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GOODMAN GROUP — Interim / Quarterly Report 2011
May 3, 2011
64998_rns_2011-05-03_2cfd7f47-0f83-459a-8ae0-0af65eee4410.pdf
Interim / Quarterly Report
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Goodman announces Q3 operational update and reaffirms earnings guidance for FY2011
Date 4 May 2011 Release Immediate
Goodman Group (Goodman or Group) has today announced an operational update to the quarter ended 31 March 2011 and reaffirms its earnings guidance for the 2011 financial year.
Key operational highlights:
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- 1.32 million sqm leased for the financial year to date across the Group and managed funds, representing $124.4 million of net property income
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- Occupancy maintained at 95% across the Group and managed funds, up 2% from June 2010, achieving an overall weighted average lease expiry of 5.3 years
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- $1.14 billion of new development commitments secured in the period to 31 March, in line with expectations
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- 93% pre-committed and 96% pre-sold[1] on new development commitments
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- External assets under management (AUM) increased to $14.2 billion (19% increase on a constant currency basis from June 2010)
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- Successfully completed ING Industrial Fund transaction during the third quarter and launched PEPR initiative
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- A range of new capital management initiatives consistent with the Group’s debt and refinance diversification strategy:
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Completed US$500 million (A$484 million), 10 year bond issue in the United States 144A/Reg S bond market
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¥12.5 billion (A$146 million), 12 year private note placement to Japanese insurance group through Goodman’s Euro Medium Term Note programme
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Established new five year, £75 million (A$117 million) facility with an international banking group
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Moody’s Investor Services affirmed the Group’s Baa3 issuer and senior unsecured rating with changed outlook to positive from stable
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Standard & Poor’s assigned Goodman Australia Industrial Fund a BBB corporate credit rating with stable outlook
1 Includes projects in negotiations with Third Parties or Funds. Excluding these projects, commitments for Third Parties or Funds reduces to 80%.
Level 10, 60 Castlereagh Street, Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444 | [email protected] | www.goodman.com Goodman Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621 as responsible entity of Goodman Industrial Trust ARSN 091213 839
Goodman Group Chief Executive Officer, Mr Greg Goodman said: “We are seeing positive leasing activity across all of our markets and expect further improvements in occupancy and net property income over the remainder of the 2011 financial year. In our development business we have seen strong demand from retailers, including e-commerce retailers, while overall development demand, particularly in Germany, has been well ahead of our expectations. Finally, across our managed fund platform we continue to see opportunities to pursue further large scale transactions on an opportunistic basis, and are pleased with the quality of the capital partner relationships that we continue to develop.”
Strategy and outlook
Goodman Group is committed to building on its position as a leading industrial property and business partner by continuing to prudently leverage its business capabilities and deliver a range of opportunities for the benefit of customers, capital partners and Securityholders.
Goodman will focus on opportunities to recycle assets and redeploy capital for higher and better use projects. The Group anticipates new capital and development inflows to grow AUM, will retain and build scale in its key markets, and continue to opportunistically assess large scale transactions.
Mr Goodman noted: “Today’s quarterly update demonstrates the solid operating momentum that the Group has experienced over the last nine months. The Group continues to benefit from the strength of its global customer and investor relationships and remains well positioned to capitalise on high quality opportunities and the improving market conditions.
We expect the active parts of our business, being our development and management activities, to make a growing contribution, which is expected to be 40% to 50% of EBIT over the mediumterm. The contribution from our international operations is also expected to grow to over 50% in the near term, driven by the significant activity in our European business. Accordingly, we reaffirm our full year operating EPS guidance of 5.5 cents and operating profit after tax of $380 million.”
- ENDS -
For further information, please contact Goodman: Gregory Goodman Group Chief Executive Officer Tel +61 2 9230 7400
About Goodman
Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe and the United Kingdom. Goodman Group, comprised of the stapled entities Goodman Limited and Goodman Industrial Trust, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial property and business space globally.
Level 10, 60 Castlereagh Street, Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444 | [email protected] | www.goodman.com Goodman Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621 as responsible entity of Goodman Industrial Trust ARSN 091 213 839
Goodman’s global property expertise, integrated own+develop+manage customer service offering and significant fund management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver longterm returns for investors.
For more information please visit www.goodman.com
Level 10, 60 Castlereagh Street, Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444 | [email protected] | www.goodman.com Goodman Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621 as responsible entity of Goodman Industrial Trust ARSN 091 213 839
Goodman Group
Operational update Q3 – FY2011
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4 May 2011
building momentum + delivering opportunities
Important notice and disclaimer
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- This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (ABN 48 067 796 641) (AFSL Number 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839)). 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 the 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.
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- This presentation is not an offer or invitation for subscription or purchase of securities or other financial products. This presentation 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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- This announcement 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.
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Contents
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- Section 1 Key achievements + Section 2 Own + Section 3 Develop + Section 4 Manage + Section 5 Corporate + Section 6 Outlook and summary
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Key achievements
| + | Occupancy maintained at 95% across all markets – up 2% from June 2010 | |
|---|---|---|
| Own | + | Retention at 71% and WALE of 5.3 years |
| + | ~1.3 million sqm leased for 3 quarters – representing $124.4 million of net property income across the Group and | |
| managed funds | ||
| + | Development commitments of $1,142 million to Q3 FY2011 | |
| Develop | + + |
$587 million of completions WIP at $1.7 billion across 38 projects with a forecast yield on cost of 8.7% |
| + | 93% of new projects pre-committed and 96%1 pre-sold | |
| + | External assets under management (AUM) increased to $14.2 billion (19% increase on a constant currency basis from | |
| June 2010) | ||
| Manage | + | Successfully completed IIF transaction and launched PEPR initiative |
| + | Fund capital management – continue to focus on de-risking fund balance sheets, while enhancing fund flexibility and | |
| liquidity | ||
| + | US$500 million (A$484 million2) senior, unsecured note issue in the US 144A/Reg S bond market with a 10 year tenor | |
| at a fixed rate of 6.375% | ||
| + | ¥12.5 billion (A$146 million2) private placement to a Japanese insurance group through the Group’s Euro Medium Term | |
| Note (EMTN) programme with a 12 year term | ||
| Corporate | + + |
Five year £75 million (A$117 million2) new facility with international banking group Moody's Investors Service has affirmed Goodman Group’s Baa3 issuer and senior unsecured rating and changed the |
| outlook to positive from stable | ||
| + | Standard & Poor’s has assigned Goodman Australia Industrial Fund (GAIF) a ‘BBB’ corporate credit rating with stable | |
| outlook | ||
| + | FY2011 EPS guidance reaffirmed at 5.53 cents on a fully diluted basis and operating profit after tax of $380 million |
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Includes projects in negotiations with Third Parties or Funds. Excluding these projects, commitments for Third Parties or Funds reduces to 80%
-
Based on a AUD/USD exchange rate of 1.0334, AUD/JPY exchange rate of 85.6000, AUD/GBP exchange rate of 0.6420 as at 31 March 2011
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- On a fully diluted basis adjusted for the CIC hybrid securities and options
Own: Leasing
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Across the Group and Funds platform:
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- ~1.3 million sqm leased year to date[1]
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- Like for like NPI growing at ~3% for the 9 months to 31 March 2011
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- Occupancy maintained at 95% across all markets – up 2% from June 2010
| Division | Leasing area (sqm) | Net annual rent (A$m) | Average lease term (yrs) | Occupancy at |
|---|---|---|---|---|
| 31 March 2011 (%) | ||||
| Australia – Direct | 168,007 | 20.5 | 4.2 | 97 |
| Australia – GAIF | 284,788 | 29.4 | 4.7 | 96 |
| New Zealand – GMT & HDL | 108,035 | 12.2 | 4.6 | 972 |
| Hong Kong – GHKLF | 306,452 | 28.5 | 2.1 | 98 |
| UK – ABPP & Colworth | 21,399 | 7.4 | 6.0 | 90 |
| Europe – GELF | 284,665 | 16.3 | 3.8 | 96 |
| Other | 146,694 | 10.1 | 2.8 | 76 |
| Total1 | 1,320,040 | 124.4 | 3.8 | 95 |
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Excludes ‘Australia – GTA’
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As at 28 February 2011, as disclosed to the New Zealand Stock Exchange on 24 March 2011
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Own: Leasing Asia Pacific
Australia
New Zealand
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- Co-ordinated development and property management activity – customers ready to occupy Melbourne facility prior to Kmart’s relocation
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- Out-of-town Christchurch office properties fully let
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- Overall occupancy increased to 97%[1]
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Hong Kong
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- Hong Kong occupancy up 4% to 98% since June 2010
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- 9% rental growth on new Hong Kong leases
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- Continued strong demand from retailers
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Australia – Kingston Distribution Centre
New Zealand – Show Place Office Park
| Customer | Simon National Carriers |
Customer | Westpac and AMI | |
|---|---|---|---|---|
| Lettable area | 6,253 sqm | |||
| Lettable area | 31,590 sqm | |||
| Lease term | 10 years | Lease term | 4 years | |
| Contracted owner |
GMG | Contracted owner | GMT |
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Hong Kong – Tuen Mun Distribution Centre
| Customer | Schenker |
|---|---|
| Lettable area | 25,510 sqm |
| Lease terms | Various |
| Contracted owner | GHKLF |
- As at 28 February 2011, as disclosed to the New Zealand Stock Exchange on 24 March 2011
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Own: Leasing Europe
Germany
United Kingdom
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- Continued strong demand from automotive industry and e-commerce retailers
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- Maintained strong retention in existing facilities
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Germany – Kirchheimbolanden
United Kingdom – Uxbridge Business Park
| Customer | BorgWarner |
|---|---|
| Lettable area | 19,935 sqm |
| Lease term | > 4 years |
| Owner | GELF |
| Customer | Bristol Myers Squibb |
|---|---|
| Lettable area | 5,913 sqm |
| Lease term | 5 years |
| Contracted owner | ABPP |
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Continental Europe - Spain
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- Despite difficult market conditions leasing activity continues
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Spain – San Fernando Business Park
| Customer | Oxford University |
|---|---|
| Lettable area | 2,949 sqm |
| Lease term | 2 years |
| Contracted owner |
GEBPF |
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Develop
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| Q3 FY2011 Developments | Completions | Commitments | Work in progress |
|---|---|---|---|
| Value ($m) | 587 | 1,142 | 1,729 |
| Area (mil sqm) | 0.3 | 0.9 | 1.2 |
| Yield (%) | 8.8 | 8.5 | 8.7 |
| Pre-committed (%) | 96 | 93 | 78 |
| Weighted average lease term (years) | 15.7 | 10.2 | 8.6 |
| Development for Third Parties or Funds (%) | 94 | 961 | 821 |
| Asia Pacific (%) | 59 | 53 | 63 |
| UK/Europe (%) | 41 | 47 | 37 |
- Includes projects in negotiations with Third Parties or Funds. Excluding these projects, commitments reduce to 80% and work in progress reduces to 74% for Third Parties or Funds
| Work in progress | On balance sheet | Third party funds | Total end value | Third party funds |
|---|---|---|---|---|
| by region | end value | end value | % of total | |
| $m | $m | $m | ||
| Asia Pacific | 271 | 814 | 1,086 | 75% |
| Europe | 32 | 612 | 643 | 95% |
| Total | 303 | 1,426 | 1,729 | 82% |
Work in progress – geographic breakdown
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Develop: Project update Asia Pacific
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- Interlink construction progressing ahead of schedule and within budget
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- Strong enquiry levels in both Hong Kong and China – >70% pre-commited at Interlink including signed HOA
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- Development demand continues to be driven by retailers and third party logistic operators
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- 8 development sites with 420,000 sqm of developable GLA in China
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- Capital efficient land procurement a key priority
Australia – Lytton
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Customer Kmart
Lettable area 51,725 sqm
Lease term 15 years
Owner GMG [1]
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Hong Kong – Interlink
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----- Start of picture text -----
Customers Various - DHL (DESC),
Yusen, Bel and Zuellig
Lettable area 224,000 sqm
Lease terms Various
Owner GMG / GHKLF
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New Zealand – Highbrook Town Centre
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----- Start of picture text -----
Customers Various
Lettable area Stage 1 – 9,800 sqm
Lease terms Various
GMT/GMG/Third
Owner
Party
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China – Shanghai Pudong Airport Logistics Centre
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Lettable area Phase 1: 42,677 sqm
Development
Timing commenced post 31
March 2011
Owner GMG
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- In negotiation for sale to a Third Party or Fund
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Develop: Project update Europe
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- Across Continental Europe 562,000 sqm of projects underway and in excess of 420,000 sqm of active development enquiry across core markets
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- Land controlled sites within Continental Europe have the ability to deliver 1.8 million sqm of GLA
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- Despite difficult UK market conditions development activity continues and favourable planning outcomes continue to be pursued
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- German development demand continues to be driven by e-commerce retailers and automotive industry
United Kingdom – Oxford Business Park
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----- Start of picture text -----
Customer GB Gas Holdings
(Centrica)
Lettable area 7,520 sqm
Lease term 15 years
Owner ABPP
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Germany – Leipzig
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Customers Schenker
Lettable area 67,951 sqm
Lease term 7 years
Owner GELF
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Germany – Rheinberg
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----- Start of picture text -----
Customer Amazon
Lettable area 107,814 sqm
Lease term 10.4 years
Owner GELF
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Germany – Graben
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----- Start of picture text -----
Customer Amazon
Lettable area 107,563 sqm
Lease term 10 years
Owner GMG [1]
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- In negotiation for sale to a Third Party or Fund
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Develop: Completions
United Kingdom - Andover
Australia - Banfield Distribution Centre
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| Customer | Co-op |
|---|---|
| Lettable area | 43,468 sqm |
| Delivery time | May 2010 – March 2011 |
| Owner | Third Party |
| Customer | Kmart |
|---|---|
| Lettable area | 76,735 sqm |
| Delivery time | March 2010 - February 2011 |
| Owner | GADF |
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New Zealand - M20 Business Park
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| Customer | Kmart |
|---|---|
| Lettable area | 13,394 sqm |
| Delivery time | March 2010 - February 2011 |
| Owner | GMT |
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Manage: Increasing size and scale
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- Formation of Goodman Trust Australia increases AUM to $14.2 billion (19% increase on a constant currency basis from June 2010)
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Manage: Fund summary
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-
- Six largest managed funds comprise 94% of the Group’s assets under management
| 5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
5.6 yrs3 2.8 yrs 4.8 yrs 7.6 yrs 4.3 yrs 6.6 yrs Weighted average lease expiry 97%3 98% 96% 90% 96% 96% Occupancy 22 13 83 28 57 106 Number of properties $0.1bn1 $0.2bn $0.4bn $0.3bn $0.3bn $1.1bn GMG co-investment 16.7%1 20.0% 30.4% 35.7% 19.9% 43.7% GMG co-investment $1.2bn2 $1.3bn $1.9bn $2.0bn $2.5bn $4.4bn Total assets GMT GHKLF GELF ABPP GTA GAIF Goodman’s six largest Fund cornerstones |
|---|---|---|---|---|---|---|
| Goodman’s six largest Fund cornerstones | ||||||
| GAIF | GTA | ABPP | GELF | GHKLF | GMT | |
| Total assets | $4.4bn | $2.5bn | $2.0bn | $1.9bn | $1.3bn | $1.2bn2 |
| GMG co-investment | 43.7% | 19.9% | 35.7% | 30.4% | 20.0% | 16.7%1 |
| GMG co-investment | $1.1bn | $0.3bn | $0.3bn | $0.4bn | $0.2bn | $0.1bn1 |
| Number of properties | 106 | 57 | 28 | 83 | 13 | 22 |
| Occupancy | 96% | 96% | 90% | 96% | 98% | 97%3 |
| Weighted average lease expiry |
6.6 yrs | 4.3 yrs | 7.6 yrs | 4.8 yrs | 2.8 yrs | 5.6 yrs3 |
-
As at 31 March 2011
-
As at 31 March 2011, as disclosed to the New Zealand Stock Exchange on 18 April 2011 3. As at 28 February 2011, as disclosed to the New Zealand Stock Exchange on 24 March 2011
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Manage: Continental Europe logistics overview*
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*Based on a AUD/EUR exchange rate of 0.74
Corporate
Group debt and refinance diversification strategy remains on track
-
- US$500 million senior, unsecured note issue
-
Successfully priced US$500 million (A$484 million[1] ) debt issue in the United States 144A/Reg S bond market
-
Effective fixed interest coupon of 6.375% for a term of ten years
-
- Private placement
-
¥12.5 billion (A$146 million[1] ) private placement of notes to a Japanese insurance group through the Group’s EMTN programme with a 12 year term
-
- Bank facility
-
Five year £75 million (A$117 million[1] ) new facility with international banking group
-
- Moody's Investors Service has affirmed Goodman Group’s Baa3 issuer and senior unsecured rating and changed the outlook to positive from stable
-
- Standard & Poor’s has assigned GAIF a ‘BBB’ corporate credit rating with stable outlook
Key outcomes:
-
- Debt capital markets now represent 60% of debt allocation (from 37%)
-
- Weighted debt maturity profile extended to 5 years (from 3.7 years)
-
- The Group has sufficient liquidity to repay all outstanding maturities to FY2014
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Debt maturity profile
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Diversified sources of drawn funding
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- Based on a AUD/USD exchange rate of 1.0334, AUD/JPY exchange rate of 85.6000, AUD/GBP exchange rate of 0.6420 as at 31 March 2011
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Outlook and summary
| + | Maintain position as a leading industrial property and business partner | |
|---|---|---|
| Strategy | + | Plan to leverage off our business capabilities, not the Group’s balance sheet, is unchanged and execution is on track |
| + | Deliver on opportunities to the benefit of our capital partners, customers and securityholders | |
| + | Opportunities for asset recycling with capital to be employed for higher and better use projects | |
| + | Anticipate new capital and development inflows to grow AUM | |
| Outlook | + | Scale in markets remains a key objective – opportunistic approach to large scale transactions |
| + | Market evidence of firming cap rates and increasing occupancy | |
| + | Development and Management activities growing to 40 – 50% of EBIT contribution over the medium-term | |
| + | Offshore businesses growing to over 50% in the short-term | |
| + | Group continues to diversify funding sources and extend its debt maturity profile | |
| Capital | + | Continue to focus on Fund capital management to diversify funding sources, extend maturity and strengthen balance sheets |
| management | ||
| + | Group has sufficient liquidity to repay all outstanding maturities to FY2014 | |
| + | Minimal financial impact of firming A$ given capital hedges | |
| + | Proven capability, global operating platform, extensive relationships with investment partners and customers, provides | |
| leading market position and strong platform for growth | ||
| Summary | + | Benefitting from global equity partners investing with specialised property operating businesses |
| + | Full year earnings guidance of 5.51 cents per security and operating profit after tax of $380 million |
- On a fully diluted basis adjusted for the CIC hybrid securities and options
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thank+ you
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