WESTFIELD AMERICA TRUST HALF-YEAR FINANCIAL REPORT
For the half-year ended 30 June 2016
Index | Page |
Income Statement | 1 |
Statement of Comprehensive Income | 2 |
Balance Sheet | 3 |
Statement of Changes in Equity | 4 |
Cash Flow Statement | 5 |
Notes to the Financial Statements | 6 |
Directors' Declaration | 17 |
Independent Auditor's Report | 18 |
Directors' Report | 19 |
Directory | 21 |
Westfield America Management Limited ABN 66 072 780 619
AFSL No. 230324 as Responsible Entity of Westfield America Trust ARSN 092 058 449
WESTFIELD AMERICA TRUST | |||
INCOME STATEMENT | |||
for the half-year ended 30 June 2016 | |||
30 Jun 16 | 30 Jun 15 | ||
Note | US$million | US$million | |
Revenue | |||
Property revenue | 165.8 | 233.0 | |
Property development and project management revenue | 61.4 | 32.7 | |
Property management income | 21.7 | 27.2 | |
248.9 | 292.9 | ||
Share of after tax profits of equity accounted entities | |||
Property revenue | 272.7 | 263.8 | |
Property revaluations | 118.0 | 116.1 | |
Property expenses, outgoings and other costs | (89.1) | (81.5) | |
Net interest expense | (34.2) | (34.3) | |
Tax expense | (0.2) | (0.2) | |
267.2 | 263.9 | ||
Expenses | |||
Property expenses, outgoings and other costs | (83.4) | (104.9) | |
Property development and project management costs | (54.0) | (26.7) | |
Property management costs | (12.6) | (14.0) | |
Overheads | (43.9) | (41.0) | |
(193.9) | (186.6) | ||
Interest income | 12.7 | 4.3 | |
Currency gain | 4.8 | 16.2 | |
Financing costs | 11 | (176.6) | (7.4) |
Gain/(loss) in respect of capital transactions | 14.9 | (3.8) | |
Property revaluations | 77.1 | 42.8 | |
Profit before tax for the period | 255.1 | 422.3 | |
Tax expense | 5 | (57.6) | (74.8) |
Profit after tax for the period | 197.5 | 347.5 | |
Profit after tax for the period attributable to: | |||
- Members of Westfield America Trust (WAT) | 182.5 | 317.9 | |
- Non controlling interests | 15.0 | 29.6 | |
Profit after tax for the period | 197.5 | 347.5 | |
cents | cents | ||
Basic earnings per unit | 4(a) | 8.78 | 15.30 |
Diluted earnings per unit | 4(a) | 8.74 | 13.42 |
WESTFIELD AMERICA TRUST | ||
STATEMENT OF COMPREHENSIVE INCOME | ||
for the half-year ended 30 June 2016 | ||
30 Jun 16 | 30 Jun 15 | |
US$million | US$million | |
Profit after tax for the period | 197.5 | 347.5 |
Other comprehensive income | ||
Movement in foreign currency translation reserve (i) | ||
- Net exchange difference from the use of a presentation currency other than the functional currency | (47.2) | 127.6 |
Total comprehensive income for the period | 150.3 | 475.1 |
Total comprehensive income attributable to: | ||
- Members of WAT | 135.3 | 445.5 |
- Non controlling interests | 15.0 | 29.6 |
Total comprehensive income for the period | 150.3 | 475.1 |
(i) These items may be subsequently recycled to the profit and loss. |
WESTFIELD AMERICA TRUST | |||
BALANCE SHEET | |||
as at 30 June 2016 | |||
30 Jun 16 | 31 Dec 15 | ||
Note | US$million | US$million | |
Current assets | |||
Cash and cash equivalents | 178.9 | 688.0 | |
Trade debtors | 8.8 | 11.6 | |
Derivative assets | 3.2 | - | |
Receivables | 9 | 117.7 | 609.9 |
Inventories | 12.0 | 8.8 | |
Other | 24.4 | 58.8 | |
Total current assets | 345.0 | 1,377.1 | |
Non current assets | |||
Investment properties | 5,023.4 | 4,633.4 | |
Equity accounted investments | 6,564.9 | 6,320.2 | |
Other property investments | 449.2 | 427.4 | |
Derivative assets | 106.4 | 111.7 | |
Receivables | 9 | 206.7 | 206.5 |
Plant and equipment | 67.8 | 34.8 | |
Deferred tax assets | 4.1 | 2.6 | |
Other | 20.8 | 23.8 | |
Total non current assets | 12,443.3 | 11,760.4 | |
Total assets | 12,788.3 | 13,137.5 | |
Current liabilities | |||
Trade creditors | 35.6 | 26.6 | |
Payables and other creditors | 10 | 2,221.4 | 2,606.2 |
Interest bearing liabilities | 3.8 | 3.6 | |
Other financial liabilities | 11 | 2.9 | 3.0 |
Tax payable | 6.2 | 26.5 | |
Total current liabilities | 2,269.9 | 2,665.9 | |
Non current liabilities | |||
Payables and other creditors | 10 | 93.6 | 138.7 |
Interest bearing liabilities | 4,216.0 | 4,217.9 | |
Other financial liabilities | 11 | 1,469.2 | 1,313.1 |
Deferred tax liabilities | 1,624.4 | 1,578.5 | |
Derivative liabilities | 11.2 | 7.0 | |
Total non current liabilities | 7,414.4 | 7,255.2 | |
Total liabilities | 9,684.3 | 9,921.1 | |
Net assets | 3,104.0 | 3,216.4 | |
Equity attributable to members of WAT | |||
Contributed equity | 6 | 4,957.5 | 4,957.5 |
Reserves | 552.3 | 596.2 | |
Accumulated losses | (2,585.8) | (2,509.6) | |
Total equity attributable to members of WAT | 2,924.0 | 3,044.1 | |
Equity attributable to non controlling interests | |||
Contributed equity | 228.1 | 228.1 | |
Retained profits | (48.1) | (55.8) | |
Total equity attributable to non controlling interests | 180.0 | 172.3 | |
Total equity | 3,104.0 | 3,216.4 |
Westfield Corporation published this content on 24 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2016 01:29:02 UTC.
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