27 August 2008 the Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000 De
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27 August 2008 Westfield Group Level 24, Westfield Towers 100 William Street Sydney NSW 2011 GPO Box 4004 Sydney NSW 2001 The Manager Australia Company Announcements Office Telephone 02 9358 7000 ASX Limited Facsimile 02 9358 7077 Level 4, Exchange Centre Internet www.westfield.com 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam WESTFIELD GROUP (ASX:WDC) WESTFIELD TRUST AND WESTFIELD AMERICA TRUST – HALF-YEAR FINANCIAL REPORTS FOR PERIOD ENDED 30 JUNE 2008 Half-Year Financial Reports for the period ended 30 June 2008 for each of Westfield Trust and Westfield America Trust are attached. Yours faithfully WESTFIELD GROUP Simon Tuxen Company Secretary Enc. Westfield Holdings Limited ABN 66 001 671 496 Westfield Management Limited ABN 41 001 670 579 AFS Licence 230329 as responsible entity for Westfield Trust ABN 55 191 750 378 ARSN 090 849 746 Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324 as responsible entity for Westfield America Trust ABN 27 374 714 905 ARSN 092 058 449 Westfield Trust Half-Year Financial Report For the half-year ended 30 June 2008 Page Half-year financial report - Income statement 1 - Balance sheet 2 - Statement of changes in equity 3 - Cash flow statement 4 - Notes to the financial statements 5 Directors' declaration 9 Independent audit report 10 Directors' report 11 Directory 13 Westfield Management Limited ABN 41 001 670 579 as Responsible Entity of Westfield Trust ARSN 090 849 746 AFS Licence No. 230329 WESTFIELD TRUST INCOME STATEMENT for the half-year ended 30 June 2008 Consolidated 30 Jun 08 30 Jun 07 Note $million $million Revenue and other income Property revenue 813.0 772.3 Property revaluations 382.6 564.5 1,195.6 1,336.8 Share of after tax profits of equity accounted entities Property revenue 60.6 56.9 Property revaluations 33.3 89.4 Property expenses and outgoings (18.3) (17.8) 75.6 128.5 Foreign exchange gains 154.0 83.8 Interest income 12.6 7.5 Total revenue and other income 1,437.8 1,556.6 Expenses Property expenses and outgoings (226.3) (207.5) Property and funds management costs (10.2) (9.3) Corporate costs (3.9) (4.1) (240.4) (220.9) Currency derivatives (108.3) 1.0 Financing costs (141.9) (170.8) (250.2) (169.8) Total expenses (490.6) (390.7) Profit before tax expense and minority interests 947.2 1,165.9 Tax income/(expense) 3 (12.1) 4.3 Profit after tax expense for the period 935.1 1,170.2 Less: net profit attributable to minority interests (10.3) (12.3) Net profit attributable to members of Westfield Trust ("WT") 924.8 1,157.9 Distributions proposed 5 549.9 517.1 Weighted average number of units entitled to distribution at 30 June (millions) 1,946.5 1,783.1 Distribution proposed per ordinary unit (cents) 5 28.25 29.00 Distribution proposed per Distribution Reinvestment Plan ("DRP") unit (cents) 5 18.94 19.55 Basic earnings per unit (cents) 47.51 64.65 Diluted earnings per unit (cents) 42.44 64.45 Page 1 WESTFIELD TRUST BALANCE SHEET as at 30 June 2008 Consolidated 30 Jun 08 31 Dec 07 Note $million $million Current assets Cash and cash equivalents 149.7 90.5 Trade receivables 22.2 16.3 Derivative assets 19.4 36.5 Receivables 1,822.2 2,515.0 Prepayments and deferred costs 14.4 15.2 Total current assets 2,027.9 2,673.5 Non current assets Investment properties 22,266.0 21,822.2 Equity accounted investments 1,711.6 1,625.7 Other investments 1,207.5 1,168.8 Derivative assets 367.9 283.9 Prepayments and deferred costs 14.0 14.5 Total non current assets 25,567.0 24,915.1 Total assets 27,594.9 27,588.6 Current liabilities Payables 1,589.6 1,658.5 Interest bearing liabilities 1,442.8 1,068.3 Other financial liabilities 282.5 - Derivative liabilities 4.7 43.9 Total current liabilities 3,319.6 2,770.7 Non current liabilities Interest bearing liabilities 4,060.5 4,785.4 Other financial liabilities 1,372.0 1,690.7 Deferred tax liabilities 388.3 417.1 Derivative liabilities 418.8 291.8 Total non current liabilities 6,239.6 7,185.0 Total liabilities 9,559.2 9,955.7 Net assets 18,035.7 17,632.9 Equity attributable to members of WT Contributed equity 4 8,104.3 8,033.8 Reserves 41.8 193.4 Retained profits 9,693.4 9,215.3 Total equity attributable to members of WT 17,839.5 17,442.5 Equity attributable to minority interests Contributed equity 94.0 94.0 Retained profits 102.2 96.4 Total equity attributable to minority interests 196.2 190.4 Total equity 18,035.7 17,632.9 Page 2 WESTFIELD TRUST STATEMENT OF CHANGES IN EQUITY for the half-year ended 30 June 2008 Consolidated 30 Jun 08 30 Jun 07 $million $million Changes in equity attributable to members of WT Opening balance of equity attributable to members of WT 17,442.5 13,928.6 Movement in foreign currency translation reserve - Net exchange difference on translation of foreign operations (92.4) 60.9 Movement in asset revaluation reserve - Revaluation decrement (59.2) (9.7) Net profit attributable to members of WT 924.8 1,157.9 Total income and expenses for the period 773.2 1,209.1 Movements in contributed equity - Distribution reinvestment plan 70.4 153.6 - Exercise of options 0.1 48.0 Movement in retained profits - Distribution paid (446.7) (335.4) Closing balance of equity attributable to members of WT 17,839.5 15,003.9 Changes in equity attributable to minority interests Opening balance of equity attributable to minority interests 190.4 176.5 Net profit attributable to minority interests 10.3 12.3 Distributions paid or provided for (4.5) (4.4) Closing balance of equity attributable to minority interests 196.2 184.4 Total equity 18,035.7 15,188.3 Page 3 WESTFIELD TRUST CASH FLOW STATEMENT for the half-year ended 30 June 2008 Consolidated 30 Jun 08 30 Jun 07 $million $million Cash flows from operating activities Receipts in the course of operations (including GST) 900.4 848.3 Payments in the course of operations (including GST) (256.2) (238.7) Distributions received from equity accounted entities 45.5 31.9 Goods and services taxes paid (55.8) (51.4) Net cash flows from operating activities 633.9 590.1 Cash flows from investing activities Payments of capital expenditure for property investments (231.8) (192.3) Payments for the purchase of other investments (215.6) (35.0) Proceeds from the sale of property investments 7.0 717.5 Net payments for investments in equity accounted investments (55.1) (5.6) Net cash flows from (used in) investing activities (495.5) 484.6 Cash flows from financing activities Proceeds from the issues of units 70.4 172.1 Net proceeds from (repayments of) interest bearing liabilities 100.8 (216.7) Interest received 17.6 10.8 Financing costs (272.1) (268.1) Distributions paid (446.7) (335.4) Distributions paid by controlled entities to minority interest (4.5) (4.3) Loans received from (advanced to) related entities 456.6 (405.3) Net cash flows used in financing activities (77.9) (1,046.9) Net increase in cash and cash equivalents held 60.5 27.8 Add opening cash and cash equivalents brought forward 90.5 65.1 Effects of exchange rate changes on cash and cash equivalents (1.3) 0.1 Cash and cash equivalents at the end of the period 149.7 93.0 Page 4 WESTFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS for the half-year ended 30 June 2008 1_Corporate information The financial report of Westfield Trust ("WT") and its controlled entities (collectively the "WT Group") for the half-year ended 30 June 2008 was approved on 27 August 2008, in accordance with a resolution of the Board of Directors of Westfield Management Limited as responsible entity of WT ("Responsible Entity"). The nature of the operations and principal activities of WT are described in the Directors' Report. 2_Basis of preparation of the financial report The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the WT Group as the full financial report. The half-year financial report should be read in conjunction with the annual financial report of WT as at 31 December 2007. It is also recommended that the half-year financial report be considered together with any public announcements made by the Westfield Group and its controlled entities during the half-year ended 30 June 2008 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001 ("the Act"). (a)_Basis of accounting The half-year financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Act, applicable Accounting Standards including AASB 134 "Interim Financial Reporting" and other mandatory professional reporting requirements. The half-year financial report has also been prepared on a historical cost basis, except for investment properties, derivative financial instruments, other financial liabilities and available for sale financial assets that have been measured at fair value. The carrying values of recognised assets and liabilities that are hedged with fair value hedges and are otherwise carried at cost are adjusted to record changes in the fair values attributable to the risks that are being hedged.