Abacus Property Group – Annual Financial Report 2018

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ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (a) Extract from joint ventures’ profit and loss statements Fordtrans Pty Ltd* Merivale Pty Ltd Other Joint Ventures Total 2018 2017 2018 2017 2018 2017 2018 2017 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Revenue 23,722 9,646 192,389 20 557,993 478,570 774,104 488,236 Expenses (10,699) (14,152) (161,082) (1,751) (482,296) (350,060) (654,077) (365,963) Net profit / (loss) 13,023 (4,506) 31,307 (1,731) 75,697 128,510 120,027 122,273 Share of net profit / (loss) 8,659 (2,253) 15,403 (852) 49,687 57,378 73,749 54,273 * Included in the net profit of Fordtrans Pty Ltd for the year ended 30 June 2018: interest income $1.4 million (2017: $1.9 million) and interest expense $2.9 million (2017: $2.8 million). (b) Extract from joint ventures’ balance sheets Fordtrans Pty Ltd* Merivale Pty Ltd Other Joint Ventures Total 2018 2017 2018 2017 2018 2017 2018 2017 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Current assets 1,073 15,436 95,677 1,085 70,800 100,316 167,550 116,837 Non-current assets 215,214 183,031 - 119,359 243,328 547,362 458,542 849,752 216,287 198,467 95,677 120,444 314,128 647,678 626,092 966,589 Current liabilities (18,128) (3,265) (1,745) (157) (156,147) (83,010) (176,020) (86,432) Non-current liabilities (64,800) (64,800) - (59,401) (22,372) (347,411) (87,172) (471,612) Net assets 133,359 130,402 93,932 60,886 135,609 217,257 362,900 408,545 Share of net assets 66,679 65,201 45,625 27,490 42,586 74,557 154,890 167,248 * Included in the net assets of Fordtrans Pty Ltd as at 30 June 2018: cash and cash equivalents $0.3 million (2017: $0.7 million), current interest bearing loans and borrowings $Nil (2017: $Nil) and non-current interest bearing loans and borrowings $64.8 million (2017: $64.8 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’ share of distributions (including capital distributions) for the year ended 30 June 2018 was $7.2 million (2017: $2.0 million). 2. Merivale Pty Ltd (Ivy & Eve) Abacus has a 49.2% interest in the ownership and voting rights of Merivale Pty Ltd. Merivale’s principal place of business is in South Brisbane. Merivale Pty Ltd owns a residential development in Merivale Street, South Brisbane, Queenland. The development consists of two 30 storey residential towers, Ivy and Eve accommodating 472 one, two and three bedroom apartments overlooking the Brisbane River and CBD. Abacus jointly controls the venture with the other partners under the terms of Unitholders Agreement and requires major consent for all major decisions over the relevant activities. Abacus did not receive any distributions during the year ended 30 June 2018 (2017: $Nil). 55
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 9. CASH AND CASH EQUIVALENTS 2018 2017 $'000 $'000 Reconciliation to Statement of Cash Flow For the purposes of the Statement of Cash Flow, cash and cash equivalents comprise the following at 30 June 2018 Cash at bank and in hand 1 103,256 56,267 1. Cash at bank earns interest at floating rates. The carrying amounts of cash and cash equivalents represent fair value. Net profit 246,958 292,088 Adjustments for: Depreciation and amortisation of non-current assets 5,179 2,481 Net change in fair value of derivatives (730) (4,458) Net change in fair value of investment properties held at balance date (60,724) (84,948) Net change in fair value of investments held at balance date 6,363 15,554 Net change in fair value of investment properties derecognised (15,265) (45,267) Net change in fair value of investment and financial instruments derecognised (9,004) (7,167) Net (gain) / loss on disposal of property, plant and equipment (2,039) (11,762) Share of profit from equity accounted investments (73,749) (54,273) Increase / (decrease) in payables 23,476 15,617 (Increase) / decrease in inventories 1,524 (22,043) (Increase) / decrease in receivables and other assets 72,277 20,388 Net cash from operating activities 194,266 116,210 (a) Disclosure of financing facilities Refer to Note 11. (b) Disclosure of non-cash financing facilities Non-cash financing activities include capital raised pursuant to the Abacus distribution reinvestment plan. During the year 3.79 million (2017: 13.35 million) stapled securities were issued with a cash equivalent of $12.1 million (2017: $40.0 million). 56
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Abacus Property Group – Annual Financial Report 2018

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