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  • Definitions

    WCL = Westfield Corporation Limited (after June 2014)

    WFDT = WFD Trust (after June 2014)

    WAT = Westfield America Trust

    WHL = Westfield Holdings Limited (prior to June 2014)

    WFT = Westfield Trust (prior to June 2014)

    Calculations for examples

    Table 1 – Virginia (2015 purchase)

    Event

    WHL/WCL

    WFT/WFDT

    WAT

    Calculation description

    Acquisition 1/09/2015 ($10)

    1.638

    6.022

    2.34

    Allocate purchase price based on NTA table as at 30 June 2015

    -

    -

    -0.1619

    -0.109

    Subtract deferred tax amounts between September 2015 and June 2018

    Just before 2018 restructure

    1.638

    5.8601

    2.231

    Cost base just before 7 June 2018 restructure.

    Table 2 – Victoria (2005 purchase)

    Event

    WHL/WCL

    WFT/WFDT

    WAT

    Calculation Description

    Acquisition 1/09/2005 ($6)

    0.4266

    3.1170

    2.4564

    Allocate purchase price based on NTA table as at 30 June 2005

    -

    -

    -1.4016

    -1.4063

    Subtract deferred tax amounts between September 2005 and December 2010

    Just prior 2010 restructure

    0.4266

    1.7154

    1.0501

    -

    2010 restructure event

    -

    x0.59

    -

    Make adjustment to WFT

    Just after 2010 restructure

    0.4266

    1.0121

    1.0501

    -

    -

    -

    -0.2690

    -0.1946

    Subtract deferred tax amounts between December 2010 and June 2014

    Just before 2014 restructure

    0.4266

    0.7431

    0.8555

    -

    2014 restructure event

    x0.737

    x0.533

    -

    Make adjustments to WHL and WFT

    Just after 2014 restructure

    0.3144

    0.3961

    0.8555

    -

    -

    -

    -0.2574

    -0.1207

    Subtract deferred tax amounts between June 2014 and June 2018

    Just before 2018 restructure

    0.3144

    0.1387

    0.7348

    Cost base just before 7 June 2018 restructure.

    Table 3 – Vivyu (2012 purchase)

    Event

    WHL/WCL

    WFT/WFDT

    WAT

    Calculation Description

    Acquisition 8/4/2012 ($12)

    0.4296

    8.2200

    3.3504

    Allocate purchase price based on NTA table as at 31 December 2011

    -

    -

    -0.0098

    -0.0848

    Subtract deferred tax amounts between April 2012 and June 2014

    Just before 2014 restructure

    0.4296

    8.2102

    3.2656

    -

    2014 restructure event

    x0.737

    x0.533

    -

    Make adjustments to WHL and WFT

    Just after 2014 restructure

    0.3166

    4.3760

    3.2656

    -

    -

    -

    -0.2574

    -0.1207

    Subtract deferred tax amounts between June 2014 and June 2018

    Just before 2018 restructure

    0.3166

    4.1186

    3.1449

    Cost base just before 7 June 2018 restructure.

    Table 4 – Summary of cost base adjustments for restructure events (WCL, WFDT, WAT)

    Transaction

    WCL

    WFDT

    WAT

    June 2014 Scentre/Westfield Group Restructure

    WCL after restructure

    = WHL before restructure × 0.737

    WFDT after restructure

    = WFT before restructure × 0.533

    No change

    Table 4a – Summary of cost base adjustments for restructure events (WCL, WFDT, WAT)

    Transaction

    WHL

    WFT

    WAT

    December 2010 Westfield Retail Trust Restructure

    No Change

    WFT after restructure

    = WFT before restructure × 0.59

    No change

    Net Tangible Assets and Deferred Tax Distributions

    Table 5 - Net Tangible Assets 31st December 2013 to 7 June 2018

    Start Date

    End Date

    WCL

    WFDT

    WAT

    31-Dec-17

    7-Jun-18

    21.40%

    45.80%

    32.80%

    30-Jun-17

    30-Dec-17

    20.25%

    47.53%

    32.22%

    31-Dec-16

    29-Jun-17

    19.99%

    45.96%

    34.05%

    30-Jun-16

    30-Dec-16

    19.55%

    49.35%

    31.10%

    31-Dec-15

    29-Jun-16

    17.98%

    50.99%

    31.03%

    30-Jun-15

    30-Dec-15

    16.38%

    60.22%

    23.40%

    31-Dec-14

    29-Jun-15

    13.48%

    66.67%

    19.85%

    30-Jun-14

    30-Dec-14

    12.63%

    75.79%

    11.58%

    31-Dec-13

    29-Jun-14

    10.70%

    71.88%

    17.42%

    31-Dec-17

    7-Jun-18

    21.40%

    45.80%

    32.80%

    30-Jun-17

    30-Dec-17

    20.25%

    47.53%

    32.22%

    31-Dec-16

    29-Jun-17

    19.99%

    45.96%

    34.05%

    30-Jun-16

    30-Dec-16

    19.55%

    49.35%

    31.10%

    31-Dec-15

    29-Jun-16

    17.98%

    50.99%

    31.03%

    30-Jun-15

    30-Dec-15

    16.38%

    60.22%

    23.40%

    31-Dec-14

    29-Jun-15

    13.48%

    66.67%

    19.85%

    30-Jun-14

    30-Dec-14

    12.63%

    75.79%

    11.58%

    31-Dec-13

    29-Jun-14

    10.70%

    71.88%

    17.42%

    Table 5a - Net Tangible Assets 1st July 2004 to 30 December 2013

    Start Date

    End Date

    WHL

    WFT

    WAT

    30-Jun-13

    30-Dec-13

    6.72%

    73.82%

    19.46%

    31-Dec-12

    29-Jun-13

    5.36%

    75.51%

    19.13%

    30-Jun-12

    30-Dec-12

    4.71%

    75.41%

    19.88%

    31-Dec-11

    29-Jun-12

    3.58%

    68.50%

    27.92%

    30-Jun-11

    30-Dec-11

    3.96%

    68.32%

    27.72%

    31-Dec-10

    29-Jun-11

    4.04%

    67.27%

    28.69%

    20-Dec-10

    30-Dec-10

    3.15%

    74.54%

    22.31%

    31-Dec-09

    29-Jun-10

    4.01%

    74.59%

    21.40%

    30-Jun-09

    30-Dec-09

    4.63%

    71.32%

    24.05%

    31-Dec-08

    29-Jun-09

    5.70%

    65.72%

    28.58%

    30-Jun-08

    30-Dec-08

    6.83%

    65.29%

    27.88%

    31-Dec-07

    29-Jun-08

    8.07%

    62.46%

    29.47%

    30-Jun-07

    30-Dec-07

    7.54%

    59.22%

    33.24%

    31-Dec-06

    29-Jun-07

    7.38%

    58.43%

    34.19%

    30-Jun-06

    30-Dec-06

    8.02%

    54.90%

    37.08%

    31-Dec-05

    29-Jun-06

    8.05%

    51.66%

    40.29%

    30-Jun-05

    30-Dec-05

    7.11%

    51.95%

    40.94%

    31-Dec-04

    29-Jun-05

    9.24%

    49.86%

    40.90%

    1-July-04

    30-Dec-04

    9.09%

    52.39%

    38.52%

    Table 6 - Deferred Tax Distributions from July 2014 to June 2018

    Start date

    End date

    WFDT
    Single

    WFDT
    Cum.

    WAT
    Single

    WAT
    Cum.

    13-Feb-18

    8-Jun-18

    0.0000

    0.0000

    0.0000

    0.0000

    11-Aug-17

    12-Feb-18

    0.1076

    0.1076

    0.0120

    0.0120

    13-Feb-17

    10-Aug-17

    0.0267

    0.1344

    0.0477

    0.0597

    11-Aug-16

    12-Feb-17

    0.0169

    0.1512

    0.0166

    0.0764

    11-Feb-16

    10-Aug-16

    0.0106

    0.1618

    0.0176

    0.0939

    13-Aug-15

    10-Feb-16

    0.0001

    0.1619

    0.0150

    0.1090

    11-Feb-15

    12-Aug-15

    0.0019

    0.1638

    0.0105

    0.1194

    25-Jun-14

    10-Feb-15

    0.0936

    0.2574

    0.0012

    0.1207

    Rollover

    24-Jun-14

    0.0000

    0.2574

    0.0000

    0.1207

    Table 6a – Westfield/Scentre restructure on 27–30 June 2014

    Start date

    End date

    WFDT
    Single

    WFDT
    Cum.

    WAT
    Single

    WAT
    Cum.

    7-Feb-14

    24-Jun-14

    0.0075

    0.0075

    0.0054

    0.0054

    9-Aug-13

    6-Feb-14

    0.0016

    0.0091

    0.0212

    0.0266

    8-Feb-13

    8-Aug-13

    0.0007

    0.0098

    0.0581

    0.0847

    13-Aug-12

    7-Feb-13

    0.0000

    0.0098

    0.0000

    0.0847

    9-Feb-12

    12-Aug-12

    0.0000

    0.0098

    0.0001

    0.0848

    10-Aug-11

    8-Feb-12

    0.0590

    0.0688

    0.0372

    0.1220

    8-Feb-11

    9-Aug-11

    0.0514

    0.1202

    0.0495

    0.1715

    10-Aug-10

    7-Feb-11

    0.1488

    0.2690

    0.0231

    0.1946

    Rollover

    9-Aug-10

    0.0000

    0.2690

    0.0000

    0.1946

    Table 6b – Westfield Retail Trust demerger on 17–20 December 2010

    Start date

    End date

    WFDT
    Single

    WFDT
    Cum.

    WAT
    Single

    WAT
    Cum.

    5-Feb-10

    9-Aug-10

    0.1736

    0.1736

    0.0297

    0.0297

    11-Aug-09

    4-Feb-10

    0.1805

    0.3541

    0.1890

    0.2187

    2-Feb-09

    10-Aug-09

    0.1805

    0.5346

    0.1890

    0.4077

    11-Aug-08

    1-Feb-09

    0.1752

    0.7098

    0.0935

    0.5012

    11-Feb-08

    10-Aug-08

    0.1904

    0.9002

    0.1354

    0.6366

    8-Aug-07

    10-Feb-08

    0.0878

    0.9880

    0.1756

    0.8122

    7-Feb-07

    7-Aug-07

    0.1108

    1.0988

    0.2103

    1.0225

    9-Aug-06

    6-Feb-07

    0.1008

    1.1996

    0.1347

    1.1572

    7-Feb-06

    8-Aug-06

    0.1551

    1.3547

    0.1161

    1.2733

    9-Aug-05

    6-Feb-06

    0.0469

    1.4016

    0.1330

    1.4063

    8-Feb-05

    8-Aug-05

    0.0415

    1.4431

    0.1140

    1.5203

      Last modified: 27 Aug 2018QC 56126