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8/9/2019 100226 - Appendix 4D Consolidated Financial Report & Trust Report to Period Ended 31 Dec 2009
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8/9/2019 100226 - Appendix 4D Consolidated Financial Report & Trust Report to Period Ended 31 Dec 2009
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Consolidated Report of RCL G(Formerly Babcock & Brown Residential Lan
And RC(Formerly Babcock & Brown Residential La
Together th(Formerly Babcock & Brown Residen
for the half year ended 31 De
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
RCL Group Limited (RCLGL) (formerly Babcock & Brown Residential Lan(BBRLPL)) ABN 49 119 517 985,
RCL Group Trust (RCLGT) (formerly Babcock & Brown Residential Land PartnARSN 119 613 848
together, the RCL Group (RCL) (formerly Babcock & Brown Residential Land P
This Report is provided to the Australian Securities Exchange (ASX) under ASX Lis
Current Reporting Period: For the period from 1 July 2009 to31 December 2009
Previous Corresponding Period: For the period from 1 July 2008 to31 December 2008
The RCL Group (RCL) (formerly Babcock & Brown Residential Land Partners (BBRLP)) comprises R
(formerly Babcock & Brown Residential Land Partners Limited (BBRLPL) (ABN 49 119 517 985) and
(formerly Babcock & Brown Residential Land Partners Trust (BBRLPT)) (ARSN 119 613 848). Each sh
unit in RCLGT.
Babcock & Brown Residential Land Partners Services Limited (BBRLPSL) (ABN 40 118 364 499)
RCLGT. BBRLPSL is a subsidiary of the Babcock & Brown International Pty Limited (BBIPL) Group.
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
APPENDIX 4D
Results for Announcement to the Marketfor the half year ended 31 December 2009
Revenues from ordinary activities
Change from previous corresponding period
Profit/(loss) from ordinary activities after tax attributable to members
Change from previous corresponding period
Distributions
Amount p
stapl
secur
Current Period:
Interim distribution
Previous Corresponding Period:
Final distribution
Interim distribution
Record date for determining entitlements to the interim distribution
Refer to Directors report for review of operations.
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Details Relating to Distributions
DistributionDate distribution
paid/payable
A
Interim N/A
Interim Distribution
Stapled securities
Net Tangible Assets Per Stapled Security
31 Dec
Net tangible assets per stapled security
Information on Audit or Review
This report is based on accounts to which one of the following applies.
The accounts have been audited.
The accounts hreview.
The accounts are in the process of beingaudited or subject to review.
The accounts haudited or revie
Description of likely dispute or qualification if the accounts have not yet been audited or subjthe process of being audited or subjected to review.
Not applicable.
Description of dispute or qualification if the accounts have been audited or subjected to revi
None.
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
RCL GROUP (RCLG)
(formerly Babcock & BrownResidential Land Partners (BBRLP
Comprising RCL Group Limited (formerly
Brown Residential Land Partners Limitedcontrolled entities
ABN 49 119 517 985
Interim Financial Reportfor the half year ended 31 December
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Directors Report
In respect of the half year ended 31 December 2009, the Directors of RCL Gro(formerly Babcock & Brown Residential Land Partners Limited (BBRLPL)) submtogether with the consolidated interim financial report of the RCL Group (RCLGBabcock & Brown Residential Land Partners (BBRLP or Group).
Directors
The names of the Directors of RCLGL during the whole of the period or since the enthe date of this report are:Mr R Wright Chairman
Mr M Maxwell DirectorMr R Gelski Director
Mr C Langford Director
Review of operations
The Group recorded a net loss after tax of $3.7m for the half year ended 31 Decemba net loss after tax of $19.4m for the prior period.
The improving global economic conditions have seen a slow recovery in residentiaacross both Australia and New Zealand. This impact has been mainly felt in improGroups controlled projects as well as those where RCLG has a preferred equity pos
Profit after income tax(Statutory basis)
Profit a(Und
31 Dec 2009$000
31 Dec 2008$000
31 Dec $
Net profit / (loss) before tax (8,527) (27,827) (6Unrealised foreign exchange loss (14) (393)
Realised gain on derivative financialinstruments - 1,245
Net profit / (loss) before tax afterforeign exchange gains/(losses) * (8,541) (26,975) (6
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Directors Report (continued)
Documentation to complete the separation from Babcock & Brown was signed owhereby RCLG will acquire the responsible entity of RCLG, Babcock & Brown ResServices Limited, as well as the management and advisory functions previously peBabcock & Brown for a nominal sum, subject to consent from the corporate fin
function previously performed by Babcock & Brown in relation to RCL Group Trust hPerpetual Trustee Company Limited.
Going concern
As at 31 December 2009, the Group had a deficiency of current liabilities o$185,409,000. This deficiency is largely due to the classification of the corporate fBrown facility, and certain project facilities as current. This classification is requiexpire within the next twelve months. The Group has also continued to experienceimproving trading conditions in the underlying asset markets which has resulted in the period.
The continuing viability of the Group and its ability to continue as a going concern they fall due are dependent upon the Group being successful in the following:
The ability of the Group to extend or refinance the existing corporate facility, whic2010. Initial discussions have commenced with the Groups primary financi
preliminary stage early sentiment has been positive. Management have requestedterm bridging facility to support the Group with working capital whilst the corporaare undertaken (Refer Note 9). The Directors are of the opinion that the primary finwork with management to reach a sustainable outcome, mutually beneficial to all p
The ability of the Group to extend or refinance certain project facilities due to matumonths. The Groups primary financier has acknowledged the need for the rproject facilities, and have already demonstrated this via the relaxation of covenaand loan to value ratios. The Group will require continued support from its financiissues. Indications are such that the Directors are of the opinion that this willenable the Group to continue to develop these assets with access to the approrequired.
The Directors have considered the impact of these matters and have concluded thshould be prepared on a going concern basis. No adjustments have been m
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Comprehensive IncomeFor the half year ended 31 December 2009
Note
Period en31 Dec
$
Revenue from continuing operations 3 19Other income 3 1
Total revenue 20
Cost of sales (15
Employee benefits expense (1
Management charges 4
Marketing & other operating expenses (2
Finance costs 4 (8Impairment of loans receivable (2
Unrealised foreign exchange loss
Realised gain on derivative financial instruments
Share of profit of equity accounted investments
Profit/(loss) before tax (8
Tax (expense)/benefit 4
Profit/(loss) (3
Other comprehensive income
Changes in fair value of cash flow hedges 1
Income tax relating to components of other comprehensive income
Other comprehensive income for the half-year, net of tax
Total comprehensive income for the half-year (2
Profit/(loss) is attributable to:
Equity holders of the parent (8
Non-controlling interest
Equity holders of the other stapled entity 4
(3
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Financial PositionAs at 31 December 2009
Note
A31 Dec
$
Current assetsCash 3
Receivables
Inventories 40
Assets held for sale 8
Other assets 1
Total current assets 46
Non-current assetsLoans receivable 101
Inventories 193
Other financial assets at fair value 3
Equity accounted investments 14
Deferred tax assets 12
Property, plant and equipment
Goodwill 1Total non-current assets 326
Total assets 373
Current liabilities
Trade and other payables 7
Provisions
Interest bearing liabilities 223
Other financial liabilities 1Total current liabilities 231
Non-current liabilities
Payables 2
Provisions
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Financial Position (Continued)As at 31 December 2009
Note
A31 Dec
$
Equity holders of the Other Stapled EntityContributed equity 7 162
Reserves
Retained earnings / (accumulated losses) (10
152
Non-controlling Interest
Total equity 115
The above Consolidated Statements of Financial Position should be read in accompanying notes.
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
RCL Group Limited
Consolidated Statement of Changes in Equity
For the half year ended 31 December 2009
Attributable to equity holders of the parentAttributable to eq
Contributedequity$000
Reserves$000
Retainedearnings
$000Total$000
Contributedequity$000
R
Balance at 1 July 2008 1,653 (611) (9,621) (8,579) 162,163
Total comprehensive income forthe half-year - (2,222) (6,064) (8,286) -
Transactions with equityholders in their capacity asequity holders:
Distribution reinvestment plan 3 - - 3 285
Balance at 31 December 2008 1,656 (2,833) (15,685) (16,862) 162,448
Balance at 1 July 2009 1,656 (1,921) (28,453) (28,718) 162,448
Total comprehensive income forthe half-year - 949 (8,119) (7,170) -
Transactions with equityholders in their capacity asequity holders:
Dividend paid - - - - -
Distribution reinvestment plan - - - - -
Balance at 31 December 2009 1,656 (972) (36,572) (35,888) 162,448
The above Consolidated Statement of Changes in Equity should be read in conjunction wi
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Cash FlowsFor the half year ended 31 December 2009
Period en31 Dec
$
Cash flows from operating activitiesCash receipts in the course of operations 19
Cash payments in the course of operations (14,5
Interest received
Interest paid (5,6
Net cash inflow/(outflow) from operating activities (
Cash flows from investing activities
Loan Receivable - funding (7,0
Loan Receivable - payments received 16
Net cash inflow/(outflow) from investing activities 9
Cash flows from financing activities
Proceeds from borrowings 21
Repayment of borrowings (27,
Dividends & Distributions Paid (
Vendor loans repaid
Net cash inflow/(outflow) from financing activities (6,
Net increase in cash assets held 2
Cash and cash equivalents at beginning of the half-year 1
Cash in entities deconsolidated Cash and cash equivalents at end of the half-year 3
In the prior period, cash and cash equivalents are the net of cash and overdrafts. Ovpart of the trade and other payables balance disclosed as a current liability.
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Notes to the Consolidated Financial Statements
Note 1 Basis of Preparation of the Half-Year Report
This general purpose financial report for the interim half-year reporDecember 2009 has been prepared in accordance withAASB 134 Inter
and the Corporations Act 2001.This interim financial report does not include all the notes of the type nannual financial report. Accordingly, this report is to be read in conjureport for the year ended 30 June 2009 and any public announcementsduring the interim reporting period, in accordance with the continuous diof the Corporations Act 2001.
The shares of RCLGL and the units in RCLGT are stapled and issued a
RCL Group (RCLG or the Group). The shares in RCLGL and the unitstraded separately and can only be traded as stapled securities.
The financial report is presented in Australian dollars and all valuesnearest thousand dollars ($000) unless otherwise stated under the oCompany under ASIC Class Order 98/100. RCLGL is an entity to wapplies.
The accounting policies adopted are consistent with those of the previ
corresponding interim period, except as set out below:
Changes in accounting policy
RCLG had to change some of its accounting policies as the resuaccounting standards which became operative for the annual reporting p1 July 2009.
The affected policies and standards are:
Principles of consolidation revised AASB 127 Consolidated anStatements and changes made to AASB 2008-7 Amendments to AStandards Cost of an Investment in a Subsidiary, Jointly Controlled
Business combinations revised AASB 3 Business Combinations
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
investment is accounted for as an available-for-sale financial asseremeasured to fair value; however, any revaluation gain or loss is recogfor-sale investments revaluation reserve.
The Group will in future allocate losses to the non-controlling interest in the accumulated losses should exceed the non-controlling interest in tUnder the previous policy, excess losses were allocated to the parent en
Lastly, dividends received from investments in subsidiaries, jointly associates after 1 July 2009 are recognised as revenue even if theyacquisition profits. However, the investment may need to be tested for of the dividend payment. Under the entitys previous policy, these dividededucted from the cost of the investment.
The changes implemented prospectively from 1 July 2009. There has bcurrent period as none of the non-controlling interests have a deficit bal
been no transactions whereby an interest in an entity is retained afterthat entity and there have been no transactions with non-controlling intepaid of pre-acquisition profits.
Business combinations
AASB 3 (revised) continues to apply the acquisition method to businewith some significant changes.
All payments to purchase a business are now recorded at fair value awith contingent payments classified as debt and subsequently remincome statement. Under the Groups previous policy, contingent recognised when the payments were probable and could be measuaccounted for as an adjustment to the cost of acquisition.
Acquisition-related costs are expensed as incurred. Previously, they weof the cost of acquisition and therefore included in goodwill.
Non-controlling interests in an acquiree are now recognised either at facontrolling interests proportionate share of the acquirees net assets. on an acquisition-by-acquisition basis. Under the previous policy, the nwas always recognised at its share of the acquirees net assets.
If the Group recognises acquired deferred tax assets after the initial a
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Operating segments are now reported in a manner that is more consireporting provided to the chief operating decision maker. The chief opehas been identified as the Chief Executive Officer and the Board of Distrategic decisions.
Goodwill is allocated by management to groups of cash-generating units
There has been no impact on the measurement of the companys asset
Going concern basis of preparation
As at 31 December 2009, the Group had a deficiency of current liabilitieof $185,409,000. This deficiency is largely due to the classification of theBabcock & Brown facility, and certain project facilities as current. This clas these facilities expire within the next twelve months. The Group
experience difficult but gradually improving trading conditions in the undwhich has resulted in negative cashflow for the period.
The continuing viability of the Group and its ability to continue as a goingdebts as they fall due are dependent upon the Group being successful in
The ability of the Group to extend or refinance the existing corporateon 28 June 2010. Initial discussions have commenced with the Gro
and although at a preliminary stage early sentiment has been positivrequested and received a short term bridging facility to support thecapital whilst the corporate facility negotiations are undertaken Directors are of the opinion that the primary financier will continue to wto reach a sustainable outcome, mutually beneficial to all parties.
The ability of the Group to extend or refinance certain project facilitiethe coming 12 months. The Groups primary financier has acknowlerestructuring of certain project facilities, and have already demo
relaxation of covenants around sales rates and loan to value ratios. continued support from its financiers in relation to these issues. Indthe Directors are of the opinion that this will be achieved and willcontinue to develop these assets with access to the appropriate debt f
As a result of these matters, there is significant uncertainty whether the
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Note 2 Operating segments
Management has determined the operating segments based on reportsExecutive Officer and the Board of Directors, which are used to maimpacting the business. The operating segments are reported as follows
Consolidated projects Residential inventory projects controlled by
Mezzanine financed projects Residential inventory projects not controlfor which the Group has provided mezzani
Other Includes all other facets of the Groups b60% controlling investment in PRM Graccounted investment in PRM Holdingsresidential development at Kalynda iaccounted for at fair value through profit a
Groups overheads.
Profit and loss
ConsolidatedProjects
$000
MezzanineFinancedProjects
$000O$
For the period ended 31 December 2009
Total segment revenue 16,089 3,552 1
Intersegment revenue - -
Revenue from external customers 16,089 3,552 1
Operating profit / (loss) 641 3,552 1
For the period ended 31 December 2008
Total segment revenue 16,531 8,572 1
Intersegment revenue - -
Revenue from external customers 16,531 8,572 1
Operating profit / (loss) (2,984) 8,572 1
Balance sheet
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
A reconciliation of adjusted EBITDA to operating profit before income tax is providefollows:
ConsolidPeriod en
31 Dec $
Operating profit / (loss) 5
Finance costs (8,
Impairment of loans receivable (2,
Write-down of inventory
Unrealised foreign exchange loss
Realised gain on derivative financial instruments
Overheads (3,Profit on sale of investment in Ascot Chase
Share of profit of equity accounted investments
Profit / (loss) before income tax from continuingoperations (8,
Geographic segments
The Group operates solely in the business of property development in the geographand New Zealand.
Revenue from external customers T
Period ended31 Dec 2009
$000
Period ended31 Dec 2008
$000
A31 Dec 2
$
Australia 20,597 23,9
New Zealand 204 2,814 41
Total 20,801 26,811 373
Note 3 Revenue & Other Income
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Profit on sale of investment in Ascot Chase
Deferred income and other revenue
Total other income 1
Note 4 Expenses
ConsolidPeriod en31 Dec
$
Management expenses
Base Management Fee
Managers Expense Fee
Responsible Entity Fee
Asset Management Fee
Custodian Fee
Finance costs
Interest and finance charges 16
Amount capitalised
8
Note 5 Significant items
ConsolidPeriod en
31 Dec $
Sale of interest in land assets
Impairment of loans (2,
Provision for diminution of inventory
Total (2,
Significant items are material adjustments to the income statement which by virtue
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Note 7 Contributed Equity
ConsolidatedPeriod ended
31 Dec 2009No. of units
ConsolidatedPeriod ended
31 Dec 2008No. of units
ConsolidaPeriod en
31 Dec 2$
Fully paid units
Opening balance 176,107,825 175,000,000 164
Distribution reinvestment plan - 1,107,825
Balance as at31 December 2009 176,107,825 176,107,825 164
Note 8 Assets held for sale
On 19 August 2008, RCLG completed the sale of 25% of its interest in the Ascproject to the BMD Group. This resulted in the Ascot Chase project becoming a 5venture between RCLG and the BMD Group.
On 28 September 2009, RCLG disposed of its remaining 50% interest in the Ascproject to the BMD Group.
Ascot Chase disposal group assets and liabilities
Cash
Inventory
Other assets
Total assets
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Note 9 Events occurring after the balance sheet date
On 19 February 2010 the Group received written approval from its primary financier f
- a temporary increase to its corporate facility of $2.2 million to be repaid by 28 Junsubject to the usual conditions precedent, and specifically including a fixed and charge from the Responsible Entity, Babcock & Brown Residential Land Partners SLimited being obtained.
- the extension of termination dates on certain project facilities to 28 June 2010, suthe usual conditions precedent, and specifically including the incorporation of crosspositions between the project facilities and the corporate facility, as well as a redu
certain project facility limits.
Since the end of the period, the Directors of the Group are not aware of any other mcircumstance not otherwise dealt with in this report or the financial statements tsignificantly or may significantly affect the operations of the Group, the results ooperations, or state of the Groups affairs in future financial years.
Note 10 Contingent liabilities
On 6 April 2009 the Group negotiated a restructure of its loan facility with its primaryresulting in an extension of maturity to 28 June 2010. It was also agreed that if the further extended or refinanced beyond this date then a fee of at least $4 million incurred.
On 13 November 2009 the Group negotiated an extension to the suspension covenants relating to the loan facility, subject to the payment of a $1 million fee. $8
this fee is contingent upon the extension or refinancing of the corporate facility bJune 2010.
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Report of RC(Formerly Babcock & Brown Residential La
ARSNfor the half year ended 31 De
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Contents
Directors Report
Auditors Independence Declaration
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors Declaration on the Consolidated Financial Report
Independent Auditors Review Report
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Corporate Information
Directors
Mr R Wright ChairmanMr M Maxwell DirectorMr R Gelski Director
Company Secretary
Miss M Hedges (resigned 5 February 2010)Mr A James (appointed 5 February 2010)
Registered Office
Level 5,
50 Margaret StreetSydney NSW 2000
Security Register
Link Market Services LimitedLevel 12680 George Street
Sydney NSW 2000RCL Group securities are listed on the Australian Securities Exchange and trade und
Auditors
PricewaterhouseCoopersAustralia
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Comprehensive IncomeFor the half year ended 31 December 2009
ConsolidPeriod en
31 Dec $
Interest income 4
Management charges
Operating expenses
Financing costs
Impairment of loans receivable
Bad debts
Net operating profit/(loss) 4
Total comprehensive income for the half-year 4
Basic earnings per unit (cents) 2
Diluted earnings per unit (cents) 2
The above Consolidated Statement of Comprehensive Income should be read inaccompanying notes.
REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statements of Financial PositionAs at 31 December 2009
Notes
ConsolidA
31 Dec $
Current assets
Cash
Receivables and other assets
Total current assets
Non-current assets
Related party loan receivables 150
Total non-current assets 150
Total assets 150
Current liabilities
Trade and other payables
Interest-bearing liabilities
Total current liabilities
Total liabilities
Net assets 149
Equity
Contributed equity 4 162
Retained earnings (12
Total equity 149
The above Consolidated Statements of Financial Position should be read in accompanying notes.
REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Changes in EquityFor the half year ended 31 December 2009
Notes
ConsolidA
31 Dec $
Total equity at the beginning of the period 144
Total comprehensive income for the period 4
Transactions with equity holders in their capacity as equity holders:
Contributions on equity, net of transaction costs and tax
Total equity at end of the period 149
The above Consolidated Statement of Changes in Equity should be read in accompanying notes.
REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Consolidated Statement of Cash FlowsFor the half year ended 31 December 2009
ConsolidPeriod en
31 Dec $
Cash flows from operating activities
Cash receipts in the course of operations
Cash payments in the course of operations
Interest received
Net cash inflow/(outflow) from operating activities
Cash flows from investing activities
Proceeds from repayment of borrowings provided to related parties
Borrowings provided to related parties
Net cash inflow/(outflow) from investing activities
Cash flows from financing activities
Proceeds from borrowings
Dividends & Distributions Paid
Net cash inflow/(outflow) from financing activities
Net decrease in cash assets held
Cash and cash equivalents at beginning of half year
Cash and cash equivalents at end of half year
The above Consolidated Statement of Cash Flows should be read in conjunction wnotes.
REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
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REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
Notes to the Consolidated Financial Statements
Note 1 Summary of Significant Accounting Policies
This general purpose financial report for the Half Year interim reporDecember 2009 has been prepared in accordance with AASB 134 Interand the Corporations Act 2001.
This interim financial report does not include all the notes of the type nannual financial report. Accordingly, this report is to be read in conjufinancial report for the year ended 30 June 2009 and any public annoRCL Group (RCLG or the Group) (formerly Babcock & Brown Residduring the interim reporting period, in accordance with the continuous diof the Corporations Act 2001.
The shares of RCL Group Limited (RCLGL) and the units in RCLGT are stapled securities in RCLG. The RCLGL shares and the units of RCLseparately and can only be traded as stapled securities.
The financial report is presented in Australian dollars and all valuesnearest thousand dollars ($000) unless otherwise stated under the optiounder ASIC Class Order 98/0100. RCLGT is an entity to which the Clas
The accounting policies adopted are consistent with those of the previ
the corresponding interim period.
Changes in accounting policy
RCLGT had to change some of its accounting policies as the resuaccounting standards which became operative for the annual reporting p1 July 2009.
The affected policies and standards are:
Principles of consolidation revised AASB 127 Consolidated anStatements and changes made to AASB 2008-7 Amendments to Standards Cost of an Investment in a Subsidiary, Jointly Controlled En
Business combinations revised AASB 3 Business Combinations
REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2009
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The standard also specifies the accounting when control is lost. Any reentity must now be remeasured to fair value and a gain or loss is recogUnder the Groups current accounting policy, the retained interest in tthe former subsidiarys assets and liabilities becomes the cost of tinvestment is accounted for as an available-for-sale financial asseremeasured to fair value; however, any revaluation gain or loss is recog
for-sale investments revaluation reserve.
The Group will in future allocate losses to the non-controlling interest in the accumulated losses should exceed the non-controlling interest in tUnder the previous policy, excess losses were allocated to the parent en
Lastly, dividends received from investments in subsidiaries, jointly associates after 1 July 2009 are recognised as revenue even if theyacquisition profits. However, the investment may need to be tested for of the dividend payment. Under the entitys previous policy, these dividededucted from the cost of the investment.
The changes implemented prospectively from 1 July 2009. There has bcurrent period as none of the non-controlling interests have a deficit balbeen no transactions whereby an interest in an entity is retained afterthat entity and there have been no transactions with non-controlling intepaid of pre-acquisition profits.
Business combinations
AASB 3 (revised) continues to apply the acquisition method to businewith some significant changes.
All payments to purchase a business are now recorded at fair value awith contingent payments classified as debt and subsequently remincome statement. Under the Groups previous policy, contingent
recognised when the payments were probable and could be measuaccounted for as an adjustment to the cost of acquisition.
Acquisition-related costs are expensed as incurred. Previously, they weof the cost of acquisition and therefore included in goodwill.
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Segment reporting
The Group has applied AASB 8 Operating Segments from 1 July 200management approach under which segment information is presentedthat used for internal reporting purposes. This has resulted in segmentfor different asset classes, whereas segments were previously reported
Operating segments are now reported in a manner that is more consi
reporting provided to the chief operating decision maker. The chief opehas been identified as the Chief Executive Officer and the Board of Distrategic decisions.
Goodwill is allocated by management to groups of cash-generating units
There has been no impact on the measurement of the companys asset
Going Concern Basis of Preparation
The consolidated financial report of RCL Group Trust (the Trust) as at 3been prepared on a going concern basis as the directors of the Resreviewing the Trust's going concern status, have concluded that the grounds to expect to be able to pay its debts as and when they becomecontinue operations in its current form.
The principal activities of the Trust consist of extending related partyLimited and the entities it controls. As disclosed in the financial report at 31 December 2009, there is significant uncertainty as to whether Rcontinue as a going concern.
The ability of RCL Group Trust to continue its operations in their currentRCL Group Limited continuing as a going concern. As a result, there isover the recoverability of the related party loans and whether the Rcontinue as a going concern and therefore, whether it will realise itsliabilities and commitments in the normal course of business and at the financial statements The Directors are of the opinion that on the basis
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financier to the stapled group.
Note 3 Distributions
There were no distributions paid or payable for the half-year ended 31 Dprior comparative period a distribution was paid relating to the year end18 December 2008, the Board announced to the market that it hapayment of stapled security distributions until further notice.
Note 4 Contributed Equity
ConsolidatedPeriod ended
31 Dec 2009No. of units
ConsolidatedPeriod ended
31 Dec 2008No. of units
ConsolidPeriod en
31 Dec $
Fully paid units
Opening balance 176,107,825 175,000,000 162Distribution reinvestment plan - 1,107,825
Balance as at31 December 2009 176,107,825 176,107,825 162
Note 5 Events Occurring after the Balance Sheet Date
Since the end of the period, the Directors of the Responsible Entity
matter or circumstance not otherwise dealt with in this report or the finhas significantly or may significantly affect the operations of the Trusoperations, or state of the Trusts affairs in future financial years.
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