Key Financial Results

Underlying profit

Underlying profit is our preferred measure of performance as it reflects the profit we achieve through our daily business operations. Our statutory result takes into account inventory impairments, fair value changes of our investment properties and other significant items set out fully in the Directors' Report.

Earnings per security

The fall in our underlying earnings per security reflects a drop in underlying profit as well as dilution from the equity we issued. (In our statutory accounts we have reported underlying earnings per security of 36.5 cents - adjusting the number of securities in accordance with the requirements of accounting standards following the recent equity raising.)

Dividend and distribution per security

Following a Board review, in April we announced that we have adopted a more conservative distribution policy. From 2010, Stockland will distribute the greater of our trust taxable income or 80 per cent of our adjusted funds from operations.

Balance sheet

Our balance sheet is strong with conservative gearing of 16 per cent, measured as the ratio of net debt (total debt less cash) to total tangible assets. We have $1.2 billion cash on deposit and $1.3 billion available undrawn committed debt facilities.

Composition of underlying profit ($m)

This graph demonstrates how each of our operating businesses contributed to our underlying profit.
More details about the performance of each of our operating businesses can be found in the operational review of this report.