Dexus (ASX: DXS)
ASX release
17 August 2022
2022 Financial Statements
In addition to Dexus's 2022 Annual Report, which includes the Financial Statements for Dexus Property Trust, Dexus provides the 2022 Financial Statements for Dexus Operations Trust.
Authorised by the Board of Dexus Funds Management Limited
For further information please contact: | |
Investors | Media |
Rowena Causley | Louise Murray |
Head of Listed Investor Relations | Senior Manager, Corporate Communications |
+61 2 9017 1390 | +61 2 9017 1446 |
+61 416 122 383 | +61 403 260 754 |
rowena.causley@dexus.com | louise.murray@dexus.com |
About Dexus
Dexus (ASX: DXS) is one of Australia's leading fully integrated real estate groups, managing a high-quality Australian property portfolio valued at $44.3 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $18.4 billion of office, industrial and healthcare properties, and investments. We manage a further $25.9 billion of office, retail, industrial and healthcare properties for third party clients. The group's $17.7 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. Sustainability is integrated across our business, and our sustainability approach is the lens we use to manage emerging ESG risks and opportunities for all our stakeholders. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange and is supported by more than 29,000 investors from 24 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted returns for investors. www.dexus.com
Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 25, 264 George Street, Sydney NSW 2000
Financial Statements 2022
Dexus Operations Trust
Financial Report
30 June 2022
ARSN: 110 521 223
Contents | ||
Auditor's Independence Declaration ............................................................................................................................. | 9 | |
Consolidated Statement of Comprehensive Income ..................................................................................................... | 10 | |
Consolidated Statement of Financial Position .............................................................................................................. | 11 | |
Consolidated Statement of Changes in Equity ............................................................................................................. | 12 | |
Consolidated Statement of Cash Flows ....................................................................................................................... | 13 | |
Notes to the Consolidated Financial Statements .......................................................................................................... | 14 | |
Trust performance ...................................................................................................................................................... | 18 | |
Note 1 | Operating segments............................................................................................................................... | 18 |
Note 2 | Management fees and other revenue ..................................................................................................... | 18 |
Note 3 | Property revenue and expenses............................................................................................................. | 19 |
Note 4 | Management operations, corporate and administration expenses ............................................................ | 20 |
Note 5 | Finance costs ........................................................................................................................................ | 20 |
Note 6 | Taxation ................................................................................................................................................ | 21 |
Note 7 | Earnings per unit.................................................................................................................................... | 23 |
Note 8 | Distributions paid and payable................................................................................................................ | 23 |
Property portfolio assets ............................................................................................................................................. | 24 | |
Note 9 | Investment properties ............................................................................................................................ | 24 |
Note 10 | Investments accounted for using the equity method ................................................................................ | 28 |
Note 11 | Inventories............................................................................................................................................. | 31 |
Capital and financial risk management and working capital .......................................................................................... | 33 | |
Note 12 | Capital and financial risk management ................................................................................................... | 33 |
Note 13 | Lease liabilities ...................................................................................................................................... | 36 |
Note 14 | Commitments and contingencies............................................................................................................ | 37 |
Note 15 | Contributed equity.................................................................................................................................. | 38 |
Note 16 | Reserves............................................................................................................................................... | 39 |
Note 17 | Working capital ...................................................................................................................................... | 40 |
Other disclosures........................................................................................................................................................ | 43 | |
Note 18 | Plant and equipment .............................................................................................................................. | 43 |
Note 19 | Intangible assets.................................................................................................................................... | 43 |
Note 20 | Financial assets at fair value through other comprehensive income ......................................................... | 46 |
Note 21 | Audit, taxation and transaction service fees ............................................................................................ | 46 |
Note 22 | Cash flow information ............................................................................................................................ | 47 |
Note 23 | Security-based payments....................................................................................................................... | 48 |
Note 24 | Related parties ...................................................................................................................................... | 49 |
Note 25 | Parent entity disclosures ........................................................................................................................ | 50 |
Note 26 | Business combination ............................................................................................................................ | 51 |
Note 27 | Subsequent events ................................................................................................................................ | 52 |
Directors' Declaration.................................................................................................................................................. | 53 | |
Independent Auditor's Report...................................................................................................................................... | 54 |
Dexus consists of two stapled managed investment schemes, Dexus Property Trust and Dexus Operations Trust, collectively referred to as DXS or the Group. Dexus stapled securities are listed on the Australian Securities Exchange under the "DXS" code.
The registered office of the Group is Level 25, Australia Square, 264 -278 George Street, Sydney, NSW, 2000.
Dexus Operations Trust | Contents | |
For the year ended 30 June 2022 | |
dexus.com | 1 |
Directors' Report
The Directors of Dexus Funds Management Limited (DXFM) as Responsible Entity of Dexus Operations Trust (DXO or the Trust) present their Directors' Report together with the Consolidated Financial Statements for the year ended 30 June 2022. The Consolidated Financial Statements represents DXO and its consolidated entities.
The Trust together with Dexus Property Trust (DPT) form the Dexus stapled security (DXS or the Group).
Directors and Secretaries
Directors
The following persons were Directors of DXFM at all times during the year and to the date of this Directors' Report, unless otherwise stated:
Directors | Appointed |
W Richard Sheppard, BEc (Hons), FAICD | 1 January 2012 |
Patrick N J Allaway, BA/LLB | 1 February 2020 |
Penny Bingham-Hall, BA (Industrial Design), FAICD, SF Fin | 10 June 2014 |
Tonianne Dwyer, BJuris (Hons), LLB (Hons) | 24 August 2011 |
Mark H Ford, Dip. Tech (Commerce), CA, FAICD | 1 November 2016 |
Warwick Negus, BBus (UTS), MCom (UNSW), SF Fin | 1 February 2021 |
The Hon. Nicola L Roxon, BA/LLB (Hons), GAICD | 1 September 2017 |
Darren J Steinberg, BEc, FRICS, FAPI, FAICD | 1 March 2012 |
Company Secretaries | |
The names and details of the Company Secretaries of DXFM as at 30 June 2022 are as follows: | |
Brett D Cameron LLB/BA (Science and Technology), GAICD, FGIA | |
Appointed: 31 October 2014 |
Brett is the General Counsel and a Company Secretary of Dexus companies and is responsible for the legal function, company secretarial services and compliance and governance systems and practices across the Group.
Prior to joining Dexus, Brett was Head of Legal for Macquarie Real Estate (Asia) and has held senior legal positions at Macquarie Capital Funds in Hong Kong and Minter Ellison in Sydney and Hong Kong. Brett has 24 years' experience as in-house counsel and in private practice in Australia and in Asia, where he worked on real estate structuring and operations, funds management, mergers and acquisitions, private equity and corporate finance across a number of industries.
Brett graduated from The University of New South Wales and holds a Bachelor of Laws and a Bachelor of Arts (Science and Technology) and is a member of the Law Societies of New South Wales and Hong Kong. Brett is also a graduate of the Australian Institute of Company Directors and a Fellow of the Governance Institute of Australia.
Scott Mahony BBus(Acc), Grad Dip (Business Administration), MBA (eCommerce), Grad Dip (Applied Corporate Governance) FGIA, FCIS
Appointed: 5 February 2019
Scott is the Head of Governance of Dexus and is responsible for the development, implementation and oversight of Dexus's governance policies and practices. Prior to being appointed the Head of Governance in 2018, Scott had oversight of Dexus's risk and compliance programs.
Scott joined Dexus in October 2005 after two years with Commonwealth Bank of Australia as a Senior Compliance Manager. Prior to this, Scott worked for over 11 years for Assure Services & Technology (part of AXA Asia Pacific) where he held various management roles.
Dexus Operations Trust | Directors' Report | |
For the year ended 30 June 2022 | |
dexus.com | 2 |
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Dexus published this content on 17 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 23:53:06 UTC.