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

  1. 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

  1. 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.
  2. Total comprehensive income for the period amounts to $350.4 million (30 June 2018: $599.6 million).
  3. 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

  1. 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

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

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