Cromwell Property Group · ASX:CMW

Cromwell Property — Shareholder Meeting (November 2015)

33 slides from Cromwell Property's shareholder meeting presentation, Nov 25, 2015

  1. Slide 1: 2015 Annual General Meeting

    For personal use only 2015 Annual General Meeting 25 NOVEMBER 2015

  2. 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

  3. 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

  4. Slide 4: Meeting Agenda

    Meeting Agenda For personal use only  Open  Chairman’s Address  CEO’s Address  Business CMW – 2015 Annual General Meeting 4

  5. Slide 5: Chairman's Address

    For personal use only Chairman’s Address Mr Geoffrey H. Levy, AO CMW – 2015 Annual General Meeting 5

  6. 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

  7. Slide 7: Property Portfolio – Active Asset Management

    Property Portfolio – Active Asset Management For personal use only CMW – 2015 Annual General Meeting 7

  8. 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

  9. 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

  10. Slide 10: CEO's Address

    For personal use only CEO’s Address Mr Paul Weightman CMW – 2015 Annual General Meeting 10

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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 

  21. 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%) 

  22. 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

  23. Slide 23: Formal Voting

    For personal use only Formal Voting Mr Geoffrey H. Levy, AO CMW – 2015 Annual General Meeting 23

  24. 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

  25. Slide 25: Items of Business for the Company

    For personal use only Items of Business for the Company CMW – 2015 Annual General Meeting 25

  26. 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

  27. 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 %

  28. 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

  29. Slide 29: Item of Business for the Group

    For personal use only Item of Business for the Group CMW – 2015 Annual General Meeting 29

  30. 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

  31. Slide 31: Questions, comments

    For personal use only Questions, comments CMW – 2015 Annual General Meeting 31

  32. Slide 32: Thank you for your time

    For personal use only Thank you for your time CMW – 2015 Annual General Meeting 32

  33. 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