Fa\ PROPERTY COUNCIL of Australía
ANNUAL FINANCIAL REPORT
Property Council of Australia Limited
ABN 13 008474422
30 June 2013 Property Council of Australia timited 30 June 2013 Annual F¡nanc¡al Report
Cover Art
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1 Property Counc¡l of Australia Lim¡ted 30 June 2013 Annual Financial Report
Directors' Report For the year ended 30 June 2013
The directors present their report together with the financial report of the Property Council of Australia Limited (the Company) for the financial year ended 30 June 2013 and the auditor's report thereon.
1. Directors The directors of the Company at any time during or since the end of the financial year are:
Mr Darren J Steinberg, BEc, FRICS, FAPI Chief Executive Officer and Executive Director, DEXUS Funds Management Limited. Mr Steinberg has overall responsibility for the operations of DEXUS. Darren has an extensive background in office, retail and ¡ndustrial property investment and development. Darren has a Bachelor of Economics from the University of Western Australia. He is a Fellow of the Royal lnstitut¡on of Chartered Surveyors and theAustralianPropertylnstitute,andamemberoftheAustralianlnstituteofCompanyDirectors. Darrenis the Nat¡onal President and Chair of the Board of Directors for the Property Council of Australia. Director since 2009.
Mr Andrew Bird, BSc Urban Land Administration, FRICS Director and Chief lnvestment Officer of Property, AMP Capital lnvestors. Mr Bird has over 35 years experience in the property industry in Australia, the UK and Asia Pacific. Andrew oversees the portfolio management of AMP Capital's property assets and the group's substantial property ¡nvestment services. Andrew is a Corporate Leader representative, a Vice President on the Board of Directors and Chair of the Audit Comm¡ttee for the Property Council of Australia. Director since 2005.
Ms Carolyn S Chudleigh, BEc, LLB Partner, Holding Redlich Lawyers. Ms Chudleigh is a practicing property lawyer with over 21 years experience and is the National Head of the Property Group at Holding Redlich Lawyers. Carolyn is a recognised expert in property development especially the delivery of land subdivision, titling and governance solutions to value-add to a project. Carolyn is the former representative of associate members on the Board of Directors of the Property Council of Australia. Director since 2007. Retired as a director on 4 April 2013.
Mr Brett Draffen, BBus, FAPI Chief Executive Officer - CEO Development & Group Strategy, Mirvac Group. Mr Draffen has over 25 years experience across all aspects of the property industry. As CEO Development & Group Strategy, Brett has responsibility for group wide strategy and capital allocation. Brett was appointed CEO of Mirvac's Development Division in June 2008. Prior to this, he held many senior execut¡ve pos¡tions within the Group including State CEO roles where he was responsible for major development projects across the residential, commercial, reta¡l and industrial sectors that were either wholly owned by Mirvac, in public-private partnerships, or joint ventures w¡th other major organisations. Brett is the former President of the Property Council of Australia, New South Wales, Co-Deputy Chair of the Residential Development Council, and a former member of the Audit Committee. Director since 2009. Retired as a director on 4 April2013.
Mr Nicholas C Harris, B Land Economics, FAPI, F Fin Head of Funds Management, The GPT Group. Mr Harris has been involved in the Australian property and property funds management industry for over 24 years. Nicholas joined GPT in 2006 and is responsible for its funds management activities, including the development of the Group's funds management platform and the creation of new products. During his career his roles have included property and asset management, portfolio management, capital transactions and business development with a number of institutions including BT Funds Management and Lend Lease. Nicholas holds a Post Graduate Diploma in Applied Finance and lnvestment, and is a member of the Executive Board of the Asian Association for lnvestors in Non-listed Real Estate Vehicles (ANREV). Nicholas is a former Corporate Leader representat¡ve on the Board of D¡rectors for the Property Council of Australia. Director since 2012. Retired as a director on 4 April 2013.
2 Property Counc¡l of Australia Limited 30 June 2013 Annual F¡nancial Report
Directors' Report (continued) For the year ended 30 June 2013
1. Directors (continued)
Mr Just¡n P Hazell, BAcc, Grad Dip Prop Principal, Connor Holmes. Mr Hazell has over 21 years experience in the Australian property industry. Justin has held various senior positions with private companies in the property investment and development sectors. Justin is the former President of the Property Council of Australia, South Australia. Director since 2009. Retired as a director on 4 April 2013.
Ms Carmel A Hourigan, BBus (Land Economics), Grad Dip App Fin Head of lnvestment Management - The GPT Group. Ms Hourigan is responsible for the overall performance of GPT's investment portfolio. She is a director on the GPT Funds Management board. Carmel has more than 20 years of experience in the property and funds management industry. Most recently Carmel was Managing Director of Lend Lease's investment management business where she had overall responsibility for the wholesale managed funds and retail asset management platform. Prior to this Carmel was Chief Executive Officer of Lend Leases' managed funds-theAustralianPrimePropertyFunds. Carmel isaVicePresidentontheBoardof Directorsforthe Property Council of Australia, and a member of the Remuneration Committee. Director s¡nce 2011.
Ms Jennifer S Kench, BA, LLB Managing Partner Australia - King & Wood Mallesons. Ms Kench has more than 25 years experience in the legal industry primarily in the real estate sector. Her background is in real estate investment, finance and development. She was appointed to the position of Managing Partner Australia in May 2013. ln this role she is responsible for the strategic direction and leadership of King & Wood Mallesons. Sue is the representative of associate members on the Board of Directors of the Property Council of Australia. Appointed as a director on 1 August 2013.
Mr John W Kenny, FAPI, FRICS Chief Executive Officer, Australia & New Zealand - Colliers lnternational. Mr Kenny has over 26 years experience in the property industry. John oversees the Australian and New Zealand businesses of over 1,400 employees in 46 offices plus the company's strategic initiat¡ves striving for growth through client engagement and service excellence. John is part of the Global Executive team for Colliers lnternational. John is a Corporate Leader representative on the Board of Directors for the Property Council of Australia and a member of the Remuneration Committee. Director since 2010.
Mr Brian W Kingston, BComm Senior Managing Partner, Brookfield Asset Management. Mr Kingston has over 16 years experience in the property industry. Brian has held a number senior management pos¡tions within Brookfield and its affiliates including mergers and acquisitions, merchant banking, and real estate advisory services. ln 2008, following Brookfield's acquis¡tion of the Multiplex Group, Brian assumed responsibility for all of Brookfield's activities in the Australasian region. D¡rector since 2012. Retired as a director on 16 January 2OI3.
Mr Derek A McMillan, BSc(Hons), Dip Ed Chief Executive Officer - Retirement Living, Australian Unity Limited. Mr McMillan joined Australian Unity in 1999. Derek held a number of executive positions before being appointed as Chief Executive Officer, Retirement Living in 2005. He is responsible for all elements of the operations and development of the retirement living business, spanning ret¡rement villages, residential aged care and home care. Derek is a director of a number of Australian Unity Limited subsidiaries including Australian Unity Retirement Liv¡ng Services Limited, Australian Unity Health Limited, Remedy Healthcare Group Pty Limited and Australian Unity Personal Financial Services Limited. Mr McMillan is also a director of Leading Age Services Australia - Victor¡a since 2012. Derek is the inaugural Chair of the Retirement Living Council. Appointed as a director on 7 February 2013.
3 Property Counc¡l of Australia L¡m¡ted 30 June 2013 Annual Financ¡al Report
Directors' Report (continuedf For the year ended 30 June 2013
1. D¡rectors (continued)
Mr Charles A Moore, BBus (Land Economics), Grad Dip App Fin, GAICD. Fund Manager - Commonwealth Property Office Fund. Mr Moore has more than 20 years experience across agency, valuation, structured property finance and asset management. Charles is responsible for all aspects of management of the Commonwealth Property Office Fund, including the strategic direction of the vehicle, fund performance, financial analysis, acquisitions and disposals. Charles is a Fellow of the Australian Property lnst¡tute and is a member of the PropertylndustryFoundationBoardofAdvisors. CharlesisaCorporateLeaderrepresentativeontheEoard of Directors for the Property Council of Australia. Appointed as a director on 4 April 2013.
Mr lee M P¡nkerton, CA, Grad Dip App Fin General Manager - Cape Bouvard lnvestments. Mr Pinkerton is the General Manager of Cape Bouvard lnvestments, one of Australia's largest private property development and investment companies. Lee has over 20 years experience specialising in the property, finance and investment sectors. Lee is the current President of the Property Council of Australia, Western Australia, and a member of the Audit Committee. Director since 2011.
Mr RussellT Proutt, BComm (Hons), CA, CBV Managing Partner and Chief Financial Officer, Brookfield Australia Pty Ltd. Mr Proutt has responsibility for the capital and asset management initiat¡ves for Brookfield Australia. Russell has an extensive background in property and infrastructure investment and financing. He has a Bachelor of Commerce (Honours) from the University of Manitoba (Canada), and holds the Chartered Accountant and Chartered Business Valuator designations from the respective Canadian lnst¡tutes. Russell is a Corporate Leader representative on the Board of Directors for the Property Council ofAustralia. Appointed as a director on 4 April 2013.
Ms Kylie K Rampa, BBus Managing Director, lnvestment Management, Australia - Lend Lease. Ms Rampa is responsible for the Australian investment management and separate mandates business, as well as the reta¡l asset management and development business. Kylie has over 20 years experience in Australian and global real estate investment management. Prior to jo¡ning Lend Lease, Kylie held the position of Chief Executive of Gandel Group. Previous to this she was Head of Real Estate Advisory North America for the Macquarie Group and held various roles with Macquarie both in Austral¡a and the US, including Chief Executive for Macquarie Countrywide Trust between 2000 and 2006. Kylie is a Corporate Leader representative on the Board of Directors for the Property Council of Australia. Appointed as a director on 4 April 20L3.
Mr Wayne R Rex Director, Hooker Rex Estates Pty Ltd. Mr Rex is the former President of the Property Council of Australia, Queensland. Director since 2009. Retired as a director on 4 April 2013.
Mr David W Rolls, Bachelor (Hons) Building Chief Executive Officer - Commercial, Development, Mirvac Group. Mr Rolls has over 26 years of experience in property, construction, design and development, with a particular focus on complex major mixed use development projects. He has extensive leadership experience in some of the largest urban regeneration projects nationally. Previously, David held the role as Managing Director, Development at Lend Lease and was responsible for all development projects for Lend Lease Australia including mixed use & commercial, communities, apartments and retail developments. He was appointed to his current role as CEO Commercial, Development for Mirvac in March 2013 and is the current President of the New South Wales division of the Property Council of Australia. Appointed as a director on 4 April 2013.
4 Property Council of Australia Limited 30 June 2013 Annual F¡nanc¡al Report
Directors' Report (continuedI For the year ended 30 June 2013
1. Directors (continued)
Mr John C Schroder Group Executive & Chief Executive Officer - Stockland, Commercial Property. MrSchroder has over 27 years experience in the property industry in Australia, North America, Asia Pacific and the UK. John is responsible for Stockland's Commercial Property and Unl¡sted Funds business, with over S8.3bn of retail, office and industrial assets under management, with 5620 million of active property developments under construct¡on and a significant pipeline of over cSfbn. John is also responsible for the Stockland Group's Capital Transactions and Group Project Management. John is a Corporate Leader representative on the Board of Directors for the Property Council of Australia. Director since 2011.
Mr Steven Sewell, BSc Chief Executive Officer and Managing Director, Federation Centres. Mr Sewell has more than 17 years experience in the retail property industry in Australia. Steven was appointed CEO of Centro RetailAustralia in February 20t2, and Managing Director in July 2012, after 5 years as CEO of Charter Hall Retail REIT (formerly Macquarie Countrywide Trust). Steven joined Macquarie in 2003 after spending 4 years with QIC as National Head of Property Management. Steven is the Chairman of the Shopping Centre Council of Austral¡a and also a non-executive director of listed radiology health care company Capitol Health Ltd. Steven is the SCCA representative on the Board of Directors for the Property Councilof Australia. Director since 2011.
Ms Raynuha Sinnathamby, BA, LLB, MBA Managing Director, Springfield Land Corporation. After practising in property law, Raynuha joined Springfield Land Corporation in 1998 as Director Corporate Over the years Raynuha has been involved in managing commercial, retail, residential and education developments, corporate planning, as well as legal and marketing arms of the organisation. ln February 2013 Raynuha was appointed Managing Director of the Spr¡ngfield Land Corporation. Raynuha has been closely involved in the building of the Greater Springfìeld, now the third fastest growing statistical local area in the country. Raynuha is the current President of the Queensland division of the Property Council of Australia. Appointed as a director on 4 April 2013.
Mr Philip E Soumilas Director - Buildcom Australia. Mr Soumilas has over 32 years experience in the property ¡ndustry. His company Buildcom Australia is involved in property development and construction. Philip was formerly Managing Director of Knight Frank Victoria and General Manager Developments at MAB Corporation. He is also a Non Executive Director of AMB Holdings and Chairman of Providence Housing. Philip is the former President of the Property Council of Australia, Victor¡a. Director since 2011. Retired as a director on 4 April 2013.
Mr Andrew J Whitson, BEng (Civil) Group Executive & CEO - Residential, Stockland. Mr Whitson has an extensive background in residential property development and investment both in Australia and overseas. Andrew began in the construction industry before joining Springfield Land Corporation in Queensland. He was promoted to the role of General Manager - Residential in 2005. Andrew joined Stockland in 2008 as Regional Manager for Greater Brisbane and Far North Queensland. He was appointed General Manager Residential, Victoria in July 2009 and in November 20L2, his role expanded to include NSW. Andrew was appointed Group Executive & CEO - Residential in June 2013. Andrew is the former President of the Property Council of Australia, Victoria. Appointed as a director on 4 April 2013. Retired as a director on l August 2013.
5 Property Counc¡l of Austral¡a timited 30 June 2013 Annual F¡nancial Report
Directors' Report (continued) For the year ended 30 June 2013
1. Directors (continued)
Mr Beniamin K Yates, BA (Hons), Dip Bus (Real Estate), MBA General Manager - Commercial Development South Australia, Aspen Developments. Ben has over 15 years experience in the property development industry, across all aspects of projects from feasibility analysis and design and construction management to marketing, sales and leasing. Aspen Developments, a key business unit of the Aspen Group, an ASX l¡sted property investment and funds management group, has successfully developed, designed, built and sold several major offìce towers. Ben is the current President of the South Australian division of the Property Council of Australia, and is a Board Member for Westside Housing Not For Profit. Appointed as a director on 4 April 2013.
2. Company secretary
Mr Peter J Venrer, BA, FRICS Mr Verwer has extensive corporate administration expertise and property industry knowledge. Peter joined the bus¡ness in 1982 and held the pos¡tion of Research Director from 1988 before h¡s appo¡ntment to Nat¡onal Director in 1992. He was appointed to the pos¡t¡on of Company Secretary in August 1992 and has been the Company's Chief Executive Offìcer since 1996. Peter ¡s also a Life Fellow of the Green Building council of Australia, an Honorary Fellow of the Australian lnstitute of Quantity surveyors and a Fellow of the Royal lnst¡tute ofChartered Surveyors.
Mr MichaelMulder, BAAcc, FCPA GAICD Mr Mulder has over 22years financial experience, and has held senior roles at Finlaysons, Fosters Wine Group, Citect Corporation and Cognos lnc. Michael was appointed to the position of Co-Company Secretary in November 2010 and ¡s the Company's Chief Financial Officer.
6 Property Council of Australia [¡m¡ted 30 June 2013 Annual F¡nancial Report
Directors' Report (continued! For the year ended 30 June 2013
3. Directors'meetings
The number of directors' meet¡ngs and number of meetings attended by each of the directors of the Company during the fìnancial year arel
Ellrf,fñt¡tt¡ïIIGE DlEtrt¡!¡ @ME@ MKETft ffi A B A B A B
Mr D Steinberg 5 6 7 L Mr A Bird 6 6 Ms C Chudleigh 5 5 Mr B Draffen 2 5 1 1 Mr N Harris 4 5 MrJ Hazell 2 5 Ms C Hourisan 3 6 1 MrJ Kenny 5 6 1 L Mr B Kingston t 3 Mr D McMillan 3 3 Mr C Moore t 2 Mr L Pinkerton 6 6 L t Mr R Proutt 1 2 Ms K Rampa t 2 Mr W Rex 2 5 Mr D Rolls L 2 Mr J Schroder 6 6 Mr S Sewell 2 6 Ms R Sinnathamby 2 2 Mr P Soumilas 3 5 Mr A Whitson L 2 Mr B Yates 2 2
A - Number of meetings attended. B - Number of meetings held during the time the d¡rector held office during the year.
7 Property Council of Austral¡a [im¡ted 30 June 2013 Annual F¡nancial Report
Di rectors' Report (continued) For the year ended 30 June 2013
4. Principal act¡v¡t¡es
The principal act¡vities of the Company during the course of the financial year ended 30 June 2013 were public policy advocacy and the provision of information, professional development, research and networking activ¡ties for the members of the Property Council of Australia and the property industry. There have been no significant changes in the nature of these activit¡es during the year. The Company is a not- for-profit organisation, limited by guarantee.
5. Review and results of operations
During the year the Company provided education and research programmes, and supplied ¡nformation to members and others through the provision of seminars, forums, luncheons, conferences, and the publication of magazines and newsletters.
The results after income tax of the Company for the year ended 30 June 2013 was a profit of $94,859 (2012: s18s,909).
6. State of affairs
ln the opinion of the directors, there were no significant changes in the state of affairs of the Company that occurred during the year.
7. Environmental regulation
The Company's operations are not subject to any significant env¡ronmental regulation under either Commonwealth or State legislation. However, the board believes that the Company has adequate systems in place for the management of its environmental requirements and is not aware of any breach of those environmental requirements as they apply to the Company.
8. Significant events after balance date
There has not arisen in the interval between the end ofthe financial year and the date of this report any item, transaction or event of a material or unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.
9. Likely developments
lnformation about likely developments in the operations of the Company and the expected results of those operations in future fìnancial years has not been included in this report.
10. Directors' benefits
Since the end of the previous financial year, no Director has received or become entitled to receive a benefit, by reason of a contract made by the Company or a related body corporate with the director or with a fìrm of which he/she is a member, or with a company in which he/she has a substant¡al f¡nancial ¡nterest.
8 Property Counc¡l of Australia Limited 30 June 2013 Annual Financ¡al Report
Directors' Report (continuedf For the year ended 30 June 2013
11. lndemnification and insurance of officers
lndemnification
Since the end of the previous fìnancial year, the Company has not indemnified or made a relevant agreement for indemnifying against a liability any person who is or has been an officer or auditor of the Company.
lnsurance premiums
During the financial year the Company has paid premiums in respect of directors' and officers' liability and legal expenses insurance contracts for the year ended 30 June 2013 and since the financial year, the Company has paid or agreed to pay premiums in respect of such insurance contracts for the year ending 30 June 2014. Such insurance contracts insure against certa¡n liability (subject to specific exclusions) of persons who are or have been directors or executive officers of the Company.
The directors have not included details of the nature of the l¡ab¡lities covered or the amount of the premium paid in respect of the directors' and officers' liability and legal expenses insurance contracts, as such disclosure is prohibited under the terms of the contract.
12. Lead auditor's independence declaration
The Lead auditor's independence declaration is set out on page 10 and forms part of the directors' report for the fìnancial year ended 30 June 2013.
This report is made with a resolut¡on of the directors:
Andrew Blrd Director
3 October2073
9 Lead Autlìtor's Independence Declaration under Section 307C of the Corporatíons Act 2001
To: the directors of the Property Council of Australia Limited
I declare that, to the best of my knowledge and belie[ in relation to the audit for the financial year ended 30 June 2013 there have been:
(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and (iÐ no contraventions ofany applicable code ofprofessional conduct in relation to the audit. /U/t(
KPMG
Virgo Partner
Sydney
3d October 2013
KPMG, an Australian partnersh¡p and a member firm of the KPMG network of independent member firms affiliated with KPMG lnternational Cooperative Liability limited by a scheme approved under ('KPMG lnternational'). a Swiss entity. Professional Standards Legislation. Property Council of Australia Limited 30 June 2013 Annual F¡nanc¡al Report
Statement of Financial Position As at 30 June 2013
Note 20t3 20t2
Current assets Cash and cash equivalents 6 3,040,143 2,225,526 Trade and other receivables 7 1,818,941 !,485,052 lnvestments 8 7,964,652 8,219,677
Total current assets t2,823,736 !t,930,249
Non-current assets Property, plant and equipment 9 t,278,282 L,4L5,734
Total non-current assets t,278,282 1,4t5,734
Total assets t4,';o2,ot8 13,345,983
Current liabillties Trade and other payables 70 t,729,533 L,937,242 Deferred income 11 4993,156 4,43!,542 Employee benefìts 12 t,233,128 t,008,672 Lease liability 45,539 tL6,523
Total current liabilities 9,001,356 7,393,979
Non-current liabilitles Employee benefits 12 22t,t6S 766,702 Lease liability 38,477 39,t{t
Total non-current llabilities 259,642 205,843
Total l¡ab¡l¡t¡es g,260,99g 7,599,822
Net assets 5,841,020 5,746,16L
Equity Retained earnings 74 5,841,020 5,746,161
Total equ¡ty 5,841,020 5,746,t6L
The notes on poges 75 to 28 ore an integrol part of these finonciol stotements.
11 Property Council of Austral¡a t¡m¡ted 30 June 2013 Annual Financial Report
Statement of Comprehensive lncome For the year ended 30 June 2013
Note 2013 20L2
Revenue from rendering ofservices Subscriptions / membership fees 9,5t4r2O2 9,753,881 Networking t0,623,249 L0,623,L19 Education t,952,gt0 2,264,755 Communication 979,008 !,239,663 Advocacy 65,615 t75,7t5 lnformation 973,885 1,082,437 Other revenue 2 555,783 644,456 Total revenue 24,664,652 24,783,426
Expenses Networking 7,994,747 9,176,831 Education l,ot6,4t9 1,302,389 Communication 953,512 t,t96,ozL Advocacy 5,547,823 5,797,505 lnformation 550,314 540,718 Shopping Centre Council 1s(¡i¡) 425,000 425,000 Corporate services (including depreciation) 8,181,978 7.159.053 Total expenses 24,569,793 24,597,517
Profit before income tax 3 94,859 185,909
lncome tax expense 5
Profit after tax 94,859 185,909
Other comprehensive income
Total comprehensive income for the year 94,859 185,909
The notes on poges 75 to 28 are on integral port of these finoncial statements.
12 Property Councll ofAustralla Umlted 30 June 2013 Annual Flnanc¡al Report
Statement of Changes in Equity As at 30 June 2013
Note 2013 2012
Balance as at l July 2012 5,746,16t 5,560,252
Profit for the year 941859 185,909
Balance as at 30 June 2013 74 Srgt$,42o 5r746rl6t
The notes on poges 75 to 28 ore an integrøl port of these financlol stotements.
13 Property Councll of Austral¡a Umlted 30 June 2013 Annual Flnanchl Report
Statement of Cash Flows Fortheyear ended 30June 2013
Note 2013 20t2
Cash flors from operatlng act¡v¡tles Cash receipts from customers 26f/¡O,737 27,783,268 Cash payments to suppliers and employees 126,224AAnl 127,999,5871
Net cash from (used ln! operatlng act¡v¡tles 77 616,3ül (216,3191
Cash f,ows from lnvestlng actlvltles lnterest received 5111628 561,865 Proceeds from (acquisition of) term deposits I 255,018 802,954 Acquisition of property, plant and equipment I (568,342) (546,088)
Net cash provlded by (used lnl lnvestlng actlvltles 198,304 8t8;r3t
Net increase (decrease) in cash and cash equivalents 8t4,6t7 602,4t2
Cash and cash equivalents at l July 2,225,526 t,623,1L4
Cash and cash equhalents at 30 June 6 3rO4Or143 2,225,526
The notes on poges 75 to 28 ore øn lntegrol part of these financial støtements.
14 Property Council of Australia L¡m¡ted 30 June 2013 Annual Financ¡al Report
Notes to the Financial Statements
Note 1. Statement of significant accounting policies
Property Council of Australia Limited (the "Company") is a Company domiciled in Australia. The address of the Company's registered office is Level 1, 11 Barrack Street, Sydney, New South Wales, 2000. The Company is a not-for-profit entity and is primarily involved in public policy advocacy and the provision of information, professional development, research and networking activities for its members and the property industry.
(a) Statement of compliance
The financial statements are general purpose financial statements which have been prepared in accordance w¡th Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The financial statements comply with lnternational Financial Reporting Standards (lFRSs) and interpretations adopted by the lnternational Accounting Standards Board (IASB).
The financial statements were authorised for issue by the Board of Directors on 3 October 2013.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis.
(c) Functional and presentation currency
These financ¡al statements are presented in Australian dollars, which is the Company's functional currency.
(d) Use of estimates and iudgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
ln particular, information about significant areas of estlmation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following notes:
note 1(h) - impairment note 1(i)- employee benefits I note 1(j)- provisions
(e) Property, plant and equipment
Owned øssets Items of property, plant and equipment are measured at cost less accumulated deprec¡ation and accumulated impairment losses (see accounting policy note 1(h)). Cost includes expenditures that are directly attributable to the acquisit¡on of the asset. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
15 Property Council of Austral¡a Limited 30 June 2013 Annual Financ¡al Report
Notes to the Financial Statements
Note 1. Statement of significant accounting policies (continued)
(e) Property, plant and equipment (continued)
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within "other income" in profit or loss.
Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
De p re ciatio n o n d o mo rtisotion Depreciation is recognised ¡n the profit or loss on a stra¡ght-line basis over the est¡mated useful lives of each part of an item of property, plant and equipment. The residual value, the useful life and the depreciation method applied to an asset are reviewed at each report¡ng date. The estimated useful lives for the current and comparative periods are as follows:
Plant & equipment . Computer equipment & software 2.5 - 5 years . Office furniture & equipment 5 - 10 years . Leasehold improvements 5 - 10 years
(f) Trade and other receivables
Trade and other receivables are stated at the¡r amortised cost less impairment losses (see accounting policy note 1(h)).
G) Cash and cash equivalents
Cash and cash equivalents comprises cash balances, at call deposits, term deposits and commercial bills invested for periods not exceeding 90 days.
(h) lmpairment
FÍnancíol ossets A financial asset ¡s assessed at each reporting date to determine whether there is any objective evidence that it ¡s impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the est¡mated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the est¡mated future cash flows discounted at the original effective ¡nterest rate.
lndividually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk ch aracteristics.
't6 Property Council of Austral¡a L¡mited 30 June 2013 Annual Financial Report
Notes to the Financial Statements
Note 1. Statement of significant accounting policies (continued)
(h) lmpairment(continued)
All impairment losses are recognised in profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised.
Non-financîal dssets The carrying amounts of the Company's non-financial assets are reviewed at each reportlng date to determine whether there ¡s any indication of impairment. lf any such indication exists then the asset's recoverable amount is estimated.
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. ln assessing value in use, the estimated future cash flows are dlscounted to their present value using a pre-tax discount rate which reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash flows of other assets or groups of assets.
An impairment loss is recognised if the carrying amount of an asset exceeds it recoverable amount. lmpairment losses are recognised in profit or loss.
(¡) Employee benefits
Long-term seruìce benefits The Company's net obligation in respect of long-service leave is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using expected future increases in wage and salary rates, including related on-costs and expected settlement dates, and is discounted using the rates attached to the Commonwealth Government bonds at the balance sheet date, which have maturity dates approximating to the terms of the Company's obligations.
Wages, solories and annual leove Liabilities for employee benefits for wages, salaries and annual leave that are expected to be settled within 12 months of the reporting date represent present obligations resulting from employees' services provided to reporting date, are calculated at undiscounted amounts based on remuneration wage and salary rates that the Company expects to pay as at reporting date including related on- costs, such as workers compensation insurance and payroll tax.
(j) Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be est¡mated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
17 Property Council of Australia Lim¡ted 30 June 2013 Annual Financial Report
Notes to the Financial Statements
Note 1. Statement of significant accounting policies (continued)
(k) Trade and other payables
Trade and other payables are stated at their amortised cost. Trade payables are non-interest bearing and are normally settled on 30-day terms.
(tl Revenue
Rendering of serulces Revenue principally relates to membership subscriptions, sponsorships, advertising, professional development courses and networking events. Revenue from members' subscriptions, sponsorship and advertising is recognised over the period to which each relates.
Revenue from professional development courses, networking events and other products and services is recognised in the period in which the course, event or service is provided.
lnterest Revenue lnterest revenue is recognised on an accruals basis taking into account the interest rates applicable to the financial assets.
Government Grants Government grants that compensate the company for expenses incurred are recognised in profit or loss as other income on a systemat¡c bas¡s in the same periods in which the expenses are recognised.
(ml Expenses
Operoting lease poyments Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term ofthe lease. Lease incentives received are recognised as an integral part ofthe total lease expense, over the term ofthe lease.
(n) lncome tax
lncome tax expense comprises current and deferred tax. lncome tax is recognised in the profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxat¡on purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the report¡ng date.
18 Property Council of Australia t¡mited 30 June 2013 Annual Financ¡al Report
Notes to the Financial Statements
Note 1. Statement of significant accounting policles (contlnued)
(ol Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. ln these circumstances, the GST is recognised as part ofthe cost of acquisition ofthe asset or as part ofthe expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability ¡n the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing and financing activ¡ties which are recoverable from, or payable to, the ATO are classifìed as operating cash flows.
(p) New standards and interpretations not yet adopted
A number of new standards, amendments to standards, and interpretations have been published that are not mandatory for the financial year ended 30 June 2013 but are available for early adoption and have not been applied in preparing these fìnancial statements. None of these are expected to have a significant impact on the financial statements with the exception of the following:
AASB 9 Financiol tnstruments includes requirements for the classifìcation and measurement of fìnancial assets resulting from the f¡rst part of Phase 1 of the project to replace AASB 139 Financiol¡nstruments: Recognition ond Meosurernent. AASB 9 will become mandatory for the Company's 30 June 2016 financial statements. The Company does not plan to adopt this standard early and the extent of the impact has not been determined.
r9 Property Counc¡l of Australia timited 30 June 2013 Annual F¡nanc¡al Report
Notes to the Financial Statements
Note 2. Other revenues from ordinary act¡vit¡es 2013 20L2 lnterest revenue 467,375 556,096 Other 88,408 88,359 555,783 644,455
Note 3. Profit before lncome tax 2013 2012
Profìt before tax includes: - Depreciation of furniture and equipment 312,730 273,706 - Amortisation of software and websites 262,499 734,477 - Amortisat¡on of leasehold improvements to7,789 125,951 - Operating lease expense t,267,258 1,207,039 - Personnel expenses 11,172,853 10,860,017 - Write-off of furniture and equipment no longer held 22,776 7,O24
Note 4. Audlto/s remuneration 2013 20t2
KPMG Australia - Audit of the financ¡al statements 55,000 55,000 - Taxation services 10,000 9,000 - Other assurance services 2,800 1,500 - Other consulting services 25,626 93,426 65,500
Note 5. lncome tax expense
The current year tax expense and deferred tax for the current year is $Nil (2012: SN¡¡). The numerical reconciliation between tax expense and pre-tax net profìt is set out below.
Only certain income of the Company is subject to taxat¡on. This includes proceeds from the sale or supply of goods and services to persons who are non-members of the Property Council.
20 Property Council of Australia Limited 30 June 2013 Annual Financial Report
Notes to the Financial Statements
Note 5. lncome tax expense (continuedl 2013 2012
Prof¡t before tax 94859 185,909 Prima facie income tax using the domestic corporation tax rate o130% 12012:30/ol 28,458 55,773
Non-assessable income (6,566,2861 (6,838,621) Non-deductible expenses 616031130 6,996,022 Prior year adjustment 65,?02 103,174
Carry forward tax losses utilised (65,3021 (LO3,t74l
Income tax expense
The Company has carried forward tax losses at30o/o of 53,578 (20L2: 568,880).
Note 6. Cash and cash equ¡valents 2013 2012
Cash at bank and on hand 981,678 9t3,752 Short term deposits 2,059,465 1,311.774 3rO4O,l.43 2,225,526
Note 7. Trade and other receivables 2013 2012
Trade receivables 1.,117,45s 830,259 Prepayments 70t,486 654,793 1,818,941 t,485,052
The ageing of the Company's trade receivables at the balance date was:
Past due Not past due Totel 31 - 60 days 61 - 120 days 120 + days
2013 496,745 4É,6,277 150,235 24,198 t,tt7As5
2072 416,345 332,326 61.,234 20,355 830,259
21 Property Council of Austral¡a [imited 30 June 2013 Annual F¡nanc¡al Report
Notes to the Financial Statements
Note 8. lnvestments 2013 2012
Held-to-maturity investments - term deposits 7,964,652 8,2t9,67!
Note 9. Propertn plant and equlpment
Leasehold Software & Furniture & lmprovements Websites Equ¡pment Total Cost Balance at l July 2011 696,936 531,684 L,97L,277 3,099,897 Acquisitions 370,680 175,408 546,088 Write-offs 78t Balance at 30 June 2012 696,936 897,2LO 2.02s.904 3.620.050
Balance at l July 2012 696,936 897,21O 2,025,904 3,620,050 Acqu¡s¡t¡ons 8,073 340,199 22O,O7O 568,?42 Write-offs (114,608) (181,9741 (296,582) Balance at 30 June 2013 705,009 t,l22,8ot 2,064,000 3,891,810
Depreciation and impairment losses Balance at l July 2011 391,363 298,570 999,160 1,689,093 Depreciation 125,951 134,477 273,706 534,!34 Write-offs (1,404) Í7.so7l (18.911) Balance at 30 June 2012 517,3L4 43!,643 1,255,359 2,204,3t6
Balance at l July 2012 5t7,314 43t,64? 11255,359 2,204,316 Depreciation t07,789 262,499 312,730 683,018 Write-offs (e43s1l f179.4551 f273,8061 Balance at 30 June 2013 62s,103 599,79t 1.388.634 2.613.528
Carrying amounts at 30 June 2012 t79,622 465,567 770,545 1,4!5,734
Carrying amounts at 30 June 2013 79,906 523,010 675,366 1,278,282
22 Property Council of Austral¡a limited 30 June 2013 Annual F¡nanc¡al Report
Notes to the Financial Statements
Note 10. Trade and other payables 2013 2072
Trade payables and accruals - held at fair value t,729,533 1,837,242
Note 11. Deferred lncome 201? 20!2
Subscriptions received in advance 3,395r956 3,292,444 Sponsorship received in advance 77O,697 653,345 Other fees received in advance 836,503 495,753 4993,156 4,43L,542
Note 12. Employee benefits 2013 2072 Current Annualleave 558,001 573,164 Long service leave 424,t27 435,508 Bonuses 251,000 - t,233,128 1,008,672
Non Current Long service leave 22t,165 t66.702
Note 13. Membe¡/s guarantee
The Company is limited by guarantee. lf the company is wound up, the Constitution states that each member is required to contr¡bute a maximum of S20 each towards meeting any outstanding obligations of the company.
Note 14. Retained earnings 2013 2012
Balance at beginning ofyear 5,746,16t 5,560,252
Net profit for the period 94,859 185,909
Balance at end of year 5,841r020 s,746,167
23 Property Counc¡l of Australia Limited 30 June 2013 Annual Financial Report
Notes to the Financial Statements
Note15. RelatedPartyTransactlons
(il Key management personnel disclosures
The following were key management personnel (KMP) of the Company at any time during the reporting period and unless otherwise indicated, were key management personnel for the entire per¡od.
Non-Executive D¡rectors Mr D Steinberg Appointed 16 April 2009 MrA Bird Appointed 14 April 2005 Ms C Chudleigh Appointed t2 April2007 Retired 4 April 2013 Mr B Draffen Appointed 30 July 2009 Retired 4 April 2013 Mr N Harris Appointed 24May20t2 Retired 4 April 2013 Mr J Hazell Appointed 16 April 2009 Retired 4 April 2013 Ms C Hourigan Appo¡nted 7 April20tl Ms J Kench Appointed 1 August 2013 MrJ Kenny Appointed 18 November 20L0 Mr B Kingston Appointed 15 February 2012 Retired 16 January 2013 Mr D McMillan Appointed 7 February 2013 Mr C Moore Appointed 4 April 2013 Mr L Pinkerton Appointed 7 April 2011 Mr R Proutt Appointed 4 April 2013 Ms K Rampa Appointed 4 April 2013 Mr W Rex Appointed 30 July 2009 Retired 4 April 2013 Mr D Rolls Appointed 4 April 2013 Mr J Schroder Appo¡nted 7 April20tl Mr S Sewell Appointed 26 May 2011 Ms R Sinnathamby Appointed 4 April 2013 Mr P Soumilas Appointed 7 April 2011 Retired 4 April 2013 Mr A Whitson Appo¡nted 4 April 2013 Retired 1 August 2013 Mr B Yates Appo¡nted 4 April 2013
Executive Management Peter Verwer Chief Executive Officer Ken Morrison Chief Operating Officer - Resigned 3 May 2013 MichaelMulder Chief Financial OffÌcer Glenn Byres Executive Director, NSW Division Jennifer Cunich Executive Director, VIC Division Kathy Mac Dermott Executive Director, QLD Division Joe Lenzo Executive D¡rector, WA Division Nathan Paine Executive Director, SA Division Catherine Carter Executive Director, ACT Division Mary Massina Executive Director, TAS Division Raquel Nicolle-Skenes Executive Director, NT Division Andrew Mihno Executive D¡rector, Capital Markets Caryn Kakas Executive Director, Residential Development Council Mary Wood Executive Director, Retirement Living Council - Appointed 2l January 2013
24 Property Councll ofAustral¡a Llmated 30June 201i1 Annual Financial Report
Notes to the Flnancial Statements
Note 15. Related PafiTransactlons (contlnuedl
(lll Key management per¡onnel compensatlon
The Non-Execut¡ve D¡rectors of the Company received no compensat¡on dur¡ng the current and prior year.
The compensat¡on of the Executive Management ¡s set out below. 2013 2012
Short-term employee benefits t,to5A7t 2,926,O94 Post-employment benef¡ts 2tt,29O 24L,642 Other long-term benefits 35,520 58,616 313541291 3,226,342
(lll) other Related PartyTransactlons
Other than membership and related fees payable to the company by director related ent¡t¡es in the normal course of business, and the contribution to the Shopp¡ng Centre Council of Australia Ltd, there are no other related party transactions in the current or prior year.
Note 16. Operatlng leases
Leases as lessee 2013 2012
Non-cancellable operating lease rentals are payable as follows: less than one year tro7oro94 1,174,548 Between one and five years 3Att,6i28 436,843 More than five years 2,9æ;r77 7A62,499 1,611,391
25 Property Counc¡l of Australia Llmlted 30 June æ13 Annual Flnanc¡al Report
Notes to the Financial Statements
Note 17. Notes to the Statement of Cash Flows 2013 20L2
Reconciliation of net cash flows from operating act¡v¡t¡es:
Profit for the period 94,859 185,909
Less ¡tems classified as investing act¡v¡t¡es: lnterest received (511,6281 (561,865)
Add non-cash items: Amort¡sat¡on to7;r89 125 951 Depreciation s7s,229 408,183 Writ+off of plant and equipment no longer held 22;t76 7,O24 Provision for bonuses 251,000 (30,000) 5/t0,025 135,202
Change ln receivables (28¿505) 460,884 Change ¡n prepayments (¡t6,383) (296,661) Change in payables 110¿7081 (4s1,618) Change in lease liability l7\æel Q7,244',t Change in revenue received in advance 5611614 678,090 Change in employee beneflts 27,9t8 (664,9721
Net cash from (used in) operating activities 616313 (216,3191
26 Property Counc¡l of Austral¡a L¡mited 30 June 2013 Annual F¡nanc¡al Report
Notes to the Financial Statements
Note 18. Financlal lnstruments
Credlt rlsk
The carrying amount of the Company's financial assets represents the maximum credit exposure. The Company's maximum exposure to cred¡t risk at the reporting date was St,',',7,4SS (2O72: 5830,259) the receivables balance as set out ¡n note 7.
The Directors consider that there is no signifìcant difference between the fair values and book values of the financial assets and liabilities at the balance date.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The Company does not require collateral in respect offinancial assets. lnterest rate rlsk
The Company's exposure to ¡nterest rate risk and the effective weighted average interest rate for the classes of financial assets and financial liabilities is set out below:
Floating Weighted lnterest Fixed-interest Non-interest averaSe 2013 Note Rate Rate Total interest rate
Financial assets
Cash and cash equivalents 6 975826 2,058,465 5,752 3,040,143 2,94% Receivables 7 L117,455 1,117,455 lnvestments I 7,9æ,652 7,9æ,652 4.O5% 975,926 t:0,O23,ll7 1,123,207 12,122,250
Financial liabilities
Payables 70 t,729,533 1,729,533
Floating Weighted lnterest Fixed-interest Non-¡nterest average 20t2 Note Rate Rate bearlng Total ¡nterest rate
Financial assets
Cash and cash equ¡valents 6 908,073 1,3tt,774 5,679 2,225,526 3.67/o Receivables 7 830,259 830,259 lnvestments 8 8,279,67L 8.2t9.671 5,340/o 908,073 9,531,445 835,938 rL,275,456
Financial liabilities
Payables 70 L,837,242 !,837,242
27 PropertyCounc¡lof Australla Umlted 30June æ13 Annual Flnanc¡âl Report
Notes to the Flnanclal Statements
Note 18. Flnancla! lnstruments (contlnuedl
At the reporting date, the Company's only lnterest bearing financial instruments were its cash and cash equlvalents, and investments.
An increase/decrease of 100 basis points ¡n ¡nterest rates during the course ofthe year would have increased/decreased the Company's equlty by $s4,ss6 (2O722$æ,eSr¡.
Note19. Subsequenteìrents
No events have occurred subsequent to balance date that would have a material effect on the f¡nanc¡al statements at 30 June 2013.
28 Property Councll of Austnlla lJmlted 30June 2013 Annual F¡nancial Report
Di rectors' Declaratlon
1 In the op¡n¡on of the d¡rectors of the Property Councilof Australia Limited ('the Company'):
(a) the f¡nancial statements and notes, set out on pages 11 to 28, are in accordance w¡th the Corporations Act 2001, including:
(¡) giving a true and fair vieur of the f¡nancial position of the Company as at 30 June 2013 and of its performance, for the financial year ended on that date; and
(ii) complying with Australian Accounting Standards (including Australian Accounting lnterpretations) and the Corporations Regulations 2001;
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
2 The directors draw attention to note 1(a) to the financialstatements, which includes a statement of compliance w¡th lnternational Financial Reporting Standards.
Signed in accordance with a resolut¡on of the direstors:
,tt--{ Andrew Blrd Director
Dated at Sydney
3 odober2ol3
29 Independent auditor's rcport to the members of the Property Council of Australia Limited Report on the fìnancial report
We have auditecl the accompanying fìnancial report of the Property Council of Australia (the Company), which comprises the statenrent of financial position as at 30 June 2013, anclthe statement of comprehe¡rsive incolne, statement of changes in equity ancl state¡nent of cash flows for the year ended on that clate, ¡rotes I to l9 cornprising a surnmary of significant accounting policies and other explanatory infonnation and the clirectors' cleclaration.
Directors' responsibility for the fnancial report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accorclance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors cletermine is necessary to enable the preparation of the fìnancial report that is free fro¡n material misstatement, whether due to fraucl or error. In note l(a), the directors also state, in accordance with Australian Accounting Stanclard AASB l0l Presentation of Financial Slatements, that the fìnancialstatements comply with International Financial Reporting Standards.
Auditor's responsi bi li ty
Our responsibility is to express an opinion on the fìnancial report based on our audit. We cotrducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan arrd perform the audit to obtain reasonable assurance whether the financial report is free from rnaterial misstatement.
An audit involves performing procedures to obtai¡l auclit eviclence about the amounts ancl disclosures in the financial report. 'fhe procedures selected depend on the auditor's juclgement, including the assessment of the risks of rnaterial rnisstatement of the fìnancial report, whether due to fiaud or error. In rnaking those risk assessments, the auclitor consiclers internal control relevant to the entity's preparatio¡l of the fina¡rcial report that gives a true ancl fair view in orcler to clesign audit proceclures that are appropriate in the circumstauces, but not for the purpose of expressing an opinion on the effectiveness of the entity's intemal control. An audit also inclucles evaluating the appropriateness ofaccounting policies usecl ancl the reasonableness ofaccounting estimates made by the directors, as well as evaluating the overall presentatio¡r of the financial report.
We performed the proceclures to asscss whether in all rnaterial respects the financial report presents fairly, in accordance with lhe Corporations Act 2001 and Australian Accounting Standarcls, a true ancl fair view whicll is co¡rsistent with our understancli¡rg of the Cornpany's financial position ancl of its performance.
We believe that the auclit evicle¡rce \¡/e have obtai¡rcd is suffìcient and appropriate to provide a basis for our audit opinion.
30
KPMG, an Austral¡an partnersh¡p and a member firm of the KPMG network of independent member firms atfiliated with KPMG lnternational Cooperative Liability limited by a scheme approved under CKPMG lnternational'), a Swiss entity. Professional Standards Legislation. Wffi
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
Auditor's opinion In our opinion:
(a) the financial report of the Property Council of Australia is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Company's fìnancial position as at 30 June 2013 and of its performance for the yearended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
(b) the financial report also complies with International Financial Reporting Standards as disclosed in note l(a).
,Vilf KPMG
irgo Partner
Sydney
3 October 2013
3t