Abacus Property Group – Annual Financial Report 2018

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Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s Independence Declaration to the Directors of Abacus Group Holdings Limited As lead auditor for the audit of Abacus Group Holdings Limited for the financial year ended 30 June 2018, I declare to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and b) no contraventions of any applicable code of professional conduct in relation to the audit. This declaration is in respect of Abacus Group Holdings Limited and the entities it controlled during the financial year. Ernst & Young Kathy Parsons Partner 17 August 2018 34
ABACUS PROPERTY GROUP CONSOLIDATED INCOME STATEMENT YEAR ENDED 30 JUNE 2018 REVENUE 2018 2017 Notes $'000 $'000 Rental income 152,444 150,634 Hotel income 26,211 30,968 Finance income 1 48,405 44,637 Management and other fee income 4,282 5,470 Sale of inventory 76,575 16,192 Total Revenue 307,917 247,901 OTHER INCOME Net change in fair value of investment properties derecognised 15,265 45,267 Net change in fair value of investments and financial instruments derecognised 9,004 7,167 Net profit on sale of property, plant and equipment 2,039 11,762 Net change in fair value of investment properties and property, plant & equipment held at balance date 60,724 84,948 Net change in fair value of derivatives 730 4,458 Share of profit from equity accounted investments 8(a) 73,749 54,273 Other income 4,279 7,656 Total Revenue and Other Income 473,707 463,432 Property expenses and outgoings (46,766) (43,477) Hotel expenses (20,491) (23,415) Depreciation and amortisation expenses 3(a) (5,179) (2,481) Cost of inventory sales (55,941) (10,968) Net change in fair value of investments held at balance date 3(b) (6,363) (15,554) Finance costs 3(c) (31,258) (35,826) Administrative and other expenses 3(d) (31,938) (29,483) PROFIT BEFORE TAX 275,771 302,228 Income tax expense 4(a) (28,813) (10,140) NET PROFIT AFTER TAX 246,958 292,088 PROFIT ATTRIBUTABLE TO: Equity holders of the parent entity (AGHL) 54,135 66,005 Equity holders of other stapled entities AT members 108,865 157,181 AGPL members 4,937 5,189 AIT members 3,263 3,391 ASPT members 25,188 13,395 ASOL members 47,321 39,936 Stapled security holders 243,709 285,097 Net profit attributable to external non-controlling interests 3,249 6,991 NET PROFIT 246,958 292,088 Basic and diluted earnings per stapled security (cents) 2 42.18 49.91 35
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Abacus Property Group Level 34 Aust
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Abacus Property Group – Annual Financial Report 2018

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