Abacus Property Group – Annual Financial Report 2017

ABACUS PROPERTY GROUP
NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2017
8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
(a) Extract from joint ventures’ profit and loss statements
Fordtrans Pty Ltd*
Other Joint Ventures
Total
2017 2016 2017 2016 2017 2016
$'000 $'000 $'000 $'000 $'000 $'000
Revenue 9,646 20,516 478,590 140,896 488,236 161,412
Expenses (14,152) (6,854) (351,811) (89,026) (365,963) (95,880)
Net profit / (loss) (4,506) 13,662 126,779 51,870 122,273 65,532
Share of net profit / (loss) (2,253) 6,934 56,526 23,609 54,273 30,543
* Included in the net profit of Fordtrans Pty Ltd for the year ended 30 June 2017: interest income $1.9 million (2016: $1.6 million) and
interest expense $2.8 million (2016: $2.8 million).
(b) Extract from joint ventures’ balance sheets
Fordtrans Pty Ltd* Other Joint Ventures Total
2017 2016 2017 2016 2017 2016
$'000 $'000 $'000 $'000 $'000 $'000
Current assets 15,436 2,971 101,401 26,728 116,837 29,699
Non-current assets 183,031 204,798 666,721 752,004 849,752 956,802
198,467 207,769 768,122 778,732 966,589 986,501
Current liabilities (3,265) (786) (83,167) (16,283) (86,432) (17,069)
Non-current liabilities (64,800) (68,374) (406,812) (447,630) (471,612) (516,004)
Net assets 130,402 138,609 278,143 314,819 408,545 453,428
Share of net assets 65,201 74,511 102,047 105,424 167,248 179,935
* Included in the net assets of Fordtrans Pty Ltd as at 30 June 2017: cash and cash equivalents $0.7 million (2016: $2.4 million), current
interest bearing loans and borrowings $Nil (2016: $Nil) and non-current interest bearing loans and borrowings $64.8 million (2016: $68.4
million).
There were no impairment losses or contingent liabilities relating to the investment in the joint ventures.
1. Fordtrans Pty Ltd (Virginia Park) (“VP”)
Abacus has a 50% interest in the ownership and voting rights of Fordtrans Pty Ltd. VP’s principal place of
business is in Bentleigh East, Victoria.
VP owns a sizeable Business Park providing a mixture of industrial and office buildings as well as supporting
facilities including gymnasium, swim centre, child care centre, children’s play centre and cafe. Abacus jointly
controls the venture with the other partner under the terms of Unitholders Agreement and requires unanimous
consent for all major decisions over the relevant activities.
Abacus has received distributions for the year ended 30 June 2017 of $2.0 million (2016: $1.0 million).
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