Appendix 4E

Preliminary final report

Introduced 31/12/2003.

Name of entity
GENERAL PROPERTY TRUST
ABN or equivalent company reference	Full year ended ('current period')
58 071 755 609	31 December 2003
Results for announcement to the market		\$A'm
Revenues from ordinary activities	down	657.9 $14.4\%$ to
Adjusted for the proceeds on disposal of Bankstown Square in the 2002 calendar year, revenues increased by 12.7% in 2003.
Profit (loss) from ordinary activities after tax attributable to members	$8.8\%$ up	420.2 to
Explanation - Refer ASX announcement
Net profit (loss) for the period attributable to members	$_{\rm up}$	$8.8\%$ to 420.2
Explanation - Refer ASX announcement
Distributions	Amount per security	Franked amount per security
Final distributions	10.7	N/A
Interim distributions (six months)	10.5	N/A
Record date for determining entitlements to the June quarter 9 February 2004 distribution
Date on which the December quarter distribution is payable	23 February 2004
Distribution Reinvestment Programme The Distribution Reinvestment Programme does not currently apply.

NTA backing	Current period	Previous corresponding period
Net tangible asset backing per ordinary security	\$2.73	\$2.60

Control gained or lost over entities during period

Name of entity (or group of entities)

Date of gain or loss of control

Interests in entities which are not controlled entities

Name of entity	Percentage of ownership interest held at end of period or date of disposal		Contribution to net profit (loss)
Equity accounted associates and joint venture entities	Current period	Previous corresponding period	Current period \$A'm	Previous corresponding period - \$A'm
Roma Street Trust	50%	50%	5.1	4.7
Erina Property Trust	50%	50%	4.8	4.3
Horton Trust	50%	50%	1.0	0.8
Darling Park Trust	50%	50%	19.4	18.8
Darling Park Property
Trust	50%	50%	14.1	13.5
2 Park Street Trust	50%	50%	19.5	18.1
161 Sussex Street
Pty Ltd	40%	40%	(0.9)	(1.2)
1 Farrer Place Trust	50%		0.6
Lend Lease GPT (Rouse	49%
Hill) Pty Limited
Lend Lease (Twin	49%		0.1
Water) Pty Limited

Total			63.7	59.0

Details of aggregate share of profits (losses) of associates and joint venture entities

		Group's share of associates' and joint venture
entities':

Current period A\$ m	Previous corresponding period $-$ AS m
63 7	59.0

Share of net profit (loss) of associates and joint ventures entities.

To be read in conjunction with the most recent annual financial report.

		Current period- A\$ m	Previous corresponding period - A\$ m

1.1	Revenues from ordinary activities (see items 1.23 $-1.25$ )	657.9	768.7
1.2	Expenses from ordinary activities (see items 1.26 & 1.27)	(221.2)	(371.5)
1.3 1.4	Borrowing costs Share of net profits (losses) of associates and joint	(80.2)	(70.1)
	venture entities	63.7	59.0
1.5	Profit (loss) from ordinary activities before tax	420.2	386.1
1.6	Income tax on ordinary activities (see note $4$ )
1.7	Profit (loss) from ordinary activities after tax	420.2	386.1
$1.8$	Profit (loss) from extraordinary items after tax (see item $2.5$ )
1.9	Net profit (loss)	420.2	386.1
1.10	Net profit (loss) attributable to outside +equity interests
1.11	Net profit (loss) for the period attributable to members	420.2	386.1
	Non-owner transaction changes in equity


$1.12 -$ 1.13	Increase (decrease) in revaluation reserves Net exchange differences recognised in equity	235.0	33.5
	Other revenue, expense and initial adjustments
1.14	recognised directly in equity (attach details) Initial adjustments from UIG transitional
1.15	provisions
1.16	Total transactions and adjustments recognised	235.0	33.5
	directly in equity (items 1.12 to 1.15)
1.17	Total changes in equity not resulting from transactions with owners as owners	655.2	419.6

Earnings per security (EPS)	Current period	Previous corresponding period
Basic EPS after (losses)/gains on disposal of 1.18 properties Basic EPS before (losses)/gains on disposal of properties	21.6с 21.6с	20.1c 20.4c
Diluted EPS 119	N/A	N/A

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members

		Current period - A\$ m	Previous corresponding period - A\$ m
1.20	Profit (loss) from ordinary activities after tax (item I.7)	420.2	386.1
1.21	Less (plus) outside $+$ equity interests
1.22	Profit (loss) from ordinary activities after tax, attributable to members	420.2	386.1

Revenue and expenses from ordinary activities

		Current period- A\$m	Previous corresponding period - $A$s$ m
1.23	Revenue from sales or services
1.24	Interest revenue	9.5	12.9
1.25	Other relevant revenue
	Rent	605.9	568.5
	Share of net profits from associates	63.7	59.0
	Other
	Proceeds on disposal of properties		187.3
	Proceeds on disposal of units in listed property	41.2
	trust	1.3
	Other income
1.26	Details of relevant expenses
	Rates, taxes & other property outgoings	138.2	128.9
	Repairs and maintenance	9.1	9.4
	Provision for doubtful debts	0.5	0.6
	Audit and accounting fees	0.8	0.6
	Borrowing costs	80.2	70.1
	Responsible Entity's fee	25.6	33.9
	Other	5.8	5.2
	Book value of property investments sold		192.9
	Book value of units in listed property trust	41.2
1.27	Depreciation and amortisation excluding amortisation of intangibles (see item 2.3)

1.28	Capitalised outlays Interest costs capitalised in asset values	17.5	12.6
1.29	Outlays capitalised in intangibles (unless arising from an $^+$ acquisition of a business)

Consolidated retained profits

		Current period - A\$ m	Previous corresponding period - A\$ m
1.30	Retained profits (accumulated losses) at the beginning of the financial period	0.7	0.5
1.31	Net profit (loss) attributable to members (item LH)	420.2	386.1
1.32	Net transfers from (to) reserves (details if ) material)		5.6
1.33	Net effect of changes in accounting policies
1.34	Dividends and other equity distributions paid or payable	(413.3)	(391.5)
1.35	Retained profits (accumulated losses) at end of financial period	7.6	0.7

Intangible and extraordinary items

		Consolidated - current period
		Before tax A\$ m	Related tax $A\$ m	Related outside	Amount (after ${ax}$
				$+$ equity interests	attributable to members A\$ m
		(a)	(b)	A\$m (c)	(d)
2.1	Amortisation of goodwill
2.2	Amortisation of other intangibles
2.3	Total amortisation of intangibles	N/A	N/A	N/A	N/A
2.4	Extraordinary items (details)
$2.5^{\circ}$	Total extraordinary items	N/A	N/A	N/A	N/A

Comparison of half year profits

$3.1$ Consolidated profit (loss) from ordinary
activities after tax attributable to members reported for the $1st$ half year (item $1.22$ in the half yearly report)
$3.2$ Consolidated profit (loss) from ordinary activities after tax attributable to members for the 2nd half year

Current period - A\$ m	Previous year - A\$m
208.6	192.5
211.6	193.6

	Condensed consolidated statement of financial position	At end of current period AS _m	As shown in last annual report $A\$ m

	Current assets
4.1	Cash	44.0	45.6
4.2	Receivables	46.0	39.7
4.3	Other (provide details if material)	14.6	13.2
4.4	Total current assets	104.6	98.5
	Non-current assets
4.5	Investments (equity accounted)	1,190.4	882.9
4.6	Other investments	6,400.1	5,715.2
4.7	Total non-current assets	7,590.5	6,598.1
4.8	Total assets	7,695.1	6,696.6
	Current liabilities
4.9	Payables	147.3	160.6
4.10	Interest bearing liabilities	775.0	356.0
4.11	Provisions exc. tax liabilities	105.3	101.4
4.12	Total current liabilities	1,027.6	618.0
	Non-current liabilities
4.13	Interest bearing liabilities	1,352.0	1,005.0
4.14	Total non-current liabilities	1,352.0	1,005.0
4.15	Total liabilities	2,379.6	1,623.0
4.16	Net assets	5,315.5	5,073.6

	Equity
4.17	Capital/contributed equity	4,400.8	4,400.8
4.18	Reserves	907.1	672.1
4.19	Retained profits (accumulated losses)	7.6	0.7
4.20	Equity attributable to members of the	5,315.5	5,073.6
	parent entity
4.21	Outside ⁺ equity interests in controlled entities
4.22	Total equity	5,315.5	5,073.6

4.23	Preference capital included as part of 4.17	$\blacksquare$

Condensed consolidated statement of cash flows

		Current period	Previous
		A\$ m	corresponding period
			- A\$ m
	Cash flows related to operating activities
5.1	Receipts from customers	610.2	579.3
5.2	Payments to suppliers and employees	(186.7)	(186.1)
5.3	Distributions received from associates	56.3	62.5
5.4	Interest and other items of similar nature received	14.4	14.5
5.5	Interest and other costs of finance paid	(97.5)	(75.9)
5.6	Net operating cash flows	396.7	394.3
	Cash flows related to investing activities
5.7	Payment for purchases of property, plant and	(728.8)	(516.3)
	equipment
5.8	Proceeds from sale of property, plant and		187.3
	equipment
5.9	(Increase) in other financial assets	(26.1)
5.10	Net investing cash flows	(754.9)	(329.0)
	Cash flows related to financing activities
5.11	Proceeds from borrowings	766.0	450.0
5.12	Repayment of borrowings		(362.0)
5.13	Dividends paid	(409.4)	(176.7)
5.14	Net financing eash flows	356.6	(88.7)

5.15	Net increase (decrease) in cash held	(1.6)	(23.4)
5.16	Cash at beginning of period (see Reconciliation of cash)	45.6	69.0
5.17	Exchange rate adjustments

5.18	Cash at end of period	44.0	45.6
	(see Reconciliation of cash)

Reconciliation of cash

	Reconciliation of cash at the end of the period (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current period A\$ m	Previous corresponding period - A\$ m
6.1	Cash on hand and at bank	44.0	45.6
6.2	Deposits at call
6.3	Bank overdraft
6.4	Other (provide details)
6.5	Total cash at end of period (item 5.18)	44.0	45.6

						Other notes to the condensed financial statements
--	--	--	--	--	--	---------------------------------------------------

Ratios		Current period	Previous corresponding period
7.1	Profit before fax / revenue Consolidated profit (loss) from ordinary activities before tax ( item 1.5 ) as a percentage of revenue ( item 1.1 )	63.9%	50.2%
7.2	Profit after tax $\pi$ equity interests Consolidated net profit (loss) from ordinary activities after tax attributable to members ( item 1.11 ) as a percentage of equity (similarly attributable) at the end of the period (item 4.22	7.9%	7.6%

Dividends (in the case of a trust, distributions)

$8.1$ Date the dividend (distribution) is payable 23 February 2004

9 February 2004

8.2 ⁺Record date to determine entitlements to the dividend (distribution) (ie, on the basis of proper instruments of transfer received by 5.00 pm if ⁺securities are not ⁺CHESS approved,
or security holding balances established by 5.00 pm or such later time permitted by SCH Business Rules if ⁺securities are ⁺CHESS approved)

Amount per security

		Amount per security	Franked amount per security at % tax	Amount per security of foreign source dividend
	(Preliminary final report only)
9.1	Final dividend: Current year	10.7c	N/A	N/A

9.2	Previous year	10.3c	N/A	N/A
	(Half yearly and preliminary final reports)
9.3	Interim dividend: Current year	10.5c	N/A	N/A
9.4	Previous year	10.1c	N/A	N/A

Total dividend (distribution) per security (interim plus final)

(Preliminary final report only)

		Current year	Previous year
10.1	⁺ Ordinary securities	21.2c	20.4c
	10.2 Preference securities	N/A	N/A

Issued and quoted securities at end of current period

Category of ⁺ securities	Total number	Number quoted	Issue price per security	Amount paid up per security
⁺ Ordinary securities	1,949,716,610	1,949,716,610	N/A	N/A

Compliance statement

This report has been prepared in accordance with AASB Standards, other AASB authoritative $\mathbf{I}$ pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note 12).

Identify other standards used

$\overline{2}$ This report, and the "accounts upon which the report is based (if separate), use the same accounting policies.
$\overline{3}$ This report does give a true and fair view of the matters disclosed (see note 2).
$\overline{4}$ This report is based on 'accounts to which one of the following applies. (Tick one)

$\checkmark$	The ^* accounts have been audited.	The "accounts have been subject to review.
	The $\frac{1}{2}$ accounts are in the $\Box$ process of being audited or subject to review.	The "accounts have not yet been audited or reviewed.

$\overline{5}$ The entity has a formally constituted audit committee.
Sign here: [Signed] (Company Secretary)

Date: 29 January 2004

Print name: Michael James Neilson

AI assistant

GPT GROUP Regulatory Filings 2004