Cromwell Property Group · ASX:CMW
Cromwell Property — Shareholder Meeting (October 2009)
22 slides from Cromwell Property's shareholder meeting presentation, Oct 22, 2009
Slide 1: AGM 2009
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Slide 2: Disclaimer
For personal use only Disclaimer This presentation is dated 21 October 2009 and made on behalf of the Cromwell Group – Cromwell Corporation Limited (ACN 001 056 980) and Cromwell Diversified Property Trust (ARSN 102 982 598) – by Cromwell Property Securities Limited (ACN 079 147 089; AFSL 238052). C
Slide 3: Welcome
For personal use only Welcome | Meeting Open | Chairman’s Address | Ordinary Business for the Company | Questions 200 Mary Street, Brisbane QLD 3
Slide 4: Directors
For personal use only Directors Robert Pullar David Usasz Michelle McKellar Geoff Levy, AO Paul Weightman Daryl Wilson Richard Foster Non- Executive Non-Executive Non-Executive Chairman Executive Director Executive Director Non-Executive Director Director Director & CEO & CFO Director 4
Slide 5: Chairman's Address
For personal use only Chairman’s Address 5
Slide 6: FY09 Overview
For personal use only FY09 Overview | Strong Operating Earnings Operating profit of $63.8 million. Operating earnings of 9.1 cps and distributions of 9.0 cps in line with guidance | Financial Position NTA of $0.76 per security Completed debt refinancing programme, no further expiries until M
Slide 7: Security Price Performance
For personal use only Security Price Performance Source Data: Iress 7
Slide 8: Chief Executive Officer's Address
For personal use only Chief Executive Officer’s Address 8
Slide 9: FY09 Highlights
For personal use only FY09 Highlights | Resilient Portfolio has performed well in falling market Wholly domestic with large weighting to CBD office markets Peak to trough fall in values of 8.6% for Cromwell vs PCA/IPD average of 25.9%1 Minimal further impact expected on property values Have
Slide 10: Our Strengths
For personal use only Our Strengths | Defensive Portfolio No offshore assets Weighted to CBD office markets Majority of income from Government and listed entities reduces rent risk 60.5% of next rent reviews are fixed, with an average increase of 3.19% 25.1% of next rent reviews are CPI |
Slide 11: Debt Profile
For personal use only Debt Profile | All debt facilities renewed in past 18 months | CMBS repaid during FY09 at a discount | All debt in Australian dollars, with Australian banks | Security and covenants on each facility limited to individual property assets | Gearing 53% vs. LVR covenants at 60% im
Slide 12: Portfolio Quality
For personal use only Portfolio Quality | No offshore assets | Strong office focus | Majority of income from Govt and listed entities | WACR of 8.40% vs Benchmark Index WACR of 7.54%1 1. Benchmark Index is PCA/IPD All Fund Universe excluding Super & Major Regional Shopping Centres 12
Slide 13: Funds Management
For personal use only Funds Management | Raised over $68 million for Riverpark Trust to date | Riverpark Trust capital raising will be completed during first half 2010 | Many competitors have scaled back or ceased operations | Now a market leader in unlisted property | Well placed to take advantage
Slide 14: Outlook
For personal use only Outlook | Funds Management Will pursue further acquisitions for unlisted retail syndicates as market evolves CPF will remain closed until market stabilisation Looking at wholesale opportunities | Consolidation A-REIT sector likely to consolidate over the next 12 months
Slide 15: Earnings and Distributions Guidance
For personal use only Earnings and Distributions Guidance | FY10 Operating Earnings Expect minimum operating earnings of 9.0 cps Assumes only transactional income is from Riverpark Trust No contribution expected from development activities Evidence of a “bottoming process” in valuations | FY
Slide 16: Items of Business for the Company
For personal use only Items of Business for the Company 16
Slide 17: Item – Financial Report
For personal use only Item 1 – Financial Report | This is not the subject of a formal resolution and no proxies apply 17
Slide 18: Item – Remuneration Report
For personal use only Item 2 – Remuneration Report Adoption of the Remuneration Report For 176,374,515 Discretion - Board 10,465,059 Discretion - Other 646,301 Against 4,031,461 Abstain 2,857,514 18
Slide 19: Item – Re-election of Director – Mr David Usasz
For personal use only Item 3 – Re-election of Director – Mr David Usasz To re-elect Mr David Usasz as a Director of the Company For 181,546,093 Discretion - Board 10,343,916 Discretion - Other 646,301 Against 810,206 Abstain 1,056,779 19
Slide 20: Item – Re-election of Director – Mr Richard Foster
For personal use only Item 4 – Re-election of Director – Mr Richard Foster To re-elect Mr Richard Foster as a Director of the Company For 175,182,641 Discretion - Board 10,343,916 Discretion - Other 646,301 Against 1,823,060 Abstain 6,407,377 20
Slide 21: Questions
For personal use only Questions 21
Slide 22: Thank you for your time
For personal use only Thank you for your time 22
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