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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