Cromwell Property Group · ASX:CMW
Cromwell Property — Shareholder Meeting (November 2015)
33 slides from Cromwell Property's shareholder meeting presentation, Nov 25, 2015
Slide 1: 2015 Annual General Meeting
For personal use only 2015 Annual General Meeting 25 NOVEMBER 2015
Slide 2: Important Information & Disclaimer
Important Information & Disclaimer For personal use only This presentation including its appendices consider appropriate for their particular jurisdiction. 336 (CRT), Cromwell Ipswich City Heart Trust ARSN (“Presentation”) is dated 25 November 2015 and has 154 498 923 (ICH), Cromwell Phoenix Propert
Slide 3: Directors
Directors For personal use only Geoffrey H. Levy, AO Paul Weightman Robert Pullar Michelle McKellar Non-Executive Managing Director / Non-Executive Non-Executive Chairman Chief Executive Officer Director Director Jane Tongs Richard Foster Geoff Cannings Andrew Konig Marc Wainer Non-Executive Non-Exe
Slide 4: Meeting Agenda
Meeting Agenda For personal use only Open Chairman’s Address CEO’s Address Business CMW – 2015 Annual General Meeting 4
Slide 5: Chairman's Address
For personal use only Chairman’s Address Mr Geoffrey H. Levy, AO CMW – 2015 Annual General Meeting 5
Slide 6: Clear and Well Established Strategic Objectives
Clear and Well Established Strategic Objectives For personal use only Key Objective Distributions Growth Profile To provide secure and growing distributions for security holders FY15 distributions per security up 3% at 7.86 cps FY16 operating earnings guidance of not less than 9.00 cps FY16 ta
Slide 7: Property Portfolio – Active Asset Management
Property Portfolio – Active Asset Management For personal use only CMW – 2015 Annual General Meeting 7
Slide 8: Funds Management - Capital Is Increasingly Global
Funds Management - Capital Is Increasingly Global For personal use only TOP 10 MARKETS BY TOTAL CRE INVESTMENT - H1 2015 Source: CBRE Research, Real Capital Analytics, H1 2015 CMW – 2015 Annual General Meeting 8
Slide 9: European Business Snapshot
European Business Snapshot For personal use only ‘Real estate investment manager dedicated to delivering superior value creation through local and Pan European expertise’ AUM by Sector Portfolio 7% €5.3 billion AUM 2 31% 39% Office Retail Industrial 24 mandates 24% Other 400+ properties AUM by Geogr
Slide 10: CEO's Address
For personal use only CEO’s Address Mr Paul Weightman CMW – 2015 Annual General Meeting 10
Slide 11: FY15 Operating Profit Remains Robust
FY15 Operating Profit Remains Robust For personal use only Statutory profit of $148.8m Operating earnings impacted by a number of factors: Operating profit1 of $144.9m Decrease in property earnings as a result of asset sales Earnings per security of 8.35cps Lower returns from carrying su
Slide 12: Property Portfolio - Strong Tenant Profile
Property Portfolio - Strong Tenant Profile For personal use only Geographic Diversification1 Sector Diversification1 Tenant Classification1 1.1% 2.7% 1.3% ACT 6.6% 20.7% NSW 23.1% 2 Government Authority QLD Office 27.4% 45.0% VIC Retail Listed Company/ Subsidary TAS Private Company 41.5% 31.9% SA 98
Slide 13: Property Portfolio - Valuations Continue To Rise
Property Portfolio - Valuations Continue To Rise For personal use only Fair value increase in investment property of $25.4m net of capex and incentives Increase in valuation for assets with long leases / decrease for some assets with short-term expiry profiles Spread between primary and second
Slide 14: Property Portfolio - Transformation Track Record
Property Portfolio - Transformation Track Record For personal use only Core Portfolio 14 assets worth $1.6 billion 64% by current value purchased since 1 July 2008 WALE of 7.9 years (8.7 if Heads of Agreement progress) Weighted property ungeared IRR since acquisition of 13% Average valuati
Slide 15: Funds Management – Wholesale
Funds Management – Wholesale For personal use only Significant evolution of funds management business in FY15 Growth in AUM and Investment Capacity1,2 FY15 FUM grows to $11.9 billion1,2 European business provides AUM of $5.9 billion Investment capacity of $1.8 billion 30+ funds across 15
Slide 16: Funds Management – Retail
Funds Management – Retail For personal use only Total Retail Funds AUM grew 25% from $1.2 billion to $1.5 billion Nine funds in Australia consisting of five closed and four open funds ATO Box Hill Cromwell Phoenix Core Listed Property Securities Fund launched in March 2015 as Cromwell Phoenix
Slide 17: Capital Management – Transforming Debt Platform
Capital Management – Transforming Debt Platform For personal use only Maintaining appropriate gearing is a key focus Convertible bond issued to fund Valad Europe acquisition Gearing reducing via asset sales and valuation increases The offer was 2.3 times covered at final price Increase fro
Slide 18: Capital Management - Interest Rate Hedging
Capital Management - Interest Rate Hedging For personal use only Targeting lower interest rates again in FY16 Weighted average hedge term of 3.5 years Weighted average margin of 1.34% on current facilities1 Long term interest rate cap expiry in May 2019 Average interest rates on existing d
Slide 19: Capital Management – Diversified Debt Profile
Capital Management – Diversified Debt Profile1 For personal use only Facilities are diversified across eight lenders and the Convertible Bond issue with varying maturity dates Weighted average debt expiry of 3.5 years with 64% not expiring until FY19+ Debt Expiry Profile11 Debt Expiry Profile $7
Slide 20: Australian Outlook – Leasing Conditions Remain Challenging
Australian Outlook – Leasing Conditions Remain Challenging For personal use only Commercial Property Sales Market Overview Sales to hit $25 billion in 2015, 40% >10 year average SYD/MEL are now in Top 10 cities for international capital Yields are c3% higher than other global gateway cities
Slide 21: European Outlook – High Volumes, Increased Appetite
European Outlook – High Volumes, Increased Appetite For personal use only Investment Volumes and Investor Appetite Increasing Volumes of €135bn in H1’15 after a ~24% YoY increase last year 2015 also saw sharp growth in domestic (+17%) and cross border investment from continental sources (+58%)
Slide 22: Consistent Strategy Delivers Consistent Outperformance
Consistent Strategy Delivers Consistent Outperformance For personal use only Cromwell Performance June 2015 Direct Property Returns (Annualised Total Securityholder Return)1 (to 30 June 2015 Annualised)1 1) Includes distributions. Source: IPD 2) 10 and 15 year CMW return includes period prior to sta
Slide 23: Formal Voting
For personal use only Formal Voting Mr Geoffrey H. Levy, AO CMW – 2015 Annual General Meeting 23
Slide 24: Voting Cards
Voting Cards For personal use only Yellow card Blue card White card Voting card Non-voting attendee card Visitor card CMW – 2015 Annual General Meeting 24
Slide 25: Items of Business for the Company
For personal use only Items of Business for the Company CMW – 2015 Annual General Meeting 25
Slide 26: Consideration of the Financial, Directors' and Auditor's Reports
Item 1 For personal use only Consideration of the Financial, Directors’ and Auditor’s Reports This is not the subject of a formal resolution and no proxies apply CMW – 2015 Annual General Meeting 26
Slide 27: Re-election of Mr Richard Foster as a Director
Item 2 For personal use only Re-election of Mr Richard Foster as a Director “That Mr Richard Foster, who retires by rotation in accordance with the constitution of Cromwell Corporation Limited and offers himself for re-election, is re-elected as a director of Cromwell Corporation Limited.” Number %
Slide 28: Remuneration Report
Item 3 For personal use only Remuneration Report “That the remuneration report of Cromwell Corporation Limited for the year ended 30 June 2015 is adopted.” Number % of proxies received For 833,167,626 82.93% Open 12,877,967 1.28% Against 158,595,206 15.79% Abstain 10,290,295 CMW – 2015 Annual Genera
Slide 29: Item of Business for the Group
For personal use only Item of Business for the Group CMW – 2015 Annual General Meeting 29
Slide 30: Grant of performance rights and stapled securities to CEO
Item 4 For personal use only Grant of performance rights and stapled securities to Chief Executive Officer “That approval is given for all purposes, including for the purposes of ASX Listing Rule 10.14, to the acquisition by Mr Paul Weightman (Chief Executive Officer) of: I. performance rights under
Slide 31: Questions, comments
For personal use only Questions, comments CMW – 2015 Annual General Meeting 31
Slide 32: Thank you for your time
For personal use only Thank you for your time CMW – 2015 Annual General Meeting 32
Slide 33: For personal use only
For personal use only well versed well timed well considered
Cromwell Property Group — Shareholder Meeting (November 2015) on 6ix