1) how to calculate FCFE and which figures to take from balance sheet, next

2) using estimated forecast figures (growth rate) to calculate the current intrinsic value, for the next 7 years, the 7th year having the constant growth rate

1st to 3rd= growth rate from calculation of fcfe

4th to 6th= 3.5% increase from 1st to 3rd

7th= any constant rate

refer to attached excel sheet

ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Rental Income Investment Income Other Income PreTax Profit Tax Expense Net Profit after Tax Before Abnormals Abnormals Abnormals Tax Net Abnormals Reported NPAT After Abnormals Outside Equity Interests Shares Outstanding at Period End Weighted Average Number of Shares EPS Adjusted (cents/share) EPS After Abnormals (cents/share) 06/13 674,100,000.00 7,100,000.00 1,053,200,000.00 440,300,000.00 54,500,000.00 494,800,000.00 -407,600,000.00 17,400,000.00 -390,200,000.00 104,600,000.00 0.00 2,304,375,986.00 2,212,035,375.00 22.37 4.73 06/14 679,000,000.00 24,000,000.00 1,241,000,000.00 528,000,000.00 27,000,000.00 555,000,000.00 6,000,000.00 -34,000,000.00 -28,000,000.00 527,000,000.00 0.00 2,324,273,686.00 2,311,367,784.00 23.91 22.70 06/15 698,000,000.00 86,000,000.00 1,412,000,000.00 604,000,000.00 4,000,000.00 608,000,000.00 293,000,000.00 2,000,000.00 295,000,000.00 903,000,000.00 0.00 2,359,096,713.00 2,346,566,571.00 25.91 38.48 06/16 728,000,000.00 12,000,000.00 1,600,000,000.00 681,000,000.00 -21,000,000.00 660,000,000.00 238,000,000.00 -9,000,000.00 229,000,000.00 889,000,000.00 0.00 2,388,163,435.00 2,375,730,846.00 27.69 37.30 06/17 752,000,000.00 75,000,000.00 2,043,000,000.00 857,000,000.00 -6,000,000.00 851,000,000.00 344,000,000.00 0.00 344,000,000.00 1,195,000,000.00 0.00 2,412,397,641.00 2,401,240,450.00 35.32 49.60 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item CA - Cash CA - Receivables CA - Investments CA - Other Total Current Assets NCA - Investments NCA - Property NCA - Other Total NCA Total Assets Creditors Provisions Other Total Curr. Liabilities Borrowings Deferred Tax Other Total NCL Total Liabilities Share Capital Reserves Retained Earnings Other Equity Convertible Equity SE Held Sale Outside Equity Total Equity 06/13 06/14 06/15 06/16 227,100,000.00 231,000,000.00 170,000,000.00 208,000,000.00 169,100,000.00 119,000,000.00 103,000,000.00 134,000,000.00 0.00 503,000,000.00 0.00 0.00 810,700,000.00 753,000,000.00 881,000,000.00 1,069,000,000.00 1,206,900,000.00 1,606,000,000.00 1,154,000,000.00 1,411,000,000.00 621,300,000.00 656,000,000.00 542,000,000.00 892,000,000.00 9,799,000,000.00 10,341,000,000.00 11,252,000,000.00 12,376,000,000.00 2,442,500,000.00 2,297,000,000.00 2,781,000,000.00 2,263,000,000.00 12,862,800,000.00 13,294,000,000.00 14,575,000,000.00 15,531,000,000.00 14,069,700,000.00 14,900,000,000.00 15,729,000,000.00 16,942,000,000.00 310,400,000.00 554,000,000.00 595,000,000.00 643,000,000.00 452,900,000.00 257,000,000.00 300,000,000.00 284,000,000.00 2,038,500,000.00 2,142,000,000.00 2,398,000,000.00 2,787,000,000.00 2,801,800,000.00 2,953,000,000.00 3,293,000,000.00 3,714,000,000.00 2,352,400,000.00 2,815,000,000.00 3,030,000,000.00 3,319,000,000.00 0.00 0.00 0.00 0.00 720,600,000.00 834,000,000.00 619,000,000.00 655,000,000.00 3,073,000,000.00 3,649,000,000.00 3,649,000,000.00 3,974,000,000.00 5,874,800,000.00 6,602,000,000.00 6,942,000,000.00 7,688,000,000.00 8,348,100,000.00 8,420,000,000.00 8,560,000,000.00 8,681,000,000.00 13,800,000.00 73,000,000.00 84,000,000.00 126,000,000.00 -167,000,000.00 -195,000,000.00 143,000,000.00 447,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ----8,194,900,000.00 8,298,000,000.00 8,787,000,000.00 9,254,000,000.00 06/17 238,000,000.00 139,000,000.00 23,000,000.00 923,000,000.00 1,323,000,000.00 834,000,000.00 13,107,000,000.00 2,231,000,000.00 16,172,000,000.00 17,495,000,000.00 585,000,000.00 319,000,000.00 2,874,000,000.00 3,778,000,000.00 3,272,000,000.00 0.00 518,000,000.00 3,790,000,000.00 7,568,000,000.00 8,790,000,000.00 93,000,000.00 1,044,000,000.00 0.00 0.00 0.00 -9,927,000,000.00 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Receipts from Customers Payments to Suppliers and Employees Dividends Received Interest Received Interest Paid Tax Paid Other Operating Cashflows Net Operating Cashflows Payment for Purchase of PPE Proceeds From Sale of PPE Investments Purchased Proceeds From Sale of Investments Payments for Purchase of Subsidiaries Proceeds from Sale of Subsidiaries Loans Granted Loans Repaid Other Investing Cashflows Net Investing Cashflows Proceeds from Issues Proceeds from Borrowings Repayment of Borrowings Dividends Paid Other Financing Cashflows Net Financing Cashflows Net Increase in Cash Cash at Beginning of Period Exchange Rate Adj Other Cash Adjustments Cash at End of Period 06/13 2,097,300,000.00 -1,293,600,000.00 30,800,000.00 6,200,000.00 -215,500,000.00 0.00 0.00 625,200,000.00 -20,100,000.00 91,000,000.00 -468,100,000.00 499,200,000.00 0.00 0.00 0.00 0.00 2,500,000.00 104,500,000.00 393,300,000.00 4,176,200,000.00 -4,666,700,000.00 -528,700,000.00 -12,300,000.00 -638,200,000.00 91,500,000.00 135,600,000.00 0.00 0.00 227,100,000.00 06/14 2,310,000,000.00 -1,397,000,000.00 31,000,000.00 5,000,000.00 -197,000,000.00 0.00 0.00 752,000,000.00 -19,000,000.00 0.00 -1,137,000,000.00 460,000,000.00 0.00 0.00 0.00 0.00 3,000,000.00 -693,000,000.00 0.00 4,380,000,000.00 -3,697,000,000.00 -475,000,000.00 -263,000,000.00 -55,000,000.00 4,000,000.00 227,000,000.00 0.00 0.00 231,000,000.00 06/15 2,542,000,000.00 -1,989,000,000.00 39,000,000.00 7,000,000.00 -198,000,000.00 0.00 0.00 401,000,000.00 -15,000,000.00 0.00 -648,000,000.00 830,000,000.00 0.00 0.00 0.00 0.00 17,000,000.00 184,000,000.00 0.00 4,118,000,000.00 -4,300,000,000.00 -419,000,000.00 -45,000,000.00 -646,000,000.00 -61,000,000.00 231,000,000.00 0.00 0.00 170,000,000.00 06/16 2,867,000,000.00 -1,925,000,000.00 36,000,000.00 8,000,000.00 -199,000,000.00 0.00 0.00 787,000,000.00 -35,000,000.00 0.00 -705,000,000.00 232,000,000.00 0.00 0.00 0.00 0.00 0.00 -508,000,000.00 0.00 2,589,000,000.00 -2,254,000,000.00 -448,000,000.00 -128,000,000.00 -241,000,000.00 38,000,000.00 170,000,000.00 0.00 0.00 208,000,000.00 06/17 3,382,000,000.00 -2,295,000,000.00 33,000,000.00 3,000,000.00 -202,000,000.00 0.00 0.00 921,000,000.00 -38,000,000.00 0.00 -508,000,000.00 94,000,000.00 0.00 0.00 0.00 0.00 72,000,000.00 -380,000,000.00 0.00 1,563,000,000.00 -1,582,000,000.00 -476,000,000.00 -16,000,000.00 -511,000,000.00 30,000,000.00 208,000,000.00 0.00 0.00 238,000,000.00 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Shares Outstand. (EOP) Weighted Avg. Shares EPS Bef. Abs EPS Aft. Abs. Dilution Factor Cumulative Reportd EPS Bef. Abs.Adj DPS - Adj Ex. Special DPS - Adj. Interim Div - Ordinary Interim Franking - Ord (%) Gross Interim Div - Ord Final Dividend - Ordinary Final Franking - Ordinary (%) Gross Final Div - Ord Special Dividend - Ord Special Franking - Ord (%) Gross Special Div - Ord Total Div - Ex. Special Total Div - Inc. Special Total Franking - Ex. Spec Total Franking - Inc. Spec (%) Total Gross Div- Ex.Spec Total Gross Div- Inc.Spec Tax Rate (%) Corporate Tax Rate (%) Payout Ratio Ex. Special (%) Payout Ratio (%) Dividend Yield (%) Dividend Yield Ex. Spec (%) Dividend Cover (%) Gross Div. Yield (%) Gross Div. Yield Ex. Spec (%) 06/13 2,304,375,986.00 2,212,035,375.00 11.11 4.70 -1.00 22.37 24.00 24.00 12.00 0.00 12.00 12.00 0.00 12.00 0.00 -0.00 24.00 24.00 0.00 0.00 24.00 24.00 -12.38 30.00 107.29 107.29 6.90 6.90 93.21 6.90 6.90 06/14 2,324,273,686.00 2,311,367,784.00 28.51 22.70 -1.00 23.91 0.00 0.00 0.00 -0.00 0.00 -0.00 --0.00 ----0.00 0.00 -5.11 30.00 0.00 0.00 0.00 0.00 -0.00 0.00 06/15 2,359,096,713.00 2,346,566,571.00 44.32 38.50 -1.00 25.91 24.00 24.00 12.00 0.00 12.00 12.00 0.00 12.00 0.00 -0.00 24.00 24.00 0.00 0.00 24.00 24.00 -0.66 30.00 92.63 92.63 5.85 5.85 107.96 5.85 5.85 06/16 2,388,163,435.00 2,375,730,846.00 42.81 37.30 -1.00 27.69 24.50 24.50 12.20 0.00 12.20 12.30 0.00 12.30 0.00 -0.00 24.50 24.50 0.00 0.00 24.50 24.50 3.08 30.00 88.48 88.48 5.20 5.20 113.02 5.20 5.20 06/17 2,412,397,641.00 2,401,240,450.00 55.01 49.60 -1.00 35.32 25.50 25.50 12.60 0.00 12.60 12.90 0.00 12.90 0.00 -0.00 25.50 25.50 0.00 0.00 25.50 25.50 0.70 30.00 72.20 72.20 5.82 5.82 138.51 5.82 5.82 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Year 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2017 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 Data Set Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Non Recurring Non Recurring Non Recurring Non Recurring Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2016 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 Revenue Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Expense Expense Expense Expense Expense Expense SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2015 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2014 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 06/2013 Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Non Recurring Non Recurring Non Recurring Non Recurring Non Recurring Items Item BreakDown Gain/(Loss) in value of derivatives Net gain on fair value hedges Gain/(Loss) in value of derivatives Net gain on derivatives Gain/(Loss) on sales of non current asNet gain on sale of other financial ass Operating Revenue (sales) DMF revenue Operating Revenue (sales) Property development sales Rental Income Rent from investment properties Gross Interest Income Interest income from other parties Dividends Received Dividends and distributions Unrealised Gains/(Losses) on Investm Net change in fair value of investment Unrealised Gains/(Losses) on Investm Net change in fair value of investmen Other Non-Operating Revenue (ordinar Net write-back of inventory impairme Other Non-Operating Revenue (ordinar Other revenue Expenses related to pension plan Contributions to defined contribution Loss/(Gain) on sales of non current asNet loss on sale of other non-current Share based payment expenditure Equity-settled share-based payment t Capitalised Interest Interest capitalised to investment pro Capitalised Interest Interest capitalised to inventories Cost of Goods Sold Cost of property developments sold Cost of Goods Sold Cost of property developments sold Cost of Goods Sold Cost of property developments sold Staff and Employee Expenses Wages and salaries including on costs Property Expenses Investment property expenses Administration Expenses Management, administration, marketi Directors' Remuneration Director's remuneration Auditors Expenses for audit services Audit of Unlisted Property Fund Finan Auditors Expenses for audit services Audit and review of the Financial Rep Auditors Expenses for other services Regulatory audit and assurance servi Auditors Expenses for other services Other audit and assurance services Auditors Expenses for other services Other non-audit services - Pricewate Provision for Employee Entitlements Increase in annual and long service le Depreciation Depreciation Other Amortisation Amortisation of Software Other Expenses (outside ordinary activNet change in fair value of existing Re Commercial Property revaluations (gain) Net change in fair value of Retirement Living investment properties Non-recurring dividend revenue Other items Gain/(Loss) on sales of non current asNet gain on sale of other financial ass Operating Revenue (sales) Property development sales Operating Revenue (sales) DMF revenue Rental Income Rent from investment properties Gross Interest Income Interest income from other parties Dividends Received Dividends and distributions Unrealised Gains/(Losses) on Investm Net change in fair value of investmen Unrealised Gains/(Losses) on Investm Net change in fair value of investment Values 26,000,000.00 92,000,000.00 1,000,000.00 107,000,000.00 1,787,000,000.00 752,000,000.00 4,000,000.00 71,000,000.00 87,000,000.00 209,000,000.00 3,000,000.00 27,000,000.00 -13,000,000.00 -1,000,000.00 -18,000,000.00 -13,000,000.00 -113,000,000.00 -1,292,000,000.00 -142,000,000.00 103,000,000.00 -198,000,000.00 -248,000,000.00 -304,000,000.00 -6,544,184.00 -119,000,000.00 -1,583,000,000.00 -724,000,000.00 -9,000,000.00 -466,000,000.00 -2,000,000.00 -14,000,000.00 -10,000,000.00 -82,000,000.00 264,000,000.00 6,000,000.00 71,000,000.00 3,000,000.00 4,000,000.00 1,484,000,000.00 88,000,000.00 728,000,000.00 8,000,000.00 4,000,000.00 373,000,000.00 71,000,000.00 Other Non-Operating Revenue (ordinar Other revenue 24,000,000.00 Expenses related to pension plan Contributions to defined contribution -13,000,000.00 Loss/(Gain) on sales of non current asNet loss on sale of other non-current -2,000,000.00 Share based payment expenditure Equity-settled share-based payment t -13,000,000.00 Capitalised Interest Interest capitalised to investment pro -12,000,000.00 Capitalised Interest Interest capitalised to inventories -116,000,000.00 Cost of Goods Sold Cost of property developments sold - U 67,000,000.00 Cost of Goods Sold Cost of property developments sold -124,000,000.00 Cost of Goods Sold Cost of property developments sold -1,049,000,000.00 Staff and Employee Expenses Wages and salaries including on costs -187,000,000.00 Property Expenses Investment property expenses -239,000,000.00 Administration Expenses Management, administration, marketi -271,000,000.00 Directors' Remuneration Director's remuneration -6,598,697.00 Audit Fee Paid by Consolidated Entity PricewaterhouseCoopers Australia - Au -1,574,000.00 Audit Fee Paid by Consolidated Entity PricewaterhouseCoopers Australia - Au -145,000.00 Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - R -675,000.00 Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - O -55,000.00 Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - T -282,000.00 Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - O -400,000.00 Provision for Employee Entitlements Increase in annual and long service le -1,000,000.00 Depreciation Depreciation -13,000,000.00 Other Amortisation Amortisation of Software -9,000,000.00 Other Expenses (outside ordinary activNet change in fair value of existing Re -85,000,000.00 Change in fair value of Retirement Living investment properties -24,000,000.00 Commercial Property revaluations 432,000,000.00 Mark to market loss on financial instruments -171,000,000.00 Net gain on other financial assets 4,000,000.00 Net loss on sale of other non-current assets -2,000,000.00 Other items -1,000,000.00 Tax (expense)/benefit on statutory profit adjustments 0.00 Operating Revenue (sales) Deferred Management Fees from Reti 94,000,000.00 Operating Revenue (sales) Property development sales 1,288,000,000.00 Rental Income Rent from investment properties 698,000,000.00 Gross Interest Income Interest income from other parties 8,000,000.00 Dividends Received Dividend and distribution income 5,000,000.00 Unrealised Gains/(Losses) on Investm Net change in fair value of investmen 253,000,000.00 Unrealised Gains/(Losses) on Investm Net gain on sale of other financial ass 73,000,000.00 Unrealised Gains/(Losses) on Investm Net change in fair value of investment 68,000,000.00 Foreign Exchange Gain/(Loss) Net gain transferred from the foreign 1,000,000.00 Other Non-Operating Revenue (ordinar Other revenue 29,000,000.00 Expenses related to pension plan Contributions to defined contribution -12,000,000.00 Impairment of goodwill Impairment of Goodwill -18,000,000.00 Impariment of intangible assets Impairment of software -25,000,000.00 Loss/(Gain) on sales of non current asNet loss on sale of other non-current -2,000,000.00 Share based payment expenditure Equity-settled share-based payment t -13,000,000.00 Capitalised Interest Interest capitalised to inventories -122,000,000.00 Capitalised Interest Interest capitalised to investment pro Cost of Goods Sold Cost of property developments sold Cost of Goods Sold Cost of property developments sold - U Cost of Goods Sold Cost of property developments sold Staff and Employee Expenses Wages and salaries including on costs Staff and Employee Expenses $1,000 Employee Security Plan includi Property Expenses Investment property expenses Administration Expenses Management, administration, marketi Directors' Remuneration Director's remuneration Audit Fee Paid by Consolidated Entity PricewaterhouseCoopers Australia - Au Audit Fee Paid by Consolidated Entity PricewaterhouseCoopers Australia - Au Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - Re Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - O Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - T Audit Fee for Non-audit Paid by ConsoPricewaterhouseCoopers Australia - O Provision for Employee Entitlements Increase in annual and long service le Depreciation Depreciation Other Amortisation Amortisation of Software Other Expenses (outside ordinary activNet change in fair value of existing Re Change in fair value of Retirement Living investment properties Commercial Property revaluations (including equity investments) Impairment of intangibles Mark to market loss on financial instruments Net gain on sale of other financial assets Net loss on sale of other non-current assets Tax benefit/(expense) on statutory profit adjustments Operating Revenue (sales) Deferred Management Fees from Reti Operating Revenue (sales) Property development sales Other Operating Revenue Other revenue Rental Income Rent from investment properties Gross Interest Income Interest income from other parties Dividends Received Dividend and distribution income Unrealised Gains/(Losses) on Investm Net change in fair value of investmen Unrealised Gains/(Losses) on Investm Net change in fair value of other finan Unrealised Gains/(Losses) on Investm Net change in fair value of existing Re Expenses related to pension plan Contributions to defined contribution Impairment of goodwill Impairment of goodwill Loss/(Gain) on sales of non current asNet loss on sale of other non-current Other adjustment by IFRS Net change in fair value of investment Share based payment expenditure Equity-settled share-based payment t Capitalised Interest Interest capitalised to investment pro Capitalised Interest Interest capitalised to inventories Cost of Goods Sold Cost of property developments sold Cost of Goods Sold Cost of property developments sold Cost of Goods Sold Cost of property developments sold - U Staff and Employee Expenses Wages and salaries including on costs -15,000,000.00 -126,000,000.00 113,000,000.00 -983,000,000.00 -173,000,000.00 -1,000,000.00 -226,000,000.00 -258,000,000.00 -6,218,374.00 -1,524,000.00 -189,000.00 -561,000.00 -308,000.00 -224,000.00 -706,000.00 -2,000,000.00 -15,000,000.00 -6,000,000.00 -70,000,000.00 7,000,000.00 297,000,000.00 -43,000,000.00 -39,000,000.00 73,000,000.00 -2,000,000.00 0.00 74,000,000.00 1,109,000,000.00 58,000,000.00 679,000,000.00 5,000,000.00 19,000,000.00 93,000,000.00 35,000,000.00 33,000,000.00 -11,000,000.00 -23,000,000.00 -6,000,000.00 -82,000,000.00 -7,000,000.00 -12,000,000.00 -120,000,000.00 -156,000,000.00 -926,000,000.00 180,000,000.00 -162,000,000.00 Staff and Employee Expenses $1,000 Employee Security Plan includi Property Expenses Investment property expenses Administration Expenses Management, administration, marketi Directors' Remuneration Director's remuneration Audit Fee Paid by Consolidated Entity PwC Australia - Audit and review of t Audit Fee Paid by Parent Company to PwC Australia - Audit and review of t Audit Fee for Non-audit Paid by ConsoPwC Australia - Audit of Unlisted Prop Audit Fee for Non-audit Paid by ConsoPwC Australia - Regulatory audit and Audit Fee for Non-audit Paid by ConsoPwC Australia - Other audit and assur Audit Fee for Non-audit Paid by ConsoPwC Australia - Taxation compliance s Audit Fee for Non-audit Paid by ConsoPwC Australia - Other taxation and res Audit Fee for Non-audit Paid by Paid PwC Australia - Regulatory audit and Audit Fee for Non-audit Paid by Paid PwC Australia - Taxation compliance s Provision for Employee Entitlements Increase in annual and long service le Depreciation Depreciation - Leasehold improvemen Depreciation Depreciation - Aged Care properties Depreciation Depreciation - Owneroccupied proper Change in fair value of Retirement Living investment properties Commercial Property revaluations Fair value adjustments on other financial assets Impairment of Retirement Living goodwill Income tax benefit/(expense) Mark to market loss on financial instruments Net loss on sale of other non-current assets Operating Revenue (sales) Property development sales Other Operating Revenue Other revenue Rental Income Rent from investment properties Commissions & Fees Earned Deferred Management Fees from Retir Commissions & Fees Earned Deferred Management Fees from Retir Gross Interest Income Interest income from other parties Dividends Received Dividend and distribution income Unrealised Gains/(Losses) on Investm Net gain/(loss) from fair value adjus Unrealised Gains/(Losses) on Investm Net gain/(loss) from fair value adjus Unrealised Gains/(Losses) on Investm Net gain/(loss) from fair value adjus Expenses related to pension plan Contributions to defined contribution Loss/(Gain) on sales of non current asNet loss on sale of other non-current Other adjustment by IFRS Net loss from fair value adjustment of Other adjustment by IFRS Existing Retirement living resident ob Share based payment expenditure Equity-settled share-based payment t Capitalised Interest Interest capitalised to property deve Capitalised Interest Interest capitalised to investment pro Cost of Goods Sold Cost of property developments sold Cost of Goods Sold Cost of property developments sold - U Cost of Goods Sold Cost of property developments sold Staff and Employee Expenses Wages and salaries including on costs Staff and Employee Expenses $1,000 Employee Security Plan includi -1,000,000.00 -224,000,000.00 -248,000,000.00 -5,130,309.00 -1,406,000.00 -490,000.00 -233,000.00 -559,000.00 -294,000.00 -232,000.00 -32,000.00 -421,000.00 -152,000.00 -3,000,000.00 -14,000,000.00 -1,000,000.00 -1,000,000.00 -50,000,000.00 119,000,000.00 35,000,000.00 -23,000,000.00 0.00 -69,000,000.00 -6,000,000.00 954,800,000.00 43,700,000.00 674,100,000.00 51,600,000.00 3,100,000.00 6,200,000.00 900,000.00 -110,500,000.00 59,700,000.00 22,300,000.00 -11,400,000.00 -8,400,000.00 -37,200,000.00 60,700,000.00 -800,000.00 -125,300,000.00 -15,900,000.00 -124,800,000.00 89,000,000.00 -731,600,000.00 -173,300,000.00 -1,200,000.00 Property Expenses Investment property expenses Management/Responsible Entity FeesManagement, administration, marketi Directors' Remuneration Director's remuneration Audit Fee Paid by Consolidated Entity KPMG Australia - Audit and review of Audit Fee Paid by Consolidated Entity PwC Australia - Audit and review of t Audit Fee Paid by Parent Company to PwC Australia - Audit and review of t Audit Fee for Non-audit Paid by ConsoKPMG Australia - Regulatory audit an Audit Fee for Non-audit Paid by ConsoKPMG Australia - Other audit and ass Audit Fee for Non-audit Paid by ConsoKPMG UK - Regulatory audit and assur Audit Fee for Non-audit Paid by ConsoKPMG Australia - Taxation compliance Audit Fee for Non-audit Paid by ConsoOverseas KPMG firms - Taxation compl Audit Fee for Non-audit Paid by Conso KPMG Australia - Other taxation and Audit Fee for Non-audit Paid by ConsoPwC Australia - Regulatory audit and Audit Fee for Non-audit Paid by ConsoPwC Australia - Other audit and assur Audit Fee for Non-audit Paid by ConsoPwC Australia - Taxation compliance s Audit Fee for Non-audit Paid by ConsoPwC Australia - Other taxation and res Audit Fee for Non-audit Paid by Paid PwC Australia - Regulatory audit and Audit Fee for Non-audit Paid by Paid PwC Australia - Taxation compliance s Audit Fee for Non-audit Paid by Paid PwC Australia - Other taxation and res Expensed Provisions (other) Provision for write-down of inventori Provision for Employee Entitlements Increase/(decrease) in provision for a Depreciation Depreciation - Aged Care properties Depreciation Depreciation - Owneroccupied proper Depreciation Depreciation - Leasehold improvemen Fair value adjustment of financial instruments and foreign exchange move Fair value adjustment of other financial assets and net (loss)/gain on sale o Income tax benefit on significant items Non-cash adjustment to inventories and development profits Unrealised fair value adjustment to investment properties -223,400,000.00 -276,600,000.00 -5,816,672.00 -50,000.00 -1,373,000.00 -494,000.00 -118,000.00 -314,000.00 -16,000.00 -11,000.00 -57,000.00 -23,000.00 -613,000.00 -111,000.00 -108,000.00 -127,000.00 -331,000.00 -92,000.00 -15,000.00 -367,100,000.00 -1,000,000.00 -1,100,000.00 -3,300,000.00 -12,400,000.00 -12,900,000.00 -45,600,000.00 0.00 -367,100,000.00 18,000,000.00 Tax Notes 0.00 0.00 0.00 0.00 ----- 0.00 0.00 0.00 0.00 0.00 0.00 -9,000,000.00 -------- 0.00 0.00 0.00 0.00 0.00 0.00 2,000,000.00 -------- 0.00 0.00 0.00 0.00 -34,000,000.00 0.00 0.00 -------- 0.00 0.00 17,400,000.00 0.00 0.00 ------ ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Operating Current Assets Non Int Bearing CL Operating Wkg Capital Net PP&E Intangibles Ex.Goodwill Net Oth Operating Assets Operating Invested Capital Ex-Goodwill Goodwill Operating Invested Capital Incl. Goodwill Cash Non Current Investments Total Investor Funds Total Equity Gross Borrowings Total Investor Funds EBIT Corp Tax Rate (%) Tax on EBIT Amortisation NOPLAT Tax Expense Tax Shield Tax on EBIT NOPLAT Depreciation Gross Cash Flow Gross Investment Free Cash Flow Total Current Debtors Prepayments Current Inventory Current Investments Oth Current Assets Creditors CL Provisions CL Other Curr Liab Working Capital Increase Debtors Increase Prepay Increase Inventory CA Increase Curr Invest Increase Oth CA Increase Creditors CL Increase Provisions CL Increase Other CL SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Increase Wkg Capital Capex Increase Capex Increase Wkg Capital Capex Gross Investment Funds from Operations Dividends Received Interest Received Interest Paid Other Operating Cash Purchase of PPE Surplus Funds - Post Capex Proceeds from PPE Surplus Funds - Post PPE Dividends Paid Surplus Funds - Post Div. Purchase of Investments Surplus Funds - Post Acquis. S/T Debt L/T Debt Total Gross Debt Increase S/T Debt Increase L/T Debt Change Gross Debt Cash Increase Cash Net Debt Increase Net Debt Capital Reserves Ex-SPR Share Prem Reserve Retained Profits Other Equity Convertible Equity Outside Equity Total Equity Increase in Capital Incr Reserves Ex-SPR Incr. Share Prem Res Increase Retain Profits Increase Other Equity Increase Convert Equity Increase Outside Equity Increase Total Equity Total Gross Debt SGP SGP Stockland Stockland Total Equity Total Capital Invested 06/13 06/14 06/15 06/16 979,800,000.00 1,375,000,000.00 984,000,000.00 1,203,000,000.00 -2,658,500,000.00 -2,544,000,000.00 -3,007,000,000.00 -3,233,000,000.00 -1,678,700,000.00 -1,169,000,000.00 -2,023,000,000.00 -2,030,000,000.00 220,700,000.00 104,000,000.00 80,000,000.00 53,000,000.00 0.00 0.00 0.00 46,000,000.00 1,195,600,000.00 1,092,000,000.00 1,631,000,000.00 1,333,000,000.00 -262,400,000.00 27,000,000.00 -312,000,000.00 -598,000,000.00 116,600,000.00 94,000,000.00 76,000,000.00 76,000,000.00 -145,800,000.00 121,000,000.00 -236,000,000.00 -522,000,000.00 227,100,000.00 231,000,000.00 170,000,000.00 208,000,000.00 10,575,100,000.00 11,117,000,000.00 12,136,000,000.00 13,368,000,000.00 10,656,400,000.00 11,469,000,000.00 12,070,000,000.00 13,054,000,000.00 8,194,900,000.00 8,298,000,000.00 8,787,000,000.00 9,254,000,000.00 2,461,500,000.00 3,171,000,000.00 3,283,000,000.00 3,800,000,000.00 10,656,400,000.00 11,469,000,000.00 12,070,000,000.00 13,054,000,000.00 532,000,000.00 539,000,000.00 709,000,000.00 925,000,000.00 30.00 30.00 30.00 30.00 26,990,000.00 23,700,000.00 -27,500,000.00 -94,200,000.00 0.00 0.00 6,000,000.00 9,000,000.00 558,990,000.00 562,700,000.00 687,500,000.00 839,800,000.00 54,500,000.00 27,000,000.00 4,000,000.00 -21,000,000.00 27,510,000.00 3,300,000.00 31,500,000.00 73,200,000.00 26,990,000.00 23,700,000.00 -27,500,000.00 -94,200,000.00 558,990,000.00 562,700,000.00 687,500,000.00 839,800,000.00 16,800,000.00 16,000,000.00 15,000,000.00 13,000,000.00 389,200,000.00 393,300,000.00 517,300,000.00 669,500,000.00 567,000,000.00 -499,300,000.00 965,000,000.00 -177,000,000.00 956,200,000.00 -106,000,000.00 1,482,300,000.00 492,500,000.00 154,300,000.00 119,000,000.00 103,000,000.00 134,000,000.00 14,800,000.00 0.00 0.00 0.00 668,200,000.00 570,000,000.00 549,000,000.00 802,000,000.00 4,400,000.00 508,000,000.00 2,000,000.00 79,000,000.00 47,500,000.00 58,000,000.00 84,000,000.00 91,000,000.00 298,500,000.00 554,000,000.00 595,000,000.00 643,000,000.00 689,700,000.00 273,000,000.00 333,000,000.00 300,000,000.00 1,670,300,000.00 1,717,000,000.00 2,079,000,000.00 2,290,000,000.00 -1,678,700,000.00 -1,169,000,000.00 -2,023,000,000.00 -2,030,000,000.00 -31,700,000.00 -35,300,000.00 -16,000,000.00 31,000,000.00 0.00 -14,800,000.00 0.00 0.00 -239,000,000.00 -98,200,000.00 -21,000,000.00 253,000,000.00 -6,500,000.00 503,600,000.00 -506,000,000.00 77,000,000.00 -31,200,000.00 10,500,000.00 26,000,000.00 7,000,000.00 -99,600,000.00 255,500,000.00 41,000,000.00 48,000,000.00 254,200,000.00 -416,700,000.00 60,000,000.00 -33,000,000.00 124,100,000.00 46,700,000.00 362,000,000.00 211,000,000.00 -587,100,000.00 -20,100,000.00 2,900,000.00 -587,100,000.00 -20,100,000.00 567,000,000.00 803,700,000.00 30,800,000.00 6,200,000.00 -215,500,000.00 0.00 -20,100,000.00 605,100,000.00 91,000,000.00 696,100,000.00 -528,700,000.00 167,400,000.00 -468,100,000.00 -300,700,000.00 143,300,000.00 2,318,200,000.00 2,461,500,000.00 -1,200,000.00 -404,900,000.00 -406,100,000.00 227,100,000.00 91,500,000.00 2,234,400,000.00 -497,600,000.00 8,348,100,000.00 13,800,000.00 0.00 -167,000,000.00 0.00 0.00 0.00 8,194,900,000.00 385,600,000.00 19,000,000.00 0.00 -437,100,000.00 0.00 0.00 0.00 -32,500,000.00 2,461,500,000.00 480,300,000.00 -19,000,000.00 1,100,000.00 480,300,000.00 -19,000,000.00 -499,300,000.00 913,000,000.00 31,000,000.00 5,000,000.00 -197,000,000.00 0.00 -19,000,000.00 733,000,000.00 0.00 733,000,000.00 -475,000,000.00 258,000,000.00 -1,137,000,000.00 -879,000,000.00 409,000,000.00 2,762,000,000.00 3,171,000,000.00 265,700,000.00 443,800,000.00 709,500,000.00 231,000,000.00 3,900,000.00 2,940,000,000.00 705,600,000.00 8,420,000,000.00 73,000,000.00 0.00 -195,000,000.00 0.00 0.00 0.00 8,298,000,000.00 71,900,000.00 59,200,000.00 0.00 -28,000,000.00 0.00 0.00 0.00 103,100,000.00 3,171,000,000.00 -980,000,000.00 -15,000,000.00 4,000,000.00 -980,000,000.00 -15,000,000.00 965,000,000.00 553,000,000.00 39,000,000.00 7,000,000.00 -198,000,000.00 0.00 -15,000,000.00 386,000,000.00 0.00 386,000,000.00 -419,000,000.00 -33,000,000.00 -648,000,000.00 -681,000,000.00 286,000,000.00 2,997,000,000.00 3,283,000,000.00 -123,000,000.00 235,000,000.00 112,000,000.00 170,000,000.00 -61,000,000.00 3,113,000,000.00 173,000,000.00 8,560,000,000.00 84,000,000.00 0.00 143,000,000.00 0.00 0.00 0.00 8,787,000,000.00 140,000,000.00 11,000,000.00 0.00 338,000,000.00 0.00 0.00 0.00 489,000,000.00 3,283,000,000.00 142,000,000.00 -35,000,000.00 -20,000,000.00 142,000,000.00 -35,000,000.00 -177,000,000.00 942,000,000.00 36,000,000.00 8,000,000.00 -199,000,000.00 0.00 -35,000,000.00 752,000,000.00 0.00 752,000,000.00 -448,000,000.00 304,000,000.00 -705,000,000.00 -401,000,000.00 481,000,000.00 3,319,000,000.00 3,800,000,000.00 195,000,000.00 322,000,000.00 517,000,000.00 208,000,000.00 38,000,000.00 3,592,000,000.00 479,000,000.00 8,681,000,000.00 126,000,000.00 0.00 447,000,000.00 0.00 0.00 0.00 9,254,000,000.00 121,000,000.00 42,000,000.00 0.00 304,000,000.00 0.00 0.00 0.00 467,000,000.00 3,800,000,000.00 8,194,900,000.00 8,298,000,000.00 8,787,000,000.00 9,254,000,000.00 10,656,400,000.00 11,469,000,000.00 12,070,000,000.00 13,054,000,000.00 06/17 1,085,000,000.00 -3,511,000,000.00 -2,426,000,000.00 51,000,000.00 80,000,000.00 1,470,000,000.00 -825,000,000.00 76,000,000.00 -749,000,000.00 238,000,000.00 13,967,000,000.00 13,456,000,000.00 9,927,000,000.00 3,529,000,000.00 13,456,000,000.00 936,000,000.00 30.00 -29,700,000.00 10,000,000.00 916,300,000.00 -6,000,000.00 23,700,000.00 -29,700,000.00 916,300,000.00 14,000,000.00 679,200,000.00 332,000,000.00 1,011,200,000.00 139,000,000.00 0.00 756,000,000.00 23,000,000.00 96,000,000.00 585,000,000.00 321,000,000.00 2,605,000,000.00 -2,426,000,000.00 5,000,000.00 0.00 -46,000,000.00 -56,000,000.00 5,000,000.00 -58,000,000.00 21,000,000.00 315,000,000.00 -370,000,000.00 -38,000,000.00 -3,000,000.00 -370,000,000.00 -38,000,000.00 332,000,000.00 1,087,000,000.00 33,000,000.00 3,000,000.00 -202,000,000.00 0.00 -38,000,000.00 883,000,000.00 0.00 883,000,000.00 -476,000,000.00 407,000,000.00 -508,000,000.00 -101,000,000.00 267,000,000.00 3,262,000,000.00 3,529,000,000.00 -214,000,000.00 -57,000,000.00 -271,000,000.00 238,000,000.00 30,000,000.00 3,291,000,000.00 -301,000,000.00 8,790,000,000.00 93,000,000.00 0.00 1,044,000,000.00 0.00 0.00 0.00 9,927,000,000.00 109,000,000.00 -33,000,000.00 0.00 597,000,000.00 0.00 0.00 0.00 673,000,000.00 3,529,000,000.00 9,927,000,000.00 13,456,000,000.00 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Operating Rev. 1 Year (%) Operating Rev. 3 Year (%) Operating Rev. 5 Year (%) Operating Exp. 1 Year (%) Operating Exp. 3 Year (%) Operating Exp. 5 Year (%) EBITDA 1 Year (%) EBITDA 3 Year (%) EBITDA 5 Year (%) EBIT 1 Year (%) EBIT 3 Year (%) EBIT 5 Year (%) EBT After Abs. 1 Year (%) EBT After Abs. 3 Year (%) EBT After Abs. 5 Year (%) EAT 1 Year (%) EAT 3 Year (%) EAT 5 Year (%) EPS Adj 1 Year (%) EPS Adj 3 Year (%) EPS Adj 5 Year (%) Total Div. Ex Spec 1 Year (%) Total Div. Ex Spec 3 Year (%) Total Div. Ex Spec 5 Year (%) DPS Adj Ex Spec 1 Year (%) DPS Adj Ex Spec 3 Year (%) DPS Adj Ex Spec 5 Year (%) Total Assets 1 Year (%) Total Assets 3 Year (%) Total Assets 5 Year (%) Net PP&E 1 Year (%) Net PP&E 3 Year (%) Net PP&E 5 Year (%) Total Equity 1 Year (%) Total Equity 3 Year (%) Total Equity 5 Year (%) Retained Profits 1 Year (%) Retained Profits 3 Year (%) Retained Profits 5 Year (%) Net Debt 1 Year (%) Net Debt 3 Year (%) Net Debt 5 Year (%) Invested Capital 1 Year (%) Invested Capital 3 Year (%) Invested Capital 5 Year (%) SGP SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Stockland NOPLAT 1 Year (%) NOPLAT 3 Year (%) NOPLAT 5 Year (%) Free Cashflow 1 Year (%) Free Cashflow 3 Year (%) Free Cashflow 5 Year (%) 06/13 06/14 -22.60 -9.20 -6.08 -3.11 -7.66 -5.45 -37.01 -9.37 -11.45 -37.44 -9.76 -12.00 -92.85 -59.70 -46.34 -78.52 -39.76 -31.73 -23.68 -8.08 -12.46 0.00 3.26 -12.39 0.00 3.26 -11.39 -3.19 -0.23 -0.82 2.84 21.35 -3.52 -0.40 -1.84 -0.69 ----18.21 5.22 -7.90 ---- 17.19 -10.33 0.63 34.24 -6.77 5.40 1.13 -17.56 -5.51 1.32 -17.96 -5.54 1,533.03 -12.66 -403.82 -11.28 -6.88 -8.60 -8.10 ----100.00 -100.00 -100.00 5.90 0.75 0.60 -52.88 -21.33 -16.71 1.26 -1.94 -0.92 16.77 --31.58 9.93 9.90 --41.68 -51.95 06/15 06/16 16.82 1.95 0.49 15.15 14.41 4.01 31.53 -5.73 -0.20 31.54 -5.88 -0.42 67.98 25.20 12.42 71.35 22.85 13.55 8.36 -4.03 -2.09 -0.00 1.94 -0.00 1.94 5.56 2.67 2.11 -23.08 -28.03 -8.32 5.89 2.22 0.28 --19.10 -23.38 5.88 4.45 10.17 ---- 13.75 15.91 -0.85 2.81 16.70 -0.83 29.73 19.94 -0.90 30.47 20.25 -1.07 2.45 204.03 2.77 -1.55 104.07 3.33 6.87 7.37 -2.43 2.08 0.69 0.67 2.08 0.69 0.67 7.71 6.39 3.06 -33.75 -37.84 -24.33 5.31 4.13 1.01 212.59 -6.61 15.39 17.15 10.17 91.67 31.60 -- -31.75 -7.15 -8.81 24.19 197.54 20.13 0.66 -13.72 -6.81 ---- 22.18 -5.67 -0.31 -24.40 109.99 22.15 14.53 -0.84 -66.77 -19.84 -19.38 06/17 20.48 16.99 7.75 20.39 12.54 13.14 1.37 20.04 1.96 1.19 20.20 1.94 30.69 31.02 21.31 34.42 31.38 19.67 27.56 13.89 3.80 4.08 -1.22 4.08 -1.22 3.26 5.50 3.78 -3.77 -21.14 -24.98 7.27 6.16 3.83 133.56 -31.05 -8.38 3.83 3.79 37.96 --- 9.11 17.65 2.27 105.32 -5.60 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Net Profit Margin (%) EBIT Margin (%) EBITA Margin (%) EBITDA Margin (%) ROE (%) ROA (%) ROIC (%) NOPLAT Margin (%) Invested Capital Turnover Inventory Turnover Asset Turnover LT Asset Turnover PPE Turnover Depreciation/PP&E (%) Depreciation/Revenue (%) Wkg Capital/Revenue (%) Working Cap Turnover Financial Leverage Gross Gearing (D/E) (%) Net Gearing (%) Net Interest Cover Current Ratio Quick Ratio Gross Debt/CF Net Debt/CF NTA per Share ($) BV per Share ($) Cash per Share ($) Receivables/Op. Rev. (%) Inventory/Trading Rev. (%) Creditors/Op. Rev. (%) Funds from Ops./EBITDA (%) Depreciation/Capex (%) Capex/Operating Rev. (%) Days Inventory Days Receivables Days Payables Gross CF per Share ($) Sales per Share ($) Year End Share Price Market Cap. Net Debt Enterprise Value EV/EBITDA EV/EBIT SGP SGP SGP SGP SGP Stockland Stockland Stockland Stockland Stockland Market Cap./Rep NPAT Market Cap./Trading Rev. Price/Book Value Price/Gross Cash Flow PER 06/13 06/14 06/15 06/16 49.01 46.91 43.99 41.98 52.70 45.56 51.30 58.84 52.70 45.56 51.74 59.41 54.36 46.91 52.82 60.24 6.04 6.69 6.92 7.13 4.00 3.80 4.37 4.94 -2,084.07 --55.37 47.57 49.75 53.42 -43.81 --1.51 2.08 2.52 1.96 0.07 0.08 0.09 0.09 0.08 0.09 0.09 0.10 4.57 11.38 17.28 29.66 5.76 9.20 18.75 24.53 1.66 1.35 1.09 0.83 -166.29 -98.82 -146.38 -129.13 -0.60 -1.01 -0.68 -0.77 1.72 1.80 1.79 1.83 30.04 38.21 37.36 41.06 27.27 35.43 35.43 38.82 5.80 49.00 6.75 3.79 0.43 0.54 0.35 0.38 0.19 0.35 0.18 0.16 6.32 8.06 6.35 5.68 5.74 7.48 6.02 5.37 3.51 3.53 3.69 3.82 3.56 3.57 3.72 3.87 0.10 0.10 0.07 0.09 10.42 5.49 2.82 3.31 66.19 48.18 39.73 51.02 29.57 46.83 43.05 40.90 146.45 164.50 75.75 99.47 83.58 84.21 100.00 37.14 1.99 1.61 1.09 2.23 241.60 175.87 145.00 186.22 38.04 20.05 10.30 12.07 107.93 170.93 157.15 149.30 0.18 0.17 0.22 0.28 0.46 0.51 0.59 0.66 3.48 3.88 4.10 4.71 8,019,228,431.00 9,018,181,901.00 9,672,296,523.00 11,248,249,778.00 2,234,400,000.00 2,940,000,000.00 3,113,000,000.00 3,592,000,000.00 10,253,628,431.00 11,958,181,901.00 12,785,296,523.00 14,840,249,778.00 18.68 21.55 17.51 15.67 19.27 22.19 18.03 16.04 76.67 7.94 0.98 20.60 15.56 17.11 7.62 1.09 22.93 16.23 10.71 7.00 1.10 18.70 15.82 12.65 7.16 1.22 16.80 17.01 06/17 44.93 49.42 49.95 50.69 8.57 5.20 -48.38 -2.51 0.11 0.12 37.14 27.45 0.74 -128.09 -0.78 1.76 35.55 33.15 11.85 0.35 0.15 5.20 4.85 4.05 4.12 0.10 2.32 39.92 30.89 113.23 36.84 2.01 145.69 8.48 112.74 0.28 0.79 4.38 10,566,301,667.00 3,291,000,000.00 13,857,301,667.00 14.43 14.80 8.84 5.58 1.06 15.56 12.40 ASX Code SGP SGP SGP SGP SGP SGP SGP SGP Company Name Stockland Stockland Stockland Stockland Stockland Stockland Stockland Stockland Item Cash (%) Trade Debtors (%) Inventory (%) Plant & Equipment (%) Intangibles (%) Goodwill (%) Non Current Investments (%) Other (%) 06/13 06/14 1.61 1.73 16.76 1.57 0.00 0.83 75.16 2.33 06/15 1.55 1.32 15.54 0.70 0.00 0.63 74.61 5.65 06/16 1.08 1.24 16.15 0.51 0.00 0.48 77.16 3.38 1.23 1.38 14.84 0.31 0.27 0.45 78.90 2.61 06/17 1.36 1.27 14.18 0.29 0.46 0.43 79.83 2.17 Calculating free cash flow to equity (FCFE) provides you with a measure of a firm`s ability to pay dividends to its stockholders, cover additional debt, and make further investments in the business .FCFE represents the cash available to the company`s common stockholders after operating expenses , taxes, debt payments and expenditures needed to sustain production have been accounted for. A firm`s FCFE provides insight into the strength or weakness of the company and even its ability in generating sustainable earnings . The analysis depends on which of these two perspectives is your focus . Therefore in calculating the FCFE of a company , examine various accounts on the balance sheet to acquire the correct and accurate assessment of cash flow. Learn the formula that is FCFE=NI+NCC+Int (1-Tax Rate)-FCInv-WCInv+Borrowing where NI is net income,NCC is Non cash charges,Int is Interest income,FCInv is Fixed capital expenditures,WCInv is Working capital investment