PCA 2015 Annual Report

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ANNUAL FINANCIAL REPORT

Property Council of Australia Limited
ABN 13 008 474 422
30 June 2015
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Property Councl of Australia Limited 30 June 2015 Annual Financial Report
Directors' Report
For the year ended 30 June 2015
The directors present their report together with the consolidated financial report of the Property Council of
Australia Limited (the Company) and its subsidiaries (the Group) for the financial year ended 30 June 20L5
and the auditor's report thereon.
1. Directors
The directors of the Group at any time during or since the end of the financial year are:
Mark Stenert
Managing Drector and Chief Executive Officer - Stockland
Mr Steinert was appointed Managing Director & CEO of Stockland on 29 January 2013.
He has over twenty-five years of experience in property and financial services including eight years in direct
property primarily with Jones Lang LaSalle and ten years in listed real estate with UBS. Mr Steinert was
appointed as Head of Australasian Equities at UBS in 2004 and as Global Head of Research in New York in
late 2005. ln2OI2 he was appointed as Global Head of Product Development and Management for Global
Asset Management at UBS, a 5559 billion Global Fund Manager. Mr Steinert was appointed President of the
Property Council of Australia in 2015 Chair of the Nominations Committee, member of the Audit and
Remuneration Committee.
Director since 23 April 2015
National President from 23 April 2015
Darren J. Steinberg
Chief Executive Officer and Executive Director, DEXUS Funds Management Limited.
Mr Steinberg has overall responsibility for the operations of DEXUS. Darren has an extensive background in
office, retail and industrial property investment and development. Darren has a Bachelor of Economics
fromtheUniversityofWesternAustralia. HeisaFellowoftheRoyal lnstitutionof CharteredSurveyorsand

the Australian Property lnstitute, and a member of the Australian lnstitute of Company Directors. Darren is
the lmmediate Past President of the Board of Directors for the Property Council of Australia.
Director since L6 April 2009.
National President from April 2011to 23 April 2015
Peter Allen
Chief Executive Officer - Scentre Group
Peter Allen is an executive Director and Chief Executive Officer of Scentre Group. He has more than 20
years of global experience in senior financial, property and commercial roles. Prior to the establishment of
Scentre Group, MrAllen was an executive Directorof Westfield Holdings Limited and the Westfield Group's
Chief Financial Officer and a non-executive Director of Westfield Retail Trust. Mr Allen worked for Citibank
in
Melbourne, New York and London before joining Westfield
in
1996 as Director
for
Business
Development. From 1-998 to 2004 he was based in London as Westfield's CEO of United Kingdom/Europe
and was responsible for establishing Westfield's presence in the United Kingdom. Mr Allen sits on the
Board of the Kolling Foundation and is a member of the President's Council of the Art Gallery of NSW.
Peter is Chair of the Shopping Centre Council of Australia and a Corporate Leader representative on the
Property Council Board of Directors.
Property Council of Australia Limited 30 June 2015 Annual Financal Report
Directors' Report (continued)

1. Directors (continued)
Kingsley Andrew
General Manager, Residential Development - Stockland
Kingsley Andrew joined Stockland in 2005 and has led the group's Queensland residential business since
2010. This includes some 25 residential communities across the State with a total end market value of
approximately
$fZ blttion. Kingsley has 20 years' experience in property development and project
management roles across the country. Kingsley has led the approval and delivery of some of Stockland's
largest and most successful master planned communities, including North Lakes in Brisbane, Highlands in
Victoria, North Shore in Townsville and Caloundra South on the Sunshine Coast. Prior to his current role,
Kingsley was General Manager of Stockland's Victorian Residential business during 2008 and 2009, and
Regional Manager in Queensland for two years prior to that. Before joining Stockland, Kingsley was
managing director of Perth based private developer the Rockingham Park Group.
Kingsley holds a Bachelor of Business in Property from the University of South Australia.
Andrew Bird
Mr Bird has over 35 years' experience in the property industry in Australia, the UK and Asia Pacific.
lmmediately prior to retiring from the Board, Andrew was Director and Chief lnvestment Officer of
Property, AMP Capital lnvestors, overseeing the portfolio management of AMP Capital's property assets
and the group's substantial property investment services. Andrew has been a Corporate Leader
representative, a Vice President on the Board of Directors, and Chair of the Audit Committee for the
Property Council of Australia.
Director from 14 April 2005 to 6 February 2015.
Virginia Briggs
Partner - Minter Ellison
Virginia is a real estate specialist with over 20 years' experience in the Sydney property, development and
infrastructure markets. Her practice focuses on complex large-scale real estate transactions, including the
development, sale, purchase and leasing of commercial, industrial and infrastructure developments.
Virginia was recently appointed to the Minter Ellison Partnership Board and is the Head of Minter Ellison's
NSW Government group. She is also Chair of the Women in Property Committee of the Property Council of
Australia, and a member of the Property Council of Australia's NSW Division Council. ln addition to being
consistently listed in Best Lawyers Australia and Chambers Asia Pacific as a leading real estate lawyer,
Virginia is showcased in the latest Australian Legal Business Hot 40, an accolade that highlights her
significant recent achievements. Virginia also won the Euromoney Legal Media Group Australasia Women
in Business Law Awards 2013 for Real Estate. Most recently, Virginia was listed as a finalist in the 2013
Lawyers Weekly Female Partner of the Year Award, a testament to her market leading capability and
experience.
Property Council of Australia Limited 30 June 2015 Annual Financial Report

Stephen Conry
Chief Executive Officer - J[L
Mr Conry is the Australian Chief Executive Officer of JLL, one of the world's largest commercial property
services firms. Mr Conry has been CEO since 2009, a Director since 1989, an lnternational Director since
2000 and a member of the Asia Pacific Executive since 2009. ln addition to his Leadership roles, his
professional roles with the firm over 30 years have specialised in the areas of commercial development
feasibility, marketing, valuation and investment acting on behalf of national and global developers and
institutions. He is a Fellow of the Australian lnstitute of Company Directors, a Fellow of the Australian
Property lnstitute and a Fellow of the Royal lnstitution of Chartered Surveyors. Stephen is a Corporate
Leader representative on the Board of Directors for the Property Council of Australia and a member of the
Audit Committee.
Director since 3 April 2014.
Lorenz Grollo
Managing Director
- Equiset group.
Lorenz is the Managing Director of the Equiset group of companies that encompasses development,
construction and asset management, with over 150 employees and 5250 million worth of projects under
construction. Equiset was established in 1998 as part of the Grollo Group. Lorenz has grown up within the
multi-generational Grollo family business of property development and construction. Lorenz also has a
keen interest in innovative urban design, based on the principles of sustainability and excellence in
workmanship learnt from a lifetime among some of Australia's finest builders, engneers, planners and
finance experts. He holds a BA in Social Sciences (majoring in Sociology) from La Trobe University and is a
current director of Equiset, Groset, Grollo Australia, Buller Ski Lifts and Equiem. Lorenz is the current
President of the Property Council of Australia, Victoria, and is also an Executive Board Member of
Committee of Melbourne.
Director from 3 October 2013 to 23 April 2015.
Tarun Gupta
Chief Executive Officer, Property Australia - Lendlease
Tarun was appointed Chief Executive Officer, Property, Australia, in October 2072, and is based in Sydney.
Tarun is responsible for the development and investment management businesses in Australia. Tarun
joined Lend Lease in 1994 and has held a number of senior executive positions within Lend Lease's
to his current role Tarun was Group Head of

lnvestment Management, (appointed in April 2010), and prior to this Chief lnvestment Officer, Asia Pacific
and Chief Executive Officer for the investment management business in Australia. Tarun has also held
various roles in investment, asset and development management businesses, including Fund Manager of
Australian Prime Property Fund (APPF) between 2005 and 2008, Lend Lease's SS bllion flagship unlisted
Fund. He Tarun holds a Bachelor of Economics (Honours) from the University of Delhi and a Master of
Business Administration (MBA) from the University of Newcastle.
Tarun is a Corporate Leader representative on the Board of Directors, and is also the Deputy Chair of the
investment management business in Australia. Prior
Green Building Council of Australia.

Director since 23 April 201-5
Property Council of Australia Llmited 30 June 2015 Annual Financial Report
Di
rectors' Report (continued)
Carmel A. Hourigan
Global Head of Property - AMP Capital
Carmel was recently appointed Global Head of Property at AMP Capital. Previously she was Chief
lnvestment Officer at The GPT Group. At The GPT group Carmel was responsible for the overall
performance of GPTs investment portfolio. She was also a director on the GPT Funds Management board.
Carmel has more than 20 years of experience in the property and funds management industry. Previous to
her role at The GPT Group, Carmel was Managing Director of Lend Lease's investment management
business where she had overall responsibility for the wholesale managed funds and retail asset
management platform. Prior to this Carmel was Chief Executive Officer of Lend Leases' managed funds the Australian Prime Property Funds. Carmel is a Vice President on the Board of Directors for the Property
Council of Australia, Chair of the Audit Committee and a member of the Nominations Committee.
Jennifer S. Kench
Managing Partner Australia - King & Wood Mallesons.
Ms Kench has more than 25 years' experience in the legal industry primarily in the real estate sector. Her
background is in real estate investment, finance and development. She was appointed to the position of
Managing Partner Australia in May 2013. ln this role she is responsible for the strategic direction and
leadership of King & Wood Mallesons. Sue has been the representative of associate members on the Board
of Directors of the Property Council of Australia.
Director from 1 August 2013 to 23 April 2015.
Mng long
Group Executive IOF Fund Manager
Ming Long is a Group Executive and the Fund Manager for lnvesta Office Fund (ASX: IOF). Ming has
extensive experience in real estate, capital management, corporate finance and funds management. She
has significant experience in the leadership of financial and human capital within organisations with a
strong track record in driving performance through challenging markets. She is responsible for the strategic
direction and performance of lOF. Prior to her current role Ming was the Joint Managing Director & Finance
Director for lnvesta Property Group and was the Group Chief Financial Officer of lnvesta Property Group
from 2009. She has close to twenty years financial management experience and has been at lnvesta for
nearly ten years. Ming was previously a Director on the Responsible Entity Boards of lnvesta Office Fund
and lnvesta Commercial Property Fund, and the Board of lnvesta Property Group Holdings Pty Limited for
many years. She has also been a Director of other lnvesta funds management boards. She is a member of
the Finance & Audit Committee of the University of Sydney, one of Australia's leading universities. Ming
has a Bachelor of Economics, a Bachelor of Laws, a Masters of Business Administration and is a Chartered
Accountant. She is also a Member of the Australian lnsttute of Company Directors and a Fellow of Finsia.
Ming is Chair of the Property Council's lnternational and Capital Markets Division and is a member of the
Property Council's CFO Roundtable.
Property Council ofAustralia Lmited 30June 2015 Annual Financial Report

Derek A. McMillan
Chief Executive Officer
Retirement Living, Australian Unity Limited.
Mr McMillan joined Australian Unity in 1999. Derek held a number of executive positions before being
appointed as Chief Executive Officer, Retirement Living in 2005. He is responsible for all elements of the
operations and development of the retirement living business, spanning retirement villages, residential
aged care and home care. Derek is a director of a number of Australian Unity Limited subsidiaries including
Australian Unity Retirement Living Services Limited, Australian Unity Health Limited, Remedy Healthcare
Group Pty Limited and Australian Unity Personal Fnancial Services Limited. Mr McMillan is also a director
of Leading Age Services Australia - Victoria, and the National Ageing Research lnstitute. Derek is the
inaugural Chair of the Retirement Living Council.
Director since 7 February 2013
Angus McNaughton
Chief Executive Officer - Federation Centres
Angus McNaughton joined Federation Centres in August 2015 and has more than 25 years' experience in
the property sector. Prior to his current appointment, Angus was the Managing Director and CEO of
Novion Property Group (Novion). Before Novion, Angus held a number of roles within Colonial First State
Global Asset Management (CFSGAM) including Managing Director of Property, Head of Wholesale
Property and Chief Executive of the Manager of Kiwi lncome Property Trust in New Zealand (now known as
Kiwi Property Group Limited). Angus is a Fellow of Australian Property lnstitute and a Director of the
Shopping Centre Council of Australia.
Director from 5 August2OL4Io 23 April 2015.
Chris Palandri
Regional Managing Director - Brookfield Multplex

Chris has been a member of the Brookfield Multiplex team for more than 25 years. ln this time Chris has
worked in Construction, Property Development (across multiple sectors) and Funds Management. He has
worked and lived throughout Australia and New Zealand and returned to Perth in December 2009 to take
up the role as Regional Managing Director for the West Australian Construction business.
ln his role, Chris has overseen the delivery of major projects including the Fiona Stanley Hospital, a $2
billion landmark project for WA Department of Health, the Brookfield Place office development for anchor
tenant BHP Billiton, and the Roy Hill Mine Accommodation Village and Non-Processing lnfrastructure in
the Pilbara as well as the Perth Stadium.
Chris holds a Bachelor Degree of Business from the Curtin University as well as a Graduate Diploma in
Applied Finance and lnvestment.
Chris is President of the Property Council's West Australian Division.
Director since 23 April 201-5
Lee M. Pinkerton
General Manager - Cape Bouvard Investments.

Mr Pinkerton is the General Manager of Cape Bouvard lnvestments, one of Australia's largest private
property development and investment companies. Lee has over 20 years' experience specialising in the
property, finance and investment sectors. Lee is the current President of the Property Council of Australia,
Western Australia, and has been a member of the Audit Committee.
Director fromT April 2011 to 23 April 2015.

Russell T. Proutt
Managing Partner, Head of Australian lnvestments - Brookfield Property Group
Mr Proutt is the Head of Australian lnvestments, Brookfield Property Group, overseeing all of BPG's
Australian real estate investment and asset management initiatives. Russell also has responsibility for
their regional capital management activities for real estate and infrastructure. Russell has more than 20
years professional experience and joined Brookfield Asset Management, the parent company, in 2006 and
has held various senior management positions in North America and Canada. Prior to joining Brookfield
Asset Management, Russell was a Director with Credit Suisse's investment banking division focused on
capital markets financings and advisory services. Russell has been a Corporate Leader representative on
the Board of Directors for the Property Council of Australia.
Director from 4 April 2013 to 23 April 2015.
Kylie K. Rampa
Managing Director, lnvestment Management, Australia - Lend lease.
Ms Rampa is responsible for the Australian investment management and separate mandates business, as
well as the retail asset management and development business. Kylie has over 20 years' experience in
Australian and global real estate investment management. Prior to joining Lend Lease, Kylie held the
position of Chief Executive of Gandel Group. Previous to this she was Head of Real Estate Advisory North
America for the Macquarie Group and held various roles with Macquarie both in Australia and the US,
including Chief Executive for Macquarie Countrywide Trust between 2000 and 2006. Kylie has been a
Corporate Leader representative on the Board of Directors for the Property Council of Australia.
David W. Rolls
Chief Executive Officer - Commercial, Development, Mirvac Group.
Mr Rolls has over 26 years of experience in property, construction, design and development, with a
particular focus on complex major mixed use development projects. He has extensive leadership
experience in some of the largest urban regeneration projects nationally. Previously, David held the role
as Managing Director, Development at Lend Lease and was responsible for all development projects for
Lend Lease Australia including mixed use & commercial, communities, apartments and retail
developments. He was appointed to his current role as CEO Commercial, Development for Mirvac in
March 2013 and is the current President of the New South Wales division of the Property Council of
Australia.
Nigel Satterley AM
Chief Executive - Satterley Property Group
Nigel Satterley founded the Satterley Property Group more than 35 years ago and has more than 40 years'
experience in building, real estate and property development. Satterley Property Group has been
awarded more than L00 prestigious industry awards and Nigel's personal achievements in residential
development, real estate, project management, environmental and urban renewal have won recognition,
respect and admiration. ln 2015 Nigel was honoured with a Doctor of Business by Edith Cowan University
for his contribution to the WA residential development industry and his philanthropic activities in the
community. ln 2006, Nigel received membership of the Order of Australia for his contribution to land
development, urban renewal programs and to charity, medical research and sport. Nigel is Chair of the
Property Council's Residential Development Council.
Property Council of Australa Limited 30 June 2015 Annual Financial Report

John C. Schroder
Group Executive & Chief Executive Officer - Stockland, Commercial Property.
Mr Schroder has over 28 years' experience in the property industry in Australia, North America, Asia Pacific
and the UK. John is responsible for Stockland's Commercial Property business, with over SA.n of retail,
of active property
developments under construction and a significant pipeline of over c51bn in retail and industrial. John is
also responsible for the Stockland Group Project Management function. John has been a Corporate Leader
representative on the Board of Directors for the Property Council of Australia.
office, office parks and industrial assets under management, with 5500 million
Steven Sewell
Mr Sewell has more than 17 years' experience in the retail property industry in Australia. lmmediately prior
to his retirement from the Board, Steven was Chief Executive and Managing Director of Federation Centres.
Steven was appointed CEO of Centro Retail Australia in February 2012, and Managing Director in July 2012,
after 5 years as CEO of Charter Hall Retail REIT (formerly Macquarie Countrywide Trust). Steven joined
Macquarie in 2003 after spending 4 years with QIC as National Head of Property Management. Steven is
the Chairman of the Shopping Centre Council of Australia and also a non-executive director of listed
radiology health care company Capitol Health Ltd. Steven has been the SCCA representative on the Board
of Directors for the Property Council of Australia.
Director from 26 May 2011 to 5 August 2015.
Raynuha Sinnathamby
Managing Drector, Springfield Land Corporation.
After practising in property law, Raynuha joined Springfield Land Corporation in 1998 as Director Corporate.
Over the years Raynuha has been involved in managing commercial, retail, residential and education
developments, corporate planning, as well as legal and marketing arms of theorganisation.
lnFebruary2013RaynuhawasappointedManagingDirectoroftheSpringfieldLandCorporation. Raynuha
has been closely involved in the building of the Greater Springfield, now the third fastest growing statistical
local area in the country. Raynuha is the current President of the Queensland division of the Property
Council of Australia.
roperty Counci I of Austra la Limited 30
Iu
ne 2015 An n ual Financa I Report
Directors' Report (contin ued)

David Southon
Joint Managing Director - Charter Hall

David is a co-founder of the Charter Hall Group and one of its Joint Managing Directors, with over 28 years
of property industry experience. ln consultation with the CHC Executive Leadership Group and Board, the
Joint Managing Directors are responsible for the formulation and implementation of the Group's strategy.
David is directly responsible for overseeing the operation of the Property and Support Services Divisions
including Retail, Office and lndustrial Property Services; People, Brand and Community; Legal/CoSec; and
Technology, as well as strateglc involvement in roject origination and direction. Together the Joint
Managing Directors share responsibility for the Chief Financial Officer in relation to Group Finance, Treasury
and Capital Management. ln addition to being an Executive Director on the Charter Hall Group Board, David
is an Executive Director on the Board of the Responsible Entity for the separately listed Charter Hall Retail
REIT (ASX: CQR), as well as the Responsible Entity Board of the Charter Hall Direct Funds. He is also a NonExecutive Director on the Board of Commercial lndustrial Property (ClP), a member of the Charter Hall
Diversity Committee, and a member of the lnvestment Committee of Charter Hall Opportunity Fund No.5,
as well as the Executive Property Valuations Committee. David is a Director on the Property lndustry
Foundation Board of Advisers NSW and a Fellow Member of the Australian Property lnstitute (FAPI).
David holds a Bachelor of Business Degree (Land Economy) from Western Sydney University.
David is Vice President of the Property Council of Australia, Chair of the Property Council's Remuneration
Committee and a member of the Nominations Committee. David is a Corporate Leader representative on
the Board of Directors.
Adam Tindall
Director and Chief lnvestment Officer, Property - AMP Capital
Adam leads AMP Capital's 519.6 billion property investment and management business, and was promoted
to the role of Managing Director, AMP Capital, Tuesday 28 July 2015. Adam has 29 years of extensive
experience in the property industry. He joined AMP Capital in 2009 from Macquarie Capital where he was
Executive Director, Property and lnfrastructure, responsible for leading a number of major transactions for
clients. Prior to this, Adam spent 17 years with Lend Lease, ultimately working in various business
leadership roles including Chief Executive Officer, Asia Pacific for Bovis Lend Lease.
Adam is a Corporate Leader representative on the Board of Directors.
Carolyn Viney
Chief Executive Officer - Grocon
Carolyn Viney was appointed Chief Executive Officer of Grocon in February 2074, having been Deputy CEO
to Daniel Grollo, Executive Chairman and sole owner of the business, for the two years prior after having
joined Grocon originally in 2003. Grocon is a large privately owned construction, development and real
estate investment business with interests in major cities along Australia's eastern seaboard. Carolyn is a
Non-Executive Director of the Australian Construction Association as well as a panel member of the
Women's Property lnitiatives Advisory Panel, a not for profit entty and registered housing providers which
provides housing solutions for women at risk of homelessness. Prior roles have included as a NonExecutive Director of the Australian lnstitute of Management (Victoria and Tasmania) and President of the
Victorian Chapter of the National Association of Women in Construction (NAWIC). Carolyn is President of
the Property Council's Victorian Division.
Property Councl of Australia Limited 30 June 2015 Annual Financal Report

Kurt A. Wilkinson
President and Chief Operating Officer
Brookfield Property Partners - Australian Office Division
Kurt Wilkinson was appointed President and Chief Operating Officer in September 2012 following previous
roles with Brookfield including Head of Asset Management. Kurt joined Brookfield in November 2009. ln
his current role, Kurt is responsible for overseeing all aspects of the Commercial Property business across
Australia and New Zealand. This includes acquisitions, dispositions, management and strategic growth. Kurt
has been involved with several major projects including the multi-award winning Brookfield Place Perth
development, Wynyard Place in Sydney and has overseen 52.5 billion of property transactions since 2010.
Kurt has 20 years' experience in the property industry, and prior to joining Brookfield, held roles in the area
commercial leasing and sales, property consultancy (Deloitte), asset management / investment /
development as well as management experience in Listed Property Trusts. He holds a Bachelor of Business
in Land Economics from the University of Western Sydney and is on the National Council Executive
Committee for Urban Land lnstitute and is an Associate of the Australian Property lnstitute. Kurt is a
Corporate Leader representative on the Board of Directors.
of
Benjamin
K. Yates,
Managing Drector - Development & Advisory.

Ben has over 15 years' experience in the property development industry, across all aspects of projects from
feasibility analysis and design and construction management to marketing, sales and leasing. Most recently,
Ben successfully managed the award-winning S800m City Central redevelopment in the Adelaide CBD.
Ben is the current President of the South Australian division of the Property Council of Australia, and is a
Board Member for Westside Housing Not For Profit.
Director from 4 April 2013 to 25 June 2015.
l0
Property Councl of Austra lia Limited 30 June 2015 Annual Financal Report

2. Company secretary
lesleigh Thompson
Lesleigh Thompson joined the Property Council of Australia as Chief Financial Officer on 29 July 2015. prior
to this, she was Finance Director for the Professional division Jacobs Douwe Egberts across Australia and
New Zealand, where she was also responsible for Supply Chain and Warehousing and Distribution, and
instrumental in financial and commercial strategic development and change management. Lesleigh has
also held senior financial roles within the manufacturing sector. Her qualifications include a Master of
Commerce in Accounting, Master of Business Administration in Corporate Finance, Master of Music in
Research and Composition and CPA, and she is a Graduate of the Australian lnstitute of Company Directors.
Appointed Company Secretary 6 August 2015.
Kathy Mac Dermott
Kathy Mac Dermott is Chief Operating Officer at the Property Council of Australia. Kathy joined the
business in 2010 as Executive Director - eueensland and was promoted to Chief Operating Officer in
2014. Kathy has over 11 years' experience as a property journalist for the Australian Financial Review,
including seven as Queensland Bureau Chief. She has also worked extensively in corporate advisory roles in
Australia and London, specialising in property.
Company Secretary from 15 May 2015 to 6 August 2015.
Michael Mulder
Michael Mulder joined the business in 2009 and has over 23 years'financial experience. Michael has held
senior roles at Finlaysons, Kinsmen, Fosters Wine Group, Citect Corporation and Cognos lnc. Michael was
appointed to the position of Company Secretary in November 2010 and was the Group's Chief Financial
Officer.
Company Secretary from 18 November 2010 to 15 May 2015.
Peter J. Verwer
Peter Verwer joined the business in 7982 and held the position of Research Director from 1988 before his
appointment to National Director in 1992. He was appointed to the position of Company Secretary in
August 1992 and has been the Group's Chief Executive Officersince 1996. Peter is also a Life Fellow of the
Green Building Council of Australia, an Honorary Fellow of the Australian lnstitute of Quantity Surveyors
and a Fellow ofthe Royal lnstitute of Chartered Surveyors.
Company Secretary from 6 August 1992 to 4 July 2014.
1'l
Property Council of Australa Limited 30 June 2015 Annual Flnancial Report

For the year ended 30 lune 2015
3. Directors'meetings
The number of directors' meetings and number of meetings attended by each of the directors of the
Group during the financial year are:
Director
Meetines
Remuneration
Committee Meetings
1,
Ms C Hou
1,
Mr
Conry
Mr
Grollo
Ms J Kench
Mr D McMillan
Mr A McNaughton
L Pinkerton
R Proutt
Ms K Rampa
Mr J Schroder
Mr
Sewell
Ms
Sinnathamby
Mr T Gupta
Ms M Long
Mr C Palandri
Mr N Satterley
Ms C Viney
Mr
Ms V Briggs
Mr A Tindall
Wilkinson
Mr D Rolls
Mr B Yates
Mr M Steinert
Mr D Southon
Mr P Allen
Mr K Andrew
Audit Committee
Mr D Steinberg
Mr A Bird
Mr
Mr
Board Meetings
- Number of meetings held during the time the director held office during the year
- Number of meetings attended.
12

4.
Principal activities
The principal activities of the Group during the course of the financial year ended 30 June 2015 were public
policy advocacy and the provision of information, professional development, research and networking
activities forthe members of the Property Council of Australia and the property industry. There have been
no significant changes in the nature of these activities during the year. The Group is a not-for-profit
organisation, limited by guarantee.
5. Review and results of operations

During the year the Group provided education and research programmes, and supplied information to
of seminars, forums, luncheons, conferences, and the
publication of magazines and newsletters.
members and others through the provision
The results after income tax of the Group for the year ended 30 June 2015 was a profit of $483,336 (2014:
S280,216).
6. State of affairs
ln the opinion of the directors, there were no significant changes in the state of affairs of the Group that
occurred during the year.
7. Environmental regulation
The Group's operations are not subject
to any significant
environmental regulation under either
Commonwealth or State legislation. However, the board believes that the Group has adequate systems in
place for the management of its environmental requirements and is not aware of any breach of those
environmental requirements as they apply to the Group.
8. Significant events after balance date

There has not arisen in the interval between the end of the financial year and the date of this report any
item, transaction or event of a material or unusual nature likely, in the opinion of the directors of the
Group, to affect significantly the operations of the Group, the results of those operations, or the state of
affairs of the Group, in future financial years.
9.
Likely developments
lnformation about likely developments in the operations of the Group and the expected results of those
operations in future financial years has not been included in this report.
10. Directors' benefits

Since the end of the previous financial year, no Director has received or become entitled to receive
benefit, by reason of a contract made by the Group or a related body corporate with the director or with
firm of which he/she is a member, or with a company in which he/she has a substantial financial interest.
13
a
a
Property Council of Australia Limted 30 June 2015 Annual Financial Report

11. lndemnification and insurance of officers

lndemnification
Since the end of
the previous financial year, the Group has agreed to indemnify the Company Secretary,
Michael Mulder, of its controlled entity, Lifemark Village Pty Ltd, against all liabilities to another person
(other than the Group or a related body corporate) that may arise from his position, except where the
liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Group will
meet the full amount of any such liabilities, including costs and expenses.
Insurance premiums
During the financial year the Group has paid premiums in respect of directors' and officers' liability and
legal expenses insurance contracts for the year ended 30 June 2015 and since the financial year, the Group
has paid or agreed to pay premiums in respect of such insurance contracts for the year ending 30 June
2016. Such insurance contracts insure against certain liability (subject to specific exclusions) of persons
who are or have been directors or executive officers of the Group.
The directors have not included details of the nature of the liabilities covered or the amount of the
premium paid in respect of the directors' and officers' liability and legal expenses insurance contracts, as
such disclosure is prohibited under the terms of the contract.
12. Lead auditor's independence declaration

The Lead auditor's independence declaration is set out on page 15 and forms part of the directors' report
for the financial year ended 30 June 2015.
This report is made with a resolution of the directors:
Mark Steinert
Director
27 October 20L5
14
Property Council of Australia Limited 30 June 2015 Annual Fnancal Report
Consolidated Statement of Financial position

As at 30 June 2015
Note
Current assets
Cash and cash equivalents
Trade and other receivables
lnvestments
20L5
2074
L,7L8,360
r,697,271
2,L93,276
2,308,540
12,894,763
11,695,609
Lease asset
47,L0L
16,853,500
Total current assets

Non-current assets
Property, plant and equipment
Total non-current assets
I,L47,4t2
r,3I9,290
L,L47,4L2
1,3r9,290
18,000,912
Total assets
15,707,420
17,020,7I0
Current liabilities
Trade and other payables
70
1,304,933
r,704,337
Deferred income
11
7,856,L83
6,982,153
Employee benefits
12
1,ggg,gg7
1,893,657
Lease
liability
19,580
LL,O7O,483
Total current labltes
23,3I0
10,603,451
Non-current liabilities
Employee benefits
Lease
L2
182,859
r89,778
142,998
106,245
325,857
296,023
liability
Total non-current labltes
11,396,340
Total liabilities
Net assets
70,899,474
6,604,572
6,72r,236
6,604,572
6,127,236
6,604,572
6,12L,236
Equty
Retained earnings
74
Total equity
The notes on poges 20to 36 ore an integrl port ofthese finonciol stotements.
16
Property Councl of Australia Limted 30 June 2015 Annual Financial Report
Consolidated Statement of Comprehensive lncome

Note
2015
2074
Revenue from rendering of services
Subscriptions
membership fees
t0,551,67L
10,457,4I9
Networking
LL,348,772
70,679,755
Education
2,763,228
2,055,445
984,712
7,079,420
31,000
32,500
1,096,920
1,032,881
Communication
Advocacy
lnformation
Accreditation ( Lifemark)
60,762
Other revenue
466,62L
27,293,686
Total revenue
492,782
25,710,202
Expenses
Networking
7,L86,9LO
7,054,766
Education
L,46I,425
7,195,597
Communication
L,O28,752
992,248
Advocacy
6,4O8,924
6,407,543
526,465
51s,866
Information
Shopping Centre Council
ls(ii)
Corporate services (including depreciation)
Total expenses
Profit before income tax
lncome tax expense
433,000
433,000
9,764,874
8,830,966
26,810,350
25,429,986
483,336
280,276
483,336
280,216
483,336
280,216
Proft after tax
Other comprehensive income
Total comprehensive income for the year
The notes on poges 20 to 36 ore on
integrol pon of these finoncio! stotements.
17
Consolidated Statement of Changes in
Eq uity
As at 30 June 2015
Note
Balance as at
l July 2014
Profit for the year
Balance as at 30 June 2015
The notes on pges 20 to 36 ore on integrot
74
20Ls
20L4
6,LzL,236
5,84r,020
483,336
280,216
6,640,572
6,72r,236
port of these finonciol stotements.
18
Property Council of Australa Limited 30 June 2015 Annual Financial Report
Consolidated Statement of Cash Flows

Note
Cash
flows from operating activities

from customers
Cash receipts
Cash payments
to suppliers and employees
Net cash from operating activities
17
2015
2074
30,377,787
(29,229,9431
(26,916,170)
I,L47,844
2,660,257
flows from investing activities

lnterest received
29,576,427
Cash
Proceeds from (acquisition of) term deposits
Acquisition of property, plant and equipment
43L,32L
397,903
(1,199,155)
(.3,730,957],
(358,9221
(67O,O7sl
(t,L26,7551
Net cash provided by (used in) investing activities
21,089
(r,342,972)
L,697,27t
3,040,L43
L,7Lg,360
r,697,27r
Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents
at
l July
Cash and cash equivalents at 30 June
The notes on poges 20 to 36 ore on integrol
port of these finonciol stotements.
19
(4,003,1291
Notes to the Financial Statements
Note
1.
Statement of significant accounting policies
Property Council of Australia Limited (the "Group") is a Company domiciled in Australia. The address of the
Group's registered office is Level 1, 11 Barrack Street, Sydney, New South Wales, 2000. The Group is a notfor-profit entity and is primarily involved in public policy advocacy and the provision of information,
professional development, research and networking activities for its members and the property industry.
(a)
Statement of compliance
The consolidated financial statements are general purpose financial statements which have been
prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001. The consolidated fnancial
statements comply with lnternational Financial Reporting Standards (lFRSs) and interpretations
adopted by the lnternational Accounting Standards Board (IASB).
The financial statements were authorised for issue by the Board of Directors on 18 October 2015
(b)
Basis of consolidation
The consolidated financial statements are prepared by combining the financial statements of all
the entites and comprise the consolidated entity, being the Property Council of Australia Limited
(the parent entity) and its controlled entities as defined in Accounting Standard AASB 127
"Consolidated and Separate Financial Statements". Controlled entities are listed in note 19 to the
financial statements. The financial statements of the subsidiaries are prepared for the same
reporting period as the parent company, using consistent accounting principles.
On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their
fair values at the date of acquisition. Any excess ofthe cost of acquisition overthe fair values ofthe
identifiable net assets acquired is recognised as goodwill. lf, after reassessment, the fair values of
the identifiable net assets acquired exceed the cost of acquisition, the deficiency is credited to
profit and loss in the period of acquisition.
The consolidated financial statements include the information and results of each controlled entity
from the date on which the company obtains control and until such time as the company ceases to
control such entity.
ln preparing the consolidated financial statements, all intercompany balances and transactions
arising within the consolidated entity are eliminated in full.
(c)
Basis of measurement
The financial statements have been prepared on the historical cost basis
(d)
Functional and presentation currency

These financial statements are presented in Australian dollars, which is
cu rrency.
20
the Group's functional
Property Councl of Australa Limited 30 June 2015 Annual Financial Report
Note
(e)
Statement of significant accounting policies (continued)
Changes in accounting policies

The Group has consistently applied the accounting policies set out in note 1to all periods presented
in these consolidated financial statements.
(f)
Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates

and
assumptons that affect the application of accounting policies and the reported amounts
of assets,
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
ln particular, information about significant areas of estimation uncertainty and critical judgements
in applying accounting policies that have the most significant effect on the amount recognised in
the financial statements are described in the following notes:
(g)
note 1(j) - impairment

note 1(k) - employee benefits
note 1(l) - provisions

Owned ossets
Items of property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses (see accounting policy note L(j)). Cost includes expenditures that
are directly attributable to the acquisition of the asset. When parts of an item of property, plant
and equipment have different useful lives, they are accounted for as separate items (major
components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by
comparing the proceeds from disposal with the carrying amount of property, plant and equipment
and are recognised net within "other income,, in profit or loss.
21
Note
G)
1.
Property, plant and equipment (continued)

Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will
flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of
property, plant and equipment are recognised in profit or loss as incurred.
De p rec otio n q n d o m o rt sotio n
Depreciation is recognised in the profit or loss on a straight-line basis overthe estimated useful lives
of each part of an item of property, plant and equipment. The residual value, the useful life and the
depreciation method applied to an asset are reviewed at each reporting date. The estimated useful
lives for the current and comparative periods are as follows:
Plant & equipment

r
Computer equipment & software
.
Office furniture & equipment
(h)
Leasehold improvements
2.5 - 5 years
5 - 10 years
5 - 10 years
Trade and other receivables are stated
at their amortised cost less impairment
losses (see
accounting policy note 1(j)).
(i)
Cash and cash
equivalents
Cash and cash equivalents comprises cash balances, at call deposits, term deposits and commercial
bills invested for periods not exceeding 90 days.
(j)
lmpairment
Finonciql ossets
A financial asset is assessed at each reporting date to determine whether there is any objective
evidence that it is impaired. A financial asset s considered to be impaired if objective evidence
indicates that one or more events have had a negative effect on the estimated future cash flows of
that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the
difference between its carrying amount, and the present value of the estimated future cash flows
discounted at the original effective interest rate.
lndividually significant financial assets are tested for impairment on an individual basis. The
remaining financial assets are assessed collectively in groups that share similar credit risk
cha
racteristics.
22
Property Council of Australia Lmted 30 June 2015 Annual Fnancal Report
Note
()
1.
lmpairment (continued)
All impairment losses are recognised in profit or loss. An impairment loss is reversed if the reversal
can be related objectively to an event occurring after the impairment loss was recognised.
Non-finonciol ossets
The carrying amounts of the Group's non-financial assets are reviewed at each reporting date to
determine whether there is any indication of impairment. lf any such indication exists then the
asset's recoverable amount is estimated.
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to
sell. ln assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate which reflects current market assessments of the time value of money
and the risks specific to the asset. For the purpose of impairment testing, assets are grouped
together into the smallest group of assets that generates cash inflows from continuing use that are
largely independent ofthe cash flows of other assets or groups of assets.
An impairment loss is recognised if the carrying amount of an asset exceeds it recoverable amount.
lmpairment losses are recognised in profit or loss.
(k)
Employee benefts
Long-term se rvice be nefits
The Group's net obligation in respect of long-service leave is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is
calculated using expected future increases in wage and salary rates, including related on-costs and
expected settlement dates, and is discounted using the rates attached to the Commonwealth
Government bonds at the balance sheet date, which have maturity dates approximating to the terms
of the Group's obligations.
Woges, solores ond qnnual leve
Liabilities for employee benefits for wages, salaries and annual leave that are expected to be settled
within 12 months of the reporting date represent present obligations resulting from employees'
services provided to reporting date, are calculated at undiscounted amounts based on remuneration
wage and salary rates that the Group expects to pay as at reporting date including related on-costs,
such as workers compensation insurance and payroll tax.
(l)
Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructve
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will
be required to settle the obligation. Provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the liability.
23
Note
(m)
1.

Trade and other payables are stated at their amortised cost. Trade payables are non-interest
bearing and are normally settled on 30-day terms.
(n)
Revenue
Renderng of seruices
Revenue principally relates to membership subscriptions, sponsorships, advertising, professional
development courses and networking events. Revenue from members' subscriptions, sponsorship
and advertising is recognised over the period to which each relates.
Revenue
from professional development courses, networking events and other products
and
services is recognised in the period in which the course, event or service is provided.
lnterest Revenue
lnterest revenue is recognised on an accruals basis taking into account the interest rates applicable
to the financial assets.
Government Gronts
Government grants that compensate the company for expenses incurred are recognised in profit
or loss as other income on a systematic basis in the same periods in which the expenses are
recognised.
(o)
Expenses
Operting lease poyments

Payments made under operating leases are recognised in profit or loss on a straight-line basis over
the term of the lease. Lease incentives received are recognised as an integral part of the total lease
expense, over the term ofthe lease.
(p)
lncome tax
lncome tax expense comprises current and deferred tax. lncome tax is recognised in the profit or
loss except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantially enacted at the reporting date, and any adjustment to tax payable in respect of
prevrous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected
to be applied to the temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date.
24
Note
(q)
1.

Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST),
except where the amount of GST incurred is not recoverable from the taxation authority. ln these
circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the
expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the ATO is included as a current asset or liability in the balance
sheet.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of
cash flows arising from investing and financing activities which are recoverable from, or payable to,
the ATO are classified as operatng cash flows.
(r)
New standards and interpretations not yet adopted
A number of new standards, amendments to standards, and interpretations are effective for
annual periods beginning after 1 July 20L4, and have not been applied in preparing these
consolidated financial statements. Those which may be relevant to the Group are set out below.
The Group does not plan to adopt these standards early.
AASB 9 Financial lnstruments (2014)
9, approved in December 2014, replaces the existing guidance in AASB 139 Financial
lnstruments: Recognition and Measurement. AASB 9 includes revised guidance on the classification
and measurement of financial instruments, including a new expected credit loss model for
calculating impairment on financial assets, and the new general hedge accounting requirements. lt
also carries forward the guidance on recognition and derecognition of financial instruments from
AASB
AASB 139.
AASB 9 is effective
for annual reporting periods beginning on or after
L January 2018, with early
adoption permitted.
The Group is assessing the potential mpact on its consolidated financial statements resulting from
the application of AASB 9.
25
Property Council of Australa Limited 30 June 2015 Annual Financal Report
2.
Note
Other revenues from ordinary activities
lnterest revenue
Other
2015
2014
428,787
477,494
37,834
75,288
466,621
492,782
2015
2014
- Depreciation of furniture and equipment
229,390
279,278
Amortisation of software and websites
23L,052
277,982
Amortisation of leasehold improvements
64,472
67,356
Note
3.
Profit before income tax
Profit before income tax includes:
- Operating lease expense
- Personnel expenses
- Write-off of furniture and equipment no longer held
Note
4.
L,t.6L,56g
r,r72,589
t2,52O,752
72,I55,744
5,886
4,45I
Auditor's remuneration
20L5
2074
KPMG Australia
-
Audit of the financial statements
65,000
11,000
28,000
- Taxation services
- Other consulting services
104,000
Note
5.
65,000
9,000
770,445
184,445
lncome tax expense
The current year tax expense and deferred tax for the current year is SNl (2014: $Nil). The numerical
reconciliation between tax expense and pre-tax net profit is set out below.
OnlycertainincomeoftheGroupissubjecttotaxaton. Thisincludesproceedsfromthesaleorsupplyof
goods and services to persons who are non-members of the Property Council of Australia.
26
Property Council of Australia Lmited 30 June 2015 Annual Fnancial Report
Note
5.
lncome tax expense (continued)
Profit before tax
20LS
2014
483,336
280,216
145,001
94,065
Prima facie income tax using the domestic corporation tax rate of 3O%
(2OIa:30%)
Non-assessable income
Non-deductible expenses
Prior year adjustment
Tax losses created (utilised)
(7,210,8591
(6,899,es8)
6,863,447
(75,300)
6,760,995
(277,7L21
(252,781]|
277,7L2
252,79I
2015
2074
(797,7731
lncome tax expense

The Group has carried forward tax losses aT30% of 5519,402 (2014: S256,359)
6.
Note
Cash and cash
equivalents
Cash at bank and on hand

Short term deposits
Note
7.
1,483,590
234,770
1,797,277
1,718,360
L,697,27I
s00,000

2015
Trade receivables
Prepayments
2014
t,37O,4gg
1,367,009
822,788
94r,53r
2,L93,276
2,308,540
The ageing ofthe Group's trade receivables at the balance date was:
Past due
Not past due
Total
31
- 60 days
61
- 120 days
120 + days
20L5
940,91s
273,384
162,482
(6,293)
1,37O,488
201,4
r,o27,955
134,31,5
90,572
1.r4,t67
t,367,009
27
Note
8.
lnvestments
20L5
Held-to-maturity investments
Note
9.
- term
L2,894,763
deposits
2014
11,695,609
Leasehold
Software &
Furniture &
lmprovements
Websites
Equpment
Total
705,009
7,722,80L
2,064,000
3,891,810
382,647
(147,910)
I33,902
7s3,s26
(26,900)
(746,1291
670,075
(320,939)
Cost
Balance at
l July 2013
Acquisitions
Wrte-offs
939,746
7,229,803
2,07L,397
4,240,946
939,746
L,229,803
2,O7L,397
4,24O,946
49,645
(4s2,L701
L79,595
L29,692
(L43,7771
358,922
(s9s,947)
Balance at 30 June 2015
537,22L
1.409.398
2,057,302
4,O03.92L
Depreciation and impairment losses

Balance at 1 July 2013
625,103
599,79r
1,388,634
2,613,529
67,356
277,982
279,278
(147,9701
Q5,1. 77)
(143,40r.)
624,616
(316,488)
544,549
852,595
I,524,5r2
2,92I,656
544,549
852,595
L,524,5L2
2,92L,656
64,472
23t,O52
229,390
lt38,7O2l
524,9L4
(590,061)

Balance at
l July 2014
Acquisitions
Write-offs
Depreciation
Write-offs
Balance at
July 2014
Depreciation
Write-offs
(4s1,3s9)
L57,662
1.083.647
L,6L5,200
2,856,509
Carrying amounts at 30 June 2014
395,L97
377,208
546,885
7,319,290
Carrying amounts at 30 June 2015
379,559
325,75L 442,LO2 L,L47,4L2
28
Note
10.

20L5
Trade payables and accruals
Note
1,304,833
held at fair value
2014
7,704,33r
11, Deferred income

2015
2014
Subscriptions received in advance
4,970,5O0
5,187,429
Sponsorship billed in advance
L,L80,733
937,78r
Other fees billed in advance
L,704,950
7,856,183
Note
856,943
6,982,153
12. Employee benefits

2015
2014
Annual leave
5L5,667
513,636
Long service leave
384,499
488,42L
Bonuses
989,721
891,600
Current
1,889,887
7,893,657
Non Current
182,859
Long service leave
Note
189,778
13. Member's Buarantee
The Group is limited by guarantee. lf the company is wound up, the Constitution states that each member
is required to contribute a maximum of S20 each towards meeting any outstanding obligations of the
company.
Note
14.
Retained earnings
20L4
Balance at beginning of year
Net profit for the period

Balance at end of year
6,L2L,236
5,94\,020
483,336
280,216
6,604,572
29
2074
6,r2r,236
Note
(i)
15.
Related Party Transactions
Key management personnel disclosures
The following were key mana8ement personnel (KMP) of the Group at any time during the reporting
period and unless otherwise indicated, were key management personnel for the entire period.
Non-Executve Directors
Mr
Steinberg
Mr A Bird
Ms C Hourigan
Mr S Conry
Mr
Grollo
Ms J Kench
Mr D McMillan
Mr A McNaughton
Appointed 16 April 2009

Appointed 7 April20II
Appointed 3 October 2013
Appointed 1 August 2013
Appointed 7 February 2013
Retired 6 February 2015
Retired 23 April 2015

Mr
Pinkerton
Appointed 5 August 2014

Appointed 7 April20LI
Mr
Proutt

Ms K Rampa
Sewell

Appointed 7 April20!I
Appointed 26 May 2017
Ms
Sinnathamby
Mr
B Yates

Retired 25 June 2015
Mr D Rolls
Mr J Schroder
Mr
Mr M Steinert
Mr D Southon
Mr P Allen
Mr
Andrew
Mr T Gupta
Ms M Long
Mr
Palandri
Mr N Satterley
Ms C Viney
Mr
Wilkinson
Ms V Briggs
Mr A Tindall

Appointed 23 April
Appointed 23 April
Appointed 23 April
Appointed 23 April
2015
2015
2015
2015

30

Retired 5 August 2015
Note
(i)
15.
Related PartyTransactions (continued)
Key management personnel disclosures (continued)
Executive Management
Peter Verwer
Chief Executive
Ken Morrison
Chief Executive
Kathy Mac Dermott
Chief Operations Officer
Michael Mulder
Lesleigh Thompson
lan Kynaston
Resigned 4 July 2014
Appointe d 27 July 2OI4
- Appointed 13 November 2014

Executive Director, QLD Division - Resigned 12 November 2014
Chief Financial Officer - Resigned 15 May 2015
Chief Financial Officer - Appointed 29 July 2015
Athena Chintis
Chief lnformation Officer

National Human Resources Manager
Sandra Rouco
Head of People and Culture
Glenn Byres
Chris Mountford
Jennifer Cunich
Joe Lenzo
Daniel Gannon
Catherine Carter
Brian Wightman
Mark Johnson
Andrew Mihno
Nick Proud
Mary Wood
Resigned 8 May 2015
- Appointed
24 August 2015
Executive Director, NSW Division
Executive Director, QLD Division -Appointed 13 November 2014
Executive Director, VIC Division
Executive Director, WA Division

Executive Director, SA Division - Appointed 22 September 2014
Executive Director, ACT Division
Executive Director, TAS Division - Appointed 22 September 2014
Executive Director, NT Division - Resigned 17 November 2014
Executive Director, Capital Markets
Executive Director, Residential Development Council
Executive Director, Retirement Living Council
31
Property Council of Australa Limited 30 lune 2015 Annual Financial Report
Note
(ii)
15.
Related Party Transactions (continued)
Key management personnel compensation
The Non-Executive Directors of the Group received no compensation during the current and prior year
The compensation of the Executive Management is set out below.
2015
Short-term em ployee benefits
Post-em ployment benefits
Other long-term benefits
Termination benefits
4,023,284
322,832
(120,837)
388,496
4,6L3,775
2014
3,5t5,467
253,530
75,332
48,056
3,892,385
() Other Related Party Transactions
Other than membership and related fees payable to the Group by director related entities in the normal
course of business, and the contribution to the Shopping Centre Council of Australia Ltd, there are no other
related party transactions in the current or prior year.
Green Building Council of Australia Limited
The Group operates a profit sharing arrangement with the Green Building Council of Australia Limited
(GBCA) for the Green Cities conference, which is held annually. The Chief Executive Officer of the Property
Council of Australia is a Director on the Board of the GBCA. No transactions occurred between the entities
during the year, only the share of profit attributable to each entity from the conference, which amounted
to Stgsk (2014: S182k).
Lifemark Village Pty Ltd
The Group provides management oversight and governance for Lifemark Village Pty Ltd (Lifemark), which is
a wholly owned subsidiary of the parent entity, the Property Council of Australia. Lifemark incurs an annual
management fee for the management servces received. The total management fees incurred during the
year totalled S25k (2014: S25k).
32
Property Council of Australia Limited 30 June 2015 Annual Fnancial Report
Note
16.
Operating leases
Leases as lessee
2015
2014
Less
Non-cancellable operating lease rentals are payable as follows:

than one year
L,289,776
Between one and five years
4,704,960
3,739,374
More than five years
3,649,927
2,967,647
7,294,493
7,995,454
Note
17.
Notes to the Statement of Cash Flows

20L5
2074
483,336
280,276
(43L,32L1
(397,903)
Reconciliation of net cash flows from operating activities:

Profit for the period
Less items classified as investing activities
lnterest received
Add non-cash items:
Amortisation
Depreciation
64,472
460,442
67,356
557,260
Write-off of plant and equipment no longer held

Provision for bonuses
5,896
4,451
989,72L
t,572,536
Change in receivables
(3,4791
Change in prepayments
Change in payables
891,600
'1,,402,990
tLg,743
(249,244)
(240,355)
(399,498)
(25,2021
Change in lease liability
(14,078)
Change in revenue received in advance

Change n employee benefits
874,O3O
45,539
7,ggg,gg7
(1,000,410)
(262,4s81
L,147,844
2,660,257
Net cash from (used in) operating actvities
33
Property Council of Australia Lmited 30 June 2015 Annual Financial Report
Note
18,
Financial instruments
Credt tsk
The carrying amount of the Group's financial assets represents the maximum credit exposure. The
Group's maximum exposure to credit risk at the reporting date was 51,370,488 (2o14: $1,367,009) the
receivables balance as set out in note 7.
The Directors consider that there is no significant difference between the fair values and book values of
the financial assets and liabilities at the balance date.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
Credit evaluations are performed on all customers requiring credit over a certan amount. The Group
does not require collateral in respect of financial assets.
lnterest rote rsk

The Group's exposure to interest rate risk and the effective weighted average interest rate for the classes
of financial assets and financial liabilities is set out below:
Floating
lnterest
Note
Weighted
Fixed-interest
Rate
Non-interest
average
Total
Rate
interest rate
Financial assets
Cash and cash
equivalents
Receivables
lnvestments
L,478,090
234,77O
5,500
1,7L8,360
1,370,499
t,370,488
t2,894,76?
L,478,O90
L3,L29,533
12,894,763
1,375,988
15,983,611
1,304,833
1,304,833
o.8t%
2.95%
Financial liabilities
Payables
1-0
Weighted
Floating
I
Note
nterest
Fixed-interest
Rate
Rate
Non-interest
average
Total
interest rate
Financial assets
Cash and cash
equivalents
Receivables
lnvestments
500,000
1,19L,5 L8
5,753
7,697,27t
r,367,009
L1,695,609
1,367,009
11,695,609
1,191.,518 12,195,609 I,372,762
t4,759,889
Financial liabilities
Payables
t,704,331,
70
34
7.73o/o
1,,704,33t
352%
Property Council of Australia Limited 30 June 2015 Annuel Financial Report
Note
18.
Financial nstruments (continued)
At the reporting date, the Group's only interest bearing financial instruments were its cash and
cash
equivalents, and investments.
An increase/decrease of 100 basis points in interest rates during the course of the year would
i
nc
reased/decreased the
Note
19.
G ro u
have
p's eq u ity by 5t42,256 (2014 : 5II3,97 2]l.
List of subsidiaries
The consolidated financial statements of the Property Council of Australia Ltd and its subsidiary as follows
Principal place
of business
Name
Ownership lnterest %
2015
20t4
Parent entty
Property Council of Australia Ltd
Australia
Subsidiary
Lifemark Village Pty Ltd
Australia
100
100
Property Council of Australia is the parent entity of the Group. During the year, it acquired the shares of
Lifemark Village for a total consideration of $1. Lifemark Village was acquired to manage a new
accreditation standard for retirement villages throughout Australia. Management fees are paid each year
toPropertyCouncilofAustraliaforgovernanceandoversightofthesubsidiary.
in management fees were incurred by the subsidiary.
35
During2015,atotalofS25k
Note
20.
Parent entity
throughout, the financial year ending 30 June 2015 the parent entity ofthe Group was the
Property Council of Australia Limited.
As at, and
2015
2074
Results of parent entity

Profit for the year
Other comprehensive income
447,574
305,276
Total comprehensive income for the year
447,574
305,216
Financial position of parent entity at year end

Current assets
L6,792,739
75,726,420
Total assets
L7,940,150
17,045,770
Current liabilities
LL,o20,493
10,603,45 1
Total liabilities
LL,346,34O
70,899,474
6,593,910
6,593,910
6,146,236
6,146,236
Total equity of parent entty comprising of:

Retained earnings
Total equity
Note
21.
Subsequent events
No events have occurred subsequent to balance date that would have a material effect on the financial
statements at 30 June 2015.
36
Directors' Decla ration
ln the opinion of the directors of the Property Council of Australia Limited ('the Group'):
(a) the financial statements and notes, set out on pages 16 to 36, are in accordance with the
Corporations Act 2001, including:
()
giving a true and fair view of the financial position of the Group as at 30 June 2015 and of
its performance, for the financial year ended on that date; and
(ii)
complying with Australian Accounting Standards (including Australian Accounting

lnterpretations) and the Corporations Regulations 2001;
(b) there are reasonable grounds to
believe that the Group will be able to pay its debts as and when
they become due and payable.

2
The directors draw attention to note 1(a) to the financial statements, which includes a statement of
compliance with lnternational Financial Reporting Standards.
Signed in accordance with a resolution of the directors
Mark Steinert
Director
Dated at Sydney
27 October 2015
37

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^

ANNUAL FINANCIAL REPORT

1.1 MILLION JOBS

AUSTRALIAS BIGGEST INDUSTRY

more than mrninq +

rely cn the property induslry

contributn0 $182 5 billon

Property Councl of Australia Limited 30 June 2015 Annual Financial Report

Property Councl of Australia Limited 30 June 2015 Annual Financial Report

fromtheUniversityofWesternAustralia. HeisaFellowoftheRoyal lnstitutionof CharteredSurveyorsand

Melbourne, New York and London before joining Westfield

Property Council of Australia Limited 30 June 2015 Annual Financal Report

Directors' Report (continued)

Property Council of Australia Limited 30 June 2015 Annual Financial Report

Directors' Report (continued)

to his current role Tarun was Group Head of

Green Building Council of Australia.

Property Council of Australia Llmited 30 June 2015 Annual Financial Report

rectors' Report (continued)

For the year ended 30 June 2015

Property Council ofAustralia Lmited 30June 2015 Annual Financial Report

Directors' Report (continued)

Retirement Living, Australian Unity Limited.

Director since 7 February 2013

Regional Managing Director - Brookfield Multplex

General Manager - Cape Bouvard Investments.

Property Council of Australia Limited 30 June 2015 Annual Financial Report

Directors' Report (continued)

Managing Partner, Head of Australian lnvestments - Brookfield Property Group

Property Council of Australa Limited 30 June 2015 Annual Financial Report

Directors' Report (continued)

roperty Counci I of Austra la Limited 30

ne 2015 An n ual Financa I Report

Directors' Report (contin ued)

Joint Managing Director - Charter Hall

Property Councl of Australia Limited 30 June 2015 Annual Financal Report

Directors' Report (continued)

Managing Drector - Development & Advisory.

Directors' Report (continued)

Kathy Mac Dermott

Property Council of Australa Limited 30 June 2015 Annual Flnancial Report

Directors' Report (continued)

Property Council of Australia Limited 30 June 2015 Annual Financial Report

Directors' Report (continued)

5. Review and results of operations

members and others through the provision

environmental regulation under either

8. Significant events after balance date

10. Directors' benefits

Property Council of Australia Limted 30 June 2015 Annual Financial Report

Directors' Report (continued)

11. lndemnification and insurance of officers

12. Lead auditor's independence declaration

This report is made with a resolution of the directors:

Property Council of Australia Limited 30 June 2015 Annual Fnancal Report

Consolidated Statement of Financial position

Total current assets

Total non-current assets

Total current labltes

Total non-current labltes

Property Councl of Australia Limted 30 June 2015 Annual Financial Report

Consolidated Statement of Comprehensive lncome