CENTURIA CAPITAL GROUP — Interim / Quarterly Report 2012

Feb 23, 2012

Appendix 4D

Half Year Report

CENTURIA CAPITAL LIMITED

ABN: 22 095 454 336

1	Reporting period: 6 months to 31st December 2011
	Previous period: 6 months to 31st December 2010
2 2.1 (a)	Results for announcement to the market Revenue from ordinary activities.	\$'000 22,810 1	% change from previous period 2.66%
2.1 (b)	Revenue from shareholder activities (refer 2.6 below).	22,810	2.66%
2.2	Profit from ordinary activities after tax attributable to members (refer 2.6 below).	980	38.52%
2.3 (a)	Net profit for the period attributable to members (refer 2.6 below).	980	38.52%
2.3 (b)	Normalised net profit after tax for the period attributable to members (refer 2.7 below).	1,282	-41.15%
2.4	Final dividend 2011: Amount per security (cents) Franked amount per security (cents) Proposed interim dividend 2012: Amount per security (cents) Franked amount per security (cents)		3.50 1.05 1.25 1.25
2.5	Interim dividend: Record date for determining entitlements to the dividend Record date for determining entitlements to the dividend.		09 March 2012 09 March
2.6	The main sources of revenue from shareholder activities (refer 2.1(b)) were from the operations of the Centura Life division, the Property Funds Management division and the Residential Mortgage business.
2.7	Normalised net profit after tax has been adjusted for the impairment of the Mortgageport investment of \$140k (post-tax) and the write-down of the investment in the Centuria Bulky Goods Fund 1 investment of \$162k (post tax).
3	Net tangible assets backing:	2011	2010
	Number of Ordinary Shares	81,262,172	78,479,449
	Net tangible assets (\$000's)	35,767	39,335
	Net tangible assets per security	\$0.44	\$0.50
	Net assets Net assets per security	89,400 \$1.10	93,206 \$1.19
4	There were no entities over which control has been gained during the period.

5	Final dividend 2011:
	Date dividend paid	30 September 2011
	Amount of dividends paid ('000)	\$1,945
	Amount per security of foreign sourced dividend	0.00
	Proposed Interim dividend 2012:
	Date dividend payable	30 March 2012
	Amount of dividend payable	1.25 cents
	Amount per security of foreign sourced dividend	0.00

6 A Dividend Reinvestment Plan ("Plan") has been in operation since the Company listed on the ASX on 26 March 2002.

A copy of the Plan Rules is available on the Company's website or from our share registry at Computershare Investor Services Pty Ltd.

7 The Group owns 50% of the shares in Mortgageport Management Pty Limited. As the Company does not have control, the entity is treated as an associate and accounted for using the equity method. The group also owns 21% of Centuria Bulky Goods Fund 1, and 6% of Centuria Direct Property Fund.

The contribution to the group's results for the half year was:

• (i) Mortgageport Management Pty Ltd: \$nil (2010: \$48,478).
• (ii) Centuria Bulky Goods Fund 1: (\$577,082) (2010: (\$599,025)).
• (iii) Centuria Direct Property Fund: \$250,807 (2010: (\$43,337)).
• 8 Centuria Capital Limited is not a foreign entity nor are any of the controlled entities.
• 9 This report is based on accounts, which have been reviewed by the auditors. A copy of the auditor's review report is attached.

The accounts are not subject to qualification.

A.B.N. 22 095 454 336

INTERIM FINANCIAL REPORT

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

Directors' Report For the half year ended 31 December 2011

The directors of Centuria Capital Limited (the Company or Centuria) submit here with the interim financial report of Centuria Capital Limited and its controlled entities (the Group) for the half year ended 31 December 2011. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

INFORMATION ABOUT THE DIRECTORS AND COMPANY SECRETARIES

Directors

The names of the Directors of the Company in office during or since the end of the half year are:

R.W. Dobson, LLB (Hons), LLM. (Chairman since appointment). Independent Director since 28^th November 2007.

P.J. Done, BComm. FCA. Independent Director since 28^th November 2007.

D.K. Gupta, BComm. MBA. Independent Director since 28^th November 2007.

J.C. Huljich, BComm. Executive Director since 28^th November 2007.

J.E. McBain, DipUrbVal. Executive Director since 10^th July 2006.

Unless indicated otherwise, the Directors held their positions throughout the half year and up to the date of this report.

Company Secretaries

T.D. Reid, Dip. Bus. Studies (Acc), CA, Fdn FPA. Company Secretary since 10^th December 2007. M.J. Coy, BBus, CPA. Appointed Company Secretary 19^th October 2009.

PRINCIPAL ACTIVITIES

The principal activities of the Group during the course of the half year were the marketing and management of investment products (including friendly society investment bonds and property investment units), general insurance through agency arrangements, mortgage lending and management, property investment and management of Over Fifty Guardian Friendly Society Limited.

REVIEW OF OPERATIONS

The consolidated net profit of the Group for the period is \$0.980 million (2010: loss of \$2.544 million) after providing for an income tax expense relating to shareholders of \$1.490 million (2010: \$0.301 million).

CHANGES IN STATE OF AFFAIRS

There was no significant change in the state of affairs of the Group during the half year.

SUBSEQUENT EVENTS

On 24 February 2012, the Company declared an interim dividend of 1.25 cents per share franked at 100%. The dividend is expected to be paid on 30 March 2012.

Prior to 31 December 2011, the Company entered into commercial discussions with a party to dispose of its 50% interest in the Mortgageport business. At the date of finalising this financial report, documents in respect of the planned disposal have been drafted and the expectation is that the transaction will proceed shortly. The Company intends to disclose details of the sale to the market once the underlying transaction documents have been executed.

DIVIDENDS

\$1.945 million was paid during the half year to 31 December 2011 (half year ended 31 December 2010: \$1.884 million).

AUDITOR'S INDEPENDENCE DECLARATION

The auditor's independence declaration is included on page 3 and forms part of the Directors' Report for the half year ended 31 December 2011.

Directors' Report For the half year ended 31 December 2011

ROUNDING OFF OF AMOUNTS

The Company is a company of the kind referred to in ASIC Class Order 98/0100, dated 10 July 1998, and in accordance with that Class Order, amounts in the Directors' report and the interim financial report are rounded off to the nearest thousand dollars, unless otherwise indicated.

Signed in accordance with a resolution of the Directors.

For and on behalf of the Board

J.E. McBain Executive Director & Chief Executive Officer

Sydney 24 February 2012

$\sqrt{2}$

P.J. Done Director Chairman - Audit, Risk Management & Compliance Committee

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

To: the directors of Centuria Capital Limited

I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2011 there have been:

• no contraventions of the auditor independence requirements as set out in the $(i)$ Corporations Act 2001 in relation to the review; and
• $(ii)$ no contraventions of any applicable code of professional conduct in relation to the review.

KPMG

Steve Gatt Partner

Sydney

24 February 2012

Independent auditor's review report to the members of Centuria Capital Limited

Report on the financial report

We have reviewed the accompanying half-year financial report of Centuria Capital Limited, which comprises the condensed consolidated statement of financial position as at 31 December 2011, condensed consolidated statement of comprehensive income and condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the halfyear period ended on that date, notes 1 to 11 comprising a summary of significant accounting policies and other explanatory information and the directors' declaration of the Group comprising the company and the entities it controlled at the half-year's end or from time to time during the half-year.

Directors' responsibility for the half-year financial report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Group's financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As auditor of Centuria Capital Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

Directors' Declaration For the half year ended 31 December 2011

• $1.$ In the opinion of the directors of the Company:
• the financial statements and notes that are contained in pages 7 to 15 are in accordance with the $(a)$ Corporations Act 2001, including:
  • $(i)$ giving a true and fair view of the Group's financial position as at 31 December 2011 and of its performance for the financial period ended on that date; and
  • complying with Australian Accounting Standards and the Corporations Regulations 2001; $(ii)$ and
• there are reasonable grounds to believe that the Group will be able to pay its debts as and when $(b)$ they become due and payable.
• There are reasonable grounds to believe that the Company and the Group will be able to meet any $2.$ obligations or liabilities to which they are or may become subject to by virtue of the Deed of Cross Guarantee between the Company and those group entities pursuant to ASIC Class Order 98/1418.
• $3.$ The directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the chief executive officer and chief financial officer for the financial period ended 31 December 2011.
• $\overline{4}$ . The directors draw attention to Note 1 to the financial statements, which include a statement of compliance with International Financial Reporting Standards.

Signed in accordance with a resolution of the directors.

For and on behalf of the Board

J.E. McBain Executive Director & Chief Executive Officer

Sydney 24 February 2012

$10-1$

P.J. Done Director Chairman - Audit, Risk Management & Compliance Committee

Condensed Consolidated Statement of Comprehensive Income For the half year ended 31 December 2011

		Half year ended
		31-Dec-11	31-Dec-10
	Note	\$'000	\$'000
Revenue	2(i)
Centuria Life revenue		15,206	14,440
Other income	2(ii)	6,516	6,836
Total income		1,088	944
		22,810	22,220
Finance costs		(8,605)	(8,016)
Employee benefits expense		(5,053)	(3,305)
Administrative and other expenses		(3, 482)	(4, 112)
Bad debts expense			(2,889)
Centuria Life expenses	2(ii)	(2,674)	(2,537)
Net (expense)/revenue from benefit funds	2(ii)	(706)	2,145
Share of loss of associates		(326)	(594)
Revaluation of investment property assets			(3,010)
Impairment of investment in associates		(200)
Profit/(loss) before tax	2(iii)	1,764	(98)
Income tax expense relating to shareholders		(1,490)	(301)
Income tax benefit/(expense) relating to benefit funds	2(ii)	706	(2,145)
Total income tax expense		(784)	(2, 446)
Profit/(loss) for the period		980	(2, 544)
Other comprehensive income:
(Loss)/Gain on cash flow hedges taken to equity
Income tax benefit/(loss) relating to other comprehensive income		(165) 49	990
Other comprehensive (loss)/income for the period (net of tax)		(116)	(296) 694
Total comprehensive income/(loss) for the period		864	(1, 850)
Earnings per share
Basic (cents per share)		1.2	(3.3)
Diluted (cents per share)		1.2	(3.3)

The consolidated result aggregates the financial results of Centuria Capital Limited corporate entities and the benefit funds.

Condensed Consolidated Statement of Financial Position As at 31 December 2011

			As at
		31-Dec-11	$30-J$ un- $11$
ASSETS	Note	\$'000	\$'000
Cash and cash equivalents
Trade and other receivables		10,811	11,625
Financial assets at fair value through profit and loss		11,553	10,854
Other financial assets - residential mortgages	3	431	2,331
Non-current assets held for sale		203,515	198,194
Other assets		2,636
Investment property		2,220	1,816
Investment in associates		22,500	22,500
Plant & equipment		4,230 1,167	7,453
Assets in respect of benefit funds	9	480,770	1,349 508,964
Deferred tax assets		14,335	11,751
Intangible assets		53,633	53,809
TOTAL ASSETS		807,801	830,646
LIABILITIES
Trade and other payables		8,469	5,492
Borrowings	$\overline{4}$	189,463	196,899
Income tax payable		6,050	5,663
Other liabilities		4,210	6,654
Derivative financial liabilities		23,569	13,531
Liabilities in respect of benefit funds	9	480,770	508,964
Deferred tax liabilities Provisions		4,950	2,256
		920	706
TOTAL LIABILITIES		718,401	740,165
NET ASSETS		89,400	90,481
EQUITY
Contributed equity	5	90,036	100,235
Reserves		(1, 461)	(868)
Retained earnings/(losses)	5	825	(8,886)
TOTAL EQUITY		89,400	90,481

The consolidated result aggregates the financial results of Centuria Capital Limited corporate entities and the benefit funds.

Condensed Consolidated Statement of Cash Flows For the half year ended 31 December 2011

	Consolidated
	31-Dec-11 \$'000	31-Dec-10 \$'000
Cash flows from operating activities
Interest received	9,264	8,914
Dividends received	14
Management fees received	10,430	9,620
Rent, trust distributions and other income received	3,964	4,610
Benefit funds payments	(24, 398)	(24, 962)
Payments to suppliers and employees	(20, 161)	(13, 145)
Income tax paid	(995)
Net cash used in operating activities	(21, 881)	(14,963)
Cash flows from investing activities
Interest received on mortgage loans net of mortgage receipt/drawdown	4,432	4,463
Benefit funds receipts	38,434	31,077
(Payments)/receipts for investment property	(11)	4,334
Payments for plant and equipment	(21)	(98)
Acquisition of subsidiaries net of cash acquired		(1, 153)
Proceeds from/(payments for) investment in other financial assets	2,217	(4, 549)
Net cash provided by investing activities	45,051	34,074
Cash flows from financing activities
Proceeds from issue of equity securities		454
Loans (payment)/receipts	(700)	634
Payment for deposit on property acquisition		(1,585)
Benefit funds receipts	700
Repayment of borrowings	(7,556)	(9,318)
Dividends and distributions paid	(1, 945)	(1,884)
Financing costs	251
Net cash used in financing activities	(9, 249)	(11,699)
Net increase in cash and cash equivalents	13,921	7,412
Cash and cash equivalents at the beginning of the period	30,700	55,368
Cash and cash equivalents at the end of the period	44,621	62,780
Cash attributable to benefit funds	33,809	47,517
Cash attributable to shareholders	10,811	15,263
	44,620	62,780

The consolidated result aggregates the financial results of Centuria Capital Limited corporate entities and the benefit funds.

Condensed Consolidated Statement of Changes in Equity For the half year ended 31 December 2011

					CONSOLIDATED
		capital Share	Retained earnings/ (losses)	Cash flow reserve hedge	associates' Share of reserves	Share-based incentive reserve	attributable to equity holders of the parent Total
	Note	$000,$ \$	$000,$ \$	8'000	000.5	000.5	000,5
Balance at 1 July 2010		100,018	(2,203)	(2,067)	(843)	738	95,643
Loss for the period			(2,544)				(2,544)
Other comprehensive income for the period		$\mathbf{I}$		694	843	T.	1,537
Total comprehensive income for the period			(2,544)	694	843		(1,007)
Dividend reinvestment plan Issued during the period:		454					454
Payment of dividends	6		(1,884)				(1,884)
Balance at 31 December 2010		100,472	(6, 631)	(1,373)	п	738	93,206
Balance at 1 July 2011		100,235	(8, 886)	(1,345)		477	90,481
Profit for the period			980				980
Other comprehensive income for the period		$\mathbf{I}$	ī	(116)	ï	ı	(116)
Total comprehensive income for the period			980	(116)			864
Issued during the period:
Employee share scheme		477				(477)	ı
Dividend reinvestment plan	5	804	(804)
Payment of dividends	$\circ$		(1,945)				(1,945)
Transfer to retained earnings	$\sigma$	(11, 480)	11,480
Balance at 31 December 2011		90,036	825	(1,461)			89,400

The consolidated result aggregates the financial results of Centuria Capital Limited corporate entities and the benefit funds.

Corporate information

The interim financial report of Centuria Capital Limited for the half year ended 31 December 2011 was authorised for issue in accordance with a resolution of the Directors. Centuria Capital Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange.

1. Basis of Preparation

Statement of compliance

The interim financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The interim financial report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the annual financial report of the Group as at and for the year ended 30 June 2011.

This condensed consolidated interim financial report was approved by the Directors on 24 February 2012.

The Company is a company of the kind referred to in ASIC Class Order 98/0100, dated 10 July 1998, and in accordance with that Class Order, amounts in the interim financial report are rounded off to the nearest thousand dollars, unless otherwise indicated.

Estimates

In preparing this consolidated interim financial report, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2011.

Significant accounting policies

The accounting policies and methods of computation adopted in the preparation of the interim financial report are consistent with those adopted and disclosed in the Group's annual financial report for the financial year ended 30 June 2011.

Comparatives

In order to increase understandability for the main stakeholders of the Group (namely, the shareholders and the policyholders), the financial statements have been restated to show net revenue or net expenses from the benefit funds as a single line, and total assets and total liabilities relating to the benefit funds have also been presented separately. Comparatives and disclosure notes have been restated to reflect this change in presentation.

$2.$ Revenue, income and expense items

The following is an analysis of the Group's revenue for the period:

		Half year ended $31 - Dec-11$ \$'000
		$31 - Dec-10$
		\$'000
(i) Revenue
Interest revenue	9,012	8,753
Dividend revenue	14
Fees from property funds	4,589	4,104
Rental income	1,591	1,579
	15,206	14,440

$2.$ Revenue, income and expense items (cont'd)

	Centuria Life	Benefit		31-Dec-11
	Limited	Funds		Total
Income	\$'000	\$'000		\$'000
Investment income	258	6,245		6,503
Management fee income	6,258			6,258
Application for bonus funds (DPF only)		6,338		6.338
	6,516 (i)	12,583		19,099
Expenses
Redemption Expense (DPF only)		31,022		31,022
Net movement in policyholder liabilities		(23, 242)		(23, 242)
Management fee expense		5,209		5,209
Bad debts - mortgage loans		300		300
Management fund operating expenses	(i) 2,674			2,674
	2,674	13,289		15,963
Profit/(loss) before tax	3,842	(706)	(i)	3,136
Income tax (expense)/benefit	(1,783)	706	(i)	(1,077)
Profit after tax	2,059			2,059
	Centuria Life	Benefit		$31 - Dec-10$
	Limited	Funds		Total
Income	\$'000	\$'000		\$'000
Investment income	159	18,068		18,227
Management fee income	6,677			6,677
Application for bonus funds (DPF only)		3,249		3,249
	6,836 (i)	21,317		28,153
Expenses
Redemption Expense (DPF only)		27,668		27,668
Net movement in policyholder liabilities		(16,910)		(16,910)
Management fee expense		5,620		5,620
Bad debts - mortgage loans		2,794		2,794
Management fund operating expenses	2,537 (i)			2,537
	2,537	19,172		21,709
Profit before tax	4,299	2,145	(i)	6,444
Income tax expense	(1,910)	(2, 145)	(i)	(4,055)
Profit after tax	2,389			2,389

(i) These numbers have also been included in the condensed consolidated Statement of Comprehensive Income on page 7.

	Half year ended
(iii) Profit/(loss) before income tax expense	$31 - Dec-11$ \$'000	$31 - Dec-10$ $$^{\prime}000$
The amount in the income statement is represented by:
- Profit/(loss) before income tax expense relating to shareholders	2,470	(2,243)
- (Loss)/profit before income tax expense relating to benefit funds	(706)	2,145

3. Other financial assets - Residential Mortgages

	31-Dec-11	30-Jun-11
	\$'000	\$'000
Opening balance	198,194	200,214
Repayments	(14, 197)	(13, 406)
Fair value hedge movements	9,751	905
Capitalised interest	8,481	8.389
Drawdowns	1,389	2,047
Other	(103)	45
Closing balance	203,515	198,194
Borrowings
	$31 - Dec-11$	$30 - Jun-11$
	\$'000	$$^{\prime}000$
NAB working capital facility (i)	8,100	8,100
Residential mortgage bill facilities and notes - secured (ii)	157,863	164,799
Investment property facilities - secured (iii)	23,500	24,000
	189463	068 301

Terms and conditions relating to the working capital facility and bill facilities above are:

• Centuria has a financing facility with the National Australia Bank (NAB) in the amount of \$15.6 million $(i)$ maturing on 28 February 2013. The facility is made up of two tranches of \$10.4 million and \$5.6 million. The \$10.4 million tranche is drawn to \$8.1 million at 31 December 2011, and the facility limit is reducing at a rate of \$400,000 per quarter. The \$5.6 million tranche is undrawn at 31 December 2011, and the facility limit is reducing at a rate of \$400,000 per quarter commencing with the first payment on 31 May 2012. This is a non-current liability as at 31 December 2011.
• The Group has \$157.9 million (30 June 2011: \$164.8 million) non-recourse notes on issue to the ANZ $(ii)$ Bank secured over the Residential Mortgages and maturing on 31 March 2013. This is a non-current liability as at 31 December 2011.
• As a wholly owned entity, the National Leisure Trust (NLT) has a \$23.5 million bank bill owing to the $(iii)$ NAB which matures on 28 March 2013. This facility is secured by way of a fixed or floating charge over the assets of NLT and its underlying property located at Moonah Links, Fingal, Victoria (Moonah Links) and Pepper Sands Resort Torquay, Victoria (Torquay). The facility is non-recourse to the wider Group and has continued to remain in breach of two loan covenants since reported on 30 June 2009. NAB has noted this position whilst reserving its rights. The balance sheet records the fair value of these assets at the current level of the non-recourse debt. This is a current liability as at 31 December 2011.

5. Issued Capital

$\overline{4}$ .

As a result of recent changes to the Corporations Act 2001, on 30 September 2011, Centuria resolved to transfer \$11.476 million from issued capital to retained earnings to clear the Group's accumulated losses balance.

6. Dividends

Dividends of \$1.945 million were paid and \$0.804 million issued under the current dividend reinvestment plan (2010: \$1.884 million and \$0.454 million respectively).

7. Contingent assets, liabilities and commitments

There are no material contingent liabilities, contingent assets or commitments.

8. Operating Segments

The Group has eight reportable segments, as described below, which are the divisions used to report to the Board for the purpose of resource allocation and assessment of performance. For each of the divisions, the Group's CEO (the chief operating decision maker) reviews internal management reports on a monthly basis. The following summary describes the operations in each of the Group's reportable segments:

• (a) Centuria Life and Benefit Funds a range of financial products, including single and multipremium investments.
• (b) Insurance general, home and contents, motor vehicle and travel insurance agency.
• (c) Commercial Mortgages providing debt funding secured by mortgages.
• (d) Residential Mortgages reverse mortgage debt funding secured by first ranking security over residential property.
• (e) Mortgageport equity accounted investment in money manager and mortgage broker.
• (f) Property Investments National Leisure Trust.
• (g) Property Funds Management Centuria Property Funds Limited and Centuria Strategic Property Limited.
• (h) Corporate.

The accounting policies of these reportable segments are the same as the Group's accounting policies.

The following is an analysis of the Group's revenue and results by reportable operating segment for the current period under review:

	Life Centuria	Benefit Funds (i)	Insurance	Commercial Mortgages	Residential Mortgages	Mortgageport	Investments Property	Funds Management Property	Corporate	CONSOLIDATED
31-Dec-11	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000
Revenue Interest, dividends and other investment income	258			$\blacksquare$	8,523	×.	46	181	263	9,271
Management, risk and establishment fees	6,258						٠	4,161	100	10.519
Rent and other			628	$\blacksquare$	43	$\blacksquare$	1,385	697	267	3,020
Total segment revenue	6,516		628	$\overline{\phantom{a}}$	8,566	$\overline{\phantom{a}}$	1,431	5,039	630	22,810
Profit/(loss) before tax	3,842	(706)	481	w.	1,640	(201)	(81)	741	(3,952)	1,764
Income tax (expense)/benefit	1,783	706	(144)	-	(492)	$\blacksquare$	24	(162)	(2, 499)	(784)
Net profit										980
$(1)$ Metamore produced from the bound for detection of $(1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1$

Half year ended 31 December 2011

(i) Net revenue received from the benefit funds has been presented as a single line item. See note 2(iii) for further information.

8. Operating Segments (cont'd)

Half year ended 31 December 2010

	Life Centuria	Benefit Funds (i)	Insurance	Commercial Mortgages	Residential Mortgages	Mortgageport	estments Property $\lim_{\lambda \to 0}$	Funds Management Property	Corporate	CONSOLIDATED
$31 - Dec-10$	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000	\$'000
Revenue Interest, dividends and other investment income	159	$\overline{\phantom{a}}$	۰	185	8,453	-	4	22	93	8,916
Management, risk and establishment fees	6,677			$\frac{1}{2}$	(844)	×.	۰	3,607	$\overline{\phantom{a}}$	9,440
Rent and other			646	33	183	48	1,380	1,380	194	3,864
Total segment revenue	6,836		646	218	7,792	48	1,384	5,009	287	22,220
Profit/(loss) before tax	4,299	2,145	502	401	1,058	48	(6, 155)	1,877	(4,273)	(98)
Income tax (expense)/benefit	(1,910)	(2, 145)	(151)	(120)	(313)	(220)	1,599	(580)	1,394	(2, 446)
Net loss										(2, 544)

(i) Net revenue received from the benefit funds has been presented as a single line item. The information for 2010 has been restated to be in line with current period's presentation. See note 2(iii) for further information.

9. Assets and liabilities in respect of benefit funds

$31 - Dec-11$	$30 - Jun-11$
	\$'000
	19,076
	866
	479,690
	5,501
3,730	3,831
480,770	508,964
12	561
	506,539
1,394	1,864
480,770	508,964
	\$'000 33,809 203 438,059 4,969 479,364

10. Subsequent events

On 24 February 2012, the Company declared an interim dividend of 1.25 cents per share franked at 100%. The dividend is expected to be paid on 30 March 2012.

Prior to 31 December 2011, the Company entered into commercial discussions with a party to dispose of its 50% interest in the Mortgageport business. At the date of finalising this financial report, documents in respect of the planned disposal have been drafted and the expectation is that the transaction will proceed shortly. The Company intends to disclose details of the sale to the market once the underlying transaction documents have been executed.

11. Related party transactions

On 29 July 2011, Centuria Life Limited as Trustee for the Centuria Income Accumulation Fund lent \$5.680 million to the Aristocrat Joint Venture for a period of 24 months at a variable rate plus a margin, secured against the assets of the Joint Venture. The Aristocrat Joint Venture is managed by a wholly-owned Centuria Capital Limited entity.