Cromwell Property Group · ASX:CMW
Cromwell Property — Shareholder Meeting (November 2013)
41 slides from Cromwell Property's shareholder meeting presentation, Nov 20, 2013
Slide 1: Annual General Meeting
For personal use only Annual General Meetingg Cromwell Property Group – 2013 Annual General Meeting 1
Slide 2: Important Information & Disclaimer
Important Information & Disclaimer For personal use only This presentation including its appendices (“Presentation”) is advice as they deem necessary or consider appropriate for securities. To the extent that general financial product advice dated 20 November 2013 and has been prepared by the their
Slide 3: Meeting Agenda
Meeting Agenda For personal use only Open Chairman’s Address CEO’s Address Business for the Company Business for the Trust Business for Cromwell Property Group Cromwell Property Group – 2013 Annual General Meeting 3
Slide 4: Voting Cards
Voting Cards For personal use only Yellow Y ll cardd Blue cardd Bl White card Voting card Non-voting attendee card Visitor card Cromwell Property Group – 2013 Annual General Meeting 4
Slide 5: Directors
Directors For personal use only Geoff Levy, AO Paul Weightman Daryl Wilson Richard Foster Robert Pullar Chairman Executive Director Executive Director Non-Executive Non- Executive & CEO & CFO Director Director David Usasz Michelle McKellar Marc Wainer Michael Watters Non-Executive Non-Executive Non-
Slide 6: Chairman's Address
For personal use only Chairman's Address Mr Geoffrey H. Levy AO Cromwell Property Group – 2013 Annual General Meeting 6
Slide 7: Year in Review
Year in Review For personal use only Successfully completed two fundraisings – Cromwell Ipswich City Heart Trust and Cromwell Box Hill Trust Strong inflows for Cromwell Phoenix Property Securities Fund Funds management business raised over $250m in FY2013 Three new funds in market since 30 J
Slide 8: Year in Review
Year in Review For personal use only Acquired NSW Government portfolio for $405m 4 Sydney CBD office assets 3 regional NSW office assets Acquired Health & Forestry Houses for $65m Acquisition – NSW Government Portfolio Acquisitions funded in part by two successful capital raisings Acquisit
Slide 9: Year in Review
Year in Review For personal use only S&P / ASX 300 Index – inclusion in March 2013 S&P / ASX 200 Index – inclusion in September 2013 CMW market capitalisation exceeded $1.67 billion 105th largest company by market cap on the ASX Increase in security price from $0.67 in June 2012 to $0.975
Slide 10: CEO's Address
For personal use only CEO's Address Mr Paul Weightman Cromwell Property Group – 2013 Annual General Meeting 10
Slide 11: Record Operating Profit
Record Operating Profit For personal use only Statutory profit of $46.2m Operating profit increased by 28% to a record $102.4m (7.6 cps) vs. guidance of 7.5 cps Derived 95% from property portfolio Increase in like for like property income of 2.8% over FY12 Average all up interest cost of 6
Slide 12: Significant Funds Management Inflows
Significant g Funds Management g Inflows For personal use only Unlisted Property Trusts Property Securities (Phoenix Portfolios) Ipswich City Heart Trust closed early and Increase in FUM to over $400m oversubscribed in October 2012 having raised Demand growing from large dealer groups for
Slide 13: Property Portfolio Remains Robust
Property Portfolio Remains Robust For personal use only Geographic Sector Tenant Diversification1 Diversification1 Classification1 1% 1% 3% 4% 18% ACT 17% 19% Listed NSW Company/Subsidiary Commercial QLD 37% Government Authority Retail VIC Industrial TAS Private Company 28% 33% SA 46% 93% % of Gross
Slide 14: Lease Expiry Profile
Lease Expiry Profile For personal use only WALE of 6.1yrs Lease Expiry Profile % Gross Income Occ panc of 96 Occupancy 96.1% 1% 45% Expiry profile cushioned against current soft conditions 40% Average of only 5.9% lease expiry FY14 – FY15 35% Diversified e s ed exposure e posu e to NSW, S
Slide 15: NSW Portfolio Purchased on Attractive Yield
NSW Portfolio Purchased on Attractive Yield For personal use only 7 assets purchased from NSW State Government for $405m Combination of three Sydney CBD assets and four regional NSW assets WALE of assets is 9.4 years Significant potential for valuation uplift given portfolio WACR of 8.37% Sy
Slide 16: Brisbane Acquisition Provides Multiple Options
Brisbane Acquisition Provides Multiple Options For personal use only Opportunistic acquisition Demonstrates ability to act quickly and benefit of strong cash position Two identical towers located on balance sheet between Golden Triangle (Financial Precinct) and Multiple opportunities at leas
Slide 17: Equity Issued has added Significant Value
Equity Issued has added Significant Value For personal use only $761.4m of equity issued since July 2009 Equity returns have been substantially higher, given current low cost of debt Average issue price of $0.82 vs. average NTA of $0.711 Recent acquisitions are expected to deliver similarly
Slide 18: Consistent Strategy and Outperformance
Consistent Strategy gy and Outperformance p For personal use only Objective to provide defensive, superior risk adjusted Cromwell Performance June 2013 (Annualised Total Securityholder Return)1 returns from commercial properties we own and manage 60% 54.4% in Australia Cromwell 50% Property Group
Slide 19: Voting Cards
Voting Cards For personal use only Yellow Y ll cardd Blue cardd Bl White card Voting card Non-voting attendee card Visitor card Cromwell Property Group – 2013 Annual General Meeting 19
Slide 20: Items of Business for the Company
For personal use only Items of Business for the Company Cromwell Property Group – 2013 Annual General Meeting 20
Slide 21: 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 Cromwell Property Group – 2013 Annual General Meeting 21
Slide 22: Re-election of Mr Daryl Wilson as a Director
Item 2 For personal use only Re-election of Mr Daryl Wilson as a Director “Th t Mr “That M Daryl D l Wilson, Wil who h retires ti bby rotation t ti ini accordance d with ith th the C Company’s ’ CConstitution tit ti andd offers ff hi himselflf for re-election, is re-elected as a Director of the Comp
Slide 23: Re-election of Mr Marc Wainer as a Director
Item 3 For personal use only Re-election of Mr Marc Wainer as a Director ”Th t Mr ”That M Marc M Wainer, W i who h retires ti bby rotation t ti iin accordance d with ith th the C Company’s ’ CConstitution tit ti andd offers ff hi himselflf for re-election, is re-elected as a Director of the Company.
Slide 24: Re-election of Ms Michelle McKellar as a Director
Item 4 For personal use only Re-election of Ms Michelle McKellar as a Director “Th t M “That Ms Mi Michelle h ll McKellar, M K ll who h retires ti byb rotation t ti ini accordance d with ith the th CCompany’s ’ CConstitution tit ti andd offers ff herself for re-election, is re-elected as a Director
Slide 25: Remuneration Report
Item 5 For personal use only Remuneration Report “Th t th “That the C Company’s ’ RRemuneration ti R Reportt for f the th financial fi i l year ended d d 30 JJune 2013 iis adopted.” d t d” % of proxies Number received For 514,578,194 96.06 Open 12,873,685 2.40 Against 8,257,569 1.54 Abstain 242,574,
Slide 26: Constitution of the Company
Item 6 For personal use only Constitution of the Company “Th t th “That the constitution tit ti off C Cromwellll C Corporation ti LiLimited it d iis amended d d iin th the manner sett outt iin P Partt 1 off A Annexure A to this Notice of Meeting.” % of proxies Number received For 1,004,735,408 98.20
Slide 27: Items of Business for the Trust
For personal use only Items of Business for the Trust Cromwell Property Group – 2013 Annual General Meeting 27
Slide 28: Constitution of the Trust
Item 7 For personal use only Constitution of the Trust “Th t the “That th constitution tit ti off Cromwell C ll Diversified Di ifi d P Property t TTrustt iis amended d d iin accordance d with ith th the provisions i i off th the 'Supplemental Deed' tabled at the meeting and signed by the Chairman of
Slide 29: Items of Business for the Group
For personal use only Items of Business for the Group Cromwell Property Group – 2013 Annual General Meeting 29
Slide 30: Cromwell Property Group Performance Rights Plan
Item 8 For personal use only Cromwell Property Group Performance Rights Plan “Th t the “That th Cromwell C ll Property P t Group G Performance P f Rights Ri ht Plan, Pl theth terms t off which hi h are summarised i d in i th the Explanatory Memorandum that accompanies and forms part of this Notice o
Slide 31: Cromwell Property Group Employee Security Loan Plan
Item 9 For personal use only Cromwell Property Group Employee Security Loan Plan “Th t the “That th Cromwell C ll Property P t Group G Performance P f Rights Ri ht Plan, Pl theth terms t off which hi h are summarised i d in i th the Explanatory Memorandum that accompanies and forms part of this Noti
Slide 32: Grant of performance rights and stapled securities to Chief Executive Officer
Item 10 For personal use only Grant of performance rights and stapled securities to Chief Executive Officer “Thatt approvall is “Th i given i ffor allll purposes, iincluding l di ffor th the purposes off ASX Li Listing ti R Rule l 10 10.14, 14 tto th the acquisition i iti bby M Mr Paul Weightman (Ch
Slide 33: Grant of performance rights and stapled securities to Finance Director
Item 11 For personal use only Grant of performance rights and stapled securities to Finance Director “Thatt approvall iis given “Th i ffor allll purposes, iincluding l di ffor th the purposes off ASX Li Listing ti R Rule l 10 10.14, 14 tto th the acquisition i iti bby M Mr Daryl Wilson (Finance Dire
Slide 34: Voting Cards
Voting Cards For personal use only Yellow Y ll cardd Blue cardd Bl White card Voting card Non-voting attendee card Visitor card Cromwell Property Group – 2013 Annual General Meeting 34
Slide 35: Questions
For personal use only Questions Cromwell Property Group – 2013 Annual General Meeting 35
Slide 36: Meetings Adjourned
For personal use only Meetings Adjourned Cromwell Property Group – 2013 Annual General Meeting 36
Slide 37: Meetings Re-open
For personal use only Meetings Re-open Cromwell Property Group – 2013 Annual General Meeting 37
Slide 38: Meeting Results
Meeting Results For personal use only Resolution 5 Resolution 6 Resolution 7 Remuneration Report Amendment to Constitution of Amendment to Constitution of the Company the Trust For Against Abstain Percentage Voted1 For (%) % % % Minimum Required 75% 75% 75% (%) 1] Based on total eligible votes Cromw
Slide 39: Group Meeting Results
Group Meeting Results For personal use only Resolution 8 Resolution 9 Approval of Performance Rights Plan Approval of Employee Security Loan Plan For Against Abstain Percentage Voted1 For (%) % % Minimum 50% 50% Required (%) 1] Based on total eligible votes Cromwell Property Group – 2013 Annual Gene
Slide 40: Group Meeting Results
Group Meeting Results For personal use only Resolution 10 Resolution 10 Grant of performance rights and stapled Grant of performance rights and stapled securities to CEO securities to Finance Director For Against Abstain Percentage Voted1 For (%) % % Minimum 50% 50% Required (%) 1] Based on total el
Slide 41: Thank you for your time
For personal use only Thank you for your time Cromwell Property Group – 2013 Annual General Meeting 41
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