Vicinity Centres · ASX:VCX
Vicinity Centres — Shareholder Meeting (November 2021)
40 slides from Vicinity Centres's shareholder meeting presentation, Nov 10, 2021
Slide 1: 2021 Annual General Meeting of Vicinity Centres – Addresses and Presentation
10 November 2021 Market Announcements Office Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam 2021 Annual General Meeting of Vicinity Centres (ASX:VCX) – Addresses and Presentation Please find attached copies of the addresses and presentation to be deliv
Slide 2: Chairman's address
ASX Announcement 10 November 2021 2021 Annual General Meeting – Addresses Chairman’s address – Trevor Gerber SLIDE 2 - Chairman’s address Good morning securityholders, fellow directors, employees and guests. My name is Trevor Gerber and I am the Chairman of Vicinity Centres (Vicinity, ASX:VCX). On b
Slide 3: Welcome and agenda
I encourage securityholders to submit your votes and any questions you may have, earlier in the meeting via the webcast portal to ensure these are received. Alternatively, for securityholders who wish to ask questions directly to the meeting via the phone line, please do so at the appropriate time.
Slide 4: Your Board
The returning officer for today’s meeting is Jim Kompogiorgas from Link Market Services, our Security Registry. Turning now to a review of operations over the past year. Slide 5: Review of Operations While our financial performance in FY21 demonstrated the magnitude of impact from the COVID-19 pande
Slide 5: Review of Operations
I know I speak for the entire Board when I say that we have been delighted with what Management and the team have delivered and we are confident that the team has never been better positioned to deliver on its strategic priorities. Slide 6: FY21 financial performance Vicinity’s financial performance
Slide 6: FY21 financial performance
We are further progressed towards our 2030 Net Zero target1 and we have further strengthened our commitment to managing climate-related risks and opportunities with our formal support of the Taskforce for Climate Change Financial Disclosure. The health and well-being of the communities in which we o
Slide 7: CEO and Managing Director's address
However, I echo the Chairman’s sentiment, that while 2021 was profoundly challenging, it was also a year of significant progress. Pleasingly, we enter 2022 with the balance sheet and team in place to stabilise our business, and return to long-term, sustainable growth. At Vicinity, we are hopeful tha
Slide 8: FY21 and outlook commentary
Spend per visit continues to increase, up 30% across the portfolio during the quarter compared to the September 2019 quarter. And even in states less affected by COVID-19 – where disruptions to shopping have been relatively minor – spend per visit was up 14%. Additionally, anecdotal feedback from ou
Slide 9: Macroeconomic environment
Slide 13: Mixed-use developments and retail enhancements A number of these developments have now gained Board approval to commence construction in FY22, subject to satisfying conditions precedent. At Bankstown Central in Sydney, we are replacing an existing supermarket, revitalising the fresh food o
Slide 10: Spend per visit continues to increase
Also recently, we executed a strategic investment in leading e-commerce provider, Global Marketplace – the owner of ‘Click Frenzy’, ‘Click Central’ and ‘Power Central’. Key objectives for this investment include marketing events which bring more shoppers into our centres, and increased utilisation o
Slide 11: Growing retail rental income
For further information please contact: Jane Kenny Marie Festa Head of Investor Relations Chief Corporate Affairs Officer T +61 3 7001 4291 T +61 3 7001 4628 E jane.kenny@vicinity.com.au E marie.festa@vicinity.com.au About Vicinity Centres Vicinity Centres (Vicinity or the Group) is one of Australia
Slide 12: FY21 results and operating review
2021 / AL GENERAL MEETING © VICINITY ~ CENTRES. 10 NOVEMBER 2021
Slide 13: Trevor Gerber
Trevor Gerber The Strand Arcade, NSW Vicinity Centres 2021 Annual General Meeting | 10 November 2021 2
Slide 14: Welcome and agenda
WELCOME AGENDA 2 Chairman’s address 8 CEO and Managing Director’s address 17 Formal business of the AGM Emporium Melbourne, VIC Vicinity Centres 2021 Annual General Meeting | 10 November 2021 3
Slide 15: Your Board
YOUR BOARD Trevor Gerber Grant Kelley Clive Appleton Tim Hammon (Chairman) NOM*, AUD, RHR (CEO and Managing Director) RC*, NOM, RHR Peter Kahan Janette Kendall Karen Penrose Dr David Thurin AM RHR*, AUD, NOM RHR, RC AUD*, RC Committee memberships: AUD = Audit, NOM = Nominations, RC = Risk and Compli
Slide 16: Review of Operations
REVIEW OF OPERATIONS Vicinity operationally strengthened in FY21 FY21; financially challenging but operationally, very successful Financial performance impacted by $231m of retailer rental support1 and significant asset valuation decline Support of retail partners exceeded requirements of the SME Co
Slide 17: FY21 financial performance
FY21 FINANCIAL PERFORMANCE Net loss before tax Net property income Distribution Gearing $258 million $743 million 10.0 cents 23.8% 1H: $394 million net loss FY20: $684 million 1H: 3.4 cents A/stable (S&P) and A2/stable (Moody’s) 2H: $136 million net profit 2H: 6.6 cents ratings FY20: $1,801 million
Slide 18: Leadership in sustainability
LEADERSHIP IN SUSTAINABILITY Creating sustainable destinations that shape better communities, while providing long-term value for securityholders Strong sustainability survey results One of only three Australian companies in CDP’s1 Climate A list (2020) Formal TCFD supporter 2021 Oceania Sector Lead
Slide 19: Grant Kelley
Grant Kelley QueensPlaza, QLD Vicinity Centres 2021 Annual General Meeting | 10 November 2021 8
Slide 20: Macroeconomic environment
MACROECONOMIC ENVIRONMENT Robust macroeconomic environment to support retail industry stabilisation and recovery Consumer sentiment index1 Residential dwelling values2 (Index = 100) (Index = 100) 120 SYD 125.2 130 BNE 123.4 110 105 120 ADE 119.7 100 PER 116.6 90 110 MEL 116.2 80 100 70 Jan-17 Jan-18
Slide 21: 1QFY22 portfolio performance
1QFY22 PORTFOLIO PERFORMANCE Challenging 1QFY22; robust leasing activity and strong rebound in centre visitation in October bodes well for recovery Portfolio occupancy Leasing spreads Sales growth1,2 Centre visitation1 Spend per visit1 Cash collection4 (COVID-normal states3) (COVID-normal states) (C
Slide 22: Growing retail rental income
GROWING RETAIL RENTAL INCOME Growing retail property income; enhancing asset mix through leasing, development and transactions Driving growth by enhancing asset mix and optimising capital allocation Acquired 50% interest in Harbour Town Premium Outlets Gold Coast, QLD, introducing new strategic part
Slide 23: Enhancing retail space with development and mixed-use assets
ENHANCING RETAIL SPACE WITH DEVELOPMENT AND MIXED-USE ASSETS Creating value from development of engaging mixed-use projects and enhanced retail precincts Pipeline weighted to transformational mixed-use developments complementing enhanced retail precincts Two developments completed in FY21 New Kmart
Slide 24: Mixed-use developments and retail enhancements
MIXED-USE DEVELOPMENTS AND RETAIL ENHANCEMENTS Project planning continuing with commencements to be demand-led Bankstown Central, NSW (SC, O) Chadstone, VIC (SC, O) Chatswood Chase Sydney, NSW (SC, O) Galleria, WA (SC) Bayside, VIC (O) Box Hill Central, VIC (SC, O) Note: All images are artist’s impr
Slide 25: Innovation driving value and enhancing customer and retailer experience
INNOVATION DRIVING VALUE AND ENHANCING CUSTOMER AND RETAILER EXPERIENCE Leveraging our existing assets and capabilities to build insights and innovation-led partnerships Vicinity Centres 2021 Annual General Meeting | 10 November 2021 14
Slide 26: Outlook
OUTLOOK Vicinity positioned for future growth as outlook improves Delivering on strategic priorities Strengthened portfolio with two transactions Advanced development pipeline Strategic investments to further data and innovation capabilities Strong balance sheet supporting stabilisation and growth O
Slide 27: The Galeries, NSW
The Galeries, NSW Vicinity Centres 2021 Annual General Meeting | 10 November 2021 16
Slide 28: Trevor Gerber Chairman
Trevor Gerber Chairman DFO Homebush, NSW Vicinity Centres 2021 Annual General Meeting | 10 November 2021 17
Slide 29: To receive and consider the financial reports
RESOLUTION 1 Item 1 To receive and consider financial reports Securityholders are asked to receive and consider the financial reports of Vicinity (comprising Vicinity Limited (Company) and Vicinity Centres Trust (Trust)) and the reports of the Directors and Auditor for the year ended 30 June 2021. V
Slide 30: Non-binding advisory vote on Remuneration Report
RESOLUTION 2 Item 2 Non-binding advisory vote on Remuneration Report To consider and, if thought fit, pass the following resolution as an ordinary resolution of the Company: That the Remuneration Report for the year ended 30 June 2021 be adopted. The Board unanimously recommends that Securityholders
Slide 31: Re-elect Mr Clive Appleton as a Director
RESOLUTION 3A Item 3a Re-elect Mr Clive Appleton as a Director of the Company To consider and, if thought fit, pass the following resolution as an ordinary resolution of the Company: That Mr Clive Appleton, being a Director who retires in accordance with clauses 9.1(d) and 9.1(e) of the Company’s Co
Slide 32: Re-elect Ms Janette Kendall as a Director
RESOLUTION 3B Item 3b Re-elect Ms Janette Kendall as a Director of the Company To consider and, if thought fit, pass the following resolution as an ordinary resolution of the Company: That Ms Janette Kendall, being a Director who retires in accordance with clauses 9.1(d) and 9.1(e) of the Company’s
Slide 33: Re-elect Mr Tim Hammon as a Director
RESOLUTION 3C Item 3c Re-elect Mr Tim Hammon as a Director of the Company To consider and, if thought fit, pass the following resolution as an ordinary resolution of the Company: That Mr Tim Hammon, being a Director who retires in accordance with clauses 9.1(d) and 9.1(e) of the Company’s Constituti
Slide 34: Approval of equity grant to CEO and Managing Director
RESOLUTION 4 Item 4 Approval of equity grant to CEO and Managing Director To consider and, if thought fit, pass the following resolution as an ordinary resolution of the Company and the Trust: That for all purposes, including ASX Listing Rule 10.14, approval be given for the grant of performance rig
Slide 35: General amendments to the Company Constitution
RESOLUTION 5A Item 5a General amendments to the Company Constitution To consider and, if thought fit, pass the following resolution as a special resolution of the Company: That the Constitution of the Company be amended as set out in the document tabled at the 2021 Annual General Meeting signed by t
Slide 36: Technology amendments to the Company Constitution
RESOLUTION 5B Item 5b Technology amendments to the Company Constitution To consider and, if thought fit, pass the following resolution as a special resolution of the Company: That the Constitution of the Company be amended as set out in the provisions highlighted with a grey background in the docume
Slide 37: General amendments to the Trust Constitution
RESOLUTION 6A Item 6a General amendments to the Trust Constitution To consider and, if thought fit, pass the following resolution as a special resolution of the Trust: That the Constitution of the Trust be amended as set out in the document tabled at the 2021 Annual General Meeting signed by the Cha
Slide 38: Technology amendments to the Trust Constitution
RESOLUTION 6B Item 6b Technology amendments to the Trust Constitution To consider and, if thought fit, pass the following resolution as a special resolution of the Trust: That the Constitution of the Trust be amended as set out in the provisions highlighted with a grey background in the document tab
Slide 39: Vicinity Centres
VICINITY ~ CENTRES
Slide 40: Contact Details and Disclaimer
CONTACT DETAILS AND DISCLAIMER For further information please contact: Jane Kenny Troy Dahms Head of Investor Relations Senior Investor Relations Manager T +61 3 7001 4291 T +61 2 8229 7763 E jane.kenny@vicinity.com.au E troy.dahms@vicinity.com.au Disclaimer This document is a presentation of genera
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