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Results Announcement for the full ear endin 30 June 2013 y g

Centuria Capital Limited

Presentation to Investors and Analysts

30 June 2013 - Year in review

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Underlying Net Profit After Tax (NPAT) ($m)
6
5
4 2.495
2nd Half Result
$’m 3 3.579
1st Half Result
2
2.842
1
1.282
0
FY12 FY13
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Share Price & Market Capitalisation Movements
1.0 70.0
64.07
0.9
60.0
0.8
0.7 50.0
0.6
40.0
32.74
0.5
30.0
0.4
0.3 20.0
0.2
10.0
0.1
0.0
Closing Share Price $ Market Cap ($’m)
Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
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•	Underlying Earnings 30 June 2013 - NPAT $5.3m (30 June 2012: $4.9m)	8%
•	Underlying Earnings Per Share 7.7c (30 June 2012: 6.1c)	26%
• •	Statutory 30 June 2013 - NPAT $7.3m (30 June 2012: $2.0m) Statutory Earnings Per Share 9.4c (30 June 2012: 2.5c)	265% 276%
•	Direct Property Fund Acquisitions $171m (30 June 2012: $58m)	195%
•	Centuria Life FUM stable $708m
•	(30 June 2012: $712m) Share price 30 June 2013 82c (30 June 2012: 42c)	95%
•	Market Capitalisation 30 June 2013 64.0m (30 June 2012: $32.7m)	96%

Centuria Capital Limited

Presentation to Investors and Analysts 1

Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Underlying Results (excl. Benefit Funds)

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Full Year Ended 30 June 2013 2012 Commentary for major movements
Underlying EBIT by major division $’000 $’000
- Centuria Property Funds (Note 1) 3,850 3,577 Increased property acquisitions during the year (three)
- Centuria Life 7,025 7,755 Stable FUM / increased LAGIC consulting costs
- Residential Mortgages 3,293 2,661 No unrecovered swap break cost FY13
- Insurance 967 1,065
- Corporate (5,223) (5,432)
- Other 336 (115)
Total underlying EBIT 10,248 9,511
Finance costs (Corporate) (1,218) (1,276)
Total underlying NPBT 9,030 8,235
Underlying tax expense (3,693) (3,374)
Underlying NPAT 5,337 4,861
Non-recurring adjustments
- Prior year non-recurring adjustments (including tax effect) - (2,894)
- Partial unwind of the Mortgageport deferred consideration (Other) 163 -
- Centuria Life seed capital investment (Centuria Life) (772) - Present value of investment
- Tax benefits from non-core asset disposals 2,413 Tax effect on disposal of legacy on-balance sheet investment
- Tax benefit on 30 June 2013 non-recurring adjustments 197 -
Reported NPAT 7,338 1,967
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Note 1: Includes the provision of $2.7m (pre-tax) expenses relating to Listed Property fund.

Centuria Capital Limited

Presentation to Investors and Analysts 2

30 June 2013 - Corporate Update

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Gearing

Corporate Debt / Equity Ratio

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20%
15%
10%
5%
0%
Corporate debt excludes non-recourse debt
15%
14% 13%
2011 2012 2013
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Legacy investment properties

Completion of the sale of the legacy investment properties:
Moonah Links, Fingal
Pepper Sands Resort, Torquay
Corporate debt to equity remains low

Expense Management

Employee, Admin and Other Costs ($m)

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22
20
10.7
18
16 16.3
16.1
14
12
10
FY11 FY12 FY13
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Stable corporate costs despite the various growth initiatives launched during the period, (i.e, new listed property division and opening of the Singapore office)

Centuria Capital Limited

Presentation to Investors and Analysts 3

30 June 2013 - Corporate Update (continued)

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Unmarketable Parcel Share Buy-back

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Number of Shares on Issue (m)
82
81.8
81
81.2
80
79
78
78.1
77 77.6
76
75
Dec 11 Jun 12 Dec 12 Jun 13
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• 4.2 million shares bought back and cancelled at $0.4775 per share (December 2012); reducing shares on issue by 5.2%

Total number of shareholders reduced by 45% from 15,094 to 8,313
Strong focus on shareholder expense reduction and increasing earnings per share

Dividends

Final dividend suspended as a result of expenses incurred in relation to the new Asian office and Listed Property Division
1.25 cents per share fully franked interim dividend paid March 2013

• Dividend Reinvestment Plan suspended

Centuria Capital Limited

Presentation to Investors and Analysts 4

30 June 2013 - Property Division

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Revenue Sources

Direct Property Division Revenue Sources ($m)

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16
+30% Net Acquisition fees
14
+4% Development fees
12
10 Leasing fees
8 Management fees
6 Property Management & Caretaking
4
Sales fees
2
Other
-
2011 2012 2013
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• Revenue 30%

• Strong increase in management and acquisition fees

Future potential performance and sale fees >$10m anticipated over next 5-10 years (not brought to account)
Three level property funds management strategy, direct, listed and wholesale

Centuria Capital Limited

Presentation to Investors and Analysts 5

30 June 2013 - Property Division (continued)

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Funds Under Management

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Property Funds Under Management ($bn)
1.20
1.00 1.00 1.03 1.05
0.80
0.71
0.60
0.40
0.20
-
2010 2011 2012 2013
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$171m of direct property acquisitions during FY13 - Corporate Drive ($23.3m) (Dec 12), Castlereagh Street ($56.0m) (Mar 13) and Spring Street ($92m) (June 2013)
Singapore office established - focus on wholesale investors
Establishment of Listed Property Division under Nicholas Collishaw - CEO Listed Property Funds (May 2013)

Business Profile of Funds

93.3

Number of Buildings

Number of Funds

Portfolio Occupancy

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Office 72.73%
Industrial 6.82%
Office/Warehouse 6.82%
Portfolio Portfolio
Retail Bulky 4.55%
by Sector Goods 2.27% by State
Speciality Use 2.27%
Mixed Use 4.55%
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6,500

3.7 years

Number of Investors

Portfolio Weighted Average Lease Expiry (income)

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New South Wales 52.27%
Victoria 11.36%
Queensland 22.73%
South Australia 6.82%
Australian Capital Territory 4.55%
Western Australia 2.27%
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Centuria Capital Limited

Presentation to Investors and Analysts 6

30 June 2013 - Financial Services

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Centuria Life (including Guardian)

Increase in number of policyholders at 30 June 2013 - 82,210 (30 June 2012: 80,312)
All unit-linked bonds exceeded prior year performance
FUM stable during period
Three major distribution groups reviewing establishment of new fixed interest bond
Changes to superannuation improves bond metrics

434 m 274 m $ $

708 m $ (FY12 $712m)

Total FUM of Centuria Total FUM of Over Life Bonds Fifty Guardian Friendly Society Bonds

Total FUM

Centuria Capital Limited

Presentation to Investors and Analysts 7

30 June 2013 - Financial Services

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Insurance

• 23,019 policies as at 30 June 2013

• Policyholder renewals continue to track at 90%

• New business premium 13% from 2012

Strong growth in sales/premium from on-line activities

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Over Fifty Insurance - Online Sales
80 60,000
70
50,000
60
40,000
50
40 30,000
30
20,000
20
10 10,000
0 0
2012 FY Q1 2012 FY Q2 2012 FY Q3 2012 FY Q4 2013 FY Q1 2013 FY Q2 2013 FY Q3 2013 FY Q4
2012 FY 2013 FY
Number of sales
Online Gross Written Premium
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Centuria Capital Limited

Presentation to Investors and Analysts 8

30 June 2013 - Financial Services (continued)

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Residential Mortgages

Value of book at 30 June 2013 - $172m (30 June 12: $182m) secured by $706m of property (32% average LVR)
Non-recourse loan at 30 June 2013 - $135.7m (30 June 12: $152m)
Warehouse loan facility maturity date extended to 30 August 2014
Embedded shareholder equity $40.1m (30 June 12: $33m) (representing Residential Mortgages value plus cash less loan facility balance)
Number of loans: 1,755 (30 June 12: 1,979)
Average loan balance: $93,380
(30 June 12: $92,132)

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Growth in Embedded Shareholder Value
45
40
35
30
$’m 25
20
15
10
5
-
2009 2010 2011 2012 2013
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Centuria Capital Limited

Presentation to Investors and Analysts 9

Appendices Statutory Account Reconciliations

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General comment on statutory accounts reconciliation

The “Statutory Accounts” show the consolidated corporate entities including the Benefit Funds which Centuria is required to consolidate under AIFRS.

The “Benefit Funds” reflect the stand alone assets of policyholders.

The “Statutory accounts excluding Benefit Funds” reflect the value and performance of Centuria shareholder funds.

Centuria Capital Limited

Presentation to Investors and Analysts 10

Appendix 1: Income Statement for year ended 30 June 2013

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Statutory Benefit Statutory Accounts
Accounts Funds excluding Benefit Funds
$’000 $’000 $’000
-
Property Division Revenue 15,262 15,262
-
Residential Mortgages interest income 14,740 14,740
Centuria Life revenue 11,584 - 11,584
-
Net revenue from benefit funds 2,533 2,533
Other income 2,615 - 2,615
Total revenue 46,734 2,533 44,201
Finance costs (11,647) - (11,647)
-
Employee benefits expense (8,608) (8,608)
-
Administrative and other expenses (10,243) (10,243)
-
Centuria Life expenses (5,331) (5,331)
Net profit before tax: 10,905 2,533 8,372
Tax (3,567) (2,533) (1,034)
-
Reported NPAT 7,338 7,338
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Centuria Capital Limited

Presentation to Investors and Analysts 11

Appendix 2: Balance Sheet as at 30 June 2013

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Statutory Benefit Statutory Accounts
Accounts Funds excluding Benefit Funds
$’000 $’000 $’000
Assets
-
Cash and cash equivalents (Note 1) 9,285 9,285
-
Trade and other receivables (Note 2) 13,291 13,291
-
Financial Assets at fair value through profit and loss 3,154 3,154
-
Financial assets - Residential Mortgages (Note 3) 185,848 185,848
Other assets 1,382 - 1,382
Investment in associates 668 - 668
Plant & equipment 728 728
-
Assets in respect of benefit funds 435,459 435,459
Deferred tax assets 6,662 - 6,662
-
Income tax receivable (Note 4) 7,450 7,450
-
Intangible assets 53,109 53,109
Total Assets 717,036 435,459 281,577
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Note 1: Major balances include $1m Corporate, $3.3m Residential Mortgages, and $5.0m Centuria Life

Note 2: Major balances include $1m Centuria Diversified Property Fund loan, $1.4m SPV loans, and $4.9m including Seed Capital investment and other receivables Note 3: Residential mortgages at cost $173m, plus fair value adjustment of $13m

Centuria Capital Limited

Presentation to Investors and Analysts 12

Appendix 2: Balance Sheet as at 30 June 2013 (continued)

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Statutory Benefit Statutory Accounts
Accounts Funds excluding Benefit Funds
$’000 $’000 $’000
Liabilities
-
Trade and other payables 16,921 16,921
-
Corporate debt 12,000 12,000
-
Borrowings - Residential Mortgages 135,298 135,300
Other liabilities 678 - 678
-
Derivative financial liabilities - Residential Mortgages 20,141 20,141
-
Liabilities in respect of benefit funds 435,459 435,459
Provisions 1,129 - 1,129
Total Liabilities 621,626 435,459 186,167
Net Assets 95,410 - 95,410
Equity:
-
Issued capital (Note 1) 88,634 88,634
Reserves (381) - (381)
-
Profits Reserve 6,390 6,390
Retained earnings 767 - 767
-
Equity attributable to equity holders of the parent 95,410 95,410
-
Total Equity 95,410 95,410
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Note 1: Reduction from 2012 of $1,642 largely a result of share buyback @ 47.25 cents

Centuria Capital Limited

Presentation to Investors and Analysts 13

Appendix 3: Cash Flow Statement for year ended 30 June 2013

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Statutory Benefit Statutory Accounts
Accounts Funds excluding Benefit Funds
$’000 $’000 $’000
Cash flows from operating activities
Interest received 845 - 845
-
Management fees received (Note 1) 21,792 21,792
Rent, trust distributions and other income received (Note 2) 7,026 - 7,026
Benefit funds payments (35,973) (35,973) -
Payments to suppliers and employees (24,374) - (24,374)
-
Income tax paid (Note 3) (4,892) (4,892)
Net cash flows used in operating activities (35,576) (35,973) 397
Cash flows from investing activities
-
Benefit funds receipts 35,397 35,397
-
Payments for investment property - Moonah and Torquay 15,000 15,000
-
Payments for plant and equipment (214) (214)
-
Proceeds from/(payments for) investment in other financial assets (Note 4) 2,193 2,193
Net cash flows provided by investing activities 52,376 35,397 16,979
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Note 1: Major balances include $11.2m of Centuria Life management fees, and $8.6m of Centuria Property Funds income Note 2: Major balances include $1.2m insurance income, $5.5m Centuria Property Funds acquisition and leasing fee Note 3: Relates to prior periods $4,266, current period $626 Note 4: Made up of the partial repayment of Mortgageport deferred consideration, and property development sales fees

Centuria Capital Limited

Presentation to Investors and Analysts 14

Appendix 3: Cash Flow Statement for year ended 30 June 2013 (continued)

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Statutory Benefit Statutory Accounts
Accounts Funds excluding Benefit Funds
$’000 $’000 $’000
Cash flows from financing activities
-
Loans (payment)/receipts (990) (990)
- - - -
Benefit funds receipts (
-
Repayment of borrowings – Residential Mortgages (17,366) (17,366)
-
Funds received from Residential Mortgage customers 25,656 25,656
-
Repayment of borrowings - Moonah and Torquay (15,530) (15,530)
-
Repayment of borrowings - Corporate (1,100) (1,100)
-
Share buy back (2,011) (2,011)
-
Dividends and distributions paid (970) (970)
-
Interest paid on Residential mortgage loans (9,972) (9,972)
-
Financing costs - Corporate (1,218) (1,218)
-
Net cash flows used in financing activities (23,501) (23,501)
Net increase/(decrease) in cash and cash equivalents (6,701) (577) (6,125)
Cash and cash equivalents at the beginning of the period 52,401 36,992 15,409
Cash and cash equivalents at the end of the period 45,700 36,415 9,285
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Centuria Capital Limited

Presentation to Investors and Analysts 15

Appendix 4: Residential Mortgages

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Projection of Future Cash Flows
Embedded Value - at 30 June 2013
9.0% average actual redemption rate (2008 to 2013)
12% p.a. redemption rate ($’000) - forecast
Actual
$’m Performance Forecast
250
200
150
100
50
0
Residential Mortgage Book ANZ Loan book Source: Rice Warner, 30 June 2013
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
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The above projection is subject to variables including run-off rate, regular refinancing and projection given as a guide only

Centuria Capital Limited

Presentation to Investors and Analysts 16

Disclaimer

This document has been issued by Centuria Capital Limited ABN 22 095 454 336 and contains general information about Centuria Capital Limited and its related bodies corporate (“Centuria”) which is current as at 29 August 2013.

The information in this document is in summary form and does not purport to be complete. Due to the impact of rounding, the totals shown for charts, graphs or tables in this document may not equate to the sum of the individual components of the relevant chart, graph or table. Accordingly, it should be read in conjunction with all other information concerning Centuria filed with the Australian Securities Exchange.

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This document is not a recommendation or personal advice in relation to Centuria or any product or service offered by Centuria and does not take into account the investment objectives, financial situation or needs of any particular person. Past performance is not indicative of future performance.

To the extent this document contains prospective financial information, that information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from expectations.

The document has been prepared from information believed to be accurate, however, no representation or warranty is made as to the accuracy or adequacy of any information contained in the document. To the extent permitted by law, Centuria, its related bodies corporate and their respective directors, officers and employees, exclude liability for any loss or damage resulting from the issue or use of, or reliance on, anything contained in or omitted from this document.

Centuria Capital Limited

Presentation to Investors and Analysts 17

AI assistant

CENTURIA CAPITAL GROUP — Investor Presentation 2013

64677_rns_2013-08-29_f3f48111-21ab-48c1-8923-746ee9b1759c.pdf

Results Announcement for the full ear endin 30 June 2013 y g

30 June 2013 - Year in review

Underlying Results (excl. Benefit Funds)

30 June 2013 - Corporate Update

Gearing

Corporate Debt / Equity Ratio

Legacy investment properties

Expense Management

Employee, Admin and Other Costs ($m)

30 June 2013 - Corporate Update (continued)

Unmarketable Parcel Share Buy-back

Dividends

• Dividend Reinvestment Plan suspended

30 June 2013 - Property Division

Revenue Sources

Direct Property Division Revenue Sources ($m)

• Revenue 30%

• Strong increase in management and acquisition fees

30 June 2013 - Property Division (continued)

Funds Under Management

Business Profile of Funds

30 June 2013 - Financial Services

Centuria Life (including Guardian)

30 June 2013 - Financial Services

Insurance

• 23,019 policies as at 30 June 2013

• Policyholder renewals continue to track at 90%

• New business premium 13% from 2012

30 June 2013 - Financial Services (continued)

Residential Mortgages

Appendices Statutory Account Reconciliations

General comment on statutory accounts reconciliation

Appendix 1: Income Statement for year ended 30 June 2013

Appendix 2: Balance Sheet as at 30 June 2013

Appendix 2: Balance Sheet as at 30 June 2013 (continued)

Appendix 3: Cash Flow Statement for year ended 30 June 2013

Appendix 3: Cash Flow Statement for year ended 30 June 2013 (continued)

Appendix 4: Residential Mortgages

Disclaimer

More from CENTURIA CAPITAL GROUP

CENTURIA CAPITAL GROUP Investor Presentation 2013