APPENDIX 4E
GOODMAN GROUP
(comprising Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited)
RESULTS FOR ANNOUNCEMENT TO THE MARKET
For the year ended 30 June 2019
The Appendix 4E should be read in conjunction with the Directors' report and Consolidated financial statements of Goodman Limited for the year ended 30 June 2019. The information included in the Appendix 4E and the Consolidated financial report for the year ended 30 June 2019 comprises all the information required by ASX Listing Rule 4.3A. The Appendix 4E is based on the Consolidated financial statements which have been audited by KPMG.
Highlights of results | 30 Jun 2019 | 30 Jun 2018 | Change | |
Operating profit (before specific non-cash and other significant items) attributable to | ||||
Securityholders ($M) | 942.3 | 845.9 | up | 11.4% |
Revenue and other income ($M) | 3,025.8 | 2,672.8 | up | 13.2% |
Profit (statutory) attributable to Securityholders ($M) | 1,627.9 | 1,098.2 | up | 48.2% |
Diluted operating profit per security (cents) | 51.6 | 46.7 | up | 10.5% |
Dividends and distributions | ||||
Interim distribution per GMG security (cents) | 15.00 | 13.75 | up | 9.1% |
Final dividend and distribution proposed per GMG security (cents) | 15.00 | 14.25 | up | 5.3% |
30.00 | 28.00 | up | 7.1% | |
Interim distribution paid ($M) | 272.1 | 247.6 | up | 9.9% |
Final dividend and distribution proposed ($M) | 272.1 | 256.6 | up | 6.0% |
544.2 | 504.2 | up | 7.9% | |
Franked amount per security/share (cents) | - | - | - | - |
Conduit foreign income | - | - | - | - |
Record date for determining entitlements to the final dividend and distribution | 30 Jun 2019 | 30 Jun 2018 | ||
Date interim distribution was paid | 26 Feb 2019 | 26 Feb 2018 | ||
Date final dividend and distribution are payable | 9 Sep 2019 | 29 Aug 2018 | ||
Distribution reinvestment plan | ||||
Goodman Group's Distribution Reinvestment Plan (DRP) remains suspended. | ||||
Total assets under management ($B) | 46.2 | 38.3 | up | 20.6% |
External assets under management ($B) | 42.9 | 35.1 | up | 22.2% |
Total assets ($M) | 14,912.8 | 13,459.4 | up | 10.8% |
Total liabilities ($M) | 4,390.3 | 4,285.7 | up | 2.4% |
Net assets ($M) | 10,522.5 | 9,173.7 | up | 14.7% |
Net tangible assets per security/share (cents) | 533.8 | 464.1 | up | 15.0% |
Gearing (%) | 9.7 | 5.1 | up | 90.2% |
Contributed equity ($M) | 8,031.7 | 8,031.7 | - | - |
Security price ($) | 15.03 | 9.62 | up | 56.2% |
Number of securities on issue (M) | 1,813.9 | 1,800.8 | up | 0.7% |
Market capitalisation ($M) | 27,262.6 | 17,323.3 | up | 57.4% |
Number of Securityholders | 26,648 | 25,807 | up | 3.3% |
Controlled entities acquired or disposed
There were no material acquisitions or disposals of controlled entities during the year.
Associates and joint venture entities
Goodman's Group's associates are set out in note 6 to the financial statements.
Goodman Group's joint ventures and its percentage holding in these joint ventures are set out below: BGMG1 Oakdale West Trust (50%)
BGMG2 Rochedale North Trust (50%) BL Goodman Limited Partnership Euston Road Subtrust No.2 Trust (50%) FSX Czech s.r.o (50%)
GEP Bonneuil Logistics (France) SCI (50%) Goodman Australia Development Partnership (20%) Goodman Blacktorn Logistics (Poland) (50%) Goodman Bondi Logistics Netherlands (50%) Goodman Blue Logistics (Hungary) Kft (50%) Goodman Brazil Logistics Partnership (15%) Goodman Can Estella Logistics Spain (50%) Goodman China Logistics Partnership (20%) Goodman Delta Logistics (Poland) (50%) Goodman Doris Logistics Netherlands (50%)
Goodman European Partnership Bonneuil Logistics (France) SCI (50%) Goodman Japan Development Partnership (50%)
Goodman Lazulite Logistics (Lux) Sàrl (50%)
Goodman North America Partnership (55%)
Goodman Odysse Logistics (Lux) Sàrl (50%)
Goodman Persiphone Logistics Poland (50%) Goodman Princeton Partnership (Jersey) Ltd (20%) Goodman Purple Logistics (Poland) (50%) Goodman Sunglow Logistics (Lux) Sàrl (50%) Goodman UK Partnership L.P (33.3%)
Loreto Investments, S.L. (50%) Metropol Development s.r.o. (50%) KWASA Goodman Germany (19.3%)
KWASA Goodman Industrial Partnership (40%)
Pochin Goodman (Northern Gateway) Ltd (50%) South East Asia Joint Venture (50%)
Goodman Group
Consolidated financial report for the year ended 30 June 2019
Contents | Page | |
Directors' report | 2 | |
Lead auditor's independence declaration | 56 | |
Consolidated statements of financial position | 57 | |
Consolidated income statements | 58 | |
Consolidated statements of comprehensive income | 59 | |
Consolidated statements of changes in equity | 60 | |
Consolidated cash flow statements | 62 | |
Notes to the consolidated financial statements | 63 | |
Basis of preparation | ||
1 | Basis of preparation | 63 |
Results for the year | ||
2 | Profit before income tax | 68 |
3 | Profit per security | 71 |
4 | Segment reporting | 72 |
5 | Taxation | 76 |
Operating assets and liabilities | ||
6 | Property assets | 78 |
7 | Receivables | 90 |
8 | Contract balances | 90 |
9 | Payables | 92 |
10 | Provisions | 92 |
11 | Goodwill and intangible assets | 93 |
Capital management | ||
12 | Net finance (expense)/income | 98 |
13 | Interest bearing liabilities | 99 |
14 | Other financial assets and liabilities | 102 |
15 | Financial risk management | 103 |
16 | Dividends and distributions | 112 |
17 | Issued capital | 113 |
Other items | ||
18 | Notes to the cash flow statements | 115 |
19 | Equity attributable to Goodman Limited and non-controlling interests | 118 |
20 | Controlled entities | 120 |
21 | Related parties | 122 |
22 | Commitments | 124 |
23 | Auditors' remuneration | 125 |
24 | Parent entity disclosures | 125 |
25 | Events subsequent to balance date | 126 |
Directors' declaration | 127 | |
Independent auditor's report | 128 | |
Appendix A - Goodman Logistics (HK) Limited financial report for the year ended 30 June 2019 | A1 |
Goodman Group
Directors' report
for the year ended 30 June 2019
The directors (Directors) of Goodman Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (GFML), the responsible entity for Goodman Industrial Trust (ARSN 091 213 839), present their Directors' report together with the consolidated financial statements of Goodman Limited and the entities it controlled (Goodman or Group) and the consolidated financial statements of Goodman Industrial Trust and the entities it controlled (GIT) at the end of, or during, the financial year ended 30 June 2019 (FY19) and the audit report thereon.
Shares in Goodman Limited (Company or GL), units in Goodman Industrial Trust (Trust) and CHESS Depositary Interests (CDIs) over shares in Goodman Logistics (HK) Limited (GLHK) are stapled to one another and are quoted as a single security on the Australian Securities Exchange (ASX). In respect of stapling arrangements, Australian Accounting Standards require an acquirer to be identified and an in-substance acquisition to be recognised and accordingly Goodman Limited is identified as having acquired control over the assets of GIT and GLHK. The consolidated financial statements of Goodman Limited therefore include the results of GIT and GLHK.
As permitted by the relief provided in Australian Securities & Investments Commission (ASIC) Instrument 18-0353, the accompanying consolidated financial statements present both the financial statements and accompanying notes of Goodman and GIT. GLHK, which is incorporated and domiciled in Hong Kong, prepares its financial statements under Hong Kong Financial Reporting Standards and the applicable requirements of the Hong Kong Companies Ordinance and accordingly the financial statements of GLHK have not been included as adjacent columns in the consolidated financial statements. The financial statements of GLHK have been included as an appendix to this financial report.
GFML, as responsible entity for the Trust, is solely responsible for the preparation of the accompanying consolidated financial report of GIT, in accordance with the Trust's Constitution and the Corporations Act 2001.
Operating and financial review
Principal activities
Goodman is a global integrated property group and one of the world's leading listed industrial property groups. Goodman is focused on its proven business model of owning, developing and managing industrial property and business space in key markets around the world.
The principal activities of Goodman during the course of the current financial year were investment in directly and indirectly held industrial property, investment management, property services and property development. Goodman's key operating regions during the financial year were Australia and New Zealand, Asia, Continental Europe, the United Kingdom and the Americas.
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Goodman Group
Directors' report
for the year ended 30 June 2019
Operating and financial review (cont)
Goodman strategy
Goodman's purpose is to make space for its stakeholders' ambitions. This purpose is executed through Goodman's integrated business capabilities model - "own+develop+manage", where its customers' need for sustainable solutions and service excellence in high quality locations, is at the centre.
The business capabilities are supported by five strategic "pillars":
- Quality partnerships - develop and maintain strong relationships with key stakeholders including customers, investment partners, suppliers and employees;
- Quality product and service - deliver high quality product and customer service in key logistics markets globally by actively leveraging Goodman's industrial sector expertise, development and management experience and global operating platform;
- Culture and brand - promote Goodman's unique and recognisable brand and embed Goodman's core values across each operating division to foster a strong and consistent culture. The core values are:
- Customer + Focus: "Be closer to the customer's world and their changing needs";
- Innovative + Dynamic: "Be more creative in our thinking and more creative in our actions";
- Open + Fair: "Be adaptable and considerate in our dealings inside and outside our business";
- Performance + Drive: "Do what we say we'll do and make things happen"; and
- Team + Respect: "Recognise the worth in each other and collaborate for better results";
- Operational efficiency - optimise business resources to maximise effectiveness and drive efficiencies; and
- Capital efficiency - maintain active capital management to facilitate appropriate returns and sustainability of the business.
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Goodman Group published this content on 23 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2019 23:17:05 UTC