Goodman Sustainability Report 2023
Corporate information
Stephen Johns
Independent Chairman
Appointed 1 January 2017 (Goodman Limited and Goodman Funds Management Limited); 19 November 2020 (Goodman Logistics (HK) Limited)
Gregory Goodman
Group Chief Executive Officer
Appointed 7 August 1998 (Goodman Limited and 17 January 1995 Goodman Funds Management Limited); 18 January 2012 (Goodman Logistics (HK) Limited)
Chris Green
Independent Director
Appointed 28 April 2019
Mark G. Johnson
Independent Director
Appointed 1 June 2020
Vanessa Liu
Independent Director
Appointed 1 June 2022
Danny Peeters
Executive Director
Appointed 1 January 2013 (Goodman Limited and Goodman Funds Management Limited); 1 February 2018 (Goodman Logistics (HK) Limited)
Phillip Pryke
Independent Director
Appointed 13 October 2010
Belinda Robson
Independent Director
Appointed 1 March 2023
Anthony Rozic
Deputy Group Chief Executive Officer and Chief Executive Officer, North America
Appointed 1 January 2013
Hilary Spann
Independent Director
Appointed 4 April 2022
George Zoghbi
Independent Director
Appointed 11 April 2023
Kitty Chung
Independent Director of Goodman Logistics (HK) Limited
Appointed 1 July 2023
David Collins
Independent Director of Goodman Logistics (HK) Limited
Appointed 1 February 2018
Carl Bicego
Group Head of Legal & Company Secretary
Appointed 24 October 2006
View full Director biographies
Financial Summary
Financial Summary
Financial Summary
Financial Summary
| Income Statement | 2019 $M |
2020 $M |
2021 $M |
2022 $M |
2023 $M |
| Gross property income | 114.6 | 115.9 | 112.4 | 138.0 | 122.8 |
| Management income | 469.7 | 511.2 | 383.9 | 511.4 | 438.9 |
| Development income | 1,134.3 | 882.6 | 1,492.0 | 1,441.6 | 1,407.2 |
| Net gain/(loss) on disposals of assets | 27.9 | 56.3 | 42.7 | 86.3 | 3.6 |
| Net gain from fair value adjustments on investment properties | 146.8 | 45.2 | 63.1 | 260.1 | 278.9 |
| Share of net results of equity accounted investments | 1,132.5 | 1,022.2 | 1,708.9 | 2,718.2 | 1,022.4 |
| Distributions from investments | – | – | – | 0.8 | - |
| Total income | 3,025.8 | 2,633.4 | 3,803.0 | 5,156.4 | 3,273.8 |
| Property expenses | (40.2) | (36.4) | (32.8) | (33.7) | (31.7) |
| Development expenses | (727.3) | (443.4) | (862.3) | (554.9) | (606.7) |
| Employee expenses | (191.9) | (203.7) | (210.8) | (258.9) | (271.6) |
| Share based payments expense | (196.6) | (164.0) | (268.8) | (257.6) | (286.0) |
| Administrative and other expenses | (75.8) | (88.6) | (83.2) | (90.4) | (100.9) |
| Total expenses | (1,231.8) | (936.1) | (1,457.9) | (1,195.5) | (1,296.9) |
| Profit before income tax | 1,794.0 | 1,697.3 | 2,345.1 | 3,960.9 | 1,976.9 |
| Net finance (expense)/income | (49.3) | (80.2) | 74.9 | (222.8) | (234.8) |
| Income tax expense | (116.8) | (113.0) | (108.1) | (324.1) | (182.2) |
| Profit attributable to Securityholders | 1,627.9 | 1,504.1 | 2,311.9 | 3,414.0 | 1,559.9 |
OPERATING PROFIT RECONCILIATION (NON-IFRS)
| Operating profit | 942.3 | 1,060.2 | 1,219.4 | 1,528.0 | 1,783.2 |
| Adjustments for: | |||||
| Property valuation related movements | 871.7 | 621.3 | 1,308.5 | 2,326.3 | 264.1 |
| Fair value adjustments related to hedging activities | 17.0 | 6.8 | 55.0 | (191.4) | (225.8) |
| Other non-cash adjustments or non-recurring items | (203.1) | (184.2) | (271.0) | (248.9) | (261.6) |
| Profit for the year attributable to Securityholders | 1,627.9 | 1,504.1 | 2,311.9 | 3,414.0 | 1,559.9 |
| Operating profit per stapled security (cents) | 51.6 | 57.5 | 65.6 | 81.3 | 94.3 |
| Dividends/distributions per security (cents) | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
STATEMENT OF FINANCIAL POSITION
| Cash and receivables | 1,981.4 | 2,172.5 | 1,529.2 | 1,447.2 | 1,834.2 |
| Property assets | 2,966.1 | 3,081.4 | 3,279.0 | 4,148.0 | 4,399.9 |
| Equity accounted investments | 8,452.4 | 9,370.8 | 10,660.0 | 14,379.6 | 16,285.2 |
| Intangible assets | 840.0 | 845.8 | 822.6 | 795.4 | 850.1 |
| Other (including derivative financial instruments and contract assets) | 672.9 | 667.7 | 576.2 | 662.2 | 657.8 |
| Total assets | 14,912.8 | 16,138.2 | 16,867.0 | 21,432.4 | 24,027.2 |
| Payables, provisions and contract liabilities | 944.1 | 988.3 | 1,009.3 | 1,032.2 | 1,389.4 |
| Interest bearing liabilities | 2,975.0 | 2,938.5 | 2,060.3 | 2,832.2 | 3,292.9 |
| Other (including derivative financial instruments) | 471.2 | 690.8 | 635.9 | 1,143.2 | 1,320.1 |
| Total liabilities | 4,390.3 | 4,617.6 | 3,705.5 | 5,007.6 | 6,002.4 |
| Net assets attributable to Securityholders | 10,522.5 | 11,520.6 | 13,161.5 | 16,424.8 | 18,024.8 |
| Net tangible assets per security ($) | 5.34 | 5.84 | 6.68 | 8.37 | 9.12 |
| Gearing ratio (%) | 9.7 | 7.5 | 6.8 | 8.5 | 8.3 |
STATEMENT OF CHANGES IN EQUITY
| Total equity at the beginning of the year | 9,173.7 | 10,522.5 | 11,520.6 | 13,161.5 | 16,424.8 |
| Total comprehensive income for the year | 1,795.4 | 1,467.7 | 2,027.1 | 3,581.1 | 1,923.2 |
| 10,969.1 | 11,990.2 | 13,547.7 | 16,742.6 | 18,348.0 | |
| Contributions of equity, net of transaction costs | – | – | 64.7 | 109.7 | 67.2 |
| Distributions provided or paid | (544.2) | (548.5) | (554.2) | (560.1) | (564.6) |
| Other transactions with equity holders | 97.6 | 78.9 | 103.3 | 132.6 | 174.2 |
| Total equity at the end of the year | 10,522.5 | 11,520.6 | 13,161.5 | 16,424.8 | 18,024.8 |
CASH FLOW STATEMENT
| Net cash provided by operating activities | 827.5 | 1,156.9 | 1,114.7 | 841.0 | 1,284.2 |
| Net cash used in investing activities | (818.2) | (306.4) | (549.9) | (1,001.5) | (716.0) |
| Net cash (used in)/provided by financing activities | (849.2) | (660.9) | (1,349.1) | 299.7 | (308.8) |
| Net (decrease)/increase in cash held | (839.9) | 189.6 | (784.3) | 139.2 | 259.4 |
| Cash at the beginning of the year | 2,406.8 | 1,607.1 | 1,792.8 | 920.4 | 1,056.0 |
| Effect of exchange rate fluctuations on cash held | 40.2 | (3.9) | (88.1) | (3.6) | 44.7 |
| Cash at the end of the year | 1,607.1 | 1,792.8 | 920.4 | 1,056 | 1,360.1 |
Corporate Directory
Corporate Directory
Corporate Directory
Corporate Directory
Goodman Group
Goodman Limited
ABN 69 000 123 071
Company Secretary – Carl Bicego
Goodman Industrial Trust
ASRN 091 213 839
Goodman Funds Management Limited
(Responsible Entity for Goodman Industrial Trust)
ABN 48 067 796 641
AFSL Number 223621
Company Secretary – Carl Bicego
Goodman Logistics (HK) Limited
Company No. 1700359
ARBN 155 911 149
Company Secretary – Goodman Secretarial Asia Limited
Registered offices
The Hayesbery
1-11 Hayes Road
Rosebery NSW 2018
GPO Box 4703
Sydney NSW 2001
Australia
Telephone
1300 791 100
(within Australia)
+61 2 9230 7400
(outside Australia)
Suite 901
Three Pacific Place
1 Queen’s Road East
Hong Kong
Telephone
+852 2249 3100
Facsimile
+852 2525 2070
+61 2 9230 9444
Registered offices
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About Goodman
Security registrar
Computershare Investor Services Pty Limited
Level 5,
115 Grenfell Street
Adelaide, SA
5000 Australia
GPO Box 2975
Melbourne, VIC
3001 Australia
Telephone
1300 723 040
(within Australia)
+61 3 9415 4043
(outside Australia)
Facsimile
+61 3 9473 2500
ASX code
GMG
Auditor
KPMG
Level 38, Tower Three
International Towers
Sydney
300 Barangaroo Avenue
Sydney NSW 2000
Australia
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