FUNDS FROM OPERATIONS1
$m 6 months to
30 June 2016
6 months to
30 June 2015
Pro Forma Growth %2
Net Property Income 895 929 2.1%
Management Income 23 23 0.6%
Project Income 50 33 49.7%
Gross Income 968 985 3.8%
Overheads (42) (44) (5.7%)
EBIT 926 941 4.2%
Net Interest (232) (254) (0.5%)
Earnings before Tax 694 687 5.9%
Tax (37) (35) 22.0%
Minority Interest (40) (48) 0.7%
Funds from Operations 617 604 5.4%
1. Refer appendix for Funds from Operations and Balance Sheet reconciliations
2. Excluding the impact of transactions
DISTRIBUTION
$m 6 months to
30 June 2016
6 months to
30 June 2015
Funds from Operations 617 604
Retained Earnings (51) (49)
Distribution 566 555
Number of Securities (million) 5,311.6 5,311.6
Funds from Operations per Security (cents) 11.61 11.38
Distribution per Security (cents) 10.65 10.45
BALANCE SHEET - PROPORTIONATE
$m 30 June 2016 31 December 2015
Total Property Investments 30,813 30,078
Total Assets 32,901 31,948
Total Liabilities 13,374 12,886
Net Assets 19,527 19,062
Minority Interest (1,276) (1,422)
Net Assets attributable to members of
Scentre Group
18,251 17,640
PROFIT AND FFO
$m PROFIT
6 months to 30 June 2016
FFO
Adjustments1
FFO
6 months to 30 June 2016
Notes to the Financial Statements
A B A+B
Net Property Income 871 24 895 Note 4(a)(iv)
Management Income2 23 - 23 Note 4(a)(i)
Project Income3 50 - 50 Note 4(a)(i)
Gross Income 944 24 968
Overheads (42) - (42) Note 4(a)(i)
Revaluations 391 (391) - Note 4(a)(i)
EBIT 1,293 (367) 926
Net Interest4 (43) (189) (232)
Currency Derivatives 17 (17) - Note 4(a)(i)
Earnings before Tax 1,267 (573) 694
Tax (53) 16 (37) Note 4(a)(i), Note 9, Note 13(a)
Minority Interest5 (60) 20 (40)
Profit / Funds from Operations 1,154 (537) 617

1. FFO adjustments relate to revaluations, mark to market of interest rate and currency derivatives, tenant allowance amortisation and deferred tax expense.
2. Management income $28m less management expenses $5m = $23m.
3. Project income $233m less project expenses $183m = $50m.
4. Financing costs $91m (Note 4(a)(i)) less interest income $5m (Note 4(a)(i)) less interest expense on other financial liabilities $34m (Note 7) less net fair value loss on other financial liabilities $9m (Note 7) = $43m.
5. Minority interest $17m (Note 4(a)(i)) plus interest expense on other financial liabilities $34m (Note 7) plus net fair value loss on other financial liabilities $9m (Note 7) = $60m.

BALANCE SHEET PROPORTIONATE1
$m Consolidated Equity Accounted 30 June 2016 31 December 2015
A B A+B
Cash 209 13 222 153
Property Investments
- Shopping centres 27,666 2,433 30,099 29,513
- Development projects and construction in progress 640 74 714 565
Total Property Investments 28,306 2,507 30,813 30,078
Property investments held for sale 426 - 426 417
Equity accounted investments 2,411 (2,411) - -
Deferred tax assets 69 - 69 83
Currency derivative receivables 387 - 387 566
Other assets 978 6 984 651
Total Assets 32,786 115 32,901 31,948
Interest bearing liabilities
- Current 1,590 - 1,590 1,713
- Non-current 9,811 - 9,811 9,391
Finance lease liabilities 40 15 55 54
Deferred tax liabilities 192 62 254 236
Currency derivative payables 94 - 94 18
Other liabilities 1,532 38 1,570 1,474
Total Liabilities 13,259 115 13,374 12,886
Net Assets 19,527 - 19,527 19,062
Minority interest2 (1,276) - (1,276) (1,422)
Net Assets attributable to members of Scentre Group 18,251 - 18,251 17,640
Debt3 10,886 10,403
Assets4 32,292 31,229
Gearing 33.7% 33.3%

1. Period end AUD/NZD exchange rate 1.0444 at 30 June 2016 (AUD/NZD 1.0665 at 31 December 2015).
2. Includes $1,003m (31 Dec 15 $1,155m) of Property Linked Notes shown in minority interest given their equity characteristics, and $273m (31 Dec 15 $267m) relating to Carindale.
3. Interest bearing liabilities less cash, less currency derivative receivables, plus currency derivative payables.
4. Total assets excluding cash and currency derivative receivables.

CASH FLOWS FROM OPERATING ACTIVITIES - LOOK THROUGH BASIS
$m Consolidated Equity Accounted 30 June 2016
A B A+B
Receipts in the course of operations (including GST) 1,495 116 1,611
Payments in the course of operations (including GST) (519) (26) (545)
Dividends/distributions received from equity accounted investments 48 (48) -
Income and withholding taxes paid (60) (5) (65)
GST paid (106) (9) (115)
Payments of financing costs (excluding interest capitalised) (279) (13) (292)
Interest received 4 - 4
Net cash flows from operating activities 583 15 598