Abacus Property Group – Annual Financial Report 2018

More documents

Recommendations

Info

ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 17. COMMITMENTS AND CONTINGENCIES Abacus (a) Operating lease commitments – Group as lessee The Group has entered into a commercial lease on its offices. The lease has a term of five years with an option to renew for another five years. Future minimum rentals payable under non-cancellable operating leases as at 30 June 2018 are as follows: 2018 2017 $'000 $'000 Within one year 1,034 1,030 After one year but not more than five years 3,357 3,227 More than five years - 1,163 4,391 5,420 (b) Operating lease commitments – Group as lessor Future minimum rentals receivable under non-cancellable operating leases as at 30 June 2018 are as follows: 2018 2017 $'000 $'000 Within one year 65,911 72,465 After one year but not more than five years 163,353 163,080 More than five years 62,749 76,649 292,013 312,194 These amounts do not include contingent rentals which may become receivable under certain leases on the basis of retail sales in excess of stipulated minimums and, in addition, do not include recovery of outgoings. (c) Capital and other commitments At 30 June 2018 the Group had numerous commitments and contingent liabilities which principally related to property acquisition settlements, loan facility guarantees for the Group's interest in the jointly controlled property developments and funds management vehicles, commitments relating to property refurbishing costs and unused mortgage loan facilities to third parties. Commitments planned and/or contracted at reporting date but not recognised as liabilities are as follows: 2018 2017 $'000 $'000 Within one year - gross settlement of property acquisitions 15,750 - - property refurbishment costs 6,574 15,136 - property development costs 19,546 11,176 - unused portion of loan facilities to outside parties 35,694 28,087 77,564 54,399 Contingent liabilities: Within one year - corporate guarantee 3,520 18,712 3,520 18,712 71
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 18. RELATED PARTY DISCLOSURES (a) Subsidiaries The consolidated financial statements include the financial statements of the following entities: equity interest 2018 2017 Entity % % Abacus Group Holdings Limited and its subsidiaries Abacus Castle Hill Trust 100 100 Abacus Cobar Trust 100 100 Abacus Finance Pty Limited 100 100 Abacus Funds Management Limited 100 100 Abacus Griffith Avenue Trust 100 100 Abacus Hampstead Trust 100 - Abacus Investment Pty Ltd 100 100 Abacus Mortgage Fund 100 100 Abacus Mount Druitt Trust 100 100 Abacus Musswellbrook Pty Ltd 100 100 Abacus Nominee Services Pty Limited 100 100 Abacus Nominees (No 5) Pty Limited 100 100 Abacus Nominees (No 7) Pty Limited 100 100 Abacus Nominees (No 9) Pty Limited 100 100 Abacus Nominees (No 11) Pty Limited 100 - Abacus Note Facilities Pty Ltd 100 100 Abacus Property Services Pty Ltd 100 100 Abacus SP Note Facility Pty Ltd 100 100 Abacus Storage Funds Management Limited 100 100 Abacus Wodonga Land Commercial Trust 100 100 Amiga Pty Limited 75 75 Fitzroy Street Pty Ltd 100 - Oasis Staffing Pty Ltd 100 100 Yarradale Developments Trust 100 100 Abacus Hobart Growth Trust 100 100 Abacus Melbat Trust 100 100 Hurstbat Pty Limited 100 100 Villemel Pty Limited 100 100 Abacus Group Projects Limited and its subsidiaries Abacus Property Pty Ltd 100 100 Abacus Allara Street Trust* 50 50 Abacus Repository Trust* 50 50 Abacus Ventures Trust* 51 51 * These entities are wholly owned by Abacus 72
Page 1:
Abacus Property Group ANNUAL FINANC
Page 4 and 5:
DIRECTORS’ REPORT 30 June 2018 AB
Page 6 and 7:
ABACUS PROPERTY GROUP DIRECTORS’
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29: DIRECTORS’ REPORT 30 June 2018 AB
Page 30: DIRECTORS’ REPORT 30 June 2018 Ta
Page 34 and 35: ABACUS PROPERTY GROUP DIRECTORS’
Page 36 and 37: DIRECTORS’ REPORT 30 June 2018 AB
Page 38 and 39: Ernst & Young 200 George Street Syd
Page 40 and 41: CONSOLIDATED STATEMENT OF COMPREHEN
Page 42 and 43: ABACUS PROPERTY GROUP CONSOLIDATED
Page 44 and 45: CONSOLIDATED STATEMENT OF CHANGES I
Page 46 and 47: NOTES TO THE FINANCIAL STATEMENTS -
Page 48 and 49: ABACUS PROPERTY GROUP NOTES TO THE
Page 51: ABACUS PROPERTY GROUP NOTES TO THE
Page 59 and 60: NOTES TO THE FINANCIAL STATEMENTS 3
Page 77: ABACUS PROPERTY GROUP NOTES TO THE
Page 103 and 104: Ernst & Young 200 George Street Syd
Page 105 and 106: Property Loans Why significant The
Page 107 and 108: Equity Accounted Investments Why si
Page 109 and 110: Obtain an understanding of internal
Page 111 and 112: ASX Additional Information Abacus P
Page 114: Abacus Property Group Level 34 Aust
show all

Abacus Property Group – Annual Financial Report 2018

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?