Stockland Direct Retail Trust No.1

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Stockland Direct Retail Trust No. 1 and its controlled entities Balance Sheets As at 30 June 2009 Consolidated Trust 2009 2008 2009 2008 Notes $’000 $’000 $’000 $’000 Current assets Cash and cash equivalents 5 2,761 4,686 2,761 4,686 Trade and other receivables 6 444 127 – – Loans to related entities 22 – – 67,925 67,763 Other assets 7 74 1,159 31 58 Total current assets 3,279 5,972 70,717 72,507 Non-current assets Investment properties 8 77,242 90,422 – – Units in controlled entities 9 – – 10,000 17,500 Trade and other receivables 10 476 386 – – Other assets 11 105 3,160 – 3,146 Total non-current assets 77,823 93,968 10,000 20,646 Total assets 81,102 99,940 80,717 93,153 Current liabilities Trade and other payables 12 1,712 2,611 651 459 Interest-bearing loans and borrowings 14 55,940 – 55,940 – Other liabilities 13 655 778 655 778 Total current liabilities 58,307 3,389 57,246 1,237 Non-current liabilities Interest-bearing loans and borrowings 14 – 55,668 – 55,668 Other liabilities 15 778 – 778 – Total non-current liabilities 778 55,668 778 55,668 Total liabilities 59,085 59,057 58,024 56,905 Net assets 22,017 40,883 22,693 36,248 Unitholders’ funds Units on issue 16 30,304 33,102 30,304 33,102 Undistributed (loss)/profit (7,509) 4,635 (6,833) – Reserves 17 (778) 3,146 (778) 3,146 Total Unitholders’ funds 22,017 40,883 22,693 36,248 The above Balance Sheets should be read in conjunction with the accompanying notes. 6 Stockland Direct Retail Trust No. 1 June 2009
Stockland Direct Retail Trust No. 1 and its controlled entities Statement of Changes in Equity For the year ended 30 June 2009 Unitholders’ funds Units on issue Undistributed (loss)/profit Reserves Total 2009 2008 2009 2008 2009 2008 2009 2008 Consolidated Note $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Opening balance 33,102 34,797 4,635 2,337 3,146 869 40,883 38,003 Effective portion of changes in fair value of cash flow hedges – – – – (3,924) 2,277 (3,924) 2,277 Total income and expenses recognised directly in equity for the financial year – – – – (3,924) 2,277 (3,924) 2,277 (Loss)/profit for the financial year – – (12,144) 3,712 – – (12,144) 3,712 Total recognised income and expenses for the – – (12,144) 3,712 (3,924) 2,277 (16,068) 5,989 financial year Distributions paid/payable to Unitholders 18 (2,798) (1,695) – (1,414) – – (2,798) (3,109) Closing balance 30,304 33,102 (7,509) 4,635 (778) 3,146 22,107 40,883 Unitholders’ funds Units on issue Undistributed (loss)/profit Reserves Total 2009 2008 2009 2008 2009 2008 2009 2008 Trust Note $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Opening balance 33,102 34,797 – 221 3,146 869 36,248 35,887 Effective portion of changes in fair value of cash flow hedges – – – – (3,924) 2,277 (3,924) 2,277 Total income and expenses recognised directly in – – – – (3,924) 2,277 (3,924) 2,277 equity for the financial year (Loss)/profit for the financial year – – (6,833) 1,193 – – (6,833) 1,193 Total recognised income and expenses for the – – (6,833) 1,193 (3,924) 2,277 (10,757) 3,470 financial year Distributions paid/payable to Unitholders 18 (2,798) (1,695) – (1,414) – – (2,798) (3,109) Closing balance 30,304 33,102 (6,833) – (778) 3,146 22,693 36,248 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. Stockland Direct Retail Trust No. 1 June 2009 7
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Stockland Direct Retail Trust No.1

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