GPT GROUP — Annual Report 2011

Feb 19, 2012

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Appendix 4E

GPT Group – GPT Management Holdings Limited (comprising GPT Management Holdings Limited and its controlled entities)

Annual Financial Report For the year ended 31 December 2011

Results for announcement to the market

2.1 2.2 2.3	Total revenues and other income Loss from operations as assessed by Directors(1) Net profit/(loss) after income tax expense attributable to stapled security holders	79% 120,705,375 21% (27,213,000) 108% (46,568,000) down to down to down to	79% 120,705,375 21% (27,213,000) 108% (46,568,000) down to down to down to
2.4	Dividends		Amount per stapled security
	Nil		Nil
2.5	Record date for determining entitlement to the dividends		N/A
2.6	Brief explanation of any figures in 2.1 to 2.4 necessary to enable the figures to be understood: Refer to the attached Annual Financial Report for a detailed discussion on the performance of GPT Management Holdings Limited and its controlled entities's results for theyear ended 31 December 2011.
7.0	Details of individual and total dividends or distribution payments.	Amount per stapled security	Total
	Nil	Nil	Nil
8.0	Details of any dividend or distribution reinvestment plans in operation Nil
9.0	Net tangible assets per security	$0.03 31 December 2011	$0.05 31 December 2010
10.0	Details of entities over which control has been gained or lost during the period Refer Note 8 of the Annual Financial Report of GMH Group

(1) Profit from operations represents Directors’ assessment of realised operating income (“ROI”) which is a financial measure that is based on profit under Australian Accounting Standards adjusted for certain unrealised items, non-cash items, gains or losses on investments or other items the Directors determine to be non-recurring or capital in nature. ROI is equivalent to the Segment Result. The adjustments that reconcile the Segment Result to the net profit or loss for the year may change from time to time, depending on changes in accounting standards and/or the Directors’ assessment of items that are non-recurring or capital in nature. A description of the material adjustments is included in Note 2(b) and (c) of the Annual Financial Report of GPT Management Holdings Limited and its controlled entities (the GMH Group).

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11.0 Details of associates and joint ventures entities

The associate and joint ventures’ whose contribution to the GMH Group's net profit is considered most significant to understanding the financial statements are detailed below:

Name of associate and joint venture entities	Contribution to	the Group's
	net loss	net profit
	31-Dec-11	31-Dec-10
	$	$
Joint Ventures
Entities incorporated in the United States
B-VII Operations Holding Co LLC 2	14,709,000	(3,100,000)
Entities incorporated in The Netherlands
Dutch Active Fund Propco BV	(11,705,000)	(9,621,000)

The results of these entites are included within (loss)/profit from discontinued operations in the Statement of Comprehensive Income. The assets and liabilities of these entities are classified as held for sale in the Statement of Financial Position. The ownership percentage holding of each of these entities is included in Note 8(c)(i).