Five year financial summary
2005
$’000
2006
$’000
2007
$’000
2008
$’000
2009
$’000
Profit and loss
Property revenue
508,795
659,749
693,430
664,831
708,506
Contribution from equity accounted investments
12,544
26,911
52,715
2,467
31
Management fees
–
–
–
26,760
63,663
Property revaluations
256,607
686,490
831,330
184,444
–
Interest revenue and other income
31,941
90,083
19,168
12,829
5,739
T
otal income
809,887
1,463,233
1,596,643
891,331
777,939
Property expenses
(126,485)
(160,651)
(170,120)
(159,565)
(174,485)
Finance costs
(117,265)
(166,116)
(133,055)
(213,233)
(384,241)
Employee benefit expense
–
–
–
(23,340)
(59,282)
Impairments and property devaluations
–
(3,287)
–
(61)
(1,685,733)
O
ther expenses
(72,628)
(37,671)
(50,204)
(41,969)
(49,850)
T
otal expenses
(316,378)
(367,725)
(353,379)
(438,168)
(2,353,591)
(Loss)/profit before tax
493,509
1,095,508
1,243,264
453,163
(1,575,652)
Income and withholding tax benefit/(expense)
(26,576)
(29,123)
(32,473)
(7,902)
120,236
Net (loss)/profit
466,933
1,066,385
1,210,791
445,261
(1,455,416)
Minority interests (including RENTS)
(70,902)
(56,043)
(41,972)
(6,984)
(3,695)
Net profit/(loss) to stapled security holders
396,031
1,010,342
1,168,819
438,277
(1,459,111)
O
perating earnings
–
–
513.3
498.0
526.3
Funds from operations (cents per security)
10.5
11.0
11.3
11.9
10.43
D
istributions (cents per security)
10.5
11.0
11.3
11.9
7.3
Balance sheet
Cash and receivables
98,818
141,682
95,992
135,671
120,661
Property assets
6,740,398
7,975,744
9,151,993
8,737,874
7,741,549
O
ther (including derivative financial instruments and intangibles)
145,787
170,112
238,851
475,442
488,900
T
otal assets
6,985,003
8,287,538
9,486,836
9,348,987
8,351,110
Payables and provisions
263,279
256,424
289,501
322,528
289,561
Interest bearing liabilities
2,791,564
3,195,047
3,353,327
3,006,919
2,509,012
O
ther (including financial instruments)
64,448
120,554
139,065
184,487
406,320
T
otal liabilities
3,119,291
3,572,025
3,781,893
3,513,934
3,204,893
Net assets
3,865,712
4,715,513
5,704,943
5,835,053
5,146,217
Minority interest
365,358
427,851
438,173
205,998
206,772
Net assets (after minority interest)
3,500,354
4,287,662
5,266,770
5,629,055
4,939,445
NTA per security ($)
1.29
1.53
1.82
1.77
1.01
Gearing ratio (%)
39.0
38.3
35.6
33.2
31.2
Statements of changes in equity
Total equity at the beginning of the year
1,192,652
3,865,712
4,715,513
5,704,943
5,835,053
Net income expense recognised directly in equity
(1,250)
4,744
1,951
48,808
(53,814)
Net profit/(loss)
466,933
1,066,385
1,210,791
445,261
(1,455,416)
Contributions of equity, net of transaction costs
143,033
94,776
145,328
243,524
1,129,971
D
istributions provided for or paid
(281,303)
(306,259)
(324,638)
(355,380)
(296,648)
O
ther transactions with equity holders
2,051,191
–
–
402
–
Minority interest movements during the year
294,456
(9,845)
(44,002)
(252,505)
(12,929)
T
otal equity at the end of the year
3,865,712
4,715,513
5,704,943
5,835,053
5,146,217
C
ash flow statements
Net cash inflow from operating activities
241,249
328,025
319,735
374,445
359,577
Net cash (outflow)/inflow from investing activities
(424,363)
(455,225)
(537,912)
11,065
(212,459)
Net cash (outflow)/inflow from financing activities
251,023
163,476
174,366
(342,514)
(170,190)
Net (decrease)/increase in cash and cash equivalents
67,909
36,276
(43,811)
42,996
(23,072)
Cash and cash equivalents at the beginning of the period
2,487
68,959
106,428
59,603
99,214
Effects of exchange rate changes on cash and cash equivalents
(1,437)
1,193
(3,014)
(3,385)
8,703
C
ash and cash equivalents at the end of the period
68,959
106,428
59,603
99,214
84,845
$’000
2006
$’000
2007
$’000
2008
$’000
2009
$’000
Profit and loss
Property revenue
508,795
659,749
693,430
664,831
708,506
Contribution from equity accounted investments
12,544
26,911
52,715
2,467
31
Management fees
–
–
–
26,760
63,663
Property revaluations
256,607
686,490
831,330
184,444
–
Interest revenue and other income
31,941
90,083
19,168
12,829
5,739
T
otal income
809,887
1,463,233
1,596,643
891,331
777,939
Property expenses
(126,485)
(160,651)
(170,120)
(159,565)
(174,485)
Finance costs
(117,265)
(166,116)
(133,055)
(213,233)
(384,241)
Employee benefit expense
–
–
–
(23,340)
(59,282)
Impairments and property devaluations
–
(3,287)
–
(61)
(1,685,733)
O
ther expenses
(72,628)
(37,671)
(50,204)
(41,969)
(49,850)
T
otal expenses
(316,378)
(367,725)
(353,379)
(438,168)
(2,353,591)
(Loss)/profit before tax
493,509
1,095,508
1,243,264
453,163
(1,575,652)
Income and withholding tax benefit/(expense)
(26,576)
(29,123)
(32,473)
(7,902)
120,236
Net (loss)/profit
466,933
1,066,385
1,210,791
445,261
(1,455,416)
Minority interests (including RENTS)
(70,902)
(56,043)
(41,972)
(6,984)
(3,695)
Net profit/(loss) to stapled security holders
396,031
1,010,342
1,168,819
438,277
(1,459,111)
O
perating earnings
–
–
513.3
498.0
526.3
Funds from operations (cents per security)
10.5
11.0
11.3
11.9
10.43
D
istributions (cents per security)
10.5
11.0
11.3
11.9
7.3
Balance sheet
Cash and receivables
98,818
141,682
95,992
135,671
120,661
Property assets
6,740,398
7,975,744
9,151,993
8,737,874
7,741,549
O
ther (including derivative financial instruments and intangibles)
145,787
170,112
238,851
475,442
488,900
T
otal assets
6,985,003
8,287,538
9,486,836
9,348,987
8,351,110
Payables and provisions
263,279
256,424
289,501
322,528
289,561
Interest bearing liabilities
2,791,564
3,195,047
3,353,327
3,006,919
2,509,012
O
ther (including financial instruments)
64,448
120,554
139,065
184,487
406,320
T
otal liabilities
3,119,291
3,572,025
3,781,893
3,513,934
3,204,893
Net assets
3,865,712
4,715,513
5,704,943
5,835,053
5,146,217
Minority interest
365,358
427,851
438,173
205,998
206,772
Net assets (after minority interest)
3,500,354
4,287,662
5,266,770
5,629,055
4,939,445
NTA per security ($)
1.29
1.53
1.82
1.77
1.01
Gearing ratio (%)
39.0
38.3
35.6
33.2
31.2
Statements of changes in equity
Total equity at the beginning of the year
1,192,652
3,865,712
4,715,513
5,704,943
5,835,053
Net income expense recognised directly in equity
(1,250)
4,744
1,951
48,808
(53,814)
Net profit/(loss)
466,933
1,066,385
1,210,791
445,261
(1,455,416)
Contributions of equity, net of transaction costs
143,033
94,776
145,328
243,524
1,129,971
D
istributions provided for or paid
(281,303)
(306,259)
(324,638)
(355,380)
(296,648)
O
ther transactions with equity holders
2,051,191
–
–
402
–
Minority interest movements during the year
294,456
(9,845)
(44,002)
(252,505)
(12,929)
T
otal equity at the end of the year
3,865,712
4,715,513
5,704,943
5,835,053
5,146,217
C
ash flow statements
Net cash inflow from operating activities
241,249
328,025
319,735
374,445
359,577
Net cash (outflow)/inflow from investing activities
(424,363)
(455,225)
(537,912)
11,065
(212,459)
Net cash (outflow)/inflow from financing activities
251,023
163,476
174,366
(342,514)
(170,190)
Net (decrease)/increase in cash and cash equivalents
67,909
36,276
(43,811)
42,996
(23,072)
Cash and cash equivalents at the beginning of the period
2,487
68,959
106,428
59,603
99,214
Effects of exchange rate changes on cash and cash equivalents
(1,437)
1,193
(3,014)
(3,385)
8,703
C
ash and cash equivalents at the end of the period
68,959
106,428
59,603
99,214
84,845