Abacus Property Group – Annual Financial Report 2018

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ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 10. CAPITAL MANAGEMENT Abacus Abacus seeks to manage its capital requirements through a mix of debt and equity funding. It also ensures that Group entities comply with capital and distribution requirements of their constitutions and/or trust deeds, the capital requirements of relevant regulatory authorities and continue to operate as a going concern. Abacus also protects its equity in assets by taking out insurance. Abacus assesses the adequacy of its capital requirements, cost of capital and gearing (i.e. debt/equity mix) as part of its broader strategic plan. In addition to tracking actual against budgeted performance, Abacus reviews its capital structure to ensure sufficient funds and financing facilities (on a cost effective basis) are available to implement its strategy, that adequate financing facilities are maintained and distributions to members are made within the stated distribution guidance (i.e. paid out of underlying profits). The following strategies are available to the Group to manage its capital: issuing new stapled securities, its distribution reinvestment plan, electing to have the distribution reinvestment plan underwritten, adjusting the amount of distributions paid to members, activating a security buyback program, divesting assets, active management of its fixed rate swaps and collars, directly purchasing assets in managed funds and joint ventures, or (where practical) recalibrating the timing of transactions and capital expenditure so as to avoid a concentration of net cash outflows. Abacus has a total gearing covenant as a condition of the current $480m Syndicated facility and the $11m Bilateral facility. The total gearing covenant requires Abacus to have total liabilities (net of cash) to be less than or equal to 50% of total tangible assets (net of cash). As at date of reporting period, Abacus was compliant in meeting all its debt covenants. Consolidated Funds The Capital Management approach and strategies employed by the Group are also deployed for the funds Abacus manages and which are consolidated in these accounts – AHF and AWLF (or the Consolidated Funds). Points unique to the capital management of these respective funds are: - The Consolidated Funds via their responsible entities comply with capital and distribution requirements of their constitutions and/or deeds, the capital requirements of relevant regulatory authorities and continue to operate as going concerns; and - There is currently no Distribution Reinvestment Plan for any of the Funds. 57
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 11. INTEREST BEARING LOANS AND BORROWINGS 2018 2017 $'000 $'000 Other Current Other loans - A$ 38,765 - (a) Total current 38,765 - 2018 2017 $'000 $'000 Abacus* Non-current Bank loans - A$ 624,636 440,657 Bank loans - A$ value of NZ$ denominated loan 70,334 73,033 Other loans - A$ - 37,426 Less: Unamortised borrowing costs (1,228) (1,932) (b) Total non-current 693,742 549,184 * Excludes Abacus Hospitality Fund and Abacus Wodonga Land Fund. 2018 2017 $'000 $'000 (c) Maturity profile of current and non-current interest bearing loans Due within one year 38,765 - Due between one and five years 413,742 419,184 Due after five years 280,000 130,000 732,507 549,184 58
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DIRECTORS’ REPORT 30 June 2018 AB
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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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