sustainability report 2022
| Income Statement | 2018 $M |
2019 $M |
2020 $M |
2021 $M |
2022 $M |
| Gross property income | 150.4 | 114.6 | 115.9 | 112.4 | 138.0 |
| Management income | 316.5 | 469.7 | 511.2 | 383.9 | 511.4 |
| Development income | 1,115.8 | 1,134.3 | 882.6 | 1,492.0 | 1,441.6 |
| Net gain/(loss) on disposals of assets | 108.1 | 27.9 | 56.3 | 42.7 | 86.3 |
| Net gain from fair value adjustments on investment properties | 71.1 | 146.8 | 45.2 | 63.1 | 260.1 |
| Share of net results of equity accounted investments | 910.9 | 1,132.5 | 1,022.2 | 1,708.9 | 2,718.2 |
| Distributions from investments | - | - | - | - | 0.8 |
| Total income | 2,672.8 | 3,025.8 | 2,633.4 | 3,803.0 | 5,156.4 |
| Property expenses | (36.4) | (40.2) | (36.4) | (32.8) | (33.7) |
| Development expenses | (808.9) | (727.3) | (443.4) | (862.3) | (554.9) |
| Employee expenses | (180.7) | (191.9) | (203.7) | (210.8) | (258.9) |
| Share based payments expense | (125.6) | (196.6) | (164.0) | (268.8) | (257.6) |
| Administrative and other expenses | (68.7) | (75.8) | (88.6) | (83.2) | (90.4) |
| Net finance costs | (267.3) | (49.3) | (80.2) | 74.9 | (222.8) |
| Total expenses | (1,487.6) | (1,281.1) | (1,016.3) | (1,383.0) | (1,418.3) |
| Profit before income tax | 1,185.2 | 1,744.7 | 1,617.1 | 2,420.0 | 3,738.1 |
| Income tax expense | (82.4) | (116.8) | (113.0) | (108.1) | (324.1) |
| Profit for the year | 1,102.8 | 1,627.9 | 1,504.1 | 2,311.9 | 3,414.0 |
| Profit attributable to other non-controlling interests | (4.6) | – | – | – | - |
| Profit attributable to Securityholders | 1,098.2 | 1,627.9 | 1,504.1 | 2,311.9 | 3,414.0 |
| OPERATING PROFIT RECONCILIATION (NON-IFRS) | |||||
| Operating profit | 845.9 | 942.3 | 1,060.2 | 1,219.4 | 1,528.0 |
| Adjustments for: | |||||
| Property valuation related movements | 639.0 | 871.7 | 621.3 | 1,308.5 | 2,326.3 |
| Fair value adjustments and unrealised foreign currency exchange movements related to liability management | (174.4) | 17.0 | 6.8 | 55.0 | (191.4) |
| Other non-cash adjustments or non-recurring items | (212.3) | (203.1) | (184.2) | (271.0) | (248.9) |
| Profit attributable to Securityholders | 1,098.2 | 1,627.9 | 1,504.1 | 2,311.9 | 3,414.0 |
| Operating profit per stapled security (cents)1 | 46.7 | 51.6 | 57.5 | 65.6 | 81.3 |
| Dividends/distributions per security (cents) | 28.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| 1. Fully diluted for performance rights. |
| Statement of financial position | 2018 $M |
2019 $M |
2020 $M |
2021 $M |
2022 $M |
| Cash and receivables | 3,088.7 | 1,981.4 | 2,172.5 | 1,529.2 | 1,447.2 |
| Property assets | 2,732.6 | 2,966.1 | 3,081.4 | 3,279.0 | 4,148.0 |
| Equity accounted investments | 6,585.5 | 8,452.4 | 9,370.8 | 10,660.0 | 14,379.6 |
| Intangible assets | 816.7 | 840.0 | 845.8 | 822.6 | 795.4 |
| Other (including derivative financial instruments) | 235.9 | 672.9 | 667.7 | 576.2 | 662.2 |
| Total assets | 13,459.4 | 14,912.8 | 16,138.2 | 16,867.0 | 21,432.4 |
| Payables, provisions and contract liabilities | 918.4 | 944.1 | 988.3 | 1,009.3 | 1,032.2 |
| Interest bearing liabilities | 3,081.5 | 2,975.0 | 2,938.5 | 2,060.3 | 2,832.2 |
| Other (including derivative financial instruments) | 285.8 | 471.2 | 690.8 | 635.9 | 1,143.2 |
| Total liabilities | 4,285.7 | 4,390.3 | 4,617.6 | 3,705.5 | 5,007.6 |
| Net assets attributable to Securityholders | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 | 16,424.8 |
| Net tangible assets per security ($) | 4.64 | 5.34 | 5.84 | 6.68 | 8.37 |
| Gearing ratio (%) | 5.1 | 9.7 | 7.5 | 6.8 | 8.5 |
| STATEMENT OF CHANGES IN EQUITY | |||||
| Total equity at the beginning of the year | 8,622.2 | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 |
| Total comprehensive income for the year | 1,304.9 | 1,795.4 | 1,467.7 | 2,027.1 | 3,581.1 |
| 9,927.1 | 10,969.1 | 11,990.2 | 13,547.7 | 16,742.6 | |
| Contributions of equity, net of transaction costs | – | – | – | 64.7 | 109.7 |
| Distributions provided or paid | (504.2) | (544.2) | (548.5) | (554.2) | (560.1) |
| Other transactions with equity holders | 82.4 | 97.6 | 78.9 | 103.3 | 132.6 |
| Movements in other non-controlling interests | (331.6) | - | – | – | – |
| Total equity at the end of the year | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 | 16,424.8 |
| CASH FLOW STATEMENT | |||||
| Net cash provided by operating activities | 1,161.2 | 827.5 | 1,156.9 | 1,114.7 | 841 |
| Net cash provided by/(used in) investing activities | (26.5) | (818.2) | (306.4) | (549.9) | (1,001.5) |
| Net cash used in financing activities | (799.2) | (849.2) | (660.9) | (1,349.1) | 299.7 |
| Net increase/(decrease) in cash held | 335.5 | (839.9) | 189.6 | (784.3) | 139.2 |
| Cash at the beginning of the year | 2,095.1 | 2,406.8 | 1,607.1 | 1,792.8 | 920.4 |
| Effect of exchange rate fluctuations on cash held | (23.8) | 40.2 | (3.9) | (88.1) | (3.6) |
| Cash at the end of the year | 2,406.8 | 1,607.1 | 1,792.8 | 920.4 | 1,056 |
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