DEXUS DEXUS Diversified Trust1 | |||
31 Dec 2016 | 31 Dec 2015 | % | |
$m | $m | Change | |
Revenue from ordinary activities | 384.0 | 523.7 | (26.7%) |
Net profit attributable to security holders after tax | 716.0 | 797.5 | (10.2%) |
Funds from operations (FFO)2 | 296.0 | 323.9 | (8.6%) |
Underlying FFO3 | 287.7 | 260.6 | 10.4% |
Distribution to security holders4 | 210.1 | 223.1 | (5.8%) |
CPS | CPS | ||
FFO per security2 | 30.58 | 33.42 | (8.5%) |
Distributions per security for the period | 21.71 | 23.05 | (5.8%) |
Payout ratio (distributions as a % of FFO) | 71.0% | 69.0% | 2.9% |
Basic and diluted earnings per security | 73.97 | 82.27 | (10.1%) |
Franked distribution amount per security | - | - | - |
$m | $m | ||
Total assets | 11,916.8 | 11,124.0 | 7.1% |
Total borrowings | 3,170.4 | 3,272.8 | (3.1%) |
Security holders equity | 8,104.4 | 7,324.6 | 10.6% |
Market capitalisation | 9,311.7 | 7,259.6 | 28.3% |
$ per security | $ per security | ||
Net tangible assets | 8.05 | 7.25 | 11.0% |
Securities price | 9.62 | 7.50 | 28.3% |
Securities on issue | 967,947,692 | 967,947,692 | |
Record date | 31 Dec 2016 | 31 Dec 2015 | |
Payment date | 28 Feb 2017 | 29 Feb 2016 | |
Refer to the attached ASX release for a commentary on the results of DEXUS Property Group.
Details of joint ventures and associatesOwnership Interest | Share of net profit/(loss) after tax | |||
31 Dec 2016 | 31 Dec 2015 | 6 months ended 31 Dec 2016 | 6 months ended 31 Dec 2015 | |
Name of entity | % | % | $m | $m |
Bent Street Trust | 33.3 | 33.3 | 17.3 | 34.6 |
DEXUS Creek Street Trust | 50.0 | 50.0 | 4.7 | 9.1 |
DEXUS Martin Place Trust | 50.0 | 50.0 | 53.8 | 23.8 |
Grosvenor Place Holding Trust | 50.0 | 50.0 | 16.3 | 41.8 |
Site 6 Homebush Bay Trust | 50.0 | 50.0 | 1.3 | (3.1) |
Site 7 Homebush Bay Trust | 50.0 | 50.0 | 1.8 | (2.8) |
DEXUS 480 Q Holding Trust | 50.0 | 50.0 | 18.1 | 22.2 |
DEXUS Kings Square Trust | 50.0 | 50.0 | 5.3 | 5.1 |
DEXUS Office Trust Australia | 50.0 | 50.0 | 139.4 | 202.4 |
DEXUS Industrial Trust Australia | 50.0 | 50.0 | (0.2) | (1.6) |
DEXUS Eagle Street Pier Trust | 50.0 | 50.0 | 2.0 | 6.4 |
For the purposes of statutory reporting, the stapled entity, known as DXS, must be accounted for as a consolidated group. Accordingly, one of the stapled entities must be the "deemed acquirer" of all other entities in the group. DEXUS Diversified Trust has been chosen as the deemed acquirer of the balance of the DXS stapled entities, comprising DEXUS Industrial Trust, DEXUS Office Trust and DEXUS Operations Trust.
The Directors consider the Property Council of Australia definition of FFO to be a measure that reflects the underlying performance of the Group. FFO comprises net profit/loss after tax attributable to stapled security holders calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark to market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, transaction costs, rental guarantees and coupon income.
Underlying FFO excludes trading profits (net of tax).
The distribution for the period 1 July 2016 to 31 December 2016 is the aggregate of the distributions from DEXUS Diversified Trust, DEXUS Industrial Trust and DEXUS Office Trust (DEXUS Operations Trust did not pay a distribution during the period). The Annual Tax Statement, issued as at 30 June 2017, will provide details of the components of DXS's distributions.
2
DEXUS Property Group
(ARSN 089 324 541)Interim Report
31 December 2016
Contents PageOperating and Financial Review 1
Directors' Report 8
Auditor's Independence Declaration 10
Consolidated Statement of Comprehensive Income 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
About this Report 15
Directors' Declaration 30
Independent Auditor's Review Report 31
DEXUS Property Group (DXS) (ASX Code: DXS) consists of DEXUS Diversified Trust (DDF) (ARSN 089 324 541), DEXUS Industrial Trust (DIT), DEXUS Office Trust (DOT) and DEXUS Operations Trust (DXO), collectively known as DXS or the Group.
The registered office of the Group is Level 25, Australia Square, 264-278 George Street, Sydney, NSW 2000.
Under Australian Accounting Standards, DDF has been deemed the parent entity for accounting purposes. Therefore the DDF consolidated Financial Statements include all entities forming part of DXS.
All ASX and media releases, Financial Statements and other information are available on our website: www.dexus.com
DEXUS Property Group published this content on 15 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 February 2017 22:03:02 UTC.
Original documenthttp://www.dexus.com/-/media/files/articles/asx-announcements/2017/february/2017-02-15-appendix-4d-and-financial-statements-as-at-31-dec-2016.pdf
Public permalinkhttp://www.publicnow.com/view/C8005D6CF80B042F5EA68ACAACAF5042CFFDAC9F
