GOODMAN GROUP — Annual Report 2013

Aug 14, 2013

Results for the year ended 30 June 2013

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Global partner + Global platform

Important notice and disclaimer

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• • This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) Goodman Funds Management Limited (ABN 48 067 796 641; AFSL Number 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (Company Number 1700359; ARBN 155911142 – A Hong Kong company with limited liability)). This document is a presentation of general background information about the Group’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with Goodman Group’s other announcements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.
• • This Presentation uses operating profit and operating EPS to present a clear view of the underlying profit from operations. Operating profit comprises profit attributable to Securityholders, adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items. It is used consistently and without bias year on year for comparability. A reconciliation to statutory profit is provided in summary on page 10 of this Presentation and in detail on page 5 of the Directors’ Report as announced on ASX and available from the Investor Centre at www.goodman.com.
• • This document contains certain "forward-looking statements". The words "anticipate", "believe", "expect", "project", "forecast", "estimate", "likely", "intend", "should", "could", "may", "target", "plan" and other similar expressions are intended to identify forwardlooking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Neither the Group, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking-statements in this document will actually occur.
• • This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to the issue, purchase, or sale of any stapled securities or other financial products in the Group.
• • This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. The stapled securities of Goodman Group have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

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Contents

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+ Section 1 Highlights

• • Section 2 Results overview
• • Section 3 Operational performance
• • Section 4 Strategy and outlook

• Appendices

• Results analysis

• Investment

• Development

• Management

• Capital management

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Section 1+ Highlights

Highlights

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+ Focused strategy delivering:

• Operating profit¹ of $544 million, up 17% on FY2012

• Operating EPS¹ of 32.4 cents², up 6% on FY2012

• Distribution and dividend per security of 19.4 cents, up 8% on FY2012

• Forecasting FY2014 operating profit of $594 million equating to operating EPS of 34.3 cents up 6% on FY2013

+ Strength and focus of Group’s strategy delivering results :

• Total assets under management of $23 billion, up 15% on FY2012

• Day to day performance remains robust with occupancy at 96% and investment EBIT up 9%

• The ‘active’ development and management businesses contributed 42% of operating EBIT up 25%

• Development book growing to $2.5 billion in the short term driven by structural changes and entry into the Americas and Japan

• Raised $2.8 billion of new third party equity supporting contemporary governance structure

• Earnings driven by organic growth with new markets contributing to FY14 earnings and beyond

• Operating profit and operating EPS comprises profit attributable to security holders adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items

1. Calculated based on weighted average diluted securities of 1,677.4 million which includes 5.6 million LTIP securities which have achieved the required performance hurdles and will vest equally in September 2013 and September 2014

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Highlights

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+ Prudent capital management aligned to sustainable risk adjusted returns:

• Selective pre-committed and pre-sold approach to development activities: WIP 72% pre-committed and 92% pre-sold

• Capital partnering approach to all markets: recycled $400 million of cornerstone investments funding new initiatives

• Successfully raised $449 million of GMG equity providing a stable capital structure and funding future growth

• Gearing reduced to 18.5%¹ and ICR of 5.0x

• $1.8 billion of liquidity with weighted average debt maturity of 5.4 years covering maturities to CY2018

+ Consistency, stability and visibility:

• Consistency and reliability of product, earnings and strength of balance sheet remains an objective

• Global platform providing diversity and stability of earnings

• High visibility of development earnings and growth through customers and capital

• Accelerating business activity across Goodman’s key markets, reflecting the strong customer and investor demand for prime assets and structural changes taking place

• Completion of key initiatives including entry into Brazil and consolidation of the Japan management platform

• Acquisition of an interest in the $1.8 billion ATL Logistics Centre in Hong Kong

• Remaining focused on execution of Goodman’s day to day operational activities

+ Positioned to deliver FY2014 operating profit of $594 million (up 9% on FY2013) equating to operating EPS of 34.3² cents (up 6% on FY2013)

• Forecast distribution of 20.7 cents² (up 7% on FY2013)

• Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $94 million – refer to Note 8 of the Financial Statements

• Calculated based on weighted average diluted shares of 1,730 million

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Highlights

	+	High occupancy maintained at 96%
	+	Retention rate of 77% and WALE of 4.7 years
Own	+	Like for like rental growth of 2.6%
	+	Leased 2.9 million sqm across the platform equating to $270 million of property income across the Group and
		managed funds
	+	WIP of $2.3 billion across 69 projects in 11 countries with a forecast yield on cost of 8.8%
	+	Development commitments of $2.2 billion with 72% pre-committed and 91% pre-sold to funds or third parties
Develop	+ +	Development completions of $1.7 billion with 95% pre-committed and 98% pre-sold to funds or third parties Active developments across all markets as a percentage of WIP: Aust and NZ 39% / Asia 29% / Europe 27% /
		Americas 5%
	+	Urban renewal projects being realised in Australia and UK
	+	Total assets under management (AUM) of $23 billion, external AUM increased to $19 billion (up 21% on FY2012)
	+	Raised $2.8 billion of new third party equity, $2.5 billion net of investor liquidity
Manage	+	Focus on recycling assets to fund new initiatives: disposed of $1.8 billion of property assets and fund cornerstones across the Group and managed funds
	+	$3.8 billion1in undrawn debt and equity providing opportunities for Funds to participate in development
		opportunities from the Group and broader market initiatives should they arise
	+	Grew operating profit by 17% and reduced gearing to 18.5%2(33.0% look through)
	+	ICR 5.0x (3.0x look through)
	+	Debt markets remain open to the Group and managed funds: completed $5.6 billon in debt capital market and
Corporate		bank facilities
	+	Distribution of 19.4 cents includes payment of a 5.2 cent fully franked dividend facilitated by the Group’s capital
		restructure and utilises available franking credits
	+	Goodman PLUS restructure successfully executed

1. Fund investments are subject to Investment Committee approval

2. Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign debt capital market issuances equating to $94 million – refer to Note 8 of the Financial Statements

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Section 2+ Results overview

Results overview

+ Operating results above initial targets:

• Stronger operating results from all business units

• Maintained liquidity and low gearing reflecting strength of returns on a risk adjusted basis

• Positive lead indicators into 2014 performance on the back of current activity levels

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	FY2013
Operating profit ($M)	544.1
Statutory accounting profit ($M)	161.0
Operating EPS (cents)1	32.4
Distribution per security (cents)	19.4

• • Investment EBIT contributing 58% of earnings with 42% from Development and Management:

• 65% Investment and 35% Development and Management on a look through basis

• • Statutory result includes $293 million of unrealised derivative and foreign exchange mark to market adjustments, offset by $269 million of foreign currency translations recognised on the balance sheet but not through the income statement

		As at
		30 June 2013
	NTA ($)	2.69
	Gearing (balance sheet) (%)2	18.5
	Available liquidity ($B)	1.8
	WACR (look through) (%)	7.9

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1. Operating profit and operating EPS comprises profit attributable to security holders adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items and calculated based on weighted average securities of 1,677.4 million which includes 5.6 million securities which have achieved the required performance hurdles and will vest equally in September 2013 and September 2014

Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $94 million – refer to Note 8 of the Financial Statements

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Profit and loss

+ Full year operating profit of $544.1 million:

• Investments continue to trend up on increasing rents with ROA of ~7%

• Increased scale improving management margins in mature markets

• Transactional activity levels in the funds a key driver of management income for the year

• Development volumes increasing, driving increased EBIT and average ROA of ~10%

• Average currency exchange rates stable for the year

• Statutory profit of $161.0 million includes property, valuations , derivative mark-to-markets and other noncash or non-recurring items

• • Operating EPS of 32.4 cents per security up 6% on FY2012
• • DPS of 19.4 cents per security up 8% on FY2012

• 14.2 cents per security from GIT

• 5.2 cents fully franked dividend per security from GL

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Income statement

		FY2012	FY2013
		$m	$m
	Investment (look through)	477.6	501.8
	Management	79.3	108.6
	Development	139.8	165.8
	Unallocated operating expenses Operating EBITDA (look through)	(39.4) 657.3	(42.5) 733.7
	Operating EBIT (look through)	652.0	727.7
	Look through interest and tax adjustment1	(125.1)	(118.7)
	Operating EBIT	526.9	609.0
	Net borrowing costs	(10.4)	(30.0)
	Tax expense	(10.9)	(12.6)
	Operating profit (pre minorities)	505.6	566.4
	Minorities2	(42.2)	(22.3)
	Operating profit (post minorities)	463.4	544.1
	Weighted average securities (million)3	1,519.2	1,677.4
	Operating EPS (cps)	30.5	32.4
	**Non operating items4 **
	Property valuations	(6.6)	(36.7)
	Non property related impairments	(21.5)	-
	Derivative and foreign currency mark to market	5.1	(293.0)
	Other non-cash or non-recurring items	(32.1)	(53.4)
	Statutory profit	408.3	161.0

1. Reflects adjustment to GMG proportionate share of managed funds’ interest and tax 2. Includes Goodman PLUS

2. Weighted average securities of 1,677.4 includes 5.6 million securities which have achieved the required performance hurdles and will vest equally in September 2013 and September 2014

3. Refer Appendix 1 slide 24

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Balance sheet

• • Strong balance sheet maintained:

• Selective approach to pre-committed and pre-sold developments

• Managed fund equity raisings and balance sheet recycling

• $449 million GMG equity raising provides funding for long term growth opportunities into new markets

• • Fund cornerstones increasing on the back of growth in AUM

• Partially funded through sell down in GAIF and sale of investment properties

• • Development holdings increasing on the back of increased activity and in Asia and the Americas
• • $1.8 billion of liquidity covering maturities to CY2018
• • Resulting in the following key metrics:

• Gearing of 18.5%[3] (33.0% look through)

• NTA of $2.69 per security[2 ]

• • Year end foreign currency exchange rates increasing net asset values

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Balance sheet

		FY2012	FY2013
		$m	$m
	Stabilised investment properties	2,259	2,090
	Fund cornerstones1	2,937	3,086
	Development holdings	1,529	1,848
	Intangibles	783	891
	Cash	311	645
	Other assets	401	331
	Total assets	8,220	8,891
	Interest bearing liabilities	(2,347)	(2,250)
	Other liabilities	(698)	(805)
	Total liabilities	(3,045)	(3,055)
	Minorities	(319)	(332)
	Net assets (post minorities)	4,856	5,504
	Net asset value ($)	3.03	3.21
	**Net tangible assets ($)2 **	2.54	2.69
	Balance sheet gearing (%)3	23.9	18.5

1. Includes Goodman’s investments in its managed funds and other investments 2. Based on 1,713.2 million securities on issue

2. Gearing calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $94 million - refer to Note 8 of the Financial Statements

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Group liquidity position

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• • Goodman Group has cash and available lines of credit of $1.8 billion at 30 June 2013:

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• $645 million cash

• $1,172 million available lines

• • Significant covenant headroom maintained
• • Average debt maturity profile of 5.4 years
• • ICR at 5.0 times (3.0 times look through)
• • Debt markets remain open to the Group and managed funds:

• $1.1 billion through debt capital markets with an average expiry of 5.6 years

• $4.5 billion of bank facilities with an average expiry of 3.3 years

• • Restructured $327 million of Goodman PLUS hybrid securities

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Section 3+ Operational performance

Interlink, Hong Kong Bungarribee Industrial Estate, Australia

Investment

• • Property fundamentals remain stable reflecting quality of the portfolio and customers:

• Maintained occupancy at 96%

• Retention remains high at 77%

• WALE of 4.7 years

• Like for like rental growth of 2.6%

• Reversions of 3.7% on new leasing deals

• • Cornerstone investments growing in line with increased AUM
• • Asset recycling opportunities for both direct property assets and cornerstones totalled $1.8 billion

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	Investment ($m)	FY2012	FY2013
	Direct	171.3	158.6
	Cornerstones	306.3	343.2
	Look through EBITDA	477.6	501.8
	**Key metrics1 **	FY2012	FY2013
	WACR (%)	7.8	7.9
	WALE (yrs)	5.2	4.7
	Customer retention (%)	80	77
	Occupancy (%)	96	96

  1. Key metrics shown in the above table relate to Goodman and managed fund properties

• • Property valuations stable across the Group with the exception of continued negative sentiment in the UK
• • Property staff are focussed on delivering quality service and maintenance at a consistently high global standard

• Lengthens life cycle and overall demand for properties

14

Development

• • Development demand driven by structural changes:

• E-commerce, supply chain efficiencies, building obsolescence, 3PL consolidation

• • Development WIP increased to $2.3 billion

• Active developments across all markets

• Aust and NZ 39% / Asia 29% / Europe 27% / Americas 5%

• • Development book growing to $2.5 billion, driven by:

• Entry into new markets.

• Increasing volume in Asia and the Americas

• Structural changes to customer needs either maintaining or increasing demand in other markets

• • Prudent low risk strategy focused on pre-sold and precommitted developments

• 92% of developments for third parties or funds

• 72% of developments pre-committed

• Asia and the America’s are the only markets with meaningful speculative led developments

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	Development ($m)	FY2012	FY2013
	Revenue	183.6	207.8
	EBITDA	139.8	165.8
	Key metrics	FY2012	FY2013
	Work in progress ($B)	1.9	2.3
	Work in progress (million sqm)	1.5	1.9
	Number of developments	68	69
	Development for third parties or funds (%)	87	92
	Pre-commitment (%)	75	72
	Yield (%)	8.5	8.8

	Work in progress (end value)	$B
	Opening (June 2012)	1.9
	Completions	(1.7)
	Commitments FX Closing (June 2013)	2.2 (0.1) 2.3

• • Higher and better use opportunities being realised on the back of increased urbanisation

15

Management

• • External assets under management (AUM) of $19 billion increased 21%

• 14% increase on a constant currency basis

• • Development completions have organically grown AUM
• • Size and scale has resulted in strong margins across the management business

• Transactional activities are a key driver of revenue growth

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Management ($m)	FY2012	FY2013
Management income2	139.1	181.5
EBITDA	79.3	108.6
Key metrics	FY2012	FY2013
Number of managed vehicles	14	14
External AUM (end of period) ($bn)	16.1	19.5

• • Raised $2.8 billion in new third party equity

• Post 30 June 2013 raised €550 million for GELF and US$400 million for GCLH

• • Global capital partners and customers attracted to sector specialist and development capabilities
• • Continuing to pursue further long term debt capital market alternatives in managed funds

• GELF completed its inaugural €500 million unsecured Euro Medium Term Notes issue with a 5 year maturity

• GAIF completed $385 million unsecured note issue with 5 and 12 year maturities in both domestic and US markets

• • Opportunities for funds to participate in growth opportunities

• $1.6 billion in undrawn debt facilities

• $2.2 billion[1] in undrawn equity

• Fund investments are subject to Investment Committee approval

• Includes gross up of property outgoings of $15.6 million (2012: $17.1 million)

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Management - AUM

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• • Major new initiatives completed during the year include:

• Secured US$890 million for GNAP alongside CPPIB

• $1 billion development partnership established with ADIC in Japan

• $260 million of external investor commitments in the Japan Core Fund

• KGIT, the fund formed with Malaysia’s Employees Provident Fund (EPF) expanded acquiring a second Australian portfolio valued at $300 million

• GAIF extended to 2019, equity demand exceeded $1 billion and the Group reduced its cornerstone interest

• GHKLF extended to 2020 and a fully subscribed US$300 million equity raising to acquire interest in ATL

• CPPIB doubled their equity commitment for GCLH to US$800 million

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Management platform

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	Goodman’s seven largest managed vehicles	Goodman’s seven largest managed vehicles	Goodman’s seven largest managed vehicles	Goodman’s seven largest managed vehicles	Goodman’s seven largest managed vehicles	Goodman’s seven largest managed vehicles	Goodman’s seven largest managed vehicles
	GAIF	GTA	GELF	GHKLF	ABPP	**GMT1 **	GCLH
Total assets	$5.1bn	$3.0bn	$3.0bn	$2.6bn	$1.5bn	$1.7bn	$0.8bn
GMG co-investment	26.6%	19.9%	30.8%	20.0%	43.1%	17.5%2	20.0%
GMG co-investment	$0.8bn	$0.4bn	$0.5bn	$0.4bn	$0.3bn	$0.2bn2	$0.1bn
Number of properties	115	56	93	15	25	22	12
Occupancy	97%	96%	97%	99%	91%	96%	98%
Weighted average lease expiry	5.8 yrs	3.6 yrs	4.9 yrs3	2.8 yrs	5.9 yrs3	5.3 yrs	3.0 yrs
WACR	8.1%	8.0%	7.6%	6.4%	8.7%	8.1%	8.7%
Gearing	37.1%	34.5%	38.3%	24.1%	51.2%	34.8%	10.7%
Weighted average debt expiry	4.5 yrs	3.5 yrs	3.9 yrs	2.6 yrs	2.7 yrs	3.1 yrs	3.6 yrs

1. As at 31 March 2013 (as disclosed to the New Zealand stock exchange in May 2013) 2. As at 30 June 2013

2. WALE of leased portfolio to next break as at 30 June 2013

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Section 4+ Strategy and outlook

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Strategy and outlook

	+	Leading global industrial property operator and fund manager
	+	Focus on execution of a consistent and clearly enunciated strategy
	+	Customer service focus and asset management capabilities are key to business model
	+	Capabilities in major markets with focus on execution and quality of product and service
	+	Building economies of scale in new markets to deliver incremental growth into FY15
	+	Demand for core, high quality, stable yielding industrial real estate remains strong from global pension and sovereign funds,
Strategy		with Goodman’s development capabilities a key differentiator for capital partners
	+	Structural change continuing to drive development demand: E-commerce, supply chain efficiencies, 3PL consolidation,
		building obsolescence
	+	$1.2 billion of third party equity initiatives completed post 30 June 2013 and additional initiatives underway
	+	Focus on cost containment ensuring overheads remain in line with growth outlook - efficiencies key driver
	+	Integration of Brazil, North America and Japan into the Goodman operating model. Current liquidity funding growth in these
		markets
	+	Cross selling of customers, capital partners and business processes across global platform
	+	Low gearing providing appropriate risk adjusted returns and growth outlook
Capital	+	Controlled and managed approach to development work book
management	+	Focus remains on pre-committed development matched to third party capital
	+	Maintain gearing below 25%, retain earnings and recycle capital to fund long term growth
	+	Proven track record, global operating platform, extensive relationships with global investment partners and customers
	+	Benefiting from global capital partners and customers driving ‘active’ earnings growth
Outlook	+	Experienced management team aligned to long term sustainable earnings and growth
	+	Positioned to deliver FY2014 operating profit of $594 million (up 9% on FY2013) equating to operating EPS of 34.3 cents
		(up 6% on FY2013)

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Appendix 1+ Results analysis

Profit and loss

Total income by business segment for the year ended 30 June 2013

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Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items
$M $M $M $M $M $M
Gross property income Management income Development income Income from disposal of inventories Distributions from investments Net gain from fair value adjustments on investment properties Net gain on disposal of investment properties Net gain on disposal of controlled entities Share of net results of equity accounted investments1 Net gain / (loss) on disposal of equity investments	219.6 181.0 200.0 259.5 3.1 28.0 12.9 12.1 228.8 (0.1)	218.3 - - - 3.1 - - - 221.4 -	- 181.0 - - - - - - 0.5 -	- - 200.0 259.5 - - 12.5 12.1 21.1 14.0	- - - - - - - - - -	1.3 - - - - 28.0 0.4 - (14.2) (14.1)
Total income	1,144.9	442.8	181.5	519.2	-	1.4
Development and property expenses and inventory cost of sales Operating expenses Impairment losses	(371.1) (205.5) (65.4)	(59.7) - -	- (72.9) -	(311.4) (42.0) -	- (48.5) -	- (42.1) (65.4)
EBIT	502.9	383.1	108.6	165.8	(48.5)	(106.1)
Look through NPI adjustment (Goodman share of interest and tax within its fund investments)	118.7	118.7
Look through operating EBIT	621.6	501.8	108.6	165.8	(48.5)	(106.1)

1. Includes share of associate and JVE property valuation gains of $4.0 million, share of associate and JVE unrealised derivative losses of $(19.3) million and other non-cash, non-operating items within associates of $1.2 million

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Profit and loss (cont)

Category	Category	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items
		$M $M $M $M $M $M
EBIT – per statutory accounts		502.9	383.1	108.6	165.8	(48.5)	(106.1)
Net gain from fair value adjustments on investment properties Net gain on disposals of investment properties Share of net loss from fair value adjustments on investment properties and interest rate swaps in associates and JVEs Impairment losses Straight-lining of rent and amortisation of lease incentives Share based payment expense Other non-cash, non-operating items		(28.0) (0.4) 15.3 65.4 (1.3) 26.4 28.7	- - - - - -	- - - - - -	- - - - - -	- - - - - -	(28.0) (0.4) 15.3 65.4 (1.3) 26.4 28.7
Operating EBIT		609.0	383.1	108.6	165.8	(48.5)	-
Net finance expense (statutory) Add: fair value adjustments on derivative financial instruments Add: foreign exchange loss Net finance expense (operating) Income tax expense Deferred tax benefit Minorities		(303.7) 208.4 65.3
		(30.0) (15.9) 3.3 (22.3)
Operating profit available for distribution		544.1
Net cash provided by operating activities1		356.1

1. Difference of $210.3 million between operating profit pre-minorities and cash provided by operating activities relates to: - $120.0 million of accrued development income and payment for developments

2. $76.8 million non-cash share of equity accounted income

3. $13.5 million of working capital movements

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Reconciliation non-operating items

Non-operating Items in statutory profit & loss		Year ended
		30 June 2013
	$M	$M
Property valuations
Net gain from fair value adjustments on investment properties	28.0
Share of net gain from fair value adjustments on investment properties in associates and joint ventures	4.0
Deferred tax on fair value adjustment on investment properties	(3.3)
Subtotal		28.7
Impairment losses
Impairment – inventories	(45.4)
Impairment – receivables	(15.2)
Impairment – equity accounted investments	(2.8)
Impairment – other financial assets	(2.0)
Subtotal		(65.4)
Derivative and foreign currency mark to market
Fair value adjustments on derivative instruments – GMG	(208.4)
Unrealised foreign exchange loss	(65.3)
Fair value adjustments on derivative instruments – associates and joint ventures	(19.3)
Subtotal		(293.0)
Other non-cash or non-recurring items
Share based payment expense	(26.4)
Capital profits not distributed	0.4
Restructuring provisions	(9.8)
Straight-lining rental income	1.3
Transaction related costs for strategic initiatives	(18.9)
Subtotal		(53.4)
TOTAL		(383.1)

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Financial position

As at 30 June 2013 Direct Assets $M Investments $M Developments $M Other $M Total $M	As at 30 June 2013 Direct Assets $M Investments $M Developments $M Other $M Total $M
Cash - - - 645.4	645.4
Receivables - 138.1 229.4 283.5	651.0
Inventories - - 949.5 -	949.5
Investment properties 2,090.2 - 315.7 -	2,405.9
Investments accounted for using equity method - 2,931.9 311.2 -	3,243.1
Intangibles - - - 891.4	891.4
Other assets - 15.7 42.5 46.2	104.4
Total assets 2,090.2 3,085.7 1,848.3 1,866.5	8,890.7
Interest bearing liabilities 2,249.8	2,249.8
Other liabilities 805.2	805.2
Total liabilities 3,055.0	3,055.0
Net assets/(liabilities)	5,835.7
**Gearing1 **	18.5%
**NTA (per security)2 **	$2.69
Australia / NZ 1,828.7 1,630.7 515.6 66.1	4,041.1
Asia - 593.7 310.6 217.5	1,121.8
CE 39.2 531.4 355.0 719.3	1,644.9
UK 222.3 329.9 509.0 315.8	1,377.0
Americas - - 158.1 8.2	166.3
Other - - - 539.6	539.6
Total assets 2,090.2 3,085.7 1,848.3 1,866.5	8,890.7

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1. Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $94 million – refer to Note 8 of the Financial Statements

2. Calculated based on 1,713.2 million securities on issue

25

Net tangible asset bridge

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• For year ended 30 June 2013¹

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Calculated on 1,713.2 million securities being closing securities on issue and excludes minority interest

26

Property valuations

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+ WACR has marginally increased to 7.9%

+ Negative market sentiment persists in the UK

• Valuation uplifts experienced in Australia and Hong Kong are primarily the result of rental growth

30 June 2013 property valuations (look through)

		Book value	Movement since	WACR	WACR movement
	(GMG exposure) $M		June 2012 $M	%	since June 2012 %
Australia		4,477.7	49.2	8.0	0.1
New Zealand		336.7	0.6	8.1	0.4
Hong Kong		462.7	40.3	6.4	(0.2)
China		332.0	(0.2)	8.7	0.2
Japan		277.0	3.9	5.5	-
UK		1,375.9	(104.5)	8.6	(0.5)
Continental Europe		1,261.7	(25.2)	7.6	0.2
Total / Average		8,523.7	(35.9)	7.9	(0.1)

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Appendix 2+ Investment

Leasing

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Across the Group and Funds platform:

• • ~2.9 million sqm leased during the year

• Reversions of 3.7% on new leasing deals, with like for like NPI growing at 2.6%

+ Occupancy maintained at 96%

Division	Leasing area (sqm)	Net annual rent (A$M)	Average lease term	Occupancy at 30 June 2013	Occupancy at 30 June 2013
			(years)		(%)
Australia – Direct	234,100	27.5	3.0		97
Australia – GAIF	584,453	69.6	4.5		97
Australia – GTA	276,418	30.0	4.3		96
New Zealand – GMT1	144,068	15.6	5.4		96
Hong Kong – GHKLF	353,732	43.6	4.3		99
UK – ABPP	12,601	3.7	6.1		91
Europe – GELF	828,720	46.3	2.8		97
Other	467,616	34.1	4.3		95
Total	2,901,708	270.4	4.0		96

1. As at 31 March 2013 (as disclosed to the New Zealand stock exchange in May 2013)

29

Customers

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30

Geographic exposure

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Top 20 sub regions (by AUM)

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31

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Direct portfolio detail - Australia

Key metrics

Portfolio snapshot

Total assets	A$1.8 billion
Customers	233
Number of properties	28
Occupancy	97%
Weighted average cap rate	7.9%

• • 28 properties with a total value of $1.8 billion located across key Australian markets
• • Leasing deals remain strong across the portfolio:

• 234,100 sqm ($27.5 million net annual rental) of existing space leased

• customer retention 83% (rolling 12 months)

• average portfolio valuation cap rate of 7.9%

• • 97% occupancy and a weighted average lease expiry of 3.2 years

WALE of 3.2 years (by net income)

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Top 10 customers make up 28% of portfolio income

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32

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Direct portfolio detail – UK and CE

Key metrics

Portfolio snapshot

Total assets	A$0.3 billion
Customers	33
Number of properties	10
Occupancy	89%
Weighted average cap rate	8.3%

• • Occupancy at 89%
• • WALE of 2.6 years
• • Active enquiry on vacant properties
• • Cap rates stable with current WACR of 8.3%

WALE of 2.6 years (by net income)

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Top 10 customers make up 76% of portfolio income

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33

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Appendix 3+ Development

Developments

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	FY13 Developments Completions Commitments Work in progress Value ($M) 1,662 2,160 2,345 Area (m sqm) 1.2 1.6 1.9 Yield (%) 8.8 8.7 8.8 Pre-committed (%) 95 72 72 Weighted Average Lease Term (years) 9.4 6.8 6.7 Development for Third Parties or Funds (%) 98 91 92 Australia / New Zealand (%) 42 43 38 Asia (%) 9 16 29 Americas (%) 0 7 6 Europe (%) 49 34 27 Work in progress by region On balance sheet end value $M Third party funds end value $M Total end value $M Third party funds % of total Pre committed % of total Australia / New Zealand - 915 915 100 81 Asia 70 599 669 90 56 Americas - 130 130 100 - Europe 124 507 631 80 90 Total 194 2,151 2,345 92 72

35

Developments (cont)

+ Maintained development pipeline in excess of $10 billion

• Development pipeline restocked (North America, China and Japan landbanks)

• Forecast GLA over 7 million sqm

• Development pipeline allocated as Asia Pacific 39%, Europe 46% and Americas 15%

+ The Group’s development future cash commitments

Commitments as at 30 June 2013	$M
Gross GMG cost to complete	155
Less pre-sold1cost to complete	(24)
Net GMG cost to complete	131
Net GMG managed funds cost to complete	1,122

1. Pre-sold projects are reimbursed by instalments throughout the project or at practical completion of the project

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36

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Appendix 4+ Management

Global platform

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38

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Goodman Australia Industrial Fund

Key events

Key metrics¹

Total assets	A$5.1billion
Interest bearing liabilities	A$2.0billion
Gearing2	37.1%
Customers	433
Number of properties	115
Occupancy	97%
Weighted average lease expiry3	5.8 years
Weighted average cap rate	8.1%
GMG co-investment	26.6%
GMG co-investment	A$0.8 billion

• • Completed $1 billion equity raising with demand from existing and new investors reducing GMG’s co-investment
• • Approval to raise $175 million of equity via the Fund’s Distribution Reinvestment Plan, commencing with the June 2013 quarter distribution period
• • Successful pricing of GAIF’s second US$185 million unsecured note issue with 7 -12 year maturities and A$200 million domestic medium term note issue for 5 years
• • Extension of Fund term to 2019 and amended governance structure to be in line with other Goodman funds
• • Acquired 10 assets totalling $200 million with active asset management opportunities
• • Completed the sale of a $110 million portfolio to KGIT
• • Leased 584,453 sqm in the year, representing $70 million of net property income, maintaining occupancy at 97%
• • Active development workbook of nine projects over 207,921 sqm, with an end value of $256.1 million
• • Development completions totalling $85.7 million, providing 28,115 sqm of leasable space with an average lease term of 9.6 years

• As at 30 June 2013

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1. Calculated as (interest bearing liability – unrealised FX impact) / total assets 3. Including development properties WALE becomes 6.1 years

39

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Goodman Trust Australia

Key metrics¹

Key events

Total assets	A$3.0 billion
Interest bearing liabilities	A$1.0 billion
Gearing2	34.5%
Customers	246
Number of properties	56
Occupancy	96%
Weighted average lease expiry	3.6 years
Weighted average cap rate	8.0%
GMG co-investment	19.9%
GMG co-investment	A$0.4 billion

• • Amended the Australian Syndicated Debt Facility giving the Fund access to a further $200 million in debt liquidity. The amendments included an extension of the expiries increasing the weighted average debt expiry by 1.5 years
• • Acquired 112 Talavera Road, North Ryde with development pre-commitment to Fujitsu for 11,600sqm office building with an end value of $63 million
• • Urban renewal opportunity realised with the sale of Kent Road, Mascot for $100 million
• • Leased 426,241 sqm in the year, representing $37 million of net property income, maintaining occupancy at 96%

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• • Completed over 37,000 sqm of developments at Matraville and Interchange Park and committed to a further 4,004 sqm development in South Sydney
• • Work in progress of 170,629 sqm with end value of

• $334.5 million

• As at 30 June 2013 2. Calculated as debt / total assets

40

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Goodman European Logistics Fund

Key metrics¹

Key events

Total assets	A$3.0 billion
Interest bearing liabilities	A$1.3 billion
Gearing2	38.3%
Customers	97
Number of properties	93
Occupancy	97%
Weighted average lease expiry3	4.9 years
Weighted average cap rate	7.6 %
GMG co-investment	30.8%
GMG co-investment	A$0.5 billion

• • Launched a €550 million equity raise which completed post 30 June 2013 with GMG co-investment reducing to 20%
• • Successfully completed an inaugural €500 million EMTN issuance for a 5 year term
• • Repaid and cancelled €350 million of bank debt and simplified the bank covenant package
• • S&P upgraded the Fund’s credit rating from BBB- to BBB
• • Moody’s changed the Fund’s Baa3 rating from a stable to a positive outlook
• • Acquisition of 13 GMG developments totalling $279 million over the last 12 months

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• • Leased 828,720 sqm of space during the year (excluding developments) representing $46 million of net property income
• • Occupancy and portfolio WALE remaining stable at 97% and 4.9 years

• As at 30 June 2013

• Calculated as net debt/total assets less cash, including called unpaid equity 3. WALE of leased portfolio to next break

41

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Goodman Hong Kong Logistics Fund

Key events

Key metrics¹

Total assets	A$2.6 billion
Interest bearing liabilities	A$0.6 billion
Gearing2	24.1%
Customers	226
Number of properties	15
Occupancy	99%
Weighted average lease expiry	2.8 years
Weighted average cap rate	6.4%
GMG co-investment	20%
GMG co-investment	A$0.4 billion

• • Seven year fund extension to 2020
• • US$300 million of new equity raised to fund ATL acquisition
• • Successfully completed a 3 year refinancing for the debt maturing in September 2013
• • The strategic acquisition of ATL Logistics Centre, the world’s largest logistics facility, successfully settled on 30 May 2013 which cements the Fund’s position as the leading and most diversified owner of modern warehousing space in Hong Kong.
• • Leased 353,732 sqm in the year representing $44 million of net property income

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• • 99% occupancy with a weighted average lease expiry of 2.8 years
• • The Fund’s portfolio comprising of 15 properties offering customers 1.4 million sqm of quality logistics space.

• As at 30 June 2013

• Calculated as (total external debt less cash excluding rental deposits) / (total assets less cash excluding rental deposits less JV loan receivable)

42

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Arlington Business Parks Partnership

Key events

Key metrics¹

Total assets	A$1.5 billion
Interest bearing liabilities	A$0.8billion
Gearing2	51.2%
Customers	156
Number of stabilised properties3	25
Occupancy	91%
Weighted average lease expiry4	5.9 years
Weighted average cap rate	8.7%
GMG co-investment	43.1%
GMG co-investment	A$0.3 billion

• • Sales completed totalling $57.6 million at Gloucester, Centrica at Oxford Business Park and Ford at Filton
• • Leased 12,601 sqm in the year representing $3.7 million of net property income
• • 12 month rolling retention rate of 57% with no customer failures and 100% of rent collected within 30 days
• • Completion of the 1,338 sqm pre-let to Ford at Filton Business Park (20 year term) and the 21,516 sqm prelet to PCL Arla at Hatfield Business Park (15 year term)
• • Continue to pursue land sales at highest and best use – terms agreed at Oxford Business Park

• As at 30 June 2013

• Calculated as net debt / total assets less cash

• The fund holds 22 active business parks and 3 standalone properties 4. WALE of leased portfolio to next break as at 30 June 2013

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43

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Goodman Property Trust

Key events

Key metrics[1 ]

+ Capital management program:

Total assets	A$1.7 billion
Interest bearing liabilities	A$0.6billion
Gearing2	34.8%
Customers	256
Number of properties	22
Occupancy	96%
Weighted average lease expiry	5.3 years
Weighted average cap rate	8.1%
GMG co-investment	17.5%3
GMG co-investment	A$0.2 billion3

• Capital initiatives have provided over NZ$235 million of new equity

• Distribution policy of around 80% of after tax distributable earnings

• Amalgamation of three previous standalone bank facilities into a single NZ$600 million bank facility at market leading margins and terms

• Weighted average term to expiry of 3.2 years across all debt facilities

• 34.8% LVR below the target range of 35% to 40%

• As at 31 March 2013 (as disclosed to the NZX in May 2013)

• Calculated as net debt / total property assets (includes GMT’s proportionate share of jointly controlled entities and total borrowings is net of cash)

• • Completed the acquisition of the remaining interest in Highbrook Business Park

• As at 30 June 2013

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+ Active portfolio management:

• Over 144,000 sqm of space leased to new or existing customers during the 12 months ended 31 March 2013, equating to NZ$19.5 million of portfolio income

• WALE of 5.3 years and 96% occupancy rate

+ Major new development commitments include:

• Frucor Beverages Distribution Warehouse – 17,150 sqm

• Mainstream Distribution Warehouse – 10,620 sqm

• Genesis Energy Building– 5,340 sqm

44

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Goodman China Logistics Holding

Key events

Key metrics¹

Total assets	A$0.8 billion
Interest bearing liabilities	A$81 million
Gearing1	10.7%
Customers	42
Number of properties	12
Occupancy	98%
Weighted average lease expiry	3.0 years
Weighted average cap rate	8.7%
GMG co-investment	20%
GMG co-investment	A$0.1 billion

• • Strong support from capital partner to capitalise on the ongoing demand for prime logistics space in China:

• $500m equity upsizing from Canadian Pension Plan Investment Board (CPPIB) and GMG increased total equity commitment to $1.0 billion;

• Subsequent to 30 June increased a further $500 million to $1.5 billion

• • GCLH portfolio continues to expand with 12 stabilised properties and 6 development projects in 7 tier 1 and 2 cities in China
• • Domestically focused portfolio continues to deliver strong operational performance, with occupancy of 98% and WALE of 3.0 years

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• • Strategically located development pipeline expanding portfolio offering to over 1.3 million sqm upon completion

• As at 30 June 2013 2. Calculated as bank loan / total assets

45

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Appendix 5+ Capital management

Group financial covenants

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Covenants	Test	Covenant	Result	Headroom
Gearing ratio	Net liabilities1as a percentage of net tangible assets is not more than 55.0%	55.0%	27.5%	27.5%
Interest cover ratio	EBITDA to interest expense at least 2.0x	2.0x	5.0x	3.0x
Priority debt	Secured debt as a percentage of total tangible assets is not more than 12.5%	12.5%	0%	12.5%
	Net unsecured debt (total unsecured debt less
Unencumbered real property assets	unrestricted cash) to be not more than 100% of the amount of unencumbered real property assets (all unencumbered direct assets including stabilised assets,	100%	55.5%	44.5%
	development WIP and land bank)
Unencumbered assets	Unsecured debt as a percentage of unencumbered assets is not more than 66.6%	66.7%	30.0%	36.7%

1. Net liabilities = total liabilities less cash and excludes trade payables, mark to market derivatives, deferred tax liabilities and provisions for Securityholder distributions

47

Currency mix

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48

Financial risk management

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Financial risk management in line with Group Board policy

+ Interest risk management:

• 93% hedged over next 12 months

• Weighted average hedge maturity of 5.2 years

• Weighted average hedge rate of 4.87%[1] vs spot 1.61%[2]

• Current “all in” net WACD 3.21%[3 ]

+ Foreign currency risk management:

• 87% hedged as at 30 June 2013, of which 67% is debt and liabilities and 33% is derivatives

• Weighted average maturity of derivatives 4.2 years

• Includes the 10 year EMTN £250 million at 9.75% fixed rate 2. Spot refers 5 year swap market rate as at 13 August 2013 3. Includes the AUD receiver leg from the cross currency swaps

49

Financial risk management (cont)

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Interest rate

• • Interest rates are hedged to 93% over next 12 months
• • Weighted average hedge rate of 4.87%[1] vs spot 1.61%[2]

• NZD – (hedge 4.35%, spot 4.28%)

• JPY – (hedge 1.35%, spot 0.42%)

• HKD – (hedge 1.20%, spot 1.63%)

• GBP – (hedge 7.89%[3] , spot 1.68%)

• Euro – (hedge 2.91%, spot 1.31%)

• USD – (hedge 6.38%, spot 1.65%)

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• • Weighted average maturity of 5.2 years
• • “All in” net WACD of 3.21%[4 ]

• Includes the 10 year EMTN £250 million at 9.75% fixed rate

• Spot refers 5 year swap market rate as at 13 August 2013 3. Includes the 10 year EMTN £250 million at 9.75% fixed rate

• Includes the AUD receiver leg from the cross currency swaps

50

Financial risk management (cont)

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Interest rate hedging profile

	Euro payable GBP payable HKD payable NZD payable JPY payable USD payable AUD receivable
As at June	€M Fixed rate % £M Fixed1 rate % HK$M Fixed rate % NZ$M Fixed rate % ¥M Fixed rate % US$M Fixed rate % A$M Fixed Rate %
2014	(705.4) 2.80 (376.8) 8.33 (1,850.0) 1.30 (200.0) 4.57 (15,200.0) 0.65 (445.0) 6.39 580.0 3.37
2015	(594.0) 2.23 (412.1) 7.95 (1,680.4) 1.25 (146.3) 4.25 (10,391.8) 0.82 (445.0) 6.39 580.0 3.37
2016	(348.0) 3.13 (463.2) 7.39 (1,600.0) 1.19 (120.0) 3.99 (8,710.9) 1.28 (445.0) 6.39 580.0 3.37
2017	(283.3) 3.62 (407.2) 7.67 (1,071.2) 1.12 (21.0) 5.06 (6,111.0) 1.73 (445.0) 6.39 580.0 3.37
2018	(250.0) 3.50 (338.6) 8.21 (581.9) 0.95 - - (5,200.0) 1.92 (445.0) 6.39 523.2 3.37
2019	(73.3) 3.50 (11.0) 9.78 - - - - (2,241.1) 2.47 (445.0) 6.39 59.2 3.30
2020	- - - - - - - - (1,200.0) 3.32 (445.0) 6.39 - -
2021	- - - - - - - - (1,200.0) 3.32 (362.1) 6.35 - -
2022	- - - - - - - - (1,200.0) 3.32 (203.3) 6.14 - -
2023	- - - - - - - - (910.7) 3.32 - - - -

1. Includes the 10 year EMTN £250 million at 9.75% fixed rate

51

Financial risk management (cont)

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Foreign currency denominated balance sheet hedging maturity profile

Currency	Maturity	Weighted average	**Amount receivable1 **	**Amount payable1 **
		exchange rate
NZ$M	2017 / 2018	1.2795	A$172.0M	NZ$220.0M
HK$M	2016 / 2018	7.8880	A$298.7M	HK$2,350.0M
¥M	2016 / 2017	85.9348	A$180.4M	¥15,500.0M
€M	2016 / 2017/2018	0.7713	A$610.5M	€470.0M
£M	2017	0.6427	A$77.8M	£50.0
£M	2023	131.5400	¥11,300.0M	£85.9M
US$M	2020/2021/2022	0.6247	US$355.0M	£221.8M
US$M	2020/2021/2022	0.7175	US$525.0M	€M376.7M

1. Floating rates apply for the payable and receivable legs for the cross currency swaps except for the USDGBP, USDEUR and GBPJPY cross currency where the receivable for US$660 million is fixed at 6.375%, ¥11,300 million fixed at 3.32% and US$220M fixed at 6.0%.

52

Exchange rates

• • Statement of Financial Position – exchange rates as at 30 June 2013

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• AUDGBP – 0.6072 (30 June 2012 : 0.6529)

• AUDEUR – 0.7095 (30 June 2012 : 0.8092)

• AUDHKD – 7.0739 (30 June 2012 : 7.8899)

• AUDBRL – 2.0250 (30 June 2012 : 2.0590) – AUDNZD – 1.1871 (30 June 2012 : 1.2771) – AUDUSD – 0.9275 (30 June 2012 : 1.0191) – AUDJPY – 91.6400 (30 June 2012 : 80.8900) – AUDCNY – 5.5989 (30 June 2012 : 6.4651)

• Statement of Financial Performance – average exchange rates for the 12 months to 30 June 2013

– AUDGBP – 0.6550 (30 June 2012 : 0.6513) – AUDEUR – 0.7949 (30 June 2012 : 0.7709) – AUDHKD – 7.9670 (30 June 2012 : 8.0227) – AUDBRL – 2.0923 (30 June 2012 :1.8450) – AUDNZD – 1.2496 (30 June 2012 : 1.2832) – AUDUSD – 1.0273 (30 June 2012 : 1.0317) – AUDJPY – 89.8402 (30 June 2012 : 81.1330) – AUDCNY – 6.4169 (30 June 2012 : 6.5572)

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Q & A

thank+ you

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55