Abacus Property Group – Annual Financial Report 2018

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ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 15. PARENT ENTITY FINANCIAL INFORMATION 2018 2017 $'000 $'000 Results of the parent entity Profit / (Loss) for the year 6,388 (9,871) Total comprehensive expense for the year 6,388 (9,871) Financial position of the parent entity at year end Current assets 35,551 1,512 Total assets 353,113 336,195 Current liabilities 29,931 146 Total liabilities 74,256 62,566 Net assets 278,857 273,629 Total equity of the parent entity comprising of: Issued capital 348,331 347,011 Accumulated losses (73,488) (79,875) Employee options reserve 4,014 6,493 Total equity 278,857 273,629 (a) Parent entity contingencies As at 30 June 2018, the parent entity has entered into, or still bound by, the following agreements: - Act as guarantor for borrowings for certain joint venture arrangements to a guarantee limit of $3.5 million (30 June 2017: $18.5 million). No property security has been provided by the parent. (b) Parent entity capital commitments There are no capital commitments of the parent entity as at 30 June 2018 (2017: Nil). 69
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 16. PROPERTY, PLANT AND EQUIPMENT The following table is a reconciliation of the movements of property, plant and equipment for the year ended 30 June 2018. 2018 2017 $'000 $'000 Property, plant and equipment held for sale Current Hotel property 88,500 - Total current property, plant and equipment held for sale 88,500 - Non-current Hotel property - 80,000 Storage properties 3,848 4,226 Office equipment / furniture and fittings 952 508 Total non-current property, plant and equipment 4,800 84,734 Total property, plant and equipment including held for sale 93,300 84,734 The hotel property held for sale is measured at the lower of their carrying amount and fair value less costs to sell. 2018 2017 $'000 $'000 Land and buildings At the beginning of the year net of accumulated depreciation 71,828 121,411 Additions 109 99 Fair value movement through comprehensive income 10,052 12,282 Disposal - (61,964) Depreciation charge for the year (921) - At the end of the year net of accumulated depreciation 81,068 71,828 Gross value 91,300 81,139 Accumulated depreciation (10,232) (9,311) Net carrying amount at end of the year 81,068 71,828 Plant and equipment Gross value 33,155 31,546 Accumulated depreciation (20,923) (18,640) Net carrying amount at end of the year 12,232 12,906 Total 93,300 84,734 If property, plant and equipment was carried under the cost model, the carrying amount would be $63.5 million (2017: $62.7 million). 70
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Abacus Property Group ANNUAL FINANC
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Abacus Property Group – Annual Financial Report 2018

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