Abacus Property Group – Annual Financial Report 2018

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ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS – Segment Information 30 JUNE 2018 The Group predominately operates in Australia. Following are the Group’s operating segments, which are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions about resources allocation and to assess performance: (a) Property Investments: the segment is responsible for the investment in and ownership of commercial, retail, industrial properties and self-storage facilities. This segment also includes the equity accounting of coinvestments in property entities not engaged in development and construction projects; and (b) Property Development: provides secured lending and related property financing solutions and is also responsible for the Group’s investment in joint venture developments and construction projects, which includes revenue from debt and equity investments in joint ventures. Segment result includes transactions between operating segments which are then eliminated. The Group has consolidated the Abacus Hospitality Fund and Abacus Wodonga Land Fund. The performances of these entities which are operated as externally managed investment schemes are considered to be non-core segments and are reviewed separately to that of the performance of the Group’s business segments. * The operating segments reported by the Group have changed from the prior year. Accordingly, prior year comparatives have been restated to reflect the change. 44
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS – Segment Information (continued) 30 JUNE 2018 Core Segments Non Core Segments Property Investments Property Total Core Commercial Storage Developments Unallocated Segments Other Eliminations Consolidated Year ended 30 June 2018 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Revenue Rental income 78,607 73,825 - - 152,432 12 - 152,444 Hotel income - - - - - 26,211 - 26,211 Finance income - - 47,460 - 47,460 5 - 47,465 Management and other fee income 7,888 - - - 7,888 - (3,606) 4,282 Sale of inventory - - 63,821 - 63,821 12,754 - 76,575 Net change in fair value of investment properties derecognised 8,300 6,965 - - 15,265 - - 15,265 Net change in fair value of investments and financial instruments derecognised 2,318 - 6,686 - 9,004 - - 9,004 Net gain on sale of property, plant & equipment - 2,039 - - 2,039 - - 2,039 Net change in investment properties and property, plant & equipment held at balance date 18,410 42,314 - - 60,724 - - 60,724 Net change in fair value of derivatives - - - 730 730 - - 730 Share of profit from equity accounted investments ^ 42,849 - 30,900 - 73,749 - - 73,749 Other income 4,111 - 136 - 4,247 32 - 4,279 Other unallocated revenue - - - 295 295 645 - 940 Total consolidated revenue 162,483 125,143 149,003 1,025 437,654 39,659 (3,606) 473,707 Property expenses and outgoings (19,568) (26,976) - - (46,544) (222) - (46,766) Hotel expenses - - - - - (20,491) - (20,491) Depreciation and amortisation expense (2,312) (424) - - (2,736) (2,443) - (5,179) Cost of inventory sales - - (50,388) - (50,388) (9,977) 1,764 (58,601) Net change in fair value of investments held at balance date 284 (42) (6,605) - (6,363) - - (6,363) Impairment charges (reversal) - - 2,660 - 2,660 - - 2,660 Administrative and other expenses (21,091) - (9,040) - (30,131) (1,365) (442) (31,938) Segment result 119,796 97,701 85,630 1,025 304,152 5,161 (2,284) 307,029 Finance costs (30,473) (2,884) 2,099 (31,258) Profit before tax 273,679 2,277 (185) 275,771 Income tax expense (28,813) - - (28,813) Net profit for the year 244,866 2,277 (185) 246,958 Less non-controlling interest 12 (3,261) (3,249) Net profit for the year attributable to members of the Group 244,878 (984) (185) 243,709 ^ includes fair value gain of $4.6 million 45
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Abacus Property Group – Annual Financial Report 2018

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