Trust 1 | 9,426.7 | 9,261.1 | |
Equity attributable to external non controlling interests | |||
Contributed equity | 75.9 | 75.9 | |
Retained profits | 151.1 | 152.2 | |
Total equity attributable to external non controlling interests | 227.0 | 228.1 | |
Total equity | 9,653.7 | 9,489.2 |
Page 2
SCENTRE GROUP TRUST 1 STATEMENT OF CHANGES IN EQUITY for the half-year ended 30 June 2019
Contributed | Retained | 30 Jun 19 | Contributed | Retained | 30 Jun 18 | ||||
Equity | Reserves | Profits | Total | Equity | Reserves | Profits | Total | ||
$million | $million | $million | $million | $million | $million | $million | $million | ||
Changes in equity attributable to | |||||||||
members of Scentre Group Trust 1 | |||||||||
Balance at the beginning of the period, as | |||||||||
reported | 1,646.7 | 22.9 | 7,591.5 | 9,261.1 | 1,658.1 | 10.9 | 6,955.6 | 8,624.6 | |
- | Impact of change in accounting | ||||||||
standard (i) | - | - | - | - | - | - | (1.4) | (1.4) | |
Adjusted balance at the beginning of the | |||||||||
period | 1,646.7 | 22.9 | 7,591.5 | 9,261.1 | 1,658.1 | 10.9 | 6,954.2 | 8,623.2 | |
- | Profit after tax for the period (ii) | - | - | 345.8 | 345.8 | - | - | 593.1 | 593.1 |
- | Other comprehensive income (ii) (iii) | - | 0.6 | - | 0.6 | - | 1.4 | - | 1.4 |
Transactions with owners in their capacity | |||||||||
as owners | |||||||||
- | Buy-back and cancellation of units | ||||||||
and associated costs | - | - | - | - | (11.4) | - | - | (11.4) | |
- | Distribution paid or provided for | - | - | (180.8) | (180.8) | - | - | (138.4) | (138.4) |
Closing balance of equity attributable to | |||||||||
members of Scentre Group Trust 1 | 1,646.7 | 23.5 | 7,756.5 | 9,426.7 | 1,646.7 | 12.3 | 7,408.9 | 9,067.9 | |
Changes in equity attributable to | |||||||||
external non controlling interests | |||||||||
Balance at the beginning of the period | 75.9 | - | 152.2 | 228.1 | 81.5 | - | 165.9 | 247.4 | |
Profit after tax for the period attributable to | |||||||||
external non controlling interests (ii) | - | - | 4.0 | 4.0 | - | - | 5.1 | 5.1 | |
Distribution paid or provided for | - | - | (5.1) | (5.1) | - | - | (5.7) | (5.7) | |
Decrease in external non controlling | |||||||||
interest | - | - | - | - | (5.6) | - | (11.6) | (17.2) | |
Closing balance of equity attributable to | |||||||||
external non controlling interests | 75.9 | - | 151.1 | 227.0 | 75.9 | - | 153.7 | 229.6 | |
Total equity | 1,722.6 | 23.5 | 7,907.6 | 9,653.7 | 1,722.6 | 12.3 | 7,562.6 | 9,297.5 |
- From 1 January 2018, the Trust adopted AASB 9 Financial Instruments. This resulted in a charge of $1.4 million to retained profits as at 1 January 2018, being the cumulative effect on initial application of the standard.
- Total comprehensive income for the period amounts to $350.4 million (30 June 2018: $599.6 million).
- Movement in reserves attributable to members of Scentre Group Trust 1 comprises realised and unrealised differences on the translation of investment in foreign operations and asset hedging derivatives which qualify for hedge accounting of $0.6 million (30 June 2018: $1.4 million).
Page 3
SCENTRE GROUP TRUST 1
CASH FLOW STATEMENT
for the half-year ended 30 June 2019
30 Jun 19 | 30 Jun 18 | |
$million | $million | |
Cash flows from operating activities | ||
Receipts in the course of operations (including Goods and Services Tax (GST)) | 354.1 | 335.1 |
Payments in the course of operations (including GST) | (101.5) | (91.3) |
Dividends/distributions received from equity accounted entities | 172.2 | 176.1 |
GST paid | (23.8) | (22.7) |
Payments of financing costs (excluding interest capitalised) | (175.9) | (180.6) |
Interest received | 0.4 | 11.7 |
Net cash flows from operating activities | 225.5 | 228.3 |
Cash flows from investing activities | ||
Capital expenditure | (64.6) | (128.0) |
Proceeds from the sale of assets | 1,336.5 | - |
Payments relating to the sale of assets | (24.7) | - |
Acquisition of listed securities | - | (15.8) |
Net outflows for investments in equity accounted entities | (76.9) | (84.8) |
Financing costs capitalised to qualifying development projects and construction in progress | (6.5) | (10.3) |
Net cash flows from/(used in) investing activities | 1,163.8 | (238.9) |
Cash flows from financing activities | ||
Buy-back of units and associated costs | - | (11.4) |
Net proceeds from interest bearing liabilities | 6.9 | 1.4 |
Net funds received from/(paid to) related entities | (1,188.2) | 166.4 |
Distributions paid | (180.8) | (138.4) |
Distributions paid by controlled entities to external non controlling interests | (5.1) | (6.1) |
Net cash flows from/(used in) financing activities | (1,367.2) | 11.9 |
Net increase in cash and cash equivalents held | 22.1 | 1.3 |
Add opening cash and cash equivalents brought forward | 17.2 | 11.0 |
Cash and cash equivalents at the end of the period (i) | 39.3 | 12.3 |
- Cash and cash equivalents comprises cash of $39.3 million (30 June 2018: $12.3 million) net of bank overdraft of nil (30 June 2018: nil).
Page 4
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Scentre Group Limited published this content on 22 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2019 01:27:04 UTC