Announcement PDF Appendix 4D For The Six Months Ended 31 December 2017 1. Details of the reporting period This report details the consolidated results of Finbar Group Limited and its controlled entities for the six months ended 31 December 2017. Comparatives are for the six months ended 31 December 2016. 2. Results for announcement to the market 31-Dec-17 31-Dec-16 Change % 44,056,060 19,559,572 125.24% 2.2 Loss from ordinary activities after tax attributable to members (291,943) (2,893,634) 89.91% 2.3 Net Loss for the period attributable to members (482,475) (3,213,683) 84.99% 2.4 Final 2017 Dividend per share, fully franked 3.0 cents 3.0 cents 4.0 cents 3.0 cents -25.00% 0.00% (0.13) (1.25) 89.91% 2.1 Revenue from ordinary activities Declared Interim 2018 Dividend per share, fully franked Earnings per Share (Cents per Share) 2.5 Record date for dividend 28 February 2018 2.6 Explanation 3. Refer to Company Announcement Net tangible assets per share Net tangible assets per share (Cents per Share) 4. 31-Dec-17 31-Dec-16 90.29 93.00 Details of entities over which control has been gained or lost during the period 4.1 Not Applicable. 5. Details of dividends The Board has declared a dividend of 3.0 cents per share payable on 12 April 2018. The record date for the dividend is 28 February 2018. 6. Dividend reinvestment plan The company has a dividend reinvestment plan under which holders of ordinary shares may elect to have all or part of their dividend entitlements satisified by the issue of new ordinary shares rather than being paid in cash. Last date for the receipt of an election notice for participation in the DRP is 16 March 2018. 7. Details of subsidiaries Ownership 1 Mends Street Pty Ltd 100% 2 Homelea Court Springs Pty Ltd 100% 31 Rowe Avenue Pty Ltd 100% 32 Riversdale Road Pty Ltd 100% 43 McGregor Road Pty Ltd 100% 52 Mill Point Road Pty Ltd (De-registered) 100% 5-7 Harper Terrace Pty Ltd 100% 59 Albany Highway Pty Ltd (De-registered) 68.75% 63 Adelaide Terrace Pty Ltd 100% 88 Terrace Road Pty Ltd 100% 96 Mill Point Road Pty Ltd 100% 172 Railway Parade West Leederville Pty Ltd 100% 175 Adelaide Terrace Pty Ltd 208 Adelaide Terrace Pty Ltd 239 Great Eastern Highway Pty Ltd 241 Railway Parade Pty Ltd 262 Lord Street Perth Pty Ltd 100% 60% 100% 100% 100% 269 James Street Pty Ltd 100% 280 Lord Street Perth Pty Ltd 100% Finbar Applecross Pty Ltd Finbar Finance Pty Ltd Finbar Fund Pty Ltd 100% 100% 100% 1 Appendix 4D continued For The Six Months Ended 31 December 2017 7. 8. Details of subsidiaries (continued) Finbar Karratha Pty Ltd 100% Finbar Port Hedland 100% Finbar Project Management Pty Ltd 100% Finbar Sub 104 Pty Ltd 100% Lot 1 to 10 Whatley Crescent Pty Ltd 100% Details of joint venture entities Ownership 9. 36 Chester Avenue Pty Ltd 50% 406 & 407 Newcastle Street Pty Ltd (De-registered) 647 Murray Street Pty Ltd Axis Linkit Pty Ltd 50% 50% 50% Finbar Sub 5050 Pty Ltd 50% Lot 1001 - 1003 Rowe Avenue Pty Ltd 50% Rowe Avenue Pty Ltd 50% Roydhouse Street Subiaco Pty Ltd 50% Foreign entities Not Applicable. 10. Auditor's review report No dispute or qualification exists in the auditor's review report. 2 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES ABN 97 009 113 473 ACN 009 113 473 INTERIM FINANCIAL REPORT for the financial period ended 31st December 2017 1 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES INTERIM FINANCIAL REPORT For the Six Months Ended 31 December 2017 CONTENTS Page Directors’ Report 3 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 6 Condensed Consolidated Interim Statement of Changes in Equity 7 Condensed Consolidated Interim Statement of Financial Position 8 Condensed Consolidated Interim Statement of Cash Flows 9 Notes to the Condensed Consolidated Interim Financial Statements 10 Directors’ Declaration 15 Independent Auditor's Review Report of condensed consolidated interim financial report 16 Lead Auditors' Independence Declaration 18 2 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS' REPORT For the Six Months Ended 31 December 2017 1 Directors The Directors present their report together with the condensed consolidated financial report of Finbar Group Limited ('the Company') for the six months ended 31 December 2017 and the auditor's review report thereon. The Directors of the Company at any time during or since the end of the six months ended 31 December 2017 were: Executive Director and Chairman John CHAN - BSc, MBA, MAICD Director since 27 April 1995 Chairman since 15 July 2010 Managing Director Director since 6 November 2008 Darren John PATEMAN - EMBA, GradDipACG, ACSA, AGIA, MAICD, AFAIM Managing Director since 15 July 2010 Executive Director and Chief Operations Officer Ronald CHAN Director since 24 February 2017 Non-executive Directors Kee Kong LOH - B Acc, CPA Director since 28 April 1993 Yuun Yean TENG - B Comm, FCPA Director since 17 December 2015 Non-executive (Independent) Director Lee VERIOS - LLB, MAICD 2 Director since 6 December 2011 Company Secretary Edward Guy BANK - B Bus, ASCPA 3 Company Secretary since 2 December 2016 Principal Activities The principal activities of the consolidated group during the course of the six months ended 31 December 2017 continued to be property development and investment. The consolidated groups' focus is the development of medium to high-density residential buildings in Western Australia by way of direct ownership, ownership through fully owned Subsidiaries or by Equity Accounted Investees (through companies registered specifically to conduct the development). There were no significant changes in the nature of the activities of the consolidated group during the financial half-year. 4 Results Operating Results Total comprehensive loss attributable to owners of the group amounted to $482,475 (2016 : $3,213,683). 5 Review of Operations Completed Projects Norwood - 280 Lord Street, Perth : 2 units settled in the reporting period. 1 unit remains for sale in the 63 unit development. Arbor North - Lot 1001 - 1003 Rowe Avenue, Rivervale : 1 unit settled in the reporting period. No units remain for sale in the 154 unit development. Unison on Tenth - 241 Railway Parade, Maylands : 10 units settled in the reporting period. 4 units remain for sale in the 169 unit development. Linq - 269 James Street, Northbridge : 7 units settled in the reporting period. 11 units remain for sale in the 116 unit development. Ecco - 262 Lord Street, Perth : There were no settlements in the reporting period. 2 units remain for sale in the 98 unit development. Subi Strand - Cnr Roydhouse Street & Hood Street, Subiaco : 1 unit settled in the reporting period. 2 units remain for sale in the 264 unit development. Motive - 172 Railway Parade, West Leederville : 13 units settled in the reporting period. 54 units remain for sale in the 143 unit development. Concerto & Harmony - 193 Adelaide Terrace, East Perth : 48 units settled in the reporting period. 49 units remain for sale in the 227 unit development. Currently Under Construction Aurelia - 96 Mill Point Road, South Perth : Construction works continue to progress well at the Aurelia development with completion expected in the second half of the financial year ending 30 June 2018. To date 104 sales have been achieved in the 138 unit development. Aire - 647-659 Murray Street, West Perth : Construction works continue to progress well at the Aire development with completion expected in the second half of the financial year ending 30 June 2018. To date 177 sales have been achieved in the 244 unit development. Vue Tower - 63 Adelaide Terrace : Construction of the Vue Tower project commenced during the reporting period. Marketing of the project continues to progress. To date 116 sales have been achieved in the 252 unit development. Reva - 5 Harper Terrace, South Perth : Construction of the Reva project commenced during the reporting period. Marketing of the project continues to progress. To date 28 sales have been achieved in the 60 unit development. 3 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS' REPORT For the Six Months Ended 31 December 2017 5 Review of Operations (continued) Future Projects Sabina - 3-5 Kintail Road, Applecross : Marketing of the Sabina project commenced during the reporting period. To date 8 sales have been achieved in the 183 unit development. Circa - Lot 1001 - 1003 Rowe Avenue, Rivervale : Marketing of the Circa project commenced during the reporting period. To date 3 sales have been achieved in the 132 unit development. Palmyra East - 43 McGregor Road, Palmyra : Marketing of the Palmyra East project commenced during the reporting period. To date 30 sales have been achieved in the 128 unit development. Unison on Kennedy - 241 Railway Parade, Maylands : Development Approval has been received for the development of 180 one, two and three bedroom apartments plus two commercial lots on Kennedy Street, Maylands. Marketing of the Unison on Kennedy project is expected to commence in the second half of the financial year ending 30 June 2018. Civic Heart - 1 Mends Street, South Perth : Marketing of the Civic Heart project in its current form has been discontinued, with the intention of redesigning the project taking into account the recent new scheme amendments changes. Sunago - 36 Chester Avenue, Dianella : The Sunago project is currently being redesigned. It is expected that marketing will commence in the financial year ending 30 June 2019. Chase - 239 Great Eastern Highway, Belmont : The Chase project is currently being redesigned. It is expected that marketing will commence in the financial year ending 30 June 2019. The Point - 31 Rowe Avenue, Rivervale : Development Approval has been received for the development of 183 apartments. Springs Commercial - 2 Hawksburn Road, Rivervale : The company has not secured a lease to date which would underpin the viability of the development of a commercial building on this land. The company will continue to seek a leasing pre-commitment. If it is unsuccessful by the time the Arbor development nears completion, the company will consider seeking approval from the statutory authorities for the redesign into a residential apartment project. 2 Homelea Court, Springs Rivervale : Acquired in 2016, the 3,770 square metres of land located on the corners of Rowe Avenue and Homelea Court opposite Finbar's Spring View Towers project is proposed to be developed into a project consisting of approximately 185 apartments within a 10 level building. Marketing will commence once development approval has been received. Investment Property Fairlanes - 175 Adelaide Terrace, East Perth : The Fairlanes property has been revalued during the reporting period. The valuation resulted in a $2.85m reduction to the value of the property. The company continues to benefit from the investment income generated from the leased property. The property is currently 95% leased. The company continues to actively market the remaining tenancies for rental. Pelago Commercial - 23 & 26 Sharpe Avenue, Karratha : The company continues to benefit from the investment income generated from the leased property. The property is currently 69% leased. The company continues to actively market the remaining tenancies for rental. Pelago Residential - 23 & 26 Sharpe Avenue, Karratha : The company continues to benefit from the investment income generated from the leased property. The property is currently 90% leased. The company continues to actively market the remaining tenancies for rental. 6 Dividends Dividends paid or declared by the Company to members since the end of the previous financial year were: Cents per Share Total Amount $ Franked / Unfranked Date of Payment 6,933,877 Franked 01 Sep 2017 Dividends Paid During the Year 2018 Final 2017 ordinary 3.00 Total Dividends Paid 6,933,877 Franked dividends declared or paid during the year were franked at the rate of 30%. Proposed Dividend After the balance date the following dividend has been proposed by the Directors. The dividend has not been provided for and there are no income tax consequences. Interim 2018 ordinary 3.00 Total Dividend Proposed 6,944,851 Franked 12 April 2018 6,944,851 The financial effect of this dividend has not been brought to account in the financial statements for the six months ended 31 December 2017 and will be recognised in subsequent financial reports. Note $ Dealt with in the financial report as - Dividends 12 6,933,877 Dividend Reinvestment Plan In accordance with Rule 13 of the Company’s Dividend Reinvestment Plan (DRP), the Directors elected to reactivate the DRP in the 2018 financial year until further notice and as such the DRP will be active for the above mentioned dividend. 4 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS' REPORT For the Six Months Ended 31 December 2017 7 Lead Auditor's Independence Declaration The Lead Auditor’s Independence Declaration is set out on Page 18 and forms part of the Directors’ Report for the six months ended 31 December 2017. Dated at Perth this 20th day of February 2018. Signed in accordance with a resolution of the Board of Directors: Darren Pateman Managing Director 5 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Six Months Ended 31 December 2017 Note 31-Dec-17 31-Dec-16 $ $ Revenue 44,056,060 19,559,572 Cost of sales (37,808,832) (16,594,590) Gross Profit 6,247,228 2,964,982 Other income 31,270 48,466 Administrative expenses 8 (3,179,965) (2,893,851) Advertising expenses (1,064,184) (473,586) Revaluation decrease of investment property (2,427,338) (2,963,137) Revaluation decrease of property, plant and equipment (73,976) - Results from Operating Activities (466,965) (3,317,126) Finance income 843,176 728,728 Finance costs (399,281) (444,097) Net Finance Income 443,895 284,631 Share of loss of Equity Accounted Investees (net of income tax) (64,856) (458,307) Loss before Income Tax (87,926) (3,490,802) (203,924) 597,555 Loss for the period (291,850) (2,893,247) Other comprehensive income Items which will not be reclassified to profit or loss: Revaluation of property, plant and equipment Income tax relating to components of other comprehensive income Other comprehensive loss for the period, net of income tax (262,803) 72,271 (190,532) (457,213) 137,164 (320,049) Total comprehensive loss for the period (482,382) (3,213,296) (291,943) (2,893,634) 93 387 (291,850) (2,893,247) (482,475) (3,213,683) 93 387 (482,382) (3,213,296) Basic earnings per share (cents per share) (0.13) (1.25) Diluted earnings per share (cents per share) (0.13) (1.25) 3.00 4.00 Income tax (expense)/benefit 9 (Loss)/Profit attributable to: Owners of the Group Non-controlling interest Loss for the period Total comprehensive (loss)/income attributable to: Owners of the Group Non-controlling interest Total comprehensive loss for the period Earnings per Share: Dividends per share (cents per share) 12 The condensed notes on pages 10 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 6 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY For the Six Months Ended 31 December 2017 Attributable to equity holders of the company Share Capital $ Balance as at 1 July 2016 Total comprehensive income for the period (Loss)/Profit Other comprehensive loss Transactions with owners, recognised directly in equity Issue of ordinary shares Retained Earnings Asset Revaluation Reserve $ $ 157,454,271 69,752,769 - Total Non Controlling Interest $ $ Total Equity $ 442,204 227,649,244 153,493 227,802,737 (2,893,634) - (2,893,634) 387 (2,893,247) - (320,049) (320,049) - (320,049) 207,500 - - 207,500 - 207,500 - (9,263,791) - (9,263,791) (45,909) (9,309,700) Balance as at 31 December 2016 157,661,771 57,595,344 122,155 215,379,270 107,971 215,487,241 Balance as at 1 July 2017 Total comprehensive income for the period (Loss)/Profit 157,332,125 58,847,430 190,532 216,370,087 101,103 216,471,190 - (291,943) - (291,943) 93 (291,850) - - (190,532) (190,532) - (190,532) Dividends to shareholders Note 12 Other comprehensive loss Transactions with owners, recognised directly in equity Issue of ordinary shares 202,500 - - 202,500 - 202,500 Buyback of shares (285,949) - - (285,949) - (285,949) Dividends to shareholders Balance as at 31 December 2017 Note 12 - (6,933,877) - (6,933,877) (101,009) (7,034,886) 157,248,676 51,621,610 - 208,870,286 187 208,870,473 Amounts are stated net of tax The condensed notes on pages 10 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 7 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Note 31-Dec-17 30-Jun-17 $ $ ASSETS Current Assets Cash and cash equivalents 35,220,951 Trade and other receivables 5,613,830 16,395,830 108,026,280 114,962,272 Prepayments 246,138 338,138 Investments in Equity Accounted Investees 817,076 442,476 Other assets 131,593 175,214 150,055,868 201,090,155 Inventories 10 Total Current Assets 68,776,225 Non Current Assets Trade and other receivables 38,764,130 37,300,768 Inventories 10 82,388,394 73,125,915 Investment property 11 84,368,617 86,350,499 Prepayments 143,781 32,344 Investments in Equity Accounted Investees 1,086,192 1,881,003 Property, plant and equipment 11,083,524 12,421,242 Deferred Tax Assets 5,378,284 4,393,391 Other assets 61,877 101,089 Total Non Current Assets 223,274,799 215,606,251 Total Assets 373,330,667 416,696,406 LIABILITIES Current Liabilities Trade and other payables 41,117,391 41,434,058 110,340,136 143,068,968 Current tax payable 1,912,698 3,156,885 Employee benefits 437,735 348,791 153,807,960 188,008,702 8,478,221 8,478,221 Loans and borrowings 13 Total Current Liabilities Non Current Liabilities Loans and borrowings 13 Deferred tax liabilities 2,174,013 3,738,293 Total Non Current Liabilities 10,652,234 12,216,514 Total Liabilities 164,460,194 200,225,216 Net Assets 208,870,473 216,471,190 Share capital 157,248,676 157,332,125 Retained earnings 51,621,610 58,847,430 Reserves 208,870,286 190,532 216,370,087 187 101,103 208,870,473 216,471,190 EQUITY Total Equity Attributable to Holders of the Group Non-controlling interest Total Equity The condensed notes on pages 10 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 8 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the Six Months Ended 31 December 2017 31-Dec-17 31-Dec-16 $ $ Cash Flows from Operating Activities Cash receipts from customers 54,525,046 24,944,015 Cash paid to suppliers and employees (43,622,802) (99,566,740) Cash generated from/(used in) Operating Activities 10,902,244 (74,622,725) Interest paid (339,681) (597,066) Income tax paid (3,925,008) (949,125) Net Cash generated from/(used in) Operating Activities 6,637,555 (76,168,916) Interest received 383,631 303,847 Dividends received from equity accounted investees 355,404 916,500 (5,229) (6,743) Cash Flows from Investing Activities Acquisition of property, plant and equipment Acquisition of other investments (54) - Loans repaid by Equity Accounted Investees 658,151 593,450 Net Cash provided by Investing Activities 1,391,903 1,807,054 Cash Flows from Financing Activities Repurchase of own shares (285,944) - Proceeds from borrowings 28,995,904 91,075,791 Repayment of borrowings (63,259,806) (1,500,000) Dividends paid (net of DRP) (6,933,877) (9,263,791) Dividends paid to non-controlling interest (101,009) (45,909) Net Cash (used in)/provided by Financing Activities (41,584,732) 80,266,091 Net (decrease)/increase in cash and cash equivalents (33,555,274) 5,904,229 Cash and cash equivalents at 1 July 68,776,225 28,063,370 Cash and Cash Equivalents at 31 December 35,220,951 33,967,599 The condensed notes on pages 10 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 9 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Six Months Ended 31 December 2017 1 Reporting Entity Finbar Group Limited (the 'Company') is a public company domiciled in Australia. These condensed consolidated interim financial statements of the Group as at and for the six months ended 31 December 2017 comprise the Company and its subsidiaries (together referred to as the 'Group') and the Group's interest in equity accounted investees. The Group is primarily involved in property development and investment. The consolidated annual financial statements of the Group as at and for the year ended 30 June 2017 are available on request from the Company's registered office at Level 6, 181 Adelaide Terrace, East Perth, WA, 6004 or can be downloaded from the Company's website at www.finbar.com.au. 2 Basis of Preparation The condensed consolidated interim financial statements have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001, and with IAS 34 Interim Financial Reporting. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended 30 June 2017. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Group as at and for the year ended 30 June 2017. The condensed consolidated interim financial statements were approved by the Board of Directors on the 20th day of February 2018. 3 Significant Accounting Policies The accounting policies applied by the Group in these condensed interim financial statements are the same as those applied by the Group in its financial statements as at and for the year ended 30 June 2017. 4 Judgements and Estimates In preparing these condensed interim financial statements management 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. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 30 June 2017. 5 Financial Risk Management The Group's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended 30 June 2017. 6 Changes in Accounting Policies The Group's accounting policies are consistent with those disclosed in the financial statements as at and for the year ended 30 June 2017. 10 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Six Months Ended 31 December 2017 7 Operating Segments The Group operates predominantly in the property development sector and has identified four reportable segments, as described below, which are the Group's three strategic business units, as well as the Corporate office. The strategic business units offer different products, and are managed separately because they require different technology, marketing strategies and have different types of customers. For each of the strategic business units, the CODM reviews internal management reports on a regular basis. The following describes the operations in each of the Group's reportable segments: · · · · Residential apartment development in Western Australia, Commercial office/retail development in Western Australia, Rental of property in Western Australia, Corporate costs and net assets attributable to the corporate office. Rental of Property Corporate $ $ Total Information about Reportable Segments For the Six Months ended 31 December 2017 Residential Apartment Development Commercial Office/Retail Development $ $ External Revenues - Company and Subsidiaries External Revenues - Equity Accounted Investees 38,401,613 212,091 671,376 207,500 4,504,760 300 509,581 - 44,087,330 419,891 External Revenues - Total 38,613,704 878,876 4,505,060 509,581 44,507,221 Reportable Segment Profit before Income Tax - Company and Subsidiaries Reportable Segment Profit before Income Tax - Equity Accounted Investees Reportable Segment Profit before Income Tax - Total 2,238,035 350,745 1,730,823 894,711 5,214,314 (94,922) 8,537 (686) (7,681) (94,752) 2,143,113 359,282 1,730,137 887,030 5,119,562 185,485,675 43,508,824 106,695,856 31,806,520 17,235,438 3,074,520 8,891,876 533,971 84,586,275 44,208,976 - 20,922,380 576,776 - 308,229,768 46,583,344 160,373,484 32,340,491 Residential Apartment Development Commercial Office/Retail Development $ 14,619,479 3,761,682 18,381,161 $ 798,231 295,000 1,093,231 $ 4,141,862 3,939 4,145,801 $ 48,466 48,466 $ 19,608,038 4,060,621 23,668,659 700,439 260,414 1,417,310 161,699 2,539,862 (582,140) (66,583) 3,939 (4,554) (649,338) 118,299 193,831 1,421,249 157,145 1,890,524 224,568,887 20,114,931 130,639,329 9,414,912 8,895,391 3,587,783 3,475,515 832,105 90,187,436 46,946,207 - 22,649,140 702,041 - 346,300,854 23,702,714 181,763,092 10,247,017 $ Information about Reportable Segments as at 31 December 2017 Reportable Segment Assets - Company and Subsidiaries Reportable Segment Assets - Equity Accounted Investees Reportable Segment Liabilities - Company and Subsidiaries Reportable Segment Liabilities - Equity Accounted Investees * Information about Reportable Segments For the Six Months ended 31 December 2016 External Revenues - Company and Subsidiaries External Revenues - Equity Accounted Investees External Revenues - Total Reportable Segment Profit before Income Tax - Company and Subsidiaries Reportable Segment Profit before Income Tax - Equity Accounted Investees Reportable Segment Profit before Income Tax - Total Rental of Property Corporate Total Information about Reportable Segments as at 31 December 2016 Reportable Segment Assets - Company and Subsidiaries Reportable Segment Assets - Equity Accounted Investees Reportable Segment Liabilities - Company and Subsidiaries Reportable Segment Liabilities - Equity Accounted Investees * * Excludes Liabilities payable to Finbar Group The Group's share of revenues from equity accounted investees are reported in this table as they are managed by Finbar and reported to the CODM. Revenues from equity accounted investees are not reported in the statement of profit or loss and other comprehensive income. 11 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Six Months Ended 31 December 2017 7 Operating Segments (continued) Reconciliation of Reportable Segment Revenues, Profit or Loss, Assets and Liabilities 31-Dec-17 31-Dec-16 $ $ Revenues Total revenue for development reportable segments 39,072,989 15,417,710 Total revenue for rental segments 4,504,760 4,141,862 Total revenue for other reportable segments Consolidated Revenue Total revenue for development reportable segments - Equity Accounted Investees Total revenue for rental segments included in other income - Equity Accounted Investees 509,581 48,466 44,087,330 19,608,038 419,591 4,056,682 300 3,939 44,507,221 23,668,659 Total profit or loss for reportable segments 5,119,562 1,890,524 Finance income - Company and Subsidiaries 843,176 728,728 Finance costs - Company and Subsidiaries (399,281) (444,097) Administrative expenses (3,179,965) (2,893,851) Revaluation of investment property (2,427,338) (2,963,137) Total Reportable Segments Revenue Profit or Loss Unallocated amounts: Revaluation of property, plant and equipment (73,976) - Income tax applicable to share of profit of Equity Accounted Investees 29,896 191,031 Consolidated Profit before Income Tax (87,926) (3,490,802) Assets 31-Dec-17 30-Jun-17 Total assets for reportable segments 308,229,768 318,882,515 Cash and cash equivalents 35,220,951 68,776,225 Investments in Equity Accounted Investees 1,903,269 2,323,479 Other assets * 27,976,679 26,714,187 Consolidated Total Assets 373,330,667 416,696,406 160,373,484 4,086,710 164,460,194 193,330,041 6,895,175 200,225,216 Liabilities Total liabilities for reportable segments Other liabilities ** Consolidated Total Liabilities Geographical Segments The Group operates predominantly in the one geographical segment of Western Australia. * Includes receivables due to Finbar Group from Equity Accounted Investees ** Includes liabilities payable to Finbar Group from Equity Accounted Investees Consolidated 31-Dec-17 31-Dec-16 $ $ 8 Other Income Administration services income 9 30,638 47,660 Commission income 632 806 Total Other Income 31,270 48,466 Income Tax Expense The Group's consolidated effective tax rate in respect of continuing operations (excluding equity accounted investees) for the six months ended 31 December 2017 was 46.1% (2016 : 21.1%). After adjusting for the write off