$m PROFIT
6 months to 30 June 2015
FFO Adjustments 1 FFO
6 months to 30 June 2015
Financial
Statement Notes
A B C=A+B
Net Property Income
– Australia 824 17 841 Note 4(a)(iv)
– New Zealand 87 1 88 Note 4(a)(iv)
Total Net Property Income 911 18 929 Note 4(a)(iv)
Management income 232 - 23
Project income 333 - 33
Gross Income 967 18 985
Overheads (44) - (44) Note 4(a)(i)
Revaluations 435 (435) - Note 4(a)(i)
EBIT 1,358 (417) 941
Net Interest (338)4 84 (254)
Currency derivatives 120 (120) - Note 4(a)(i)
Earnings before Tax 1,140 (453) 687
Tax 15 (50) (35) Note 4(a)(i), Note 9, Note 14(a)
Minority interest (72)5 24 (48)
Profit after Tax / Funds from Operations 1,083 (479) 604

1 FFO adjustments relate to revaluations, mark to market of interest rate and currency derivatives, tenant allowance amortisation and deferred tax expense.
2. Management income $28m less management expenses $5m = $23m.
3. Project income $227m less project expenses $194m = $33m.
4. Financing costs $400m (Note 4(a)(i)) less interest income $4m (Note 4(a)(i)) less interest expense on other financial liabilities $42m (Note 7) less net fair value loss on other financial liabilities $16m (Note 7) = $338m.
5. Minority interest $14m (Note 4(a)(i)) plus interest expense on other financial liabilities $42m (Note 7) plus net fair value loss on other financial liabilities $16m (Note 7) = $72m.

$m 30 June 2015 31 December 2014
Cash 196 190
Property investments
– Shopping centres 29,317 28,920
– Development projects and construction in progress 463 374
– Property investments held for sale - 1,005
Total Property investments 29,780 30,299
Deferred tax assets 80 98
Other assets 1,086 833
Total assets 31,142 31,420
Interest bearing liabilities
– Current 613 579
– Non-current 10,619 11,316
Finance lease liabilities 46 57
Deferred tax liabilities 228 314
Other liabilities 1,403 1,316
Total liabilities 12,909 13,582
Net Assets 18,233 17,838
Minority interest 3 (1,691) (1,667)
Net Assets attributable to Scentre Group 16,542 16,171

1. The net investment in equity accounted entities of $2,213m (31 Dec 2014 $1,287m) has been allocated to individual assets and liabilities.
2. Period end AUD/NZD exchange rate 1.1285 at 30 June 2015 (AUD/NZD 1.0472 at 31 December 2014).
3. Includes $1,425m (31 December 2014 $1,409m) of Property Linked Notes shown in minority interest given their equity characteristics, and $266m relating to Carindale (31 December 2014 $258m).