Asset Plus Limited · NZX:APL
Asset Plus — NPT — Shareholder Meeting (August 2016)
26 slides from Asset Plus's shareholder meeting presentation, Aug 19, 2016
Slide 1: Annual Shareholders Meeting
Annual Shareholders Meeting 19 August 2016 1
Slide 2: Chairman’s Address
Chairman’s Address ofp ' i oh tare
Slide 3: NPT Board and Management
NPT Board and Management Sir John Anderson Tony Osborne CHAIRMAN ACTING CHIEF EXECUTIVE Carol Campbell Stephen Reid NON-EXECUTIVE INDEPENDENT CHIEF FINANCIAL OFFICER DIRECTOR Jim Sherwin NON-EXECUTIVE INDEPENDENT DIRECTOR 3
Slide 4: Agenda
Agenda 1. Introduction Heading goes 02. Chairman’s here Address 03. Acting Chief Executive’s Address 04. Resolutions 05. General Business 06. Refreshments 4
Slide 5: Highlights
Highlights Net Profit Property Net Rental after tax up Portfolio Income of 31.5% Value up 2.0% $11.5m Distributable Distributable FY16 Profit up 1.0% Profit of Dividend to $6.1m 3.79cps 3.50cps Occupancy WALT Property Value 97.1% 5.4 years $169.4m 5
Slide 6: Acting Chief Executive’s Address
Acting Chief Executive’s Address
Slide 7: Financial Performance
Financial Performance 31 March 31 March 2016 $m 2015 $m Change $m Change % Net Rental Income 11.5 11.4 0.1 0.4% Total Operating Income 11.7 11.6 0.1 0.5% Interest and Finance Charges (2.5) (2.5) - Administration Expenses (2.3) (2.1) (0.2) Unrealised Loss in Fair Value of Interest Rate Swaps (0.7) (0
Slide 8: Distributable Profit
Distributable Profit 31 March 31 March 2016 $m 2015 $m Change $m Change % Net Profit before taxation 9.3 7.3 2.0 27.0% Adjustments: Net change in fair value of investment properties (3.2) (1.2) 2.0 Net change in fair value of interest rate swaps 0.7 0.8 (0.1) Net change in fair value of other assets
Slide 9: Balance Sheet
Balance Sheet 31 March 2016 $m 31 March 2015 $m Total Shareholders’ Funds 119.8 117.4 Shares on Issue (millions) 161.9 161.9 Net Tangible Assets (NTA) per share 74.0 cps 72.5 cps Gross Property Value 170.0 160.0 Drawn Bank Debt 48.0 41.0 Loan to Value ratio 28.2% 25.6% 9
Slide 10: Banking
Banking 31 March 2016 $m 31 March 2015 $m Bank facility limit (BNZ) 70.0 70.0 Drawn bank debt 48.0 41.0 Available Undrawn debt 22.0 29.0 Weighted average cost of debt (incl. margins & line fees) 5.60% 6.29% Remaining duration of bank facility 4.3 years 1.5 years % of drawn debt hedged 62.5% 85.4% Lo
Slide 11: Portfolio Summary
Portfolio Summary Occupancy WALT 31 March 2016 Revaluation Market Cap Market Cap Valuation Movement % Rate 2016 Rate 2015 AA Centre Auckland 100.00% 2.7 yrs $36.20m 2.8% 7.75% 8.38% Eastgate Shopping Christchurch 96.07% 6.1 yrs $58.00m 2.8% 8.25% 8.50% Centre Print Place Christchurch 100.0% 2.4 yrs
Slide 12: Eastgate Shopping Centre, Christchurch
Eastgate Shopping Centre, Christchurch NPT has refocused the centre as a community hub in the east of Christchurch Warehouse Stationery development completed in late 2015 - new 9 year lease First floor redevelopment completed mid-July with the opening of “The Loft’ Together with the Linwood
Slide 13: Eastgate Shopping Centre, Christchurch
Eastgate Shopping Centre, Christchurch 13
Slide 14: Eastgate Shopping Centre, Christchurch
Eastgate Shopping Centre, Christchurch Before After 14
Slide 15: 99 Albert Street, Auckland
99 Albert Street, Auckland Located adjacent to the Sky Tower and Sky City casino New City Rail Link under Albert Street will enhance location Level 13 completely refurbished Further levels will be refurbished over coming years to take advantage of the strong Auckland CBD office market 15
Slide 16: Albert Street, Auckland
99 Albert Street, Auckland 16
Slide 17: Elwood Road, Hastings
Elwood Road, Hastings 100% occupied by Heinz Wattie’s Lease has 10.8 years remaining (as at 31 March 2016) 17
Slide 18: 22 Stoddard Road, Auckland
22 Stoddard Road, Auckland Rebranded as ‘22 Stoddard Road’ during the year Focused on filling the vacancy left by Postie Plus Centre continues to trade well and we are actively managing the tenancy mix 18
Slide 19: 17 Print Place, Christchurch
17 Print Place, Christchurch Two leases expiring within the next 12 months impacting on value Well located in Middleton, close to arterial routes 19
Slide 20: Outlook
Outlook Remain focused on unlocking the value within the existing portfolio Look to further value add opportunities at Eastgate once the impact of The Loft on visitor numbers has been determined Given the current strong Auckland CBD office leasing market seek to further upgrade floors at the A
Slide 21: Resolutions
Highlights Resolutions
Slide 22: Resolution 1
Resolution 1 That Sir John Anderson be re-elected as a Director of NPT Limited Appointed to the Board as Chairman of NPT Limited on 1 April 2011 Reputation was forged as the Chief Executive of the National Bank, and then ANZ National for two decades Chairman of Steel & Tube Holdings and NZME L
Slide 23: Resolution 2
Resolution 2 To authorise the Directors to fix the fees and expenses of the Auditor of the Company 23
Slide 24: General Business
General Business alte ' y oh tare
Slide 25: Close of Meeting and Refreshments
Close of Meeting and Refreshments
Slide 26: Disclaimer
Disclaimer This presentation has been prepared by NPT Limited (NPT). While every effort has been made to ensure that the contents of the presentation are accurate, NPT takes no responsibility for any errors or omissions therein. The details in this presentation provide general information only. It i