30 Jun 15
30 Jun 14
(iii) Financing facilities
Committed financing facilities available to the Trust:
Total financing facilities
Available financing facilities
Total available financing facilities and available cash
The maturity profile in respect of the above financing facilities:
Due within one year
Due between one and five years
Due after five years
DISTRIBUTIONS PAID AND PAYABLE TO MEMBERS
(a) Current/prior period distribution payable/paid to members
Distribution payable to members
– Ordinary units: 17.98 cents per unit, 47% estimated tax deferred
Distribution paid to members
– Ordinary units: 15.90 cents per unit, 52% tax deferred
(b) Distribution paid to members
Distribution in respect of the 6 months to 31 December 2014
– Ordinary units: 16.99 cents per unit, 47% estimated tax deferred
Distribution in respect of the 6 months to 31 December 2013
– Ordinary units: 15.10 cents per unit, 52% tax deferred
The Trust operates in one business segment, being the ownership of a shopping centre in Australia.
CAPITAL RISK MANAGEMENT
The Responsible Entity seeks to manage the Trust's capital requirements to maximise value to members through the mix of debt and equity
funding, while ensuring that the Trust:
– complies with capital and distribution requirements of the Trust's constitution;
– complies with capital requirements in relation to the Trust's borrowing covenants; and
– continues to operate as a going concern.
The Responsible Entity assesses the adequacy of the Trust's capital requirements, cost of capital and gearing (i.e. debt/equity mix) as part of its
broader strategic plan. The Responsible Entity continuously reviews the Trust's capital structure to ensure:
– sufficient funds and financing facilities, on a cost effective basis are available to implement operating strategies;
– adequate financing facilities for unforeseen contingencies are maintained; and
– distributions to members are made within the stated distribution policy.
FINANCIAL RISK MANAGEMENT
The Trust's principal financial instruments comprise cash, receivables, payables, interest bearing liabilities and derivative financial instruments.
The Responsible Entity manages the Trust's exposure to key financial risks in accordance with the Scentre Group's treasury risk management
policy. The policy has been established to manage the key financial risks such as interest rate, counterparty credit and liquidity.
Scentre Group's treasury risk management policies establishes risk limits and controls to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Trust's activities. Through its training and procedures, a
disciplined and constructive control environment in which relevant treasury and finance personnel understand their roles and obligations in respect
of the Trust's treasury management objectives has been established.
Scentre Group has an established Board approved risk management framework including policies, procedures, limits, and permitted types of
derivative financial instruments. The Board reviews and oversees the Trust's compliance with these policies, procedures and limits. The Board is
assisted in the oversight role by the Treasury Finance Committee, an internal executive committee, and internal audit function.