ARSN 096 588 046
Annual Report
30 June 2016
TABLE OF CONTENTS
CORPORATE DIRECTORY 1
CHAIRMAN'S REPORT 2
REVIEW OF OPERATIONS 3
DIRECTORS AND SECRETARIES 4
CORPORATE GOVERNANCE 5
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 6
Financial
Statements
STATEMENT OF FINANCIAL POSITION 7
STATEMENT OF CHANGES IN EQUITY 8
STATEMENT OF CASH FLOWS 9
NOTES TO THE FINANCIAL STATEMENTS 10
DIRECTORS' DECLARATION 29
DIRECTORS' REPORT 30
INDEPENDENT AUDIT REPORT 33
AUDITOR'S INDEPENDENCE DECLARATION 35
ASX ADDITIONAL INFORMATION 36
TERMS AND ABBREVIATIONS
This report uses terms and abbreviations relevant to the Trust's activities and financial accounts. The terms "Agricultural Land Trust", "Trust" and "Group", unless indicated otherwise, refer to the consolidated entity comprising the parent entity (being the Agricultural Land Trust) and its subsidiaries. In some instances the term "Agricultural Land Trust" refers to the parent entity and not the consolidated entity however, where applicable, this has been disclosed in the report.
The terms "One Managed Investment Funds Limited" and "Responsible Entity" are used in this report to refer to One Managed Investment Funds Limited.
The terms "the year" and "2016" refer to the twelve months ended 30 June 2016 unless otherwise stated. Similarly, references to 2015 refer to the twelve months to 30 June of that year.
AGRICULTURAL LAND TRUST ANNUAL REPORT 2016
CORPORATE DIRECTORY
Responsible Entity One Managed Investment Funds Limited
ABN 47 117 400 987
Level 11, 20 Hunter Street
Sydney NSW 2000
Phone: (02) 8277 0000
Facsimile: (02) 8580 5700
Australian Financial Services Licence Number: 297042
Postal Address PO Box R1471
Royal Exchange NSW 1225
Registered Address Level 11, 20 Hunter Street
Sydney NSW 2000
Directors Justin Epstein (Chairman and Executive Director)
Frank Tearle (Executive Director and Company Secretary) Elizabeth Reddy (Non-Executive Director)
Secretary Frank Tearle
Registry Computershare Investor Services Pty Limited Level 5, 115 Grenfell Street
Adelaide SA 5000
Phone: 1300 727 620
Facsimile: 1300 534 987
Auditor Crowe Horwath Sydney Level 15, 1 O'Connell Street
Sydney NSW 2000
Bankers Australia and New Zealand Banking Group Limited Commonwealth Bank Australia Limited
National Australia Bank Limited St George Bank Limited
Westpac Banking Corporation Limited
ASX code AGJ
Website www.agriculturallandtrust.com.au
1
AGRICULTURAL LAND TRUST ANNUAL REPORT 2016
CHAIRMAN'S REPORT
Following the Trust's restructure in March 2014, the only remaining property in the Trust is the iconic property in Esperance, Western Australia, known as "Linkletters Place".
For the year, the net income of the Trust was $1.49 million (2015: net income of $3.5 million). This includes an asset revaluation adjustment of $2.45 million (2015: asset revaluation of $4.7 million) reflecting current rural forestry values. As a result of the revaluation, the book value of the Linkletters property is $20.10 million (2015: $17.65 million). Cash flow from operating activities was down from last year 5% (2015: down 103%) with an outflow of $0.32 million (2015: outflow of $0.33 million).
As previously outlined, it is intended that Linkletter's Place is remediated which will enable a return to grazing and crop producing activities. We note that there has been no significant progress toward remediation of the property at this time as a result of negotiating with a number of parties to implement an alternative proposal to extract value for investors from the remediation process. We continue to explore the optimal mechanism to achieve this and will advise investors once this has been determined.
The Trust extended the syndicated loan facility to 30 September 2016. In conjunction with exploring the optimal structure to realise value from the remediation process, we are continuing to negotiate with a new financier.
The Directors have determined the Trust will not pay a distribution for this year (2015: $nil cents per unit).
As reported to the market in the first half of the financial year, there will be a continual absence of rental income until remediation is completed and the property is ready to be leased.
Justin Epstein Chairman
One Managed Investment Funds Limited Sydney
30 August 2016
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Agricultural Land Trust published this content on 31 August 2016 and is solely responsible for the information contained herein.
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