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12. Non-current assets - Equity accounted investees

2019

$'000

2018

$'000

Investment in joint ventures

Opening balance

153,145

153,470

Share of profit/(loss) of equity-accounted investees

12,240

(325)

Closing balance

165,385

153,145

Moorebank Precinct Nominees Pty Limited as trustee for the Moorebank Precinct Land Trust, is a unit trust formed by MIC Land Trust and Qube. MIC Land Trust owns 65.63 per cent of the units within Moorebank Precinct Land Trust.

Moorebank Precinct Land Trust holds the Commonwealth land and Qube land via 99-year leases. Upon completion of each developed area, Moorebank Precinct Land Trust will sub-let the relevant developed land to a subsidiary of Qube for operation of the terminals and warehouses. Moorebank Precinct Land Trust is a nonoperational entity with its purpose being the collection and distribution of rental income, and management of the Commonwealth land and the Qube land as landlord.

The investment in Moorebank Precinct Land Trust was recognised at fair value. Upon financial close, an independent valuer was engaged to provide an indicative valuation based the discounted cash flow method, assessing the indicative fair market value of the entity. The mid-point value, using a discount of 7.2 per cent was $270.4 million, with the MIC Land Trust’s 65.63% share being $177.5 million.

2019

$'000

2018

$'000

Current assets

3,829

2,469

Non-current assets

271,251

244,312

Current liabilities

(8,832)

(3,200)

Non-current liabilitities

(14,246)

(10,228)

Net assets

252,002

233,353

Group's share of net assets (65.63%)

165,392

153,152

Units

(7)

(7)

Carrying amount of interest in joint venture

165,385

153,145

Revenue

27,158

7,165

Expenses

(8,509)

(7,660)

Loss and total comprehensive income/(loss)

18,649

(495)

Group's share of total comprehensive income/(loss) (65.63%)

12,240

(325)