2015-11-16 GC Agenda - Item 3, Attach 1 - Annual Report 2014-15

                                                                                                                         OAO
                                                                                                             certified   statements



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
         T etal 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)
         Protit 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
         Reco9nition     of equity share of profit (loss) in the resull 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                                                                 120,302,277               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 9roWth                                     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 qualmed valuation finn, as at 30 June 2015.
              Operating expenses in respect of investment property are shown in note 7.




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