WESTFIELD CORP LTD (previous corresponding period being the half‐year ended 30 June 2015)
Results for Announcement to the Market: For the 6 months to 30 June 2016 30 June 2016 30 June 2015Revenue (including equity accounted revenue of US$329.8 million
(30 June 2015: US$316.7 million)) (US$million)
down
3.8%
834.7
867.3
AIFRS profit after tax attributable to members (US$million)
up
5.4%
491.0
465.9
DistributionsDividend/distributions for the period ended 30 June 2016
up/down
n.a.(i)
US Cents per
stapled security
to 12.55
Interim dividend/distributions in respect of Westfield Corporation
earnings to be paid on 31 August 2016 comprising:
distribution in respect of a Westfield America Trust unit
distribution in respect of a WFD Trust unit
dividend in respect of a Westfield Corporation Limited share
12.55
11.35
1.20
nil
(i) Compared to distributions for the six months ended 30 June 2015 of 12.55 US cents per stapled security.
Details of the full year components of distributions will be provided in the Annual Tax Statements which will be sent to securityholders in July 2017.
The distributions per security have been determined by reference to the number of securities on issue at the record date. The record date for determining entitlements to the interim distributions was 5pm, 12 August 2016 and the distribution will be paid on 31 August 2016. Westfield Corporation does not operate a distribution reinvestment plan.
Additional informationCommentary on the results is contained in the results presentation release to the ASX.
[1]
[2]
Westfield Corporation comprises Westfield Corporation Limited ABN 12 166 995 197 (WCL); Westfield America Trust ARSN 092 058 449 (WAT) and WFD Trust ARSN 168 765 875 (WFDT).
It is recommended that the Appendix 4D be considered together with any public announcements made by Westfield Corporation during the financial period.
WESTFIELD CORPORATION 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 31
Independent Auditor's Report 32
Directors' Report 33
Additional Information 38
Directory 39
Westfield Corporation Limited ABN 12 166 995 197
INCOME STATEMENT for the half-year ended 30 June 2016 | |||
Note | 30 Jun 16 US$million | 30 Jun 15 US$million | |
Revenue | |||
Property revenue | 5 | 233.8 | 297.4 |
Property development and project management revenue | 243.9 | 226.9 | |
Property management income | 27.2 | 26.3 | |
504.9 | 550.6 | ||
Share of after tax profits of equity accounted entities | |||
Property revenue | 329.8 | 316.7 | |
Property revaluations | 201.3 | 217.7 | |
Property expenses, outgoings and other costs | (108.5) | (100.8) | |
Net interest expense | (43.1) | (40.3) | |
Tax expense | (0.2) | (0.2) | |
379.3 | 393.1 | ||
Expenses | |||
Property expenses, outgoings and other costs | (103.8) | (120.5) | |
Property development and project management costs | (182.9) | (160.8) | |
Property management costs | (14.7) | (13.3) | |
Overheads | (58.7) | (63.2) | |
(360.1) | (357.8) | ||
Interest income | 8.2 | 1.2 | |
Currency gain/(loss) | 6 | 4.8 | 10.7 |
Financing costs | 7 | (2.4) | (23.8) |
Gain/(loss) in respect of capital transactions | |||
- asset dispositions | 8 | 1.2 | 0.4 |
Property revaluations | 62.6 | (20.7) | |
Profit before tax for the period | 598.5 | 553.7 | |
Tax expense | 9 | (107.5) | (87.8) |
Profit after tax for the period | 491.0 | 465.9 |
Net profit attributable to members of Westfield Corporation analysed by amounts attributable to: WCL members | 162.8 | 158.1 | |
WFDT and WAT members | 328.2 | 307.8 | |
Net profit attributable to members of Westfield Corporation | 491.0 | 465.9 | |
US cents | US cents | ||
Basic earnings per WCL share | 7.83 | 7.61 | |
Diluted earnings per WCL share | 7.76 | 7.53 | |
Basic earnings per stapled security | 4(a) | 23.63 | 22.42 |
Diluted earnings per stapled security | 4(a) | 23.41 | 22.19 |
STATEMENT OF COMPREHENSIVE INCOME
for the half-year ended 30 June 2016
30 Jun 16 30 Jun 15
US$million US$million
Profit after tax for the period 491.0 465.9
Other comprehensive income
Movement in foreign currency translation reserve (i)
Net exchange difference on translation of foreign operations (286.9) 0.7
Realised and unrealised gain/(loss) on currency loans and asset hedging derivatives
which qualify for hedge accounting
(40.0) 9.0
Total comprehensive income for the period 164.1 475.6
Total comprehensive income attributable to members of Westfield Corporation analysed by amounts attributable to:
- WCL members 116.3 251.7
- WFDT and WAT members (ii) 47.8 223.9
Total comprehensive income attributable to members of Westfield Corporation 164.1 475.6
(i) These items may be subsequently recycled to the profit and loss. In relation to the foreign currency translation reserve, the portion relating to the foreign operations held by WFDT and WAT may be recycled to the profit and loss depending on how the foreign operations are sold.
(ii) Total comprehensive income attributable to members of WFDT and WAT consists of a profit after tax for the period of US$328.2 million (30 June 2015: profit of US$307.8 million) and the net exchange loss on translation of foreign operations of US$280.4 million (30 June 2015: loss of US$83.9 million).
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 23 August 2016 23:19:17 UTC.
Original documenthttp://www.westfieldcorp.com/news/2016/08/24/wfd/asx_announcements/2967602.pdf
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