100226 - Appendix 4D Consolidated Financial Report & Trust Report to Period Ended 31 Dec 2009

8/9/2019 100226 - Appendix 4D Consolidated Financial Report & Trust Report to Period Ended 31 Dec 2009

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Consolidated Report of RCL G(Formerly Babcock & Brown Residential Lan

And RC(Formerly Babcock & Brown Residential La

Together th(Formerly Babcock & Brown Residen

for the half year ended 31 De


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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009

RCL Group Limited (RCLGL) (formerly Babcock & Brown Residential Lan(BBRLPL)) ABN 49 119 517 985,

RCL Group Trust (RCLGT) (formerly Babcock & Brown Residential Land PartnARSN 119 613 848

together, the RCL Group (RCL) (formerly Babcock & Brown Residential Land P

This Report is provided to the Australian Securities Exchange (ASX) under ASX Lis

Current Reporting Period: For the period from 1 July 2009 to31 December 2009

Previous Corresponding Period: For the period from 1 July 2008 to31 December 2008

The RCL Group (RCL) (formerly Babcock & Brown Residential Land Partners (BBRLP)) comprises R

(formerly Babcock & Brown Residential Land Partners Limited (BBRLPL) (ABN 49 119 517 985) and

(formerly Babcock & Brown Residential Land Partners Trust (BBRLPT)) (ARSN 119 613 848). Each sh

unit in RCLGT.

Babcock & Brown Residential Land Partners Services Limited (BBRLPSL) (ABN 40 118 364 499)

RCLGT. BBRLPSL is a subsidiary of the Babcock & Brown International Pty Limited (BBIPL) Group.


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APPENDIX 4D

Results for Announcement to the Marketfor the half year ended 31 December 2009

Revenues from ordinary activities

Change from previous corresponding period

Profit/(loss) from ordinary activities after tax attributable to members

Change from previous corresponding period

Distributions

Amount p

stapl

secur

Current Period:

Interim distribution

Previous Corresponding Period:

Final distribution

Interim distribution

Record date for determining entitlements to the interim distribution

Refer to Directors report for review of operations.


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Details Relating to Distributions

DistributionDate distribution

paid/payable

A

Interim N/A

Interim Distribution

Stapled securities

Net Tangible Assets Per Stapled Security

31 Dec

Net tangible assets per stapled security

Information on Audit or Review

This report is based on accounts to which one of the following applies.

The accounts have been audited.

The accounts hreview.

The accounts are in the process of beingaudited or subject to review.

The accounts haudited or revie

Description of likely dispute or qualification if the accounts have not yet been audited or subjthe process of being audited or subjected to review.

Not applicable.

Description of dispute or qualification if the accounts have been audited or subjected to revi

None.


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RCL GROUP (RCLG)

(formerly Babcock & BrownResidential Land Partners (BBRLP

Comprising RCL Group Limited (formerly

Brown Residential Land Partners Limitedcontrolled entities

ABN 49 119 517 985

Interim Financial Reportfor the half year ended 31 December


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Directors Report

In respect of the half year ended 31 December 2009, the Directors of RCL Gro(formerly Babcock & Brown Residential Land Partners Limited (BBRLPL)) submtogether with the consolidated interim financial report of the RCL Group (RCLGBabcock & Brown Residential Land Partners (BBRLP or Group).

Directors

The names of the Directors of RCLGL during the whole of the period or since the enthe date of this report are:Mr R Wright Chairman

Mr M Maxwell DirectorMr R Gelski Director

Mr C Langford Director

Review of operations

The Group recorded a net loss after tax of $3.7m for the half year ended 31 Decemba net loss after tax of $19.4m for the prior period.

The improving global economic conditions have seen a slow recovery in residentiaacross both Australia and New Zealand. This impact has been mainly felt in improGroups controlled projects as well as those where RCLG has a preferred equity pos

Profit after income tax(Statutory basis)

Profit a(Und

31 Dec 2009$000

31 Dec 2008$000

31 Dec $

Net profit / (loss) before tax (8,527) (27,827) (6Unrealised foreign exchange loss (14) (393)

Realised gain on derivative financialinstruments - 1,245

Net profit / (loss) before tax afterforeign exchange gains/(losses) * (8,541) (26,975) (6


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Directors Report (continued)

Documentation to complete the separation from Babcock & Brown was signed owhereby RCLG will acquire the responsible entity of RCLG, Babcock & Brown ResServices Limited, as well as the management and advisory functions previously peBabcock & Brown for a nominal sum, subject to consent from the corporate fin

function previously performed by Babcock & Brown in relation to RCL Group Trust hPerpetual Trustee Company Limited.

Going concern

As at 31 December 2009, the Group had a deficiency of current liabilities o$185,409,000. This deficiency is largely due to the classification of the corporate fBrown facility, and certain project facilities as current. This classification is requiexpire within the next twelve months. The Group has also continued to experienceimproving trading conditions in the underlying asset markets which has resulted in the period.

The continuing viability of the Group and its ability to continue as a going concern they fall due are dependent upon the Group being successful in the following:

The ability of the Group to extend or refinance the existing corporate facility, whic2010. Initial discussions have commenced with the Groups primary financi

preliminary stage early sentiment has been positive. Management have requestedterm bridging facility to support the Group with working capital whilst the corporaare undertaken (Refer Note 9). The Directors are of the opinion that the primary finwork with management to reach a sustainable outcome, mutually beneficial to all p

The ability of the Group to extend or refinance certain project facilities due to matumonths. The Groups primary financier has acknowledged the need for the rproject facilities, and have already demonstrated this via the relaxation of covenaand loan to value ratios. The Group will require continued support from its financiissues. Indications are such that the Directors are of the opinion that this willenable the Group to continue to develop these assets with access to the approrequired.

The Directors have considered the impact of these matters and have concluded thshould be prepared on a going concern basis. No adjustments have been m


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Consolidated Statement of Comprehensive IncomeFor the half year ended 31 December 2009

Note

Period en31 Dec

$

Revenue from continuing operations 3 19Other income 3 1

Total revenue 20

Cost of sales (15

Employee benefits expense (1

Management charges 4

Marketing & other operating expenses (2

Finance costs 4 (8Impairment of loans receivable (2

Unrealised foreign exchange loss

Realised gain on derivative financial instruments

Share of profit of equity accounted investments

Profit/(loss) before tax (8

Tax (expense)/benefit 4

Profit/(loss) (3

Other comprehensive income

Changes in fair value of cash flow hedges 1

Income tax relating to components of other comprehensive income

Other comprehensive income for the half-year, net of tax

Total comprehensive income for the half-year (2

Profit/(loss) is attributable to:

Equity holders of the parent (8

Non-controlling interest

Equity holders of the other stapled entity 4

(3


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Consolidated Statement of Financial PositionAs at 31 December 2009

Note

A31 Dec

$

Current assetsCash 3

Receivables

Inventories 40

Assets held for sale 8

Other assets 1

Total current assets 46

Non-current assetsLoans receivable 101

Inventories 193

Other financial assets at fair value 3

Equity accounted investments 14

Deferred tax assets 12

Property, plant and equipment

Goodwill 1Total non-current assets 326

Total assets 373

Current liabilities

Trade and other payables 7

Provisions

Interest bearing liabilities 223

Other financial liabilities 1Total current liabilities 231

Non-current liabilities

Payables 2

Provisions


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Consolidated Statement of Financial Position (Continued)As at 31 December 2009

Note

A31 Dec

$

Equity holders of the Other Stapled EntityContributed equity 7 162

Reserves

Retained earnings / (accumulated losses) (10

152

Non-controlling Interest

Total equity 115

The above Consolidated Statements of Financial Position should be read in accompanying notes.


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RCL Group Limited

Consolidated Statement of Changes in Equity

For the half year ended 31 December 2009

Attributable to equity holders of the parentAttributable to eq

Contributedequity$000

Reserves$000

Retainedearnings

$000Total$000

Contributedequity$000

R

Balance at 1 July 2008 1,653 (611) (9,621) (8,579) 162,163

Total comprehensive income forthe half-year - (2,222) (6,064) (8,286) -

Transactions with equityholders in their capacity asequity holders:

Distribution reinvestment plan 3 - - 3 285

Balance at 31 December 2008 1,656 (2,833) (15,685) (16,862) 162,448

Balance at 1 July 2009 1,656 (1,921) (28,453) (28,718) 162,448

Total comprehensive income forthe half-year - 949 (8,119) (7,170) -

Transactions with equityholders in their capacity asequity holders:

Dividend paid - - - - -

Distribution reinvestment plan - - - - -

Balance at 31 December 2009 1,656 (972) (36,572) (35,888) 162,448

The above Consolidated Statement of Changes in Equity should be read in conjunction wi


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Consolidated Statement of Cash FlowsFor the half year ended 31 December 2009

Period en31 Dec

$

Cash flows from operating activitiesCash receipts in the course of operations 19

Cash payments in the course of operations (14,5

Interest received

Interest paid (5,6

Net cash inflow/(outflow) from operating activities (

Cash flows from investing activities

Loan Receivable - funding (7,0

Loan Receivable - payments received 16

Net cash inflow/(outflow) from investing activities 9

Cash flows from financing activities

Proceeds from borrowings 21

Repayment of borrowings (27,

Dividends & Distributions Paid (

Vendor loans repaid

Net cash inflow/(outflow) from financing activities (6,

Net increase in cash assets held 2

Cash and cash equivalents at beginning of the half-year 1

Cash in entities deconsolidated Cash and cash equivalents at end of the half-year 3

In the prior period, cash and cash equivalents are the net of cash and overdrafts. Ovpart of the trade and other payables balance disclosed as a current liability.


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Notes to the Consolidated Financial Statements

Note 1 Basis of Preparation of the Half-Year Report

This general purpose financial report for the interim half-year reporDecember 2009 has been prepared in accordance withAASB 134 Inter

and the Corporations Act 2001.This interim financial report does not include all the notes of the type nannual financial report. Accordingly, this report is to be read in conjureport for the year ended 30 June 2009 and any public announcementsduring the interim reporting period, in accordance with the continuous diof the Corporations Act 2001.

The shares of RCLGL and the units in RCLGT are stapled and issued a

RCL Group (RCLG or the Group). The shares in RCLGL and the unitstraded separately and can only be traded as stapled securities.

The financial report is presented in Australian dollars and all valuesnearest thousand dollars ($000) unless otherwise stated under the oCompany under ASIC Class Order 98/100. RCLGL is an entity to wapplies.

The accounting policies adopted are consistent with those of the previ

corresponding interim period, except as set out below:

Changes in accounting policy

RCLG had to change some of its accounting policies as the resuaccounting standards which became operative for the annual reporting p1 July 2009.

The affected policies and standards are:

Principles of consolidation revised AASB 127 Consolidated anStatements and changes made to AASB 2008-7 Amendments to AStandards Cost of an Investment in a Subsidiary, Jointly Controlled

Business combinations revised AASB 3 Business Combinations


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investment is accounted for as an available-for-sale financial asseremeasured to fair value; however, any revaluation gain or loss is recogfor-sale investments revaluation reserve.

The Group will in future allocate losses to the non-controlling interest in the accumulated losses should exceed the non-controlling interest in tUnder the previous policy, excess losses were allocated to the parent en

Lastly, dividends received from investments in subsidiaries, jointly associates after 1 July 2009 are recognised as revenue even if theyacquisition profits. However, the investment may need to be tested for of the dividend payment. Under the entitys previous policy, these dividededucted from the cost of the investment.

The changes implemented prospectively from 1 July 2009. There has bcurrent period as none of the non-controlling interests have a deficit bal

been no transactions whereby an interest in an entity is retained afterthat entity and there have been no transactions with non-controlling intepaid of pre-acquisition profits.

Business combinations

AASB 3 (revised) continues to apply the acquisition method to businewith some significant changes.

All payments to purchase a business are now recorded at fair value awith contingent payments classified as debt and subsequently remincome statement. Under the Groups previous policy, contingent recognised when the payments were probable and could be measuaccounted for as an adjustment to the cost of acquisition.

Acquisition-related costs are expensed as incurred. Previously, they weof the cost of acquisition and therefore included in goodwill.

Non-controlling interests in an acquiree are now recognised either at facontrolling interests proportionate share of the acquirees net assets. on an acquisition-by-acquisition basis. Under the previous policy, the nwas always recognised at its share of the acquirees net assets.

If the Group recognises acquired deferred tax assets after the initial a


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Operating segments are now reported in a manner that is more consireporting provided to the chief operating decision maker. The chief opehas been identified as the Chief Executive Officer and the Board of Distrategic decisions.

Goodwill is allocated by management to groups of cash-generating units

There has been no impact on the measurement of the companys asset

Going concern basis of preparation

As at 31 December 2009, the Group had a deficiency of current liabilitieof $185,409,000. This deficiency is largely due to the classification of theBabcock & Brown facility, and certain project facilities as current. This clas these facilities expire within the next twelve months. The Group

experience difficult but gradually improving trading conditions in the undwhich has resulted in negative cashflow for the period.

The continuing viability of the Group and its ability to continue as a goingdebts as they fall due are dependent upon the Group being successful in

The ability of the Group to extend or refinance the existing corporateon 28 June 2010. Initial discussions have commenced with the Gro

and although at a preliminary stage early sentiment has been positivrequested and received a short term bridging facility to support thecapital whilst the corporate facility negotiations are undertaken Directors are of the opinion that the primary financier will continue to wto reach a sustainable outcome, mutually beneficial to all parties.

The ability of the Group to extend or refinance certain project facilitiethe coming 12 months. The Groups primary financier has acknowlerestructuring of certain project facilities, and have already demo

relaxation of covenants around sales rates and loan to value ratios. continued support from its financiers in relation to these issues. Indthe Directors are of the opinion that this will be achieved and willcontinue to develop these assets with access to the appropriate debt f

As a result of these matters, there is significant uncertainty whether the


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Note 2 Operating segments

Management has determined the operating segments based on reportsExecutive Officer and the Board of Directors, which are used to maimpacting the business. The operating segments are reported as follows

Consolidated projects Residential inventory projects controlled by

Mezzanine financed projects Residential inventory projects not controlfor which the Group has provided mezzani

Other Includes all other facets of the Groups b60% controlling investment in PRM Graccounted investment in PRM Holdingsresidential development at Kalynda iaccounted for at fair value through profit a

Groups overheads.

Profit and loss

ConsolidatedProjects

$000

MezzanineFinancedProjects

$000O$

For the period ended 31 December 2009

Total segment revenue 16,089 3,552 1

Intersegment revenue - -

Revenue from external customers 16,089 3,552 1

Operating profit / (loss) 641 3,552 1

For the period ended 31 December 2008

Total segment revenue 16,531 8,572 1

Intersegment revenue - -

Revenue from external customers 16,531 8,572 1

Operating profit / (loss) (2,984) 8,572 1

Balance sheet


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A reconciliation of adjusted EBITDA to operating profit before income tax is providefollows:

ConsolidPeriod en

31 Dec $

Operating profit / (loss) 5

Finance costs (8,

Impairment of loans receivable (2,

Write-down of inventory

Unrealised foreign exchange loss

Realised gain on derivative financial instruments

Overheads (3,Profit on sale of investment in Ascot Chase

Share of profit of equity accounted investments

Profit / (loss) before income tax from continuingoperations (8,

Geographic segments

The Group operates solely in the business of property development in the geographand New Zealand.

Revenue from external customers T

Period ended31 Dec 2009

$000

Period ended31 Dec 2008

$000

A31 Dec 2

$

Australia 20,597 23,9

New Zealand 204 2,814 41

Total 20,801 26,811 373

Note 3 Revenue & Other Income


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Profit on sale of investment in Ascot Chase

Deferred income and other revenue

Total other income 1

Note 4 Expenses

ConsolidPeriod en31 Dec

$

Management expenses

Base Management Fee

Managers Expense Fee

Responsible Entity Fee

Asset Management Fee

Custodian Fee

Finance costs

Interest and finance charges 16

Amount capitalised

8

Note 5 Significant items

ConsolidPeriod en

31 Dec $

Sale of interest in land assets

Impairment of loans (2,

Provision for diminution of inventory

Total (2,

Significant items are material adjustments to the income statement which by virtue


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Note 7 Contributed Equity

ConsolidatedPeriod ended

31 Dec 2009No. of units



ConsolidaPeriod en

31 Dec 2$

Fully paid units

Opening balance 176,107,825 175,000,000 164

Distribution reinvestment plan - 1,107,825

Balance as at31 December 2009 176,107,825 176,107,825 164

Note 8 Assets held for sale

On 19 August 2008, RCLG completed the sale of 25% of its interest in the Ascproject to the BMD Group. This resulted in the Ascot Chase project becoming a 5venture between RCLG and the BMD Group.

On 28 September 2009, RCLG disposed of its remaining 50% interest in the Ascproject to the BMD Group.

Ascot Chase disposal group assets and liabilities

Cash

Inventory

Other assets

Total assets


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Note 9 Events occurring after the balance sheet date

On 19 February 2010 the Group received written approval from its primary financier f

- a temporary increase to its corporate facility of $2.2 million to be repaid by 28 Junsubject to the usual conditions precedent, and specifically including a fixed and charge from the Responsible Entity, Babcock & Brown Residential Land Partners SLimited being obtained.

- the extension of termination dates on certain project facilities to 28 June 2010, suthe usual conditions precedent, and specifically including the incorporation of crosspositions between the project facilities and the corporate facility, as well as a redu

certain project facility limits.

Since the end of the period, the Directors of the Group are not aware of any other mcircumstance not otherwise dealt with in this report or the financial statements tsignificantly or may significantly affect the operations of the Group, the results ooperations, or state of the Groups affairs in future financial years.

Note 10 Contingent liabilities

On 6 April 2009 the Group negotiated a restructure of its loan facility with its primaryresulting in an extension of maturity to 28 June 2010. It was also agreed that if the further extended or refinanced beyond this date then a fee of at least $4 million incurred.

On 13 November 2009 the Group negotiated an extension to the suspension covenants relating to the loan facility, subject to the payment of a $1 million fee. $8

this fee is contingent upon the extension or refinancing of the corporate facility bJune 2010.


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Report of RC(Formerly Babcock & Brown Residential La

ARSNfor the half year ended 31 De


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Contents

Directors Report

Auditors Independence Declaration

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows


Directors Declaration on the Consolidated Financial Report

Independent Auditors Review Report


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Corporate Information

Directors

Mr R Wright ChairmanMr M Maxwell DirectorMr R Gelski Director

Company Secretary

Miss M Hedges (resigned 5 February 2010)Mr A James (appointed 5 February 2010)

Registered Office

Level 5,

50 Margaret StreetSydney NSW 2000

Security Register

Link Market Services LimitedLevel 12680 George Street

Sydney NSW 2000RCL Group securities are listed on the Australian Securities Exchange and trade und

Auditors

PricewaterhouseCoopersAustralia


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Consolidated Statement of Comprehensive IncomeFor the half year ended 31 December 2009

ConsolidPeriod en

31 Dec $

Interest income 4

Management charges

Operating expenses

Financing costs

Impairment of loans receivable

Bad debts

Net operating profit/(loss) 4

Total comprehensive income for the half-year 4

Basic earnings per unit (cents) 2

Diluted earnings per unit (cents) 2

The above Consolidated Statement of Comprehensive Income should be read inaccompanying notes.



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Consolidated Statements of Financial PositionAs at 31 December 2009

Notes

ConsolidA

31 Dec $

Current assets

Cash

Receivables and other assets

Total current assets

Non-current assets

Related party loan receivables 150

Total non-current assets 150

Total assets 150

Current liabilities

Trade and other payables

Interest-bearing liabilities

Total current liabilities

Total liabilities

Net assets 149

Equity

Contributed equity 4 162

Retained earnings (12

Total equity 149

The above Consolidated Statements of Financial Position should be read in accompanying notes.



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Consolidated Statement of Changes in EquityFor the half year ended 31 December 2009

Notes

ConsolidA

31 Dec $

Total equity at the beginning of the period 144

Total comprehensive income for the period 4

Transactions with equity holders in their capacity as equity holders:

Contributions on equity, net of transaction costs and tax

Total equity at end of the period 149

The above Consolidated Statement of Changes in Equity should be read in accompanying notes.



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Consolidated Statement of Cash FlowsFor the half year ended 31 December 2009

ConsolidPeriod en

31 Dec $

Cash flows from operating activities

Cash receipts in the course of operations

Cash payments in the course of operations

Interest received

Net cash inflow/(outflow) from operating activities

Cash flows from investing activities

Proceeds from repayment of borrowings provided to related parties

Borrowings provided to related parties

Net cash inflow/(outflow) from investing activities

Cash flows from financing activities

Proceeds from borrowings

Dividends & Distributions Paid

Net cash inflow/(outflow) from financing activities

Net decrease in cash assets held

Cash and cash equivalents at beginning of half year

Cash and cash equivalents at end of half year

The above Consolidated Statement of Cash Flows should be read in conjunction wnotes.



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Note 1 Summary of Significant Accounting Policies

This general purpose financial report for the Half Year interim reporDecember 2009 has been prepared in accordance with AASB 134 Interand the Corporations Act 2001.

This interim financial report does not include all the notes of the type nannual financial report. Accordingly, this report is to be read in conjufinancial report for the year ended 30 June 2009 and any public annoRCL Group (RCLG or the Group) (formerly Babcock & Brown Residduring the interim reporting period, in accordance with the continuous diof the Corporations Act 2001.

The shares of RCL Group Limited (RCLGL) and the units in RCLGT are stapled securities in RCLG. The RCLGL shares and the units of RCLseparately and can only be traded as stapled securities.

The financial report is presented in Australian dollars and all valuesnearest thousand dollars ($000) unless otherwise stated under the optiounder ASIC Class Order 98/0100. RCLGT is an entity to which the Clas

The accounting policies adopted are consistent with those of the previ

the corresponding interim period.

Changes in accounting policy

RCLGT had to change some of its accounting policies as the resuaccounting standards which became operative for the annual reporting p1 July 2009.

The affected policies and standards are:

Principles of consolidation revised AASB 127 Consolidated anStatements and changes made to AASB 2008-7 Amendments to Standards Cost of an Investment in a Subsidiary, Jointly Controlled En

Business combinations revised AASB 3 Business Combinations



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The standard also specifies the accounting when control is lost. Any reentity must now be remeasured to fair value and a gain or loss is recogUnder the Groups current accounting policy, the retained interest in tthe former subsidiarys assets and liabilities becomes the cost of tinvestment is accounted for as an available-for-sale financial asseremeasured to fair value; however, any revaluation gain or loss is recog

for-sale investments revaluation reserve.

The Group will in future allocate losses to the non-controlling interest in the accumulated losses should exceed the non-controlling interest in tUnder the previous policy, excess losses were allocated to the parent en

Lastly, dividends received from investments in subsidiaries, jointly associates after 1 July 2009 are recognised as revenue even if theyacquisition profits. However, the investment may need to be tested for of the dividend payment. Under the entitys previous policy, these dividededucted from the cost of the investment.

The changes implemented prospectively from 1 July 2009. There has bcurrent period as none of the non-controlling interests have a deficit balbeen no transactions whereby an interest in an entity is retained afterthat entity and there have been no transactions with non-controlling intepaid of pre-acquisition profits.

Business combinations

AASB 3 (revised) continues to apply the acquisition method to businewith some significant changes.

All payments to purchase a business are now recorded at fair value awith contingent payments classified as debt and subsequently remincome statement. Under the Groups previous policy, contingent

recognised when the payments were probable and could be measuaccounted for as an adjustment to the cost of acquisition.

Acquisition-related costs are expensed as incurred. Previously, they weof the cost of acquisition and therefore included in goodwill.



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Segment reporting

The Group has applied AASB 8 Operating Segments from 1 July 200management approach under which segment information is presentedthat used for internal reporting purposes. This has resulted in segmentfor different asset classes, whereas segments were previously reported

Operating segments are now reported in a manner that is more consi

reporting provided to the chief operating decision maker. The chief opehas been identified as the Chief Executive Officer and the Board of Distrategic decisions.

Goodwill is allocated by management to groups of cash-generating units

There has been no impact on the measurement of the companys asset

Going Concern Basis of Preparation

The consolidated financial report of RCL Group Trust (the Trust) as at 3been prepared on a going concern basis as the directors of the Resreviewing the Trust's going concern status, have concluded that the grounds to expect to be able to pay its debts as and when they becomecontinue operations in its current form.

The principal activities of the Trust consist of extending related partyLimited and the entities it controls. As disclosed in the financial report at 31 December 2009, there is significant uncertainty as to whether Rcontinue as a going concern.

The ability of RCL Group Trust to continue its operations in their currentRCL Group Limited continuing as a going concern. As a result, there isover the recoverability of the related party loans and whether the Rcontinue as a going concern and therefore, whether it will realise itsliabilities and commitments in the normal course of business and at the financial statements The Directors are of the opinion that on the basis



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financier to the stapled group.

Note 3 Distributions

There were no distributions paid or payable for the half-year ended 31 Dprior comparative period a distribution was paid relating to the year end18 December 2008, the Board announced to the market that it hapayment of stapled security distributions until further notice.

Note 4 Contributed Equity





ConsolidPeriod en

31 Dec $

Fully paid units

Opening balance 176,107,825 175,000,000 162Distribution reinvestment plan - 1,107,825

Balance as at31 December 2009 176,107,825 176,107,825 162

Note 5 Events Occurring after the Balance Sheet Date

Since the end of the period, the Directors of the Responsible Entity

matter or circumstance not otherwise dealt with in this report or the finhas significantly or may significantly affect the operations of the Trusoperations, or state of the Trusts affairs in future financial years.


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Documents

100226 - Appendix 4D Consolidated Financial Report & Trust Report to Period Ended 31 Dec 2009