Income Statement |
2017 $M |
2018 $M |
2019 $M |
2020 $M |
2021 $M |
| Gross property income | 177.1 | 150.4 | 114.6 | 115.9 | 112.4 |
| Management income | 266.3 | 316.5 | 469.7 | 511.2 | 383.9 |
| Development income | 1,207.1 | 1,115.8 | 1,134.3 | 882.6 | 1,492.0 |
| Net gain/(loss) on disposals of assets | 129.1 | 108.1 | 27.9 | 56.3 | 42.7 |
| Net gain from fair value adjustments on investment properties | 180.9 | 71.1 | 146.8 | 45.2 | 63.1 |
| Share of net results of equity accounted investments | 587.7 | 910.9 | 1,132.5 | 1,022.2 | 1,708.9 |
| Total income | 2,548.2 | 2,672.8 | 3,025.8 | 2,633.4 | 3,803.0 |
| Property expenses | (46.9) | (36.4) | (40.2) | (36.4) | (32.8) |
| Development expenses | (919.9) | (808.9) | (727.3) | (443.4) | (862.3) |
| Employee expenses | (195.9) | (180.7) | (191.9) | (203.7) | (210.8) |
| Share based payments expense | (85.4) | (125.6) | (196.6) | (164.0) | (268.8) |
| Administrative and other expenses | (76.5) | (68.7) | (75.8) | (88.6) | (83.2) |
| Impairment losses | (93.0) | โ | โ | โ | โ |
| Net finance costs | (279.4) | (267.3) | (49.3) | (80.2) | 74.9 |
| Total expenses | (1,697.0) | (1,487.6) | (1,281.1) | (1,016.3) | (1,383.0) |
| Profit before income tax | 851.2 | 1,185.2 | 1,744.7 | 1,617.1 | 2,420.0 |
| Income tax expense | (54.4) | (82.4) | (116.8) | (113.0) | (108.1) |
| Profit for the year | 796.8 | 1,102.8 | 1,627.9 | 1,504.1 | 2,311.9 |
| Profit attributable to other non-controlling interests | (18.7) | (4.6) | โ | โ | โ |
| Profit attributable to Securityholders | 778.1 | 1,098.2 | 1,627.9 | 1,504.1 | 2,311.9 |
OPERATING PROFIT RECONCILIATION (NON-IFRS) |
|||||
| Operating profit | 776.0 | 845.9 | 942.3 | 1,060.2 | 1,219.4 |
| Adjustments for: | |||||
| Property valuation related movements | 397.6 | 639.0 | 871.7 | 621.3 | 1,308.5 |
| Fair value adjustments and unrealised foreign currency exchange movements related to liability management | (243.8) | (174.4) | 17.0 | 6.8 | 55.0 |
| Other non-cash adjustments or non-recurring items | (151.7) | (212.3) | (203.1) | (184.2) | (271.0) |
| Profit attributable to Securityholders | 778.1 | 1,098.2 | 1,627.9 | 1,504.1 | 2,311.9 |
| Operating profit per stapled security (cents)1 | 43.1 | 46.7 | 51.6 | 57.5 | 65.6 |
| Dividends/distributions per security (cents) | 25.9 | 28.0 | 30.0 | 30.0 | 30.0 |
| 1. Fully diluted for performance rights. |
Statement of financial position |
2017 $M |
2018 $M |
2019 $M |
2020 $M |
2021 $M |
| Cash and receivables | 2,681.9 | 3,088.7 | 1,981.4 | 2,172.5 | 1,529.2 |
| Property assets | 3,245.7 | 2,732.6 | 2,966.1 | 3,081.4 | 3,279.0 |
| Equity accounted investments | 5,522.7 | 6,585.5 | 8,452.4 | 9,370.8 | 10,660.0 |
| Intangible assets | 771.9 | 816.7 | 840.0 | 845.8 | 822.6 |
| Other (including derivative financial instruments) | 489.0 | 235.9 | 672.9 | 667.7 | 576.2 |
| Total assets | 12,711.2 | 13,459.4 | 14,912.8 | 16,138.2 | 16,867.0 |
| Payables, provisions and contract liabilities | 866.6 | 918.4 | 944.1 | 988.3 | 1,009.3 |
| Interest bearing liabilities | 2,878.3 | 3,081.5 | 2,975.0 | 2,938.5 | 2,060.3 |
| Other (including derivative financial instruments) | 344.1 | 285.8 | 471.2 | 690.8 | 635.9 |
| Total liabilities | 4,089.0 | 4,285.7 | 4,390.3 | 4,617.6 | 3,705.5 |
| Net assets | 8,622.2 | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 |
| Comprising: | |||||
| Net assets attributable to Securityholders | 8,296.4 | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 |
| Net assets attributable to other non-controlling interests | 325.8 | โ | โ | โ | โ |
| Net tangible assets per security ($) | 4.21 | 4.64 | 5.34 | 5.84 | 6.68 |
| Gearing ratio (%) | 5.9 | 5.1 | 9.7 | 7.5 | 6.8 |
STATEMENT OF CHANGES IN EQUITY |
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| Total equity at the beginning of the year | 8,393.3 | 8,622.2 | 9,173.7 | 10,522.5 | 11,520.6 |
| Total comprehensive income for the year | 678.2 | 1,304.9 | 1,795.4 | 1,467.7 | 2,027.1 |
| 9,071.5 | 9,927.1 | 10,969.1 | 11,990.2 | 13,547.7 | |
| Contributions of equity, net of transaction costs | โ | โ | โ | โ | 64.7 |
| Distributions provided or paid | (481.2) | (504.2) | (544.2) | (548.5) | (554.2) |
| Other transactions with equity holders | 62.5 | 82.4 | 97.6 | 78.9 | 103.3 |
| Movements in other non-controlling interests | (30.6) | (331.6) | โ | โ | โ |
| Total equity at the end of the year | 8,622.2 | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 |
CASH FLOW STATEMENT |
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| Net cash provided by operating activities | 586.4 | 1,161.2 | 827.5 | 1,156.9 | 1,114.7 |
| Net cash provided by/(used in) investing activities | 730.0 | (26.5) | (818.2) | (306.4) | (549.9) |
| Net cash used in financing activities | (556.3) | (799.2) | (849.2) | (660.9) | (1,349.1) |
| Net increase/(decrease) in cash held | 760.1 | 335.5 | (839.9) | 189.6 | (784.3) |
| Cash at the beginning of the year | 1,337.0 | 2,095.1 | 2,406.8 | 1,607.1 | 1,792.8 |
| Effect of exchange rate fluctuations on cash held | (2.0) | (23.8) | 40.2 | (3.9) | (88.1) |
| Cash at the end of the year | 2,095.1 | 2,406.8 | 1,607.1 | 1,792.8 | 920.4 |