Abacus Property Group – Annual Financial Report 2018
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ABACUS PROPERTY GROUP<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
30 JUNE <strong>2018</strong><br />
12. FINANCIAL INSTRUMENTS (continued)<br />
(d) Fair values (continued)<br />
The following table is a reconciliation of the movements in derivatives (property developments), unlisted securities<br />
and options classified as Level 3 for the year ended 30 June <strong>2018</strong>.<br />
Derivatives -<br />
property<br />
developments<br />
Unlisted<br />
securities/<br />
options<br />
Total<br />
$'000 $'000 $'000<br />
Opening balance as at 30 June 2017 13,263 6,792 20,055<br />
Fair value movement through the income statement (6,605) (29) (6,634)<br />
Disposals - (5,434) (5,434)<br />
Closing balance as at 30 June <strong>2018</strong> 6,658 1,329 7,987<br />
Derivatives -<br />
property<br />
developments<br />
Unlisted<br />
securities/<br />
options<br />
Total<br />
$'000 $'000 $'000<br />
Opening balance as at 30 June 2016 4,007 22,774 26,781<br />
Fair value movement through the income statement 9,256 (23,482) (14,226)<br />
Additions - 7,500 7,500<br />
Closing balance as at 30 June 2017 13,263 6,792 20,055<br />
Sensitivity of Level 3 <strong>–</strong> derivatives - property developments<br />
The potential effect of using reasonable possible alternative assumptions based on a change in the underlying<br />
property developments’ returns by 5% would have the effect of reducing the fair value by up to $0.3 million (2017:<br />
$0.7 million) or increase the fair value by $0.3 million (2017: $0.7 million).<br />
Sensitivity of Level 3 <strong>–</strong> unlisted securities and options<br />
The potential effect of using reasonable possible alternative assumptions based on a change in the property<br />
valuations by 5% would have the effect of reducing the fair value by up to $0.1 million (2017: $0.8 million) or<br />
increase the fair value by $0.1 million (2017: $0.8 million).<br />
13. CONTRIBUTED EQUITY<br />
<strong>2018</strong> 2017<br />
(a) Issued stapled securities $'000 $'000<br />
Stapled securities 1,635,046 1,622,897<br />
Issue costs (40,058) (41,741)<br />
Total contributed equity 1,594,988 1,581,156<br />
Stapled securities<br />
Number Number<br />
(b) Movement in stapled securities on issue '000 '000<br />
At beginning of financial year 575,570 556,577<br />
- equity raisings - 5,642<br />
- distribution reinvestment plan 3,793 13,351<br />
Securities on issue at end of financial year 579,363 575,570<br />
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