WESTFIELD GROUP (ASX:WDC) PRELIMINARY FINAL RESULT FOR YEAR ENDED 31 DECEMBER 2010

Transcription

1 16 February 2011 The Manager Cmpany Annuncements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Westfield Grup Level 24, Westfield Twers 100 William Street Sydney NSW 2011 GPO Bx 4004 Sydney NSW 2001 Australia Telephne Facsimile Internet Dear Sir/Madam WESTFIELD GROUP (ASX:WDC) PRELIMINARY FINAL RESULT FOR YEAR ENDED 31 DECEMBER 2010 Please find attached the fllwing in relatin t the Westfield Grup fr the year ended 31 December 2010: 1. Media Release. 2. Results Presentatin (incrprating cmmentary n the results). 3. Appendix 4E (including Results fr annuncement t the market infrmatin at page 53 f the attached pack). Yurs faithfully WESTFIELD GROUP Simn Tuxen Cmpany Secretary Encl. Westfield Hldings Limited ABN Westfield Management Limited ABN AFS Licence as respnsible entity fr Westfield Trust ABN ARSN Westfield America Management Limited ABN AFS Licence as respnsible entity fr Westfield America Trust ABN ARSN

2 16 February 2011 WESTFIELD GROUP REPORTS FULL YEAR EARNINGS OF $2.3 BILLION AND FORECASTS GROWTH IN ALL MARKETS The Westfield Grup (ASX:WDC) tday annunced its 2010 full year results with net prfit f $2.306 billin (befre ne ff accunting adjustments and charges in relatin t the establishment f the Westfield Retail Trust (WRT)) cmpared t $(458) millin in December Including the WRT accunting adjustments and charges (due t the distributin f assets t WRT), reprted statutry net prfit was $1.114 billin fr WDC Chairman, Frank Lwy AC, said: This past year has been a significant ne fr WDC. We cmpleted a majr restructure and distributed $7.3 billin f capital t securityhlders. This, tgether with the additinal incme we will earn frm prperty management and develpment, is expected t imprve ur return n equity and lng term grwth prfile. The Grup s net prfit fr the year included prperty revaluatins f $1.135 billin f which $399 millin were develpment gains and $736 millin were frm the existing prtfli. Operatinal segment earnings fr the year were $2.063 billin representing 89.6 cents per security, in line with frecast. Distributin fr the year was $1.464 billin representing cents per security, als in line with frecast. Develpment segment earnings fr the year were $227 millin r 9.9 cents per security. Over the perid, the average Australian dllar exchange rate appreciated by sme 15% and 17% cmpared t the US dllar and British Pund, respectively. Due t the impact f these exchange mvements, peratinal segment earnings were 1.5% lwer than the 2009 result but were up 1.4%, n a currency adjusted basis. At December 31, the Grup had assets under management f $58.2 billin, balance sheet ttal assets f $37.2 billin, a gearing rati f 38.4% and has available liquidity f $4.2 billin. Operating Perfrmance Thrughut the year, we have seen the imprving perfrmances cntinue frm bth ur United States and United Kingdm businesses. In the Australian / New Zealand prtfli, the business remains strng with slid demand fr space, excellent sales prductivity and cntinued rental grwth, WDC Managing Directr, Steven Lwy AM said. Fr the year, net prperty incme, in lcal currency terms, was up 4.1% in Australia / New Zealand, dwn 1.1% in the United States and up 13.2% in the United Kingdm. The United Kingdm result was driven by the strng perfrmance frm Westfield Lndn, Eurpe s largest urban shpping centre. The prtfli at 31 December 2010 was 97.7% leased, with the United States prtfli at 94.1% leased; and the Australian / New Zealand and United Kingdm prtflis at, r ver, 99.5% leased. westfield.cm Westfield Hldings Limited ABN Westfield Management Limited ABN AFS Licence as respnsible entity fr Westfield Trust ABN ARSN Westfield America Management Limited ABN AFS Licence as respnsible entity fr Westfield America Trust ABN ARSN Fr further infrmatin please cntact Julia Clarke n Page 1 f 3

3 Fr 2010, cmparable specialty retail sales per square ft in the United States grew by 6.1%. In Australia cmparable specialty retail sales declined slightly, by 0.4%, and in New Zealand grew by 0.4%. Westfield Lndn, in its secnd year f peratin, cntinued t perfrm exceptinally well with ttal sales in 2010 f 870 millin, up 24.7% and up 18.8% n a cmparable basis. We are extremely pleased with the perfrmance f Westfield Lndn and its strng grwth year n year since pening just ver tw years ag. Demand fr space cntinues t be strng and we are nw planning Westfield Lndn s next stage f develpment and expansin, Steven Lwy said. Develpment Activity Currently, WDC prjects under cnstructin have a ttal frecast investment f $4.2 billin f which WDC s spend in cmpleting these prjects ver the next 18 mnths is apprximately $900 millin. Excellent cnstructin and leasing prgress cntinues n the 1.45 billin prject at Stratfrd, adjacent t the site f the Lndn 2012 Olympics and we remain n schedule fr a September pening this year. During the year, WDC agreed t sell a 50% interest in the retail cmpnent f Stratfrd City fr millin. This is expected t result in ttal develpment prfits f 300 millin. The first stage f the $1.2 billin Westfield Sydney prject was pened successfully in Octber. Leasing is well advanced n the remainder f the prject, which is expected t cmplete in early The ttal develpment prfit is expected t be apprximately $780 millin. We are very pleased with the prgress at bth Sydney and Stratfrd. During the year, we intrduced jint venture partners at bth prjects allwing the Grup t achieve significant develpment gains as well as releasing invested capital fr deplyment in ur future develpment activity, Steven Lwy said. In 2010, WDC cmmenced wrk n $1.05 billin f new prjects including the $350 millin new ffice twer at Westfield Sydney, a $125 millin redevelpment at Belcnnen in the ACT and a $300 millin expansin at Carindale in Queensland. WDC has identified $10 billin f future develpment wrk and frecasts t cmmence between $750 millin - $1 billin f new develpments in These prjects are expected t generate cnsistent develpment gains ver time with target unlevered internal rates f return f between 12% t 15% n ur invested capital. We will als generate develpment, design and cnstructin incme frm the develpment activity we undertake n behalf f ur jint venture partners, WDC Managing Directr Peter Lwy said. westfield.cm Westfield Hldings Limited ABN Westfield Management Limited ABN AFS Licence as respnsible entity fr Westfield Trust ABN ARSN Westfield America Management Limited ABN AFS Licence as respnsible entity fr Westfield America Trust ABN ARSN Fr further infrmatin please cntact Julia Clarke n Page 2 f 3

4 Outlk WDC s psitin is underpinned by the high quality prtfli f 119 shpping centres acrss Australia, the United States, the United Kingdm and New Zealand, delivering resilient cashflw and benefitting frm the sustained investment in the prtfli thrugh redevelpment activity ver recent years. The Grup s restructure prvides the platfrm fr enhanced lng term grwth and we cntinue t fcus n initiatives t imprve return n equity. These initiatives include investment in ur mre prductive assets, the intrductin f new jint venture capital and the expansin f ur business glbally, Peter Lwy said. Fr 2011, cmparable net perating incme is frecast t grw in the range f: 2.5% - 3.5% fr the United States; 7% - 8% fr the United Kingdm; and 3% - 4% fr Australia / New Zealand. WDC recnfirms its peratinal segment earnings frecast f 74.6 cents per security and distributin f 48.4 cents per security fr In 2011, WDC will als reprt earnings cmprising Funds Frm Operatins (FFO), based n glbal industry practice, tgether with gains frm develpment activity. Fr 2011, FFO is frecast t be in the range f 64 cents t 65 cents per security, nt including gains frm develpment activity. The frecasts assume n material change t the assumptins cntained in the Explanatry Memrandum regarding the Establishment f Westfield Retail Trust, dated 3 Nvember, ENDS The Westfield Grup (ASX Cde: WDC) is an internally managed, vertically integrated, shpping centre grup undertaking wnership, develpment, design, cnstructin, funds/asset management, prperty management, leasing and marketing activities and emplying ver 4,000 staff wrldwide. The Westfield Grup has interests in and perates ne f the wrld's largest shpping centre prtflis with investment interests in 119 shpping centres acrss Australia, the United States, the United Kingdm and New Zealand, encmpassing arund 24,000 retail utlets and ttal assets under management in excess f A$58 billin. This release cntains frward-lking statements, including statements regarding future earnings and distributins. These frward-lking statements are nt guarantees r predictins f future perfrmance, and invlve knwn and unknwn risks, uncertainties and ther factrs, many f which are beynd ur cntrl, and which may cause actual results t differ materially frm thse expressed in the statements cntained in this release. Yu shuld nt place undue reliance n these frward-lking statements. These frward-lking statements are based n infrmatin available t us as f the date f this presentatin. Except as required by law r regulatin (including the ASX Listing Rules) we undertake n bligatin t update these frward-lking statements. westfield.cm Westfield Hldings Limited ABN Westfield Management Limited ABN AFS Licence as respnsible entity fr Westfield Trust ABN ARSN Westfield America Management Limited ABN AFS Licence as respnsible entity fr Westfield America Trust ABN ARSN Fr further infrmatin please cntact Julia Clarke n Page 3 f 3

5 16 February 2011 Westfield Grup Full Year Result 31 December 2010

6 Disclaimer This release cntains frward-lking statements, including statements regarding future earnings and distributins. These frward-lking statements are nt guarantees r predictins f future perfrmance, and invlve knwn and unknwn risks, uncertainties and ther factrs, many f which are beynd ur cntrl, and which may cause actual results t differ materially frm thse expressed in the statements cntained in this release. Yu shuld nt place undue reliance n these frward-lking statements. These frward-lking statements are based n infrmatin available t us as f the date f this presentatin. Except as required by law r regulatin (including the ASX Listing Rules) we undertake n bligatin t update these frward-lking statements Nte: All currency figures within this presentatin are presented in Australian dllars unless therwise stated 2

7 2010 Full Year Result Overview Net Prfit f $2.306 billin (befre ne-ff accunting adjustments and charges assciated with the establishment f the Westfield Retail Trust (WRT)) Reprted Statutry Net Prfit fr the full year f $1.114 billin Cmpares t $(458) millin fr the 12 mnths t 31 December 2009 $1.135 billin f prperty revaluatins: $399 millin develpment gains and $736 millin frm the existing prtfli Operatinal Segment Earnings f $2.063 billin dwn 1.5% 1 (up 1.4% currency adjusted) Operatinal Segment EBIT f $2.736 billin dwn 5.5% 1 (up 1.0% currency adjusted) Operatinal Segment Earnings f 89.6 cents per security cmbined WDC & WRT: 90.1 cents per security, in line with frecast Full Year Distributin f cents per security cmbined WDC & WRT: cents per security, in line with frecast Develpment Segment Earnings f $227 millin, equating t 9.9 cents per security Imprving perating perfrmance cntinues in the United States and United Kingdm prtflis and cntinued strng perfrmance frm the Australia/New Zealand prtfli 1 Excludes the impact f the establishment f Westfield Retail Trust n 20 December

8 2010 Full Year Result Highlights Established $12.1 billin Westfield Retail Trust Significantly expanded WDC s 3 rd party jint venture assets t $24.7 billin increasing prperty management and develpment incme Imprves Return n Equity Successfully pened the first stage f the $1.2 billin redevelpment f Westfield Sydney Anticipated prject develpment prfit f apprximately $780 millin Cmmenced $1.055 billin f redevelpment prjects in 2010 Agreed t sell 50% interest in retail cmpnent f Stratfrd City fr millin Anticipated prject develpment prfit f 300 millin Acquired, tgether with UK Whlesale Fund, a 50% share in Derby fr 185 millin WDC net investment f 48 millin fr additinal interest 4

9 Outlk Expect t cmmence between $750 millin t $1.0 billin f new develpments in 2011 including Funtain Gate (Aus) UTC (US) first majr develpment start in the United States since 2007 Frecast 2011 grwth in cmparable net perating incme United States: 2.5% 3.5% United Kingdm: 7.0% 8.0%, and Australia and New Zealand: 3.0% 4.0% 5

10 Outlk WDC recnfirms fr the 2011 Full Year 1 : Operatinal Segment earnings per security f 74.6 cents Distributin per security f 48.4 cents Fr FY2011, WDC will als cmmence reprting Earnings cmprising: Funds Frm Operatins (FFO), based n glbal industry practice adjusted fr AIFRS reprting, expected t be between 64.0 cents and 65.0 cents per security fr 2011 PLUS Gains frm Develpment Activity including realised and unrealised gains frm WDC s develpments recgnised in the perid 1 Assuming n material change t the assumptins cntained in the Explanatry Memrandum regarding the establishment f WRT, dated 3 Nvember

11 Prtfli Summary as at 31 December 2010 United States Australia United Kingdm New Zealand Ttal Centres Retail Outlets 8,989 11,920 1,281 1,724 23,914 GLA (millin sqm) WDC Asset Value (billin) 1 US$15.6 $ NZ$1.5 $33.5 Asset value JV partner interests (billin) US$2.1 $ NZ$1.5 $24.7 Assets Under Management (billin) 2 US$17.7 $ NZ$3.0 $58.2 Grss Lettable Area Assets Under Management WDC Asset Value UK 6% Australia 34% UK 14% Australia 52% UK 15% Australia 36% US 56% NZ 4% US 30% NZ 4% US 46% NZ 3% 1 WDC share f shpping centre assets including wrk in prgress and assets held fr redevelpment. 2 WDC and jint venture share f shpping centre assets including wrk in prgress and assets held fr redevelpment 7

12 Shpping Centre Operating Perfrmance Prtfli Leased 1 (%) Specialty Occupancy Cst 1 (%) Specialty Retail Sales (Yr t 31 Dec) Retail Sales Grwth (%) 2 Lease Deals Cmpleted 2 (Number/Area) Average Specialty Stre Rent Amunt 1 Grwth 3 (%) Cmparable NOI Grwth 2 (%) Australia & New Zealand > $9,724 psm NZ$7,757 psm Aus: (0.4) 4 NZ: , ,760 sqm $1,428 psm NZ$1,059 psm United States US$418 6 psf ,313 3,226,257 sqf US$ psf 0.1 (1.4) United Kingdm 99.5 n/a n/a ,647 sqm 825 psm (1.9) 12.2 Grup , ,136 sqm As at 31 December mnths t 31 December December 2010 cmpared t 31 December Cmparable Speciality stre sales 5 Excludes temprary leasing f in-line space representing an additinal 3.7% f area 6 On a per square ft basis fr shps < 10,000 sqf 7 Based n specialty shps < 20,000 sqf 8 Westfield Lndn Cmparable Sales 8

13 Operating Segment Net Prperty Incme by Regin (lcal currency) Dec 2010 Dec 2009 Change Australia & New Zealand ($ millin) 1 1,460 1, % United States (US$ millin) (10) (1.1)% United Kingdm ( millin) % 1 Excludes the impact f the establishment f WRT n 20 December

14 Glbal Develpment Activity Prjects currently under cnstructin with an estimated ttal cst f $4.2 billin (WDC share $3.3 billin 1 ) $2.4 billin has been incurred t date with $900 millin remaining t cmplete (WDC share) N. f Prjects Prject Investment Investment Yield 2 Anticipated Cmpletin United Kingdm 1 1,450 m % Sept 2011 Australia 3 $1,625 m % Small Prjects Prgramme n/a $320 m % Ttal $4.2 bn In 2010 the Grup cmmenced: Sydney City Office Twer $350 millin Westfield Belcnnen (ACT) $125 millin Westfield Carindale (QLD) $300 millin Small Prjects Prgramme $280 millin $1,055 millin 1 Westfield Sydney included at 50% share. Stratfrd included at 100% share an agreement t sell 50% share at millin annunced in Nvember Stabilised Incme/Prject Investment. Excludes design, develpment and cnstructin incme and management fees earned by WDC 10

15 Stratfrd City Develpment Update January

16 Sydney City Develpment 12

17 Strategic Develpment Opprtunities The Grup is undertaking pre-develpment activity n apprximately $10 billin f future develpment pprtunities, including: United States Australia & New Zealand United Kingdm Century City (Califrnia) Funtain Gate (VIC) Bradfrd Garden State Plaza (New Jersey) Macquarie (NSW) Nttingham Mntgmery (Maryland) Marin (SA) Westfield Lndn UTC (Califrnia) Miranda (NSW) Valley Fair (Califrnia) Mt Gravatt (QLD) West Valley (Califrnia) Newmarket (NZ) Target unlevered internal rates f return f between 12% t 15% n WDC s invested capital Expect t earn develpment, design and cnstructin incme frm jint venture prjects Frm 2011, the Grup expects t cmmence between $750 millin and $1.0 billin f develpment prjects per annum 13

18 Operatinal Earnings 1 $ millin Dec 10 Actual Dec 09 Actual % Change 2 % Change (currency adjusted 2,3 ) Prperty revenue 3,690 3,877 Prject and management incme Ttal incme 3,824 4,047 Expenses (1,088) (1,131) EBIT 2,736 2,916 (5.5)% 1.0% Net interest expense (549) (670) Minrity interests (124) 4 (137) Operatinal Earnings 2,063 2,109 (1.5)% 1.4% Operatinal Earnings per security (cents) Operatinal Earnings per security (cents) including WRT Weighted average number f securities 2, , The peratinal earnings have been prepared n a prprtinal basis. The net cntributin frm equity accunted prperties f $252m ($242m Dec 09 currency adjusted and $265m Dec 09 actual) has been allcated t incme and expenses 2 Adjusted fr the establishment f WRT n 20 December Based n the prir perid prfit and lss statement retranslated at the current perid exchange rates. The average exchange rates are AUD/USD (31/12/ ); AUD/GBP (31/12/ ); AUD/NZD (31/12/ ) 4 Carindale Prperty Trust: $11m, Prperty Linked Ntes: $80m and cnvertible preference securities: $33m 14

19 Incme Statement by Business Segment 1 12 mnths t 31 December 2010 $ millin Operatinal Develpment Crprate Ttal Prperty revenue 3, ,755 Prject and management incme Ttal incme 3, ,889 Expenses (1,088) (141) (42) (1,271) EBIT 2,736 (79) (39) 2,618 Net interest expense (549) (93) (12) (654) Mark t market f derivatives - - (314) (314) Prperty revaluatins ,135 Tax expense - - (87) (87) Deferred tax expense - - (287) (287) Minrity interests (124) (105) Ttal 2, ,306 Establishment f WRT - capital distributin cmpnent - - (934) (934) - transactin and related financing csts - - (258) (258) Ttal segment earnings 2, (1,176) 1,114 1 The incme statement has been prepared n a prprtinal basis. The net cntributin frm equity accunted prperties f $532m has been allcated t incme and expenses. Prperty revaluatins f $1,135m includes equity accunted prperty revaluatins f $286m 2 Carindale Prperty Trust: $11m, Prperty Linked Ntes: $80m and cnvertible preference securities: $33m 3 Mark t market f $(40)m fr Prperty Linked Ntes and $59m relating t cnvertible preference securities 15

20 Capital Distributin t Westfield Retail Trust $ billin Fair value f prperty investments cntributed t WRT prperty assets at the date f implementatin 12.1 Less: wrking capital and deferred tax (0.4) Net Assets transferred t WRT 11.7 Prceeds frm WRT (3.5) Westfield Sydney Lan (0.9) Reprted as fllws: - Distributin frm share capital Distributin frm retained earnings Charge t current year prfit Fair value f assets distributed Accunting charge fr the difference between the NTA per security distributed t WRT and the initial equity issue price f $2.75 per security 16

21 AIFRS Incme Statement $ millin 12 mnths t 12 mnths t Dec 10 Dec 09 Prperty revenue 3,316 3,459 Cntributin frm equity accunted investments (252) Prject and management incme Net capital prfits Ttal Incme 3,982 3,447 Ttal expenses (1,166) (1,197) Currency derivatives EBIT 2,850 2,303 Prperty revaluatins 849 (3,037) Financing csts (596) (692) Mark t market f derivatives, preference shares, Prperty Linked Ntes and minrity interests treated as debt (412) 801 Prfit befre tax and capital items 2,691 (625) Tax expense (87) (84) Deferred tax expense and tax n capital transactins (287) 259 Minrity interests (11) (8) Prfit after tax and befre WRT establishment charges 2,306 (458) Establishment f WRT - capital distributin cmpnent (934) - - transactin and related financing csts (258) - Prfit after tax 1,114 (458) Includes equity accunted prperty revaluatins f $286m (31/12/09 $(502)m). Ttal Grup prperty revaluatins f $1,135m (31/12/09 $(3,539)m) 17

22 Balance Sheet 1 $ millin 31 Dec Dec 09 Cash Prperty investments - Shpping centres 30,542 42,164 - Wrk in prgress 1,974 2,025 - Assets held fr redevelpment 1,023 1,264 Ttal Prperty investments 33,539 45,453 Other assets 3,431 2,799 Ttal assets 37,237 48,498 Interest bearing liabilities 14,455 17,236 Finance lease liabilities Deferred tax 1,657 1,784 Other liabilities 2,590 3,374 Ttal liabilities 2 18,791 22,482 Net Assets 18,446 26,016 Minrity interest 3 (1,920) (1,903) Net Assets attributable t the Westfield Grup 16,526 24,113 1 The balance sheet has been prepared n a prprtinal basis. The net investment in equity accunted entities f $8,660m (31/12/09 $3,765m) has been allcated t individual assets and liabilities 2 Excludes $1,643m (31/12/09 $1,709m) f cnvertible preference securities & Prperty Linked Nte liabilities that the Westfield Grup cnsiders as equity given their ecnmic characteristics 3 Cmprises $1,643m (31/12/09 $1,709m) f cnvertible preference securities & Prperty Linked Nte liabilities and $277m (31/12/09 $194m) relating t the minrity interests in Carindale and Derby 18

23 Prperty Investments Change in value f grss prperty investments $ billin 12 mnths Dec mnths Dec 09 Grss prperty investments pening balance Revaluatins 1.1 (3.5) Acquisitins Cnslidatin f minrity interest Distributin t WRT and dispsals (12.1) (0.2) Capital expenditure Exchange rate impact (2.9) (5.9) Grss prperty investments clsing balance Estimated yield fr each regin: Range 31 Dec Jun Dec 09 Weighted Avg Range Weighted Avg Range Weighted Avg Australia % 6.0% % 6.1% % 6.1% New Zealand % 7.4% % 7.4% % 7.4% United Kingdm % 5.9% % 5.9% % 5.9% United States % 6.5% % 6.7% % 6.7% 19

24 Financial Psitin at 31 December 2010 Strng balance sheet and liquidity psitin Gearing f 38.4% (n a lk thrugh basis) Gearing is 36.7% adjusted fr the $942 millin Westfield Sydney lan t WRT Available liquidity f $4.2 billin prvided by cmmitted banking facilities and cash Cntinued access t debt markets $3.6 billin raised r extended since January 2010: US$1.265 billin US Syndicated facility extended t 2013 US$640 millin extensin f secured mrtgages $273 millin f new secured mrtgages $1.325 billin extensin f bilateral facilities Average term f fixed rate debt and interest rate hedging is 5.4 years Percentage f fixed rate debt is 79% Cmmn brrwing structure fr all unsecured, unsubrdinated lenders wh rank pari passu irrespective f the jurisdictin f the brrwer 20

25 Facility Maturity Prfile 1 Liquidity Summary 1 $ billin Ttal Cmmitted Financing Facilities 18.4 Amunts Drawn (14.4) Undrawn Financing Facilities 4.0 Cash 0.2 Ttal Liquidity December 2010 adjusted fr 2011 transactins 21

26 WDC Reprting FFO FFO will be calculated frm AIFRS prfit, adjusted fr: Fair value adjustments (revaluatins and unrealised mark t market) Deferred tax Real estate depreciatin and amrtisatin Capital and nn-recurring items cnsistent with glbal industry practice FFO will include: Prperty net incme Prperty and Funds Management net incme Develpment, Design and Cnstructin net incme Overhead expense (including Operating, Develpment and Crprate segment) Interest Expense (i.e. ther than interest capitalised t Qualifying Assets in accrdance with A-IFRS) Tax Expense In additin t FFO, WDC will include gains frm develpment activity in its reprted Earnings 22

27 16 February 2011 Westfield Grup Full Year Result 31 December 2010 Appendices

28 Appendices Operating Statistics Grup Lease Expiry Prfile Specialty Lease Expiry Prfile Assets Under Management Develpment Segment Assets Prperty Investments by Segment Operatinal Segment Brrwings Financing Facilities Key Financial Ratis under the Grup s Latest Bnd Offering Interest Rate Hedging Prfile Grup Currency Hedging Prfile Crss Currency Swap Prfile Prprtinate Operatinal Earnings Prprtinate Incme Statement Prprtinate Balance Sheet Exchange Rates Page

29 Operating Statistics Australia and New Zealand Perid t 31 December 2010 Retail Sales Mving Annual Turnver (MAT) MAT Grwth Cmparable Change 12 mnths 6 mnths 3 mnths Australia Majrs (0.4)% (0.4)% (1.7)% Specialties (0.4)% (0.1)% (1.1)% Ttal $21.5 bn 0.1% 0.2% (0.1)% (1.3)% New Zealand Specialties 0.4% 0.4% (0.8)% Ttal NZ$ 2.1 bn 0.9% (0.2)% (0.4)% (2.2)% 25

30 Cmparable Change in Retail Sales by Categry Australia Department Stres Discunt Department Stres Supermarkets Cinemas Fashin Fd Catering Fd Retail Ftwear General Retail Hmewares Jewellery Leisure Retail Services Perid t 31 December mnths 6 mnths 3 mnths 0.9% 0.3% (2.2)% (3.0)% (2.9)% (4.2)% 0.8% 1.2% 1.3% 4.1% (4.6)% (9.5)% (1.2)% (1.0)% (1.8)% 2.6% 2.9% 2.0% 0.3% 2.5% 2.2% 1.5% 2.3% 2.7% (1.4)% (1.9)% (2.8)% (5.9)% (4.6)% (5.4)% 0.8% 2.3% 2.6% (0.9)% (1.3)% (4.1)% 2.2% 2.2% 2.3% 26

31 Operating Statistics United States Specialty Retail Sales US$ Dec 10 Sep 10 Perid t: Jun 10 Mar mnth sales (MAT) 6.7 bn 6.6 bn 6.4 bn 6.3 bn 12 mnth sales per square ft % change n prir year 6.1% 3.0% (1.5)% (5.4)% % change quarter n previus year crrespnding quarter 5.1% 7.4% 5.2% 5.3% 27

32 Change in Specialty Retail Sales by Categry United States Sales per square ft Perid t 31 December mnths 6 mnths 3 mnths Fashin 2.4% 2.6% 2.5% Jewellery 4.4% 4.5% 4.3% Leisure 21.2% 22.2% 19.1% Fd retail 2.5% 3.1% 2.4% General retail 1.9% 2.2% 1.7% Cinemas 1.5% (0.6)% (5.1)% 28

33 Operating Statistics United Kingdm Retail Sales Perid t 31 December mnths 6 mnths 3 mnths Industry: BRC-KPMG Retail Sales Reprt - Natinal 1 0.8% 0.5% 0.4% - Ttal 2.8% 2.4% 2.2% Westfield Lndn - Cmparable 18.8% 19.8% 16.0% - Ttal 24.7% 25.2% 21.2% 1 On a cmparable basis 29

34 Grup Lease Expiry Prfile % Leased Area % 11.2% Unexpired Weighted Average Lease Term as at 31 December 2010 Anchr tenants Specialty tenants Weighted ttal 15.3 years 5.3 years 9.1 years 10.0% 9.4% 8.0% 7.3% 7.3% 7.7% 6.4% 6.0% 4.0% 5.6% 5.6% 5.2% 4.5% 2.0% 0.0% UK US Australia/NZ 1 Based upn apprximately 7.5 millin sqm GLA (excluding anchr tenant GLA in the US nt wned by the Grup) 30

35 Specialty Lease Expiry Prfile Australia and New Zealand % Leased Area 20.0% 18.0% 17.4% 16.0% 14.0% 14.6% 14.1% 13.9% 12.7% 12.0% 10.0% 8.0% 8.1% 6.0% 4.0% 4.0% 3.2% 2.0% 1.4% 1.4% 0.0%

36 Specialty Lease Expiry Prfile United States 1 % Leased Area 20.0% 18.0% 18.3% 16.0% 14.0% 12.0% 11.4% 10.0% 9.0% 8.0% 7.5% 8.0% 7.9% 7.9% 6.0% 6.5% 6.3% 4.0% 4.0% 2.0% 0.0% Avg ttal rent psf f 2 $44.12 $55.22 $64.98 $64.68 $64.69 $68.96 $81.80 $76.97 $84.06 $77.88 expiring leases (US$) 1 Fr specialty shps < 20,000 sqf 2 Ttal rent (excluding taxes) includes cntracted increases in bth minimum rent and cmmn area charges 32

37 Specialty Lease Expiry Prfile United Kingdm % Leased Area 20.0% 19.4% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 7.8% 7.9% 6.0% 4.0% 5.2% 3.3% 4.0% 3.0% 4.8% 4.1% 4.2% 2.0% 0.0%

38 Assets Under Management Prperty investments as at 31 December 2010 Westfield Grup $ millin Cnslidated Assets Equity Accunted Assets Ttal JV Partner Share Ttal Assets Under Management Shpping centres 20,918 9,624 30,542 24,205 54,747 Wrk in prgress 1, , ,093 Assets held fr develpment , ,380 Prperty investments 31 Dec 2010 Prperty investments 31 Dec ,687 9,852 33,539 24,681 58,220 40,454 4,999 45,453 14,058 59,511 34

39 Develpment Segment Assets At 31 December 2010 $ millin Existing Centre Wrk in Prgress Assets Held fr Redevelpment Ttal Australia & New Zealand ,219 United States United Kingdm 50 1, ,116 Ttal 992 1,974 1,023 3,989 1 Represents the cmpletin f the first stage f Westfield Sydney valued at $942 millin 35

40 Prperty Investments by Segment $ millin At 31 December 2010 Operatinal Develpment Ttal Shpping centres Cnslidated 19, ,918 Equity accunted 9, ,624 Wrk in prgress and assets held fr redevelpment 29, ,542 Cnslidated - 2,769 2,769 Equity accunted Ttal prperty investments and WIP - 2,997 2,997 29,550 3,989 33,539 36

41 Operatinal Segment Brrwings 1 $ millin At 31 Dec 10 At 31 Dec 09 Interest bearing liabilities 14,455 17,236 Cash (267) (246) Finance lease liabilities Ttal net brrwings 14,277 17,078 Less: Brrwings attributable t develpment segment 2 (4,946) (4,710) Operatinal segment brrwings 9,331 12,368 1 On a prprtinate basis 2 Represents histric cst f investment 37

42 Financing Facilities Diversified funding base made up f dmestic and internatinal bnds, syndicated bank facilities, bilateral bank facilities and secured mrtgages December 2010 adjusted fr 2011 transactins 38

43 Key Financial Ratis Under the Grup s Latest Bnd Offering Cvenant 31 Dec 10 Pr frma 31 Dec 10 Leverage <65% 40.9% 39.2% 1 Secured Debt <45% 10.8% 9.2% 2 Interest Cverage >1.5 times 2.6 times 2.8 times 3 Unencumbered Leverage >125% 232% 234% 2 1 Assuming the Westfield Sydney Lan f $942m has been repaid 2 After the repayment f US$580m f secured debt in January Excluding the impact f realised swap terminatins 39

44 Interest Rate Hedging Prfile Fixed Debt Outstanding as at Dec US$ interest payable Fixed Rate 1 US$m % interest payable Fixed Rate 1 m % 2011 (9,389.2) 6.02% (600.0) 5.39% 2012 (8,447.7) 6.06% (600.0) 5.39% 2013 (7,909.1) 6.10% (600.0) 5.39% 2014 (5,453.2) 6.31% (600.0) 5.39% 2015 (4,579.0) 6.45% (600.0) 5.39% 2016 (3,444.4) 6.70% (600.0) 5.39% 2017 (3,066.3) 6.81% (1,815.0) 6.71% (552.9) 6.73% (46.8) 4.97% Includes margin 40

45 Interest Rate Hedging Prfile Derivatives Outstanding as at Dec $ interest payable US$ interest payable interest payable $ interest receivable US$ interest receivable $m Fixed Rate 1 % US$m Fixed Rate 1 % m Fixed Rate 1 % $m Fixed Rate 1 % US$m Fixed Rate 1 % 2011 (50.5) 5.67% - - (1,171.8) 4.90% 4, % 3, % 2012 (73.0) 5.60% - - (882.5) 4.76% 3, % 2, % 2013 (63.0) 5.65% - - (882.5) 4.76% 1, % 2, % 2014 (38.0) 5.80% - - (790.0) 4.75% % 1, % 2015 (8.5) 6.65% - - (400.0) 4.97% % 2016 (3.5) 7.28% - - (50.0) 5.13% % 2017 (3.5) 7.28% (1,000.0) 3.94% (150.0) 5.11% % (1,000.0) 3.94% % % 1 Excludes margin 41

46 Interest Rate Hedging Prfile Interest Rate Caps $ interest payable US$ interest payable As at Dec $m Strike Rate 1 % US$m Strike Rate 1 % 2011 (1,700.0) 6.52% (500.0) 1.32% 2012 (1,700.0) 6.52% Excludes margin 42

47 Grup Currency Hedging Prfile Maturing during perid ended Dec (Sell) US$m Cntract Rate Buy US$m Frward Exchange Cntracts Cntract Rate (Sell) NZ$m Cntract Rate Buy NZ$m Cntract Rate 2011 (144.5) (187.2) (102.1) (165.3) (160.5) (95.7) (73.4)

48 Crss Currency Swap Prfile Maturing during perid ended Dec Crss currency receivable/(payable) $m US$m m m , (732.0) (551.4) 47.2 (121.1) (269.2) (906.6) (553.1) 1,047.2 (853.1)

49 Prprtinate Operatinal Earnings 12 mnths t 31 December 2010 $ millin Cnslidated Equity Accunted Ttal Prperty revenue 3, ,690 Equity accunted incme 252 (252) - Prject and management incme Ttal incme 3, ,824 Expenses (955) (133) (1,088) EBIT 2, ,736 Net interest expense (505) (44) (549) Minrity interests (124) - (124) Operatinal earnings 2,063-2,063 45

50 Prprtinate Incme Statement 12 mnths t 31 December 2010 $ millin Cnslidated Equity Accunted Ttal Prperty revenue 3, ,755 Equity accunted incme 532 (532) - Prject and management incme Ttal incme 3,982 (93) 3,889 Expenses (1,132) (139) (1,271) Prperty revaluatins ,135 Net interest expense (596) (58) (654) Mark t market f derivatives (318) 4 (314) Tax expense (87) - (87) Deferred tax expense (287) - (287) Minrity interests (105) - (105) Prfit after tax befre capital items 2,306-2,306 Establishment f WRT - capital distributin cmpnent (934) - (934) - transactin and related financing csts (258) - (258) Prfit after tax 1,114-1,114 46

51 Prprtinate Balance Sheet 31 December 2010 $ millin Cnslidated Equity Accunted Ttal Cash Prperty investments - Shpping centres 20,918 9,624 30,542 - Wrk in prgress 1, ,974 - Assets held fr redevelpment ,023 Ttal prperty investments 23,687 9,852 33,539 Net investment in equity accunted entities 8,660 (8,660) - Other assets 3, ,431 Ttal assets 35,950 1,287 37,237 Interest bearing liabilities 13, ,455 Finance lease liabilities Deferred tax 1, ,657 Other liabilities 2, ,590 Ttal liabilities 1 17,504 1,287 18,791 Net Assets 18,446-18,446 Minrity interest 2 (1,920) - (1,920) Net Assets attributable t the Westfield Grup 16,526-16,526 1 Excludes $1,643m (31/12/09 $1,709m) f cnvertible preference securities & Prperty Linked Nte liabilities that the Westfield Grup cnsiders as equity given their ecnmic characteristics 2 Cmprises $1,643m (31/12/09 $1,709m) f cnvertible preference securities & Prperty Linked Nte liabilities and $277m (31/12/09 $194m) relating t Carindale and Derby 47

52 Exchange Rates Incme Statement average exchange rates fr the 12 mnths t: 31 December December 2009 % Change AUD/USD % AUD/GBP % AUD/NZD % Balance Sheet exchange rates as at: 31 December December 2009 % Change AUD/USD % AUD/GBP % AUD/NZD % 48

53 Preliminary Final Reprt Under ASX listing rule 4.3A (Appendix 4E) Westfield Grup 1 12 mnths ended 31 December Results fr annuncement t the market A$ millin Current Year 12 mnths 31 Dec 2010 Prir Year 12 mnths 31 Dec 2009 Increase/ (Decrease) Revenue 3, ,123.0 (12.1)% 1)% Prfit/(lss) after tax, befre nn cntrlling interests and charges in respect f the establishment f the Westfield Retail Trust including transactin and financing csts 2,317.3 (450.1) 614.8% Net prfit/(lss) after tax attributable t members f the Westfield Grup 1,114.0 (457.8) 343.3% It is recmmended that the financial reprt be cnsidered tgether with any public annuncements made by the Westfield Grup during the 12 mnths ended 31 December 2010 in accrdance with the cntinuus disclsure bligatins arising under the Crpratins Act Entities that frm the stapled entity are Westfield Hldings Limited ABN (WHL), Westfield Trust ARSN (WT) and Westfield America Trust ARSN (WAT). 2 In accrdance with the Australian equivalents t Internatinal Financial Reprting Standards (IFRS).

54 Dividends/Distributins Under ASX listing rule 4.3A (Appendix 4E) Westfield Grup 1 12 mnths ended 31 December 2010 Results fr annuncement t the market Cents Per Security WDC Ordinary Securities Dividend/distributins fr the year ended 31 December 2010 (i) Interim dividend/distributins paid n 31 August Final dividend/distributins t be paid n 28 February 2011, cmprising: Dividend in respect f a WHL share (ii) Distributin in respect f a WT unit (ii) Distributin in respect f a WAT unit (ii) 8.56 Recrd date fr determining entitlements t the final dividend/distributins 5:00pm 14 February Entities that frm the stapled entity are Westfield Hldings Limited ABN (WHL), Westfield Trust ARSN (WT) and Westfield America Trust ARSN (WAT). (i) The aggregate distributin fr Westfield Grup and Westfield Retail Trust equates t cents per security, cmprising Westfield Grup distributin f cents per stapled security and Westfield Retail Trust distributin f 0.44 cents per rdinary stapled unit. (ii) The dividend in respect f WHL is fully franked. The aggregate distributin in respect f WT and WAT units is expected t be 60% tax deferred (WT: 80% tax deferred; WAT: 25% tax deferred).

55 Westfield Grup Preliminary Final Reprt Fr the year ended 31 December 2010 Index Page Incme Statement 1 Statement f Cmprehensive Incme 2 Dividend/Distributin Statement 3 Balance Sheet 4 Statement f Changes in Equity 6 Cash Flw Statement 7 Ntes t the Financial Statements 8 Details f Dividends/Distributins 23 Additinal Infrmatin 23 Appendix 1 Prperty Prtfli 25 Appendix 2 Investments and entities distributed t Westfield 34 Retail Trust Westfield Hldings Limited ABN

56 WESTFIELD GROUP INCOME STATEMENT fr the year ended 31 December Dec Dec 09 Nte $millin $millin Revenue Prperty revenue 1 3, ,459.0 Prperty develpment and prject management revenue Prperty and funds management incme , ,123.0 Share f after tax prfits/(lss) f equity accunted entities Prperty revenue Prperty revaluatins (502.3) Prperty expenses, utgings and ther csts (139.2) (154.1) Net interest expense (53.2) (63.7) 14(a) (252.2) Expenses Prperty expenses, utgings and ther csts (1,013.9) (1,051.9) Prperty develpment and prject management csts (249.5) (559.8) Prperty and funds management csts (36.3) (42.2) Crprate csts (41.8) (37.0) (1,341.5) (1,690.9) Interest incme Currency derivatives 2 (216.9) 53.4 Financing csts 3 (770.2) Gain frm capital transactins Prperty revaluatins (3,037.0) Prfit/(lss) befre tax, nn cntrlling interests and charges in respect f the establishment f the Westfield Retail Trust including transactin and financing csts Tax (expense)/benefit Prfit/(lss) after tax, befre nn cntrlling interests and charges in respect f the establishment f the Westfield Retail Trust including transactin and financing csts Charges in respect f the establishment f the Westfield Retail Trust including transactin and financing csts Prfit/(lss) after tax fr the perid 2,691.4 (625.1) 7 (374.1) ,317.3 (450.1) 5 (1,192.5) - 1,124.8 (450.1) Prfit/(lss) after tax fr the perid attributable t: - Members f the Westfield Grup 1,114.0 (457.8) - External nn cntrlling interests Prfit/(lss) after tax fr the perid 1,124.8 (450.1) Net prfit/(lss) attributable t members f the Westfield Grup analysed by amunts attributable t: WHL members (74.9) WT members WAT members (435.6) Net prfit/(lss) attributable t members f the Westfield Grup 1,114.0 (457.8) cents cents Basic earnings/(lss) per WHL share 9.54 (3.34) Diluted earnings/(lss) per WHL share 9.52 (3.34) Basic earnings/(lss) per stapled security (20.41) Diluted earnings/(lss) per stapled security (20.41) Page 1

57 WESTFIELD GROUP STATEMENT OF COMPREHENSIVE INCOME fr the year ended 31 December Dec Dec 09 $millin $millin Prfit/(lss) after tax fr the perid 1,124.8 (450.1) Other cmprehensive incme Mvements in freign currency translatin reserve - Net exchange difference n translatin f freign peratins (997.4) (2,375.4) - Realised and unrealised gains n currency lans and asset hedging derivatives which qualify fr hedge accunting Deferred tax effect n unrealised gains n currency lans and asset hedging derivatives which qualify fr hedge accunting (12.8) 15.3 Mvement in emplyee share plan swaps reserve - Gain n emplyee share plan swaps Amunt charged t incme statement (6.4) (1.2) - Deferred tax effect n emplyee share plan swaps (0.1) (1.8) Ttal cmprehensive incme fr the perid (2,110.5) Ttal cmprehensive incme attributable t: - Members f the Westfield Grup (2,118.2) - External nn cntrlling interests Ttal cmprehensive incme fr the perid (2,110.5) Ttal cmprehensive incme attributable t members f the Westfield Grup analysed by amunts attributable t: WHL members (i) (300.9) (484.4) WT and WAT members (i) (ii) (1,633.8) Ttal cmprehensive incme attributable t members f the Westfield Grup (2,118.2) (i) (ii) Fr 31 December 2009, amunt includes a $152.7 millin credit t WHL and a charge t WAT f $152.7 millin representing the reallcatin f Westfield Grup's net assets between WHL and WAT fllwing the subscriptin by WHL f additinal equity in the WAT Grup. Fr 31 December 2010, amunt includes a $274.1 millin charge t WHL and a credit t WAT f $274.1 millin representing the reallcatin f Westfield Grup's net assets between WHL and WAT fllwing the redemptin f units in WAT held by subsidiaries f WHL (Crss Hldings) fr nil cnsideratin. These units were nt stapled r quted n the ASX. There was n change t the number f stapled securities n issue in the Westfield Grup as a result f the redemptin. Ttal cmprehensive incme attributable t members f WT and WAT cnsists f a prfit after tax fr the perid f $894.4 millin (31 December 2009: lss f $382.9 millin), the net exchange lss n translatin f freign peratins f $301.9 millin (31 December 2009: lss f $1,098.2 millin) and a credit t WAT f $274.1 millin (31 December 2009: charge f $152.7 millin) representing the reallcatin f Westfield Grup's net assets. Page 2

58 WESTFIELD GROUP DIVIDEND/DISTRIBUTION STATEMENT fr the year ended 31 December 2010 Operatinal segment results (excluding prperty revaluatins) attributable t members f the Westfield Grup and external nn cntrlling interest: 31 Dec Dec 09 Nte $millin $millin Earnings frm prperty investments 15 2, ,701.5 Earnings frm prperty and prject management Adjusted fr unallcated items relating t the peratinal segment results Net interest expense (663.0) (753.6) Nn cntrlling interests - external (10.8) (7.7) Revaluatin f investment prperties included in nn cntrlling interests - external - (1.8) Operatinal earnings (i) 2, ,108.6 Less: amunt (retained)/distributed (599.0) 40.5 Dividend/distributins fr the perid (ii) 1, ,149.1 (iii) (iv) Dividend/distributin per rdinary stapled security (cents) Cmprising dividend/distributin per stapled security fr: - the six mnths ended 30 June 2010 (cents) - the six mnths ended 31 December 2010 (cents) Weighted average number f stapled securities entitled t distributins at 31 December , ,286.3 Weighted average number f stapled securities n issue fr the perid 2, ,243.2 (i) Equivalent t 89.6 cents peratinal earnings per stapled security (31 December 2009: 94.0 cents). t) The aggregate peratinal earnings fr Westfield Grup and Westfield Retail Trust equates t cents per stapled security, cents attributable t Westfield Grup's security hlders and 0.49 cents attributable t Westfield Retail Trust's unit hlders. (ii) The dividend/distributin f $1,463.5 millin (31 December 2009: $2,149.1 millin) includes a $0.4 millin (31 December 2009: $40.5 millin) cum-dividend/distributin cmpnent in respect f stapled securities that were issued during the year with full dividend/distributin entitlement. (iii) In August 2009 Westfield Grup annunced a change t its distributin payut level frm 100% f peratinal earnings t 70% - 75% f peratinal earnings. (iv) The aggregate distributin fr Westfield Grup and Westfield Retail Trust equates t cents per security, cmprising Westfield Grup distributin f cents per stapled security and Westfield Retail Trust distributin f 0.44 cents per rdinary stapled unit. Page 3

59 WESTFIELD GROUP BALANCE SHEET as at 31 December Dec Dec 09 Nte $millin $millin Current assets Cash and cash equivalents 8(a) Trade debtrs Derivative assets Receivables Inventries Tax receivable Prepayments and deferred csts Ttal current assets 1, Nn current assets Investment prperties 9 23, ,454.0 Equity accunted investments 14(b) 8, ,765.2 Other investments Derivative assets ,160.9 Receivables Plant and equipment Deferred tax assets Prepayments and deferred csts Ttal nn current assets 34, ,417.4 Ttal assets 35, ,165.6 Current liabilities Trade creditrs Payables and ther creditrs 1, ,657.4 Interest bearing liabilities ,327.2 Other financial liabilities Tax payable Derivative liabilities Ttal current liabilities 2, ,674.2 Nn current liabilities Payables and ther creditrs Interest bearing liabilities 10 12, ,790.1 Other financial liabilities 1, ,609.0 Deferred tax liabilities 1, ,784.3 Derivative liabilities Ttal nn current liabilities 16, ,184.5 Ttal liabilities 19, ,858.7 Net assets 16, ,306.9 Page 4

60 WESTFIELD GROUP BALANCE SHEET as at 31 December Dec Dec 09 Nte $millin $millin Equity attributable t members f WHL Cntributed equity 11 1, ,479.8 Reserves (i) 12 (709.4) (188.9) Retained prfits 13 (106.7) (326.2) Ttal equity attributable t members f WHL Equity attributable t WT and WAT members Cntributed equity 11 15, ,692.0 Reserves (i) 12 (690.7) (666.9) Retained prfits ,123.0 Ttal equity attributable t WT and WAT members 15, ,148.1 Equity attributable t nn cntrlling interests - external Cntributed equity Retained prfits Ttal equity attributable t nn cntrlling interests - external Ttal equity attributable t nn cntrlling interests 16, ,342.2 Ttal Equity 16, ,306.9 Equity attributable t members f the Westfield Grup analysed by amunts attributable t: WHL members WT and WAT members 15, ,148.1 Ttal equity attributable t members f the Westfield Grup 16, ,112.8 (i) Fr 31 December 2010, amunt includes a $274.1 millin charge t WHL and a credit t WAT f $274.1 millin representing the reallcatin f Westfield Grup's net assets between WHL and WAT fllwing the redemptin f units in WAT held by subsidiaries f WHL (Crss Hldings) fr nil cnsideratin. These units were nt stapled r quted n the ASX. There was n change t the number f stapled securities n issue in the Westfield Grup as a result f the redemptin. Page 5

61 WESTFIELD GROUP STATEMENT OF CHANGES IN EQUITY fr the year ended 31 December 2010 Changes in equity attributable t members f the Westfield Grup Cmprehensive Mvement Incme in Equity Ttal Ttal 31 Dec Dec Dec Dec 09 Nte $millin $millin $millin $millin Opening balance f cntributed equity - 20, , , Capital distributin t Westfield Retail Trust (i) Bk value f net assets distributed 16 - (7,280.7) (7,280.7) - Less: market value adjustment included in current year incme statement Less: accumulated prperty revaluatin gains distributed (v) - 3, , Issuance f securities Share placement/share purchase plan ,960.0 Dividend/distributin reinvestment plan Csts assciated with the issuance f securities (66.2) Clsing balance f cntributed equity - 17, , ,171.8 Opening balance f reserves - (855.8) (855.8) Mvement in freign currency translatin reserve (ii) (iii) (iv) (548.6) (8.5) (557.1) (1,664.5) - Mvement in emplyee share plan benefits reserve (ii) Mvement in emplyee share plan swaps reserve (ii) (iii) Clsing balance f reserves (548.3) (851.8) (1,400.1) (855.8) Opening balance f retained prfits - 4, , ,364.9 Prfit/(lss) after tax excluding perating prfit retained (417.3) Operating prfit retained/(distributed) (40.5) - Prfit/(lss) after tax fr the perid (iii) 1, ,114.0 (457.8) - Accumulated prperty revaluatin gains distributed t Westfield Retail Trust (vi) - (3,347.3) (3,347.3) - - Dividend/distributin paid - (1,818.5) (1,818.5) (2,110.3) Clsing balance f retained prfits 1,114.0 (369.0) ,796.8 Clsing balance f equity attributable t members f the Westfield Grup , , ,112.8 Changes in equity attributable t external nn cntrlling interests Opening balance f equity Nn cntrlling interest in assciated entity cnslidated during the perid Ttal cmprehensive incme attributable t external nn cntrlling interests (iii) Dividend/distributin paid r prvided fr (9.8) (9.8) (9.5) Clsing balance f equity attributable t external nn cntrlling interests Ttal Equity , , ,306.9 Clsing balance f equity attributable t: - WHL members (300.9) WT and WAT members , , ,148.1 Clsing balance f equity attributable t members f the Westfield Grup , , ,112.8 (i) The net assets distributed t Westfield Retail Trust amunt t $7,280.7 millin f which $2,990.6 millin has been charged t cntributed equity, $3,355.8 millin (representing accumulated prperty revaluatin gains) has been charged t retained prfits and $934.3 millin has been charged t the incme statement. The charge f $934.3 millin represents the difference between the market value and bk value f net assets distributed t Westfield Retail Trust. (ii) Mvement in reserves attributable t members f WT and WAT cnsists f the net exchange lss n translatin f freign peratins f $310.4 millin (31 December 2009: lss f $1,098.2 millin) and net credit t the emplyee share plan benefit reserve f $12.5 millin (31 December 2009: $11.9 millin) and a credit t WAT f $274.1 millin (31 December 2009: charge f $152.7 millin) representing the reallcatin f Westfield Grup's net assets. These units were nt stapled r quted n the ASX. There was n change t the number f stapled securities n issue in the Westfield Grup as a result f the redemptin. (iii) (iv) Ttal cmprehensive incme fr the perid amunts t a gain f $576.5 millin (31 December 2009: lss f $2,110.5 millin). The cmparative perid cnsists f a gain attributable t external nn cntrlling interests f $7.7 millin, a lss attributable t WHL members f $484.4 millin and a lss attributable t WT and WAT members f $1,633.8 millin. The accumulated exchange differences relating t the New Zealand interest distributed t Westfield Retail Trust have been derecgnised frm the freign currency translatin reserve and transferred t retained prfits in accrdance with AASB 121 The Effects f Changes in Freign Exchange Rates. (v) (vi) This amunt cmprises prperty revaluatins derecgnised frm Westfield Grup's nn cntrlling interest. This amunt cmprises prperty revaluatins and accumulated exchange differences derecgnised frm nn cntrlling interest. Page 6