Annual Report 2014-15

NOOSA SHIRE COUNCIL                                                    -

    Notes to the financial statements
    For the year ended 30 June 2015
                                                                                                                         2014
                                                                                                       2015            (6 months)
                                                                                          Note           $                 $
        Summarised financial information in respect of the associate is set out below.

            Total assets                                                                            3,342,905,329     3,268,129,579
            Total liabilities                                                                      (1,755,520,456)   —_(1,755,920,879)
            Net assets                                                                              1,587 ,384,873    1,512,208,700
            Share of net assets of associate                                                           67,463,857        64,268,870
            Total revenue                                                                             624,672,829       550,492,752
            Total expenses                                                                           (460,434,453)     (431,764,972)
            Profit before income tax equivalent                                                       164,238,376       118,727,780
            Income tax equivalent expense                                                             (43,936,099)      (34,261,756)
            Profit for year                                                                           120,302,277        84,466,024
            Share of profit of associate                                                                5,112,835         1,942,760
        Investment in associate through participation rights                                           65,211,946        62,016,970
                                                                                                       65,211,946        62,016,970
            Details of movements in participation rights
            Equity investment in associate - Unity Water                                               62,016,970        60,997,643
            Recognition of equity share of profit (loss) in the result for the period                   5,112,835         1,942,760
            Less distributions paid/payable to Council                                                 (1,917,859)         (904,015)
            Accounting adjustment on de-amalgamation                                                         -               (19,418)
            Fair value at end of financial year                                                        65,211,946        62,016,970

            Retained Earnings
            Balance of beginning of financial year                                                     77,426,926        41,234,855
            Net result for the period                                                                 420,302,277        84,466,024
            Less distribution paid                                                                    (45,126,105)      (48,273,953)
            Balance at the end of the financial year                                                  152,603,098        77,426,926

     12 Investment properties
             Property held for rental income and capital growth                                         3,831,234              -
:            Fair value at end of financial year                                                        3,831,234              -
         Movement in assets during the reporting period:
             Property held for rental income and capital growth
                 Fair value of assets transferred from other asset category                             3,226,719              -
                 Revaluation adjustment to income statement                                               604,515              -
                 Fair value at end of financial year                                                    3,831,234              -

                 All investment property was valued at fair value by AEC Group Limited, an
                 independent professionally qualified valuation firm, as at 30 June 2015.
                 Operating expenses in respect of investment property are shown in note 7.

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