Cromwell Property Group · ASX:CMW
Cromwell Property — Shareholder Meeting (October 2008)
21 slides from Cromwell Property's shareholder meeting presentation, Oct 29, 2008
Slide 1: Cromwell Group AGM 2008
For personal use only Cromwell Group AGM 2008 STRENGTH - CONFIDENCE - OPPORTUNITY 1
Slide 2: Disclaimer
Disclaimer This presentation was prepared by Cromwell Corporation Limited ACN 001 056 980 and Cromwell For personal use only Property Securities Limited ACN 079 147 809, AFSL 238052. This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe
Slide 3: Welcome
Welcome For personal use only | Meeting Open | Chairman’s Address | Ordinary Business for the Company | Questions 200 Mary Street, Brisbane QLD 3
Slide 4: Directors
Directors For personal use only 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 Executive Director Director Director Director & CEO 4
Slide 5: Chairman's Address
For personal use only Chairman’s Address STRENGTH - CONFIDENCE - OPPORTUNITY 5
Slide 6: 2008 Highlights
2008 Highlights For personal use only | Earnings FY08 operating earnings 10.1 cps in line with forecast Increase in recurring earnings to 81% of FY08 operating earnings | Distribution Policy Unchanged – not more than 100% of cash operating earnings | Successful Refinancing New $452 million f
Slide 7: Business Strengths
Business Strengths For personal use only | Defensive portfolio with strong cashflow and minimal short-term expiry | Domestic focus. No exposure to offshore markets | Well funded, no need to raise equity in current market | Strong retail direct property brand, reduction in competition for funds | Loy
Slide 8: Financial Position
Financial Position For personal use only | Majority of debt expires in 2011 or beyond | Gearing currently at 44% | NTA stable ($1.01) despite market volatility ($1.02 Dec-07; $0.96 Jun-07) | Includes recent purchase of Tuggeranong Office Park 8
Slide 9: Portfolio Diversification
Portfolio Diversification For personal use only | Wholly domestic portfolio | Weighted to office markets | Overweight VIC and ACT | 86% of income from Government, and ASX or overseas listed companies 9
Slide 10: Funds Management
Funds Management For personal use only | Inflows of $79 million for CPF in FY08 (excluding co-investment) | Very difficult market in current climate | Base of loyal, long-term supporters | Many competitors have scaled back or ceased operations | Average compound annual growth rate (CAGR) in AUM of 3
Slide 11: Strategy
Strategy For personal use only | Market turmoil is expected to produce acquisition opportunities | Funds Management Development of sophisticated investor offerings via Cromwell Private Wealth Opportunity to offer mandate fulfillment and partnership with Wholesale investors Focus on single asse
Slide 12: FY09 Earnings and Distributions Guidance
FY09 Earnings and Distributions Guidance For personal use only | Security price implies 23% discount to property values, a 41% discount to NTA (after gearing), and nil value for funds management business1 | Represents 16.8% yield on current / forecast distribution1 | Guidance for operating EPS for F
Slide 13: Items of Business for the Company
For personal use only Items of Business for the Company STRENGTH - CONFIDENCE - OPPORTUNITY 13
Slide 14: Item of Business: Financial Report
Item of Business 1 For personal use only Financial Report Æ This is not the subject of a formal resolution and no proxies apply 14
Slide 15: Adoption of the Remuneration Report
Item of Business 2 For personal use only Adoption of the Remuneration Report For 124,893,366 Discretion - Chairman 12,411,504 Discretion - Other 386,083 Against 24,124,010 Abstain 5,234,250 15
Slide 16: Item 3a: Re-elect Michelle McKellar
Item of Business 3a For personal use only To re-elect Ms Michelle McKellar as a Director of the Company For 151,191,916 Discretion - Chairman 12,545,068 Discretion - Other 380,083 Against 1,129,148 Abstain 1,802,998 16
Slide 17: Item 3b: Re-elect Robert Pullar
Item of Business 3b For personal use only To re-elect Mr Robert Pullar as a Director of the Company For 148,690,794 Discretion - Chairman 12,511,460 Discretion - Other 395,083 Against 4,098,174 Abstain 1,353,702 17
Slide 18: Item 3c: Elect Geoffrey Levy
Item of Business 3c For personal use only To elect Mr Geoffrey Levy as a Director of the Company For 151,304,002 Discretion - Chairman 12,578,774 Discretion - Other 380,083 Against 806,390 Abstain 1,931,635 18
Slide 19: Increase in maximum Director's fees
Item of Business 4 For personal use only To approve an increase in the maximum Director’s fees For 97,573,768 Discretion - Chairman 3,413,694 Discretion - Other 311,855 Against 25,049,921 Abstain 987,276 19
Slide 20: Questions
For personal use only Questions STRENGTH - CONFIDENCE - OPPORTUNITY 20
Slide 21: Thank you for your time
For personal use only thank you for your time STRENGTH - CONFIDENCE - OPPORTUNITY 21
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