BWP GROUP — Interim / Quarterly Report 2004

Feb 28, 2005

1 March 2005

Half-Year Report to 31 December 2004

Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust wishes to advise that the Half-Year Report to 31 December 2004 was mailed to Unitholders who have elected to receive reports.

A copy of the Half-Year Report to 31 December 2004 is attached to this announcement and will also be available on the Trust's website at www.bunningspropertytrust.com.au.

ANTHONY NIARDONE Company Secretary

The Bunnings Warehouse Property Trust is focused on warehouse retailing properties and, in particular, Bunnings Warehouses tenanted by Bunnings Pty Ltd, a wholly-owned subsidiary of Wesfarmers Limited.

Bunnings Property Management Limited, the responsible entity for the Trust, is committed to maximising value for all unitholders by providing a secure, growing income stream and capital growth.

Interim total assets

Financial summary

Half-year ended 31 December		December A4	December 83
Total incorne	Sm	24.6	21.1
Operating profit	Sm	17.5	14.9
Distribution per ordinary unit	cents	5.79	5.51
Tax advantaged component	95	26.54	27.27
Total assets	Sm	596 O	501.8
Borrowings	\$m	163.8	140.2
Unitholders' equity	\$m	408.5	341.3
Gearing (debt to total assets)	96	27.5	28.O
Number of units on issue	m	301	289
Number of unitholders		12.114	11.077
Net tangible asset backing per unit	Ś.	1.36	1.18
Unit price at 31 December	Ś,	1.82	1.52
Management expense ratio (annualised)	%	0.75	D.74

Distribution

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Acquisition from a Wesfarmers subsidiary of an ex Hardwarehouse property

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Completion of three property upgrades, and commencement of a further two upgrades

ARTICLE MARINE AND CONTROL Bookward a linyo produkti THE PACKAGE TRACK TO BE THE REAL PROPERTY.

Net tangible asset backing per unit \$1.36 at 31 December 2004

continued performance

The directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, are pleased to present this interim report to unitholders covering the financial results of the Trust for the six months to 31 December 2004 and a brief overview of the activities of the Trust.

Activities during the period included the acquisition of an established Bunnings Warehouse property, the completion of a new development, completion of upgrades to three properties and positive revaluations of two properties.

These factors, along with solid financial results, have been reflected in the improved performance of the Trust's unit price on the Australian Stock Exchange.

Financial results

Total income for the period was \$24.6 million, up by 16.8 per cent from last year's \$21.1 million due to the additional income received from new additions to the property portfolio, the programmed rental escalation of a number of properties in the portfolio, and additional rent received from property upgrades.

The Trust reported a net profit of \$17.5 million for the half-year, an increase of 17.0 per cent on the profit of \$14.9 million earned in the comparative period last year.

Borrowing costs of \$4.9 million were 15.5 per cent higher than the comparative six months due to an increased level of debt. However, the gearing level of 27.5 per cent is comfortably within the preferred range of 20 to 40 per cent for the Trust's gearing ratio.

The management expense ratio, which is based on annualised expenses other than borrowing costs, was marginally lower in the period to 31 December 2004 than in the period ended 30 June 2004.

Interim distribution

An interim distribution of 5.79 cents per ordinary unit has been declared. This exceeds the 5.51 cents per unit in the previous comparative period and the forecast of 5.77 cents per unit released to the Australian Stock Exchange in December 2004. Interim distributions will be made on 28 February 2005 to unitholders on the Trust's register as at 5.00 pm on 31 December 2004.

The estimated tax advantaged component of the distribution is 26.54 per cent.

Property acquisitions and developments

During the half-year, the Trust purchased an established Bunnings Warehouse property at Thornleigh in Sydney (formerly a BBC Hardwarehouse), from a subsidiary of Wesfarmers,

The Trust also completed a Bunnings Warehouse development at Maitland in the Hunter Valley region of New South Wales, as well as completed upgrades to Trust properties at Fountain Gate in Melbourne, Mile End in Adelaide, and Tuggeranong in the Australian Capital Territory.

Capital expenditure on the portfolio during the half-year amounted to \$19.1 million.

The property investments made are consistent with the responsible entity's strategy of acquiring properties with long term leases to substantial tenants, ensuring that the properties are well located and the portfolio is geographically diversified. At 31 December 2004 the average lease expiry term of the portfolio was 10.4 years.

Market rent reviews

During the period, market rent reviews were scheduled on five properties. These rental reviews are currently being determined by independent valuers appointed by the Trust and the lessee.

Rent review notices have been served on the lessee on a further three properties, all of which have market rent reviews scheduled prior to 30 June 2005.

Results from the reviews will be released as they are completed.

Revaluations

During the half-year. Trust properties at Coffs Harbour in New South Wales, and Geraldton in Western Australia, were revalued by independent valuers. As a result of the revaluations, the average book value of these two properties increased by 23.4 per cent. The revaluations contributed to an increase in the underlying net tangible asset backing of the Trust's units, which at 31 December 2004 was \$1.36 per unit.

Financial position

As at 31 December 2004 the Trust's total assets had grown to \$596.0 million with unitholders' equity of \$408.5 million and total liabilities of \$187.5 million.

The Trust's gearing ratio (debt to total assets) at 31 December 2004 was 27.5 per cent, and within the preferred range of 20 to 40 per cent.

Unitholder return

The Trust's unit price at 31 December 2004 was \$1.82, up from \$1.52 at the same time last year.

The Trust provided unitholders with a total return, comprising capital appreciation and distributions, of 28.2 per cent in the 2004 calendar year.

Interest rate management

The Trust has a policy of hedging the majority of its borrowings against interest rate movements to ensure stability of distributions. The responsible entity continues to actively manage the Trust's exposure to interest rates, taking additional cover to meet debt related commitments.

At 31 December 2004, the Trust's hedding cover of \$167.0 million exceeded interest bearing debt of \$163.8 million. However, interest bearing debt is forecast to exceed hedging cover in the short term. The average interest rate paid on debt excluding margins for the six month period was 5.7 per cent, which was in line with that for the comparative period last year.

Outlook

Growth in revenue and earnings is expected as a result of more properties being added to the portfolio, improvements made to existing properties, programmed rental escalations and market rent reviews.

Market rent review results should be received on eight properties prior to 30 June 2005.

The ongoing expansion of the Bunnings hardware business is expected to continue to provide the Trust with investment opportunities.

The Trust will also continue to explore the acquisition of Bunnings Warehouse properties owned by Wesfarmers, as well as Bunnings Warehouse properties owned by parties not related to Wesfarmers.

The Trust's programme of having an independent revaluation of each property at least every three years will continue, and under that programme a further five properties are due for revaluation by 31 December 2005. Additional revaluations may occur should they be warranted as a result of market rent review results or property market conditions.

Internet site

The Bunnings Warehouse Property Trust internet site, www.bunningspropertytrust.com.au is a useful source of information for unitholders. It includes details of the Trust's property portfolio, current activities and future prospects.

The site provides access to annual and half-year reports and also contains releases made to the Australian Stock Exchange covering matters of relevance to investors.

Distribution Reinvestment Plan

In view of the gearing level of the Trust and the prevailing market price of units, the directors have resolved to suspend the Distribution Reinvestment Plan until further notice.

Thank you for your ongoing support of the Bunnings Warehouse Property Trust.

For Bunnings Property Management Limited.

Ach Hope

Andrew Hopkins General Manager

Bill Cairns Chairman 15 February 2005

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51 properties 148 ha land area 595,945 sqm total retail area \$49 million annual rental

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CONDENSED STATEMENTS OF FINANCIAL PERFORMANCE AND DISTRIBUTION

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	December	December
	-{}4	83
For the half-year ended 31 December	\$000	\$000
Statement of financial
performance.
Revenue and expenses from
ordinary activities
Rental íncome	23,742	19,783
Other property income.	842	$-1,201$
Interest income	38	97
	24,622	21,081
Responsible entity's fees	(1,729)	(1,425)
Borrowing costs	(4, 894)	(4,237)
Other operating expenses	(518)	(480)
Net profit attributable to unitholders of the
Bunnings Warehouse Property Trust	17,481	14,939
Net increase in asset revaluation reserve	3,117	6.200
Total changes in equity other than those
resulting from transactions with unitholders as unitholders attributable to unitholders of
the Bunnings Warehouse Property Trust	20.598	21,139
the special company Statement of distributior
Net profit attributable to unitholders of the Bunnings Warehouse Property Trust	17,481	14,939
Undistributed income at the beginning
of the financial period
Totat available for distribution	17,482	14,946
Distribution paid and payable.	17.453	14.941
Undistributed income at the end
of the financial period	29
Basic and diluted earnings per unit (cents per unit)	5.8	5.4
Interim distribution per unit for the half-year
(cents per unit)	5.79
The condensed statements of financial performance and distribution should
be read in conjunction with the accompanying notes.

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CONDENSED STATEMENT OF FINANCIAL POSITION

. . . . . . . .

.....................................

		List of
	December	√иле	December
	04	04	03
	\$000	\$000	\$000
Current assets
Cash assets 1	5,014	5,366	4,429
Other -	619	714	575
Total current assets	5,633	6,080	5,004
Non-current assets
Investment properties	590,340	569,262	496,779
Total non-current assets	590,340	569,262	496,779
Total assets	595,973	575,342	501,783
Current liabilitie
Pavables	$-6,180$	7,479	5,271
Distribution payable	17,453	17,314	14,941
Total current liabilities,	23,633	24,793	20,212
Non-current liabilities
Pavables	75		10,605
Interest bearing liabilities	163,807	155,220	129,636
Total non-current liabilities Total liabilities	163,882 187,515	155,220	140,241
		180,013	160,453
Net assets	408,458	395,329	341,330
Unitholders' funds
Contributed equity	330,233	320,249	311,772
Asset revaluation reserve	78,196	75,079	29,553
Undistributed income reserve	29
Total unitholders' funds	408,458	395,329	341,330
Net tangible asset backing
per unit	\$1.36	\$1.34	\$1.18
The condensed statement of financial position should be read in conjunction with the accompanying notes.

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CONDENSED STATEMENT OF CASH FLOWS

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	December	December,
	-{}4	83
For the half-year ended 31 December	\$000	\$000
Cash flows from
operating activities
Rent received	27,560	23.265
Payments to creditors	(3,367)	(1,557)
Payments to the responsible entity	(1,656)	(1,376)
Interest received	38	-97
Borrowing costs paid	(5, 108)	(4,031)
Net cash flows from operating activities	17,46.	16.398
Cash flows from
investing activities
Payments for purchase of,
and additions to, the Trust's
property investments	(19,075)	(27,722)
Proceeds from sale of property investments		1.650
Net cash flows used in
investing activities	(19, 075)	(26, 072)
Cash flows from
financing activíties
Proceeds from the issue of units		25,000
Issue costs paid"		(78)
Proceeds/(repayment) of borrowings	8,587	(9,037)
Distribution paid	(7,331)	(6,565)
Net cash flows from
financing activities	1,256	9.320
Net decrease in cash held	(352)	(354)
Cash held at the beginning of the financial period [[Sub	5.366	4.783
Cash held at the end
of the financial period	5,014	4.429
The condensed statement of cash flows should be read in conjunction with
the accompanying notes.

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NOTES TO AND FORMING PART OF THE CONDENSED FINANCIAL STATEMENTS

I Basis of preparation of the condensed : financial report $\sim$ $\sim$ The half-year financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Constitution of the Bunnings Warehouse Property Trust (the Trust), the Corporations Act 2001, applicable Accounting Standards including AASB 1029: Interim Financial Reporting, and other mandatory professional reposting requirements (Urgent (ssues Group Consensus) Views). They have been prepared on the basis of the historical cost convention except for property investments which are carried at their fair value based on independent valuations conducted at intervals of not more than three years. For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period. The half-year financial report does not include notes of the type normally included in an annual report. It is recommended that the half-year financial report is read in conjunction with the annual financial statements as at 30 June 2004 together with public announcements made by the Trust in accordance with the continuous disclosure obligations arising under the Australian Stock Exchange Listing Rules and the Corporations Act 2001, Accounting policies are consistent with the previous period unless. otherwise stated. 2 Contingent liabilities … There have been no major changes since the last annual report. 3 Non cash financing activities. December. December. -04 -03 \$000 \$000 Unit capital issues Distribution Reinvestment Plan 9,984 7,667 4 Segment reporting The Trust operates wholly within Australia and derives rental income from investments in commercial property.

NOTES TO AND FORMING PART OF THE CONDENSED FINANCIAL STATEMENTS

Contract 5 IFRS Disclosure Australian Accounting Standards Board (AASB) equivalents to International Financial Reporting Standards (FRS), will need to be adopted in the Trust's financial statements for the half-year ending 31 December 2005 and full year ending 30 June 2006. When Australian equivalent IFRS are adopted for the first time at these dates, comparative financial statements using IFRS will be restated, except for AASB 132 Financial Instruments: Disclosure and Presentation and AASB 139 Financial Instruments: Recognition and Measurement. This will require the preparation of an opening balance sheet in accordance with IFRS as at 1 July 2004, with, the restatement adjustments being made, retrospectively, against the balance of undistributed income or reserves in unitholders' funds. For those standards for which comparative information is not required. transitional adjustments will be made as at 1 July 2005 and quantitative impacts have not been disclosed below. As well as the quantitative impacts, the impact of the new standards on training, systems and internal controls, financial reporting and accounting policies have been assessed and substantially completed. The figures disclosed below are the best estimates as at the date of these half-year statements; however, they could change due to furtherwork being undertaken and any potential amendments to IFRS and interpretations thereof being issued by the standard setters. Subject to the above, key accounting policy changes and their financial impacts on transition to IFRS as at 1 July 2004 and likely impacts in future periods are set out below: AASB 140 Investment Property Current accounting policy regarding investment properties is to recognise revaluation increments in an asset revaluation reserve, and revaluation decrements as an expense in the Statement of Financial Performance to the extent that they are not a reversal of a prior revaluation increment. AASB 140 Investment Property standard allows the option of applying cost or fair value to the measurement of investment property values. Under the fair value method changes in fair value are recognised in the Statement of Financial Performance. The Trust accounts will continue to reflect the fair value method. Transition adjustment - as a result of the change in accounting treatment under the fair value method, the asset revaluation reserve balance of \$75,079,000 as at 30 June 2004, will be transferred to undistributed income, and be distributable to unitholders upon realisation of fair value. changes when investment properties are sold. Ongoing impact - fair value changes for the six months ended 31 December 2004 will be reported as a \$3,117,669 profit under AASB 140.

NOTES TO AND FORMING PART OF THE CONDENSED FINANCIAL STATEMENTS

5 IFRS Disclosure (continued) AASB 132 Financial Instruments: Disclosure and Presentation In the Trust financial statements to date, unitholders' funds have been recognised as equity. It is anticipated, however, that the new disclosure and presentation requirements of AASB 132 will require that unitholders' funds are recognised as a financial liability rather than equity. This is because if the Trust is terminated, all cash proceeds from the realisation of Trust assets would be distributed to unitholders, which is deemed to create a contractual obligation on the fund in the nature of a financial liability. This classification change is being considered by the International Accounting Standards Board, and unless advice to the contrary is issued by this body before Trust accounts are published for the year ending 30 June 2005, the change will be implemented. Transition adjustment (1 July 2005) - if the reclassification of unitholders': funds from equity to a financial liability occurs, it will result in net assets being reduced to nil. ... Ongoing impact- the financial impact of this change is yet to be determined as the unitholders' funds balance at date of transition for this standard, being 1 July 2005, is not yet known.

DIRECTORS' REPORT

18.

In accordance with the Corporations Act 2001. Bunnings Property Management Limited (ABN 26-082-856-424), as responsible entity for the Bunnings Warehouse Property Trust (the Trust), provides this report for the balf-year. ended 31 December 2004.

The names of directors of the responsible entity in office during the half-year and until the date of this report are: J A Austin (appointed 10 September 2004)

u.
Ta W H Cairns k,

P.I Mansell."

R W McCuaig (resigned 9 September-2004) Tagairtean

G T Tilbrook

Directors

Review and results of operations ()

December December
\$000	\$000
Net profit $-17.481$	$-14.939$
7.482 Distributable Income $\sim 10^{-1}$ 7. to 2.14	14.946

The interim distribution is 5.79 cents per ordinary unit (last year 5.51 cents). This interim distribution will be made on 28 February 2005. Sun Support أوالا والمتواردة والمراجع

Auditor's independence declaration [1]

The Auditor's Independence Declaration to the directors of Bunnings Property Management Limited on page 21 forms part of the Directors" Report for the . " half-year ended 31 December 2004.

Rounding

The amounts contained in this report and in the condensed financial statements for the half-year have been rounded to the nearest thousand. dollars under the option available to the Trust under ASIC Class... Order 98/0100.

Signed in accordance with a resolution of the directors of Bunnings Property Management Limited.

W H Cairns Chairman.

Melbourne, 15 February 2005.

DIRECTORS' DECLARATION

In accordance with a resolution of the directors of Bunnings Property Management Limited, responsible entity for the Bunnings Warehouse Property Trust (the Trust), I state that in the opinion of the directors:

(a) The condensed financial statements and notes of the Trustlare in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Trust's financial position as at 31 December 2004 and of its performance for the half-year ended on that date: and home con-

(ii) complying with Accounting Standard AASB 1029: Interim . Financial Reporting and Corporations Requisitions 2001; and .

(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable...

For and on behalf of the board of Bunnings Property Management Limited.

W H Cairns Chairman

Melbourne, 15 February 2005

19.

INDEPENDENT REVIEW REPORT

Independent review report to the Unitholders of Bunnings Warehouse Property Trust

Scope.

The financial report and directors' of Bunnings Property Management Limited responsibility

The financial report comprises the statement of financial position, statement of financial performance, statement of cash flows, accompanying notes to the financial statements, and the directors' declaration for the Bunnings Warehouse Property Trust (the Trust), for the half-year ended 31 December 2004, ......

The directors of Bunnings Property Management Limited are responsible for preparing a financial report that gives a true and fair view of the financial position and performance of the Trust, and that complies with Accounting Standards AASB 1029 "Interim Financial Reporting", in accordance with the Cornorations Act 2001. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.

Review approach

We conducted an independent review of the financial report in order to make a statement about it to the unitholders of the Trust and in order for the Trust to lodge the financial report with the Australian Stock Exchange and the Australian Securities and Investments Commission.

Our review was conducted in accordance with Australian Auditing Standards applicable to review engagements, in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with the Corporations Act 2001, Accounting Standard AASB 1029 "Interim Financial Reporting" and other mandatory financial reporting requirements in Australia, so as to present a view which is consistent with our understanding of the Trust's financial position, and of its performance as represented by the results of its operations and cash flows. $\ldots$

A review is limited primarily to inquiries of Bunnings Property Management Limited personnel and anaiytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance is less than given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. J

independence

We are independent of the Trust, and have met the independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001. We have given to the directors of Bunnings Property Management Limited a written Auditor's Independence Declaration.

20

21 INDEPENDENT REVIEW REPORT Statement Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the financial report of the Bunnings Warehouse Property Trust is not in accordance with: (a) the Corporations Act 2001, including: (i) giving a true and fair view of the financial position of the Trust at 31 December 2004 and of its performance for the half-year lended on that date: and (ii) complying with Accounting Standard AASB 1029 "Interim Financial Reporting" and the Corporations Regulations 2001; and Φ) other mandatory financial reporting requirements in Australia. بالإحامات والأحراء G H Meverowitz Ernst & Young Partner Perth ... 15 February 2005 independence declaration Auditor's Independence Declaration to the Directors of Bunnings Property Management Limited In relation to our review of the financial report of Bunnings Warehouse Property Trust for the half-year ended 31 December 2004, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. vezesser fili G H Meyerowitz Ernst & Young Partner Perth -15 February 2005

visit us at:

www.bunningspropertytrust.com.au

FIRZ MILLY

Roxionsflits annu ETHER

SURRITRE CONTROL Management Limited
ABN 28 082 356 424

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STOWN ON GRIFFE HATTER

SAC are agreed in the Advisorers Stock Exchange and rationed in
the "malushiar" section in daily intension disc 200

UTATEN GEORGIA ETA ERREGEN ETA ERREGEN ETA ERREGEN ETA ERREGEN ETA ERREGEN ETA ERREGEN ETA ERREGEN ETA ERREGEN

1999 - James Andrews, Amerikaansk filozof, fransk filozof, fransk filozof, fransk filozof, fransk filozof, f

.
Enquiries related to holding
and nostication of tax file number 3000 31 3 4000 0 iksisionerkske

Aborth states sharp be dra a mięsnasta apra

3-10 1542 002 1141 1