Goodman

Goodman Group Securityholder Review 2013

Strength in numbers

2009 $M 2010 $M 2011 $M 2012 $M 2013 $M
Income statement
Gross property income 264.3 237.4 225.1 235.7 219.6
Management income 149.9 132.0 120.9 139.2 181.0
Development income 305.4 147.2 210.5 216.7 200.0
Income from sales of inventories - 51.3 112.8 79.1 259.5
Distributions from investments 19.6 26.7 27.1 22.2 3.1
Net gain/(loss) on disposals of assets 54.3 (0.1) 85.3 78.5 24.9
Net (loss)/gain from fair value adjustments
on investment properties (527.0) (210.0) (26.4) 6.5 28.0
Share of net results of equity accounted investments (508.7) (211.2) 174.5 166.6 228.8
Total income (242.2) 173.3 929.8 944.5 1,144.9
Property expenses (53.2) (59.8) (58.6) (61.7) (59.7)
Development expenses (243.4) (107.9) (159.3) (146.8) (57.9)
Inventory cost of sales - (39.8) (103.6) (69.2) (253.5)
Employee expenses (30.3) (84.0) (95.8) (87.3) (98.8)
Administrative and other expenses (81.2) (66.0) (53.9) (88.4) (96.9)
Impairment losses (229.7) (145.4) (47.2) (89.5) (65.4)
Restructuring costs (85.7) - - - (9.8)
Net finance (costs)/income (153.6) (154.1) 49.1 58.6 (303.7)
Total expenses (877.1) (657.0) (469.3) (484.3) (945.7)
(Loss)/profit before income tax (1,119.3) (483.7) 460.5 460.2 199.2
Income tax benefit/(expense) 23.3 (1.0) (7.5) (9.7) (15.9)
(Loss)/profit for the year (1,096.0) (484.7) 453.0 450.5 183.3
Profit attributable to other non-controlling interests (24.0) (52.3) (61.0) (42.2) (22.3)
(Loss)/profit attributable to Securityholders (1,120.0) (537.0) 392.0 408.3 161.0
Operating profit summary
Operating profit available for distribution1 408.1 310.0 383.9 463.4 544.1
Operating profit per stapled security (cents per security)2 87.2 26.3 28.3 30.5 32.4
Distributions (cents per security) 48.3 17.0 17.5 18.0 19.4
Balance sheet
Cash and receivables 830.8 1,008.6 548.5 605.9 1,172.8
Property assets 3,579.5 3,223.6 3,409.6 3,469.8 3,355.4
Equity accounted investments 2,662.3 2,304.1 2,597.4 2,893.4 3,243.1
Intangible assets 1,125.4 929.4 827.9 783.2 891.4
Other (including derivative financial instruments) 385.0 157.4 181.5 467.6 228.0
Total assets 8,583.0 7,623.1 7,564.9 8,219.9 8,890.7
Payables and provisions 299.7 387.1 467.0 434.1 438.4
Interest bearing liabilities 4,239.8 2,276.6 1,913.8 2,347.5 2,249.8
Other (including derivative financial instruments) 265.9 212.8 170.2 263.7 366.8
Total liabilities 4,805.4 2,876.5 2,551.0 3,045.3 3,055.0
Net assets 3,777.6 4,746.6 5,013.9 5,174.6 5,835.7
Non-controlling interests (318.8) (798.1) (573.1) (318.8) (331.5)
Net assets (after non-controlling interests) 3,458.8 3,948.5 4,440.8 4,855.8 5,504.2
NTA per security ($) 4.26 2.38 2.45 2.54 2.69
Gearing ratio (%) 47.9 24.9 23.0 23.9 18.5
Statement of changes in equity
Total equity at the beginning of the year 4,669.1 3,776.9 4,746.6 5,013.9 5,174.6
Total comprehensive income for the year (1,491.8) (593.4) 325.7 429.9 460.2
3,177.3 3,183.5 5,072.3 5,443.8 5,634.8
Contributions of equity, net of transaction costs 927.6 1,343.6 241.7 33.3 441.4
Distributions provided or paid (264.1) (212.9) (250.0) (283.1) (243.7)
Other transactions with equity holders (38.1) 5.4 10.9 22.8 20.9
Movements in non-controlling interests during the year (25.8) 427.0 (61.0) (42.2) (17.7)
Total equity at the end of the year 3,776.9 4,746.6 5,013.9 5,174.6 5,835.7
Cash flow statement
Net cash provided by operating activities 320.8 195.2 333.8 266.8 356.1
Net cash (used in)/provided by investing activities (1,049.6) 17.1 (394.9) (220.8) 146.4
Net cash provided by/(used in) financing activities 332.1 60.3 (226.2) 37.0 (167.9)
Net (decrease)/increase in cash held (396.7) 272.6 (287.3) 83.0 334.6
Cash at the beginning of the year 639.2 242.5 515.1 227.8 310.8
Cash at the end of the year 242.5 515.1 227.8 310.8 645.4
  1. Excludes unrealised property valuation movements, derivative and foreign currency mark to market and certain other non-cash items.
  2. Fully diluted for performance rights.