Gpt Group · ASX:GPT
Gpt — H1 2009 Earnings Presentation
107 slides from Gpt's earnings presentation, Aug 27, 2009
Slide 1: Darling Park, Sydney, New South Wales
For personal use only Darling Park, Sydney, New South Wales
Slide 2: For personal use only
For personal use only
Slide 3: Agenda
Agenda For personal use only Performance Strategy Outlook Financial Overview Operational Overview – Australian Retail – Australian Office – Australian Industrial/Business Parks – Other Investments Questions 1
Slide 4: Notes
For personal use only Notes
Slide 5: Bourke St, Melbourne, Victoria
For personal use only 818 Bourke St, Melbourne, Victoria
Slide 6: Notes
For personal use only Notes
Slide 7: Key Points
Key Points For personal use only Core portfolio performing strongly Balance sheet strength restored with gearing at 22.2% NTA $0.71 (after JV write off and valuation adjustments) Significant progress on non-core asset sales On track to deliver full year 2009 guidance(1) 3 (1) Assuming no m
Slide 8: Other Key Information: Earnings per Security and Segments
Other Key Information Notes For personal use only Earnings per Security (adjusted)(1) 6 months to June 2009 Weighted average number of securities 5,411.7 billion Realised operating income $183.0 million Less distribution to exchangeable securities $12.4 million Total $170.6 million Earnings per secu
Slide 9: Results Summary
Results Summary For personal use only 1H09 1H08 Realised operating income $183.0m $234.0m A-IFRS net profit/(loss) ($1,195.5m) ($67.7m) Realised operating income per security(1) 3.2 cents 7.1 cents Distribution per security 2.5 cents 11.4 cents Jun 09 Dec 08 Total assets $9.7b $13.0b (2) Headline ge
Slide 10: Notes
For personal use only Notes
Slide 11: Scorecard
Scorecard For personal use only 9 Balance sheet strengthened ($1.7 billion capital raising) 9 Covenant risk removed 9 Near term refinancing risk removed 9 Credit rating improved 9 $740 million announced asset sales 9 Majority of JV with Babcock & Brown exited (In Specie Dividend) 9 Strategy refined
Slide 12: Other Key Information: Asset Values and Income
Other Key Information Notes For personal use only Asset Value(1) Income(2) Asset ($m) ($m) Brampton Island 8.8 (0.6) Ayers Rock Resort 300.0 9.2 Four Points by Sheraton, Sydney 210.4 8.0 US Seniors Housing 163.0 9.1 Joint Venture (US retail & NZ loan) 8.0 - Homemaker City Portfolio 270.0 13.9 Intere
Slide 13: Progress on Non-Core Asset Sales
Progress on Non-Core Asset Sales For personal use only 6
Slide 14: Notes
For personal use only Notes
Slide 15: Core Portfolio Performing Strongly
Core Portfolio Performing Strongly For personal use only % of Weighted Av Occupancy Valuation Investments(1) Cap Rate (%) Movement (%) ($m) Retail 45% 6.3 99.4 (213.5) Office 20% 7.1 99.1 (170.0) Industrial 8% 8.3 98.8 (66.8) GWOF 9% 7.2 98.4 (82.7) GWSCF 7% 6.6 99.9 (30.6) Total 89% (563.6) Compa
Slide 16: Notes
For personal use only Notes
Slide 17: Increase in Disclosures
Increase in Disclosures For personal use only Income and capex by property – Core portfolio (income and fair value schedule) Funds – Income by asset – Valuations and cap rates per asset – Fair values and cap rates per asset – Income by category (distribution versus fees) – Total return by Fund
Slide 18: Notes
For personal use only Notes
Slide 19: Darling Park, Sydney, New South Wales
For personal use only Darling Park, Sydney, New South Wales
Slide 20: Other Key Information Notes
Other Key Information Notes For personal use only
Slide 21: Strategy
For personal use only 10 Strategy
Slide 22: Notes
For personal use only Notes
Slide 23: Bourke St, Melbourne, Victoria
For personal use only 818 Bourke St, Melbourne, Victoria
Slide 24: Notes
For personal use only Notes
Slide 25: Outlook
Outlook For personal use only Global Fragile global economy Debt markets are opening but expensive Concerns regarding commercial real estate values Local Cautious optimism Unemployment forecasts improving While demand softens, real estate supply is constrained GPT Expect valuations to
Slide 26: Notes
For personal use only Notes
Slide 27: MLC Centre, Sydney, New South Wales
For personal use only MLC Centre, Sydney, New South Wales
Slide 28: Other Key Information: Debt Cost
Other Key Information Notes For personal use only Debt Cost $m % Debt Balance 2,039 Rate 4.2532 Fees and margin 1.6455 Total debt cost 5.8987 Hedge Balance Total cost of hedging 3.2758 Total cost of funds 9.1745 Excess hedge (1.2002) 2,039 7.9743 Total annualised cost of debt and hedging $163 millio
Slide 29: Reconciliation: Realised Operating Income
Reconciliation Realised Operating Income For personal use only 1H09 ($m) 2H08 ($m) 1H08 $m) Core 272.9 299.7(1) 269.2 Non-core 25.0 75.3 79.5 Financing and corporate overheads(2) (114.9) (140.2) (114.7) Realised Operating Income 183.0 234.8 234.0 Changes in Fair Value of Assets (non cash) 1. Valuati
Slide 30: Notes
For personal use only Notes
Slide 31: Total Expenses
Total Expenses(1) For personal use only Management and Administration $m Total $m Retail 5.6 Property expenses 70.7 Office 1.5 Depreciation and amortisation 5.4 Industrial/Business Park 0.3 Finance costs 93.0 Senior Housing 1.3 Disposals and costs 80.2 Funds Management Australia 5.2 Impairments 1,20
Slide 32: Other Key Information: Interest Cover and NTA Movement
Other Key Information For personal use only Interest Cover(1) NTA Movement 30 Jun 09 Impact on NTA per ($m) NTA per Security Security Gross Finance Costs for the Period Dec 08 1.43 Finance costs for the period 93.0 Equity issue (0.56) Plus: finance costs capitalised during the period 9.0 Impairment
Slide 33: Balance Sheet Overview
Balance Sheet Overview For personal use only Jun 09 Dec 08 Total assets $9.7b $13.0b (1) Gearing Headline 22.2% 33.7% (2) (1) Look through 30.5% 46.6% (3) Interest cover Headline 2.3x 2.5x Total borrowings $2,039 million(4) Weighted average term 3.8 years Effective interest rate at 30 June 09:
Slide 34: Other Key Information: Gearing and Look Through Gearing
Other Key Information For personal use only Gearing Look Through Gearing 30 Jun 09 30 Jun 09 $m $m Total Assets Share of Assets of Non-Consolidated Entities Total assets 9,660.2 Australia 2,595.8 Less: intangible assets (31.6) Europe 159.0 (a) Total tangible assets 9,628.6 United States 1,086.6 Othe
Slide 35: Debt Facilities/Covenants
Debt Facilities/Covenants For personal use only GPT remains within all loan covenants Key loan covenants – 40% balance sheet gearing (Jun 09: 22.2%) (1) – 55% look through gearing (Jun 09: 30.5%) – 2x interest cover (Jun 09: 2.3x, anticipated to improve to be close to 3.0x for six months to Dec
Slide 36: Other Key Information: Total Debt and Debt Hedged
Other Key Information Notes For personal use only Total Debt Jun 09 Jun 08 (Local Currency) (m) (m) AUD 1,118.8 2,157.1 Euro 335.0 1,279.3 USD 276.8 799.9 Other N/A NZD 59.0 SEK 35.0 DKK 124.5 Debt Hedged Jun 09 Jun 08 (Local Currency) (m) (m) AUD 1,352 1,940 Euro 690 1,140 USD 530 560 Other N/A N/A
Slide 37: Debt Profile Substantially Improved
Debt Profile Substantially Improved For personal use only Total borrowings reduced to $2,039 million post capital raising(1) – $1,119 million AUD – $277 million USD – $335 million Euro (reduced to zero post 30 June 2009 and AUD increased accordingly) Drawn funding through Euro syndicated facilit
Slide 38: Liquidity: As at May 2009 Capital Raising
Other Key Information For personal use only Liquidity: As at May 2009 Capital Raising Notes: 1. Equity raising comprises a 1 for 1 Entitlement Offer and $120 million Placement at $0.35. Based on $1.2 billion fully underwritten institutional component net of transaction costs. 2. GPT undrawn debt cur
Slide 39: Liquidity
Liquidity For personal use only Approx. $0.9 billion of funding required to end 2010 December 2010 excess liquidity of $0.2 billion (post capex and debt expiries) via existing facilities in place Ability to increase liquidity through – $1 billion non-core asset sales – Rollover of bilateral fa
Slide 40: AUD Year Swap Rate
Other Key Information Notes For personal use only AUD 5 Year Swap Rate (Jul 06 to Jun 09) Source: Reuters
Slide 41: Derivatives: Interest Rate Hedging
Derivatives Interest Rate Hedging For personal use only Policy is to be greater than 80% hedged Excess hedge position result of rapid decrease in gearing – Since December 08 debt reduced by $3 billion ($5 billion to $2 billion) Position substantially reduced at minimal cost – Total hedging red
Slide 42: AUD/EUR and AUD/USD Exchange Rates
Other Key Information Notes For personal use only AUD/EUR Exchange Rate Source: IRESS AUD/USD Exchange Rate Source: IRESS
Slide 43: Derivatives: Foreign Exchange
Derivatives Foreign Exchange For personal use only US hedging position removed Hedge position reduced (utilising strengthening AUD) – 2009 hedging from $93.3 million(1) (Jun 2008) to $0 million (Jun 2009) – 2010 hedging from $83.2 million(1) (Jun 2008) to $60.2 million (Jun 2010) Focus on use
Slide 44: Notes
For personal use only Notes
Slide 45: Collins St, Melbourne, Victoria
For personal use only 530 Collins St, Melbourne, Victoria
Slide 46: Notes
For personal use only Notes
Slide 47: Melbourne Central, Victoria
For personal use only All information includes GPT owned assets and GPT’s interest in GWSCF, unless otherwise stated. Melbourne Central, Victoria
Slide 48: Australian Retail Portfolio
Other Key Information Notes For personal use only Australian Retail Portfolio(1) (1) Excludes Newcastle land holdings, Floreat Forum and Cannon Hill Homemaker City.
Slide 49: Australian Retail Portfolio: Portfolio Focus
Australian Retail Portfolio Portfolio Focus For personal use only Focus on quality assets with scale – Trade areas with strong forecast population and/or retail expenditure growth potential – $100m+ in value – Regional shopping centres or sub-regional centres with potential to become regional asse
Slide 50: Top Ten Retail Tenants by Total Rent
Other Key Information Notes For personal use only Top Ten Retail Tenants by Total Rent(1) 1. Woolworths Limited 2. Coles Group 3. Myer 4. Just Group 5. Brazin Group 6. Colorado Group 7. Hoyts 8. Sussan Corporation 9. Luxottica Group 10. Prouds (1) Excludes turnover rent. GPT and GWSCF assets.
Slide 51: Australian Retail Portfolio: Outlook
Australian Retail Portfolio Outlook For personal use only Sales growth robust in first half, buoyed by government stimulus and lower interest rates, however … Rising unemployment likely to lead to softer sales environment next 12 to 18 months Portfolio well positioned for slower sales growth e
Slide 52: Specialty Lease Expiry Profile
Other Key Information Notes For personal use only Specialty Lease Expiry Profile By Base Rent Note: Excluding Homemaker Portfolio (non-core) and assets under development. Excludes tenancies over 400 sqm.
Slide 53: Australian Retail Portfolio: Performance Strong
Australian Retail Portfolio Performance Strong (1) For personal use only Comparable income up 4.9% Sales growth strong Occupancy remains very high Arrears negligible Portfolio well positioned for growth GPT Retail Specialty Total MAT Growth Key Operating Metrics(2) Dec 08 Jun 09 Excludes d
Slide 54: Fair Value: Retail
Other Key Information Notes For personal use only Fair Value Retail Jun 09 Fair Dec 08 Jun 09 Property Value Cap Rate Cap Rate ($m) (%) (%) Casuarina Square, NT 431.8 6.00 6.25 Charlestown Square, NSW 558.1 6.00 6.00 Dandenong Plaza, VIC 236.2 7.75 8.00 Erina Fair, NSW (50%) 387.0 5.75 6.00 Floreat
Slide 55: Australian Retail Portfolio: Valuations
Australian Retail Portfolio Valuations For personal use only Portfolio value $5.0 billion – GPT $4.4 billion – Investment in GWSCF $592 million Valuations resulted in $244 million reduction 43% of assets valued externally 1H09 Portfolio weighted average cap rate 6.26% (6.04% Dec 08)(1) Retai
Slide 56: Charlestown Square Development Spend
Other Key Information Notes For personal use only Development expands Charlestown Square to 88,000 sqm Charlestown Square targeting ecological footprint 30% less than a standard centre – Gas fired co-generation plant for electricity and air conditioning – Solar thermal technology (partnership wi
Slide 57: Charlestown Square Expansion
Charlestown Square Expansion Charlestown Square For personal use only $470 million redevelopment – Commenced Jan 2008 – Construction on program – Forecast completion end 2010 – Majors all secured – Leasing program well progressed (100 of 240 specialty deals completed) 28
Slide 58: Notes
For personal use only Notes
Slide 59: 800 & 808 Bourke Street, Melbourne, Victoria
For personal use only All information includes GPT owned assets and GPT’s interest in GWOF, unless otherwise stated. 800 & 808 Bourke Street, Melbourne, Victoria
Slide 60: Australian Office Portfolio: Geographic Spread
Other Key Information Notes For personal use only Australian Office Portfolio Geographic Spread
Slide 61: Australian Office Portfolio: Portfolio Focus
Australian Office Portfolio Portfolio Focus For personal use only Prime assets in major CBDs – Focus is on eastern seaboard – High white collar employment growth markets – $100m+ in value – Contemporary floor plate/services – High quality/diverse tenant base – High sustainability rating Target i
Slide 62: Top Ten Office Tenants by Area
Other Key Information Notes For personal use only Top Ten Office Tenants by Area at 1 July 2009 1. Commonwealth of Australia 2. National Australia Bank 3. Telstra Corporation 4. Citibank 5. BP Australia 6. Ericsson Australia 7. ANZ Banking Group 8. Freehills 9. PricewaterhouseCoopers 10. Commonwealt
Slide 63: Australian Office Portfolio: Outlook
Australian Office Portfolio Outlook For personal use only Demand softening but vacancy Total Office Supply expected to remain relatively low Additional supply constrained by higher cost and availability of capital Effective rental growth and occupancy levels likely to improve rapidly as growth
Slide 64: Lease Expiry by Area
Other Key Information Notes For personal use only (1) Lease Expiry by Area (at 1 July 2009) (1) Includes GPT owned and GWOF owned assets. GPT and GWOF expiry profiles available in additional disclosures.
Slide 65: Australian Office Portfolio: Performance
Australian Office Portfolio Performance For personal use only Performance solid – Comparable income up 3.0% Well positioned (1) – Portfolio occupancy 98.7% – Stepped rental increases average 4%-5%(1) – Weighted average lease term 5.5 years (by area)(1) Manageable short term expiry ‘Blue chip
Slide 66: Fair Value: Office
Other Key Information Notes For personal use only Fair Value Office Jun 09 Fair Dec 08 Jun 09 Cap Value Cap Rate Rate Property ($m) (%) (%) Australia Square, Sydney, NSW $267.0 6.50 7.00 MLC Centre, Sydney, NSW $378.5 6.50 7.00 Melbourne Central, VIC $334.0 6.63 7.50 818 Bourke Street, Melbourne, VI
Slide 67: Australian Office Portfolio: Valuations
Australian Office Portfolio Valuations For personal use only Portfolio value $2.6 billion – GPT $1.8 billion – Investment in GWOF $783 million Valuations resulted in $253 million decrease 79% of assets valued externally 1H09 Portfolio weighted average cap rate 7.13% (6.63% Dec 08) Office Ass
Slide 68: One One One Eagle Street Spend
Other Key Information Notes For personal use only One One One Eagle Street (GPT share) ($m) Spent to 30 June 45 Remaining to be Spent 2009 20 2010 65 2011 55 Total 185(1) (1) Excludes profit on sale of land.
Slide 69: Development: One One One Eagle Street, Brisbane
Development For personal use only One One One Eagle Street, Brisbane One One One Eagle Street Best development site in Brisbane – Only Premium-Grade office development to be delivered this cycle – On program for late 2011 completion Strong enquiry from range of prospective tenants GPT owns one
Slide 70: Notes
For personal use only Notes
Slide 71: Erskine Park (Stage 1), New South Wales
For personal use only Erskine Park (Stage 1), New South Wales
Slide 72: Notes
For personal use only Notes
Slide 73: Australian Industrial/Business Park Portfolio: Portfolio Focus
Australian Industrial/Business Park Portfolio Portfolio Focus For personal use only Large scale assets in major markets – Sustainable competitive advantage with ‘value add’ opportunities – Close to major transport networks/employment nodes – $20m+ in value – Inter-modal capacity and estates – Camp
Slide 74: Fair Value: Industrial
Other Key Information Notes For personal use only Fair Value Industrial Jun 09 Fair Dec 08 Jun 09 Value Cap Rate Cap Rate Property ($m) (%) (%) 18-24 Abbott Road, Seven Hills, NSW 13.5 10.00 10.00 Austrak Business Park, Somerton, VIC 152.0 7.34 7.75 15 Berry Street, Granville, NSW 12.5 7.50 8.50 19
Slide 75: Australian Industrial/Business Park Portfolio: Outlook
Australian Industrial/Business Park Portfolio Outlook For personal use only Demand softening but vacancy expected to remain moderate as speculative development declines Additional supply constrained by higher cost and availability of capital Rental growth to continue but at more moderate level
Slide 76: Fair Value: Industrial
Other Key Information Notes For personal use only Fair Value Industrial Jun 09 Dec 08 Jun 09 Fair Value Cap Rate Cap Rate Property ($m) (%) (%) 4 Holker Street, Silverwater, NSW 32.6 8.25 8.50 116 Holt Street, Pinkenba, QLD 15.2 9.00 9.25 Lots 42 & 44 Ocean Steamers Dr, Port Adelaide, SA 6.9 8.50 9.
Slide 77: Australian Industrial/Business Park Portfolio: Valuations
Australian Industrial/Business Park Portfolio Valuations For personal use only Portfolio value $748 million Valuations resulted in $67 million reduction Portfolio weighted average cap rate 8.3% (7.9% Dec 08) 29% of assets valued externally 1H09 Industrial - Weighted Average Capitalisation Ra
Slide 78: Top Ten Industrial/Business Park Tenants
Other Key Information Notes For personal use only Top Ten Industrial/Business Park Tenants by Income at 1 July 2009 1. Coles Myer 2. Australian Pharmaceutical Industries 3. Steinhoff Asia Pacific 4. Goodman Fielder 5. Vodafone Australia 6. SuperCheap Auto 7. Mitsubishi Motors 8. Effem Foods 9. Linfo
Slide 79: Australian Industrial/Business Park Portfolio: Performance
Australian Industrial/Business Park Portfolio Performance For personal use only Comparable income up 7.0% Positioned for continued growth – Portfolio occupancy 99% – Stepped rental increases average 3.5% – Average lease expiry 7.5 years (by income) Good progress on Erskine Park development – G
Slide 80: Other Key Information: Fund Fees, Performance and Facilities
Other Key Information For personal use only Fee structure – Base fee 0.1125% per quarter of Asset Value – Performance fee 15% of the outperformance above 10 year bond yield plus 3% per annum (post base management fee) – Fees capped at 0.90% per annum Performance – GWOF 1 year return -12.7% (pre
Slide 81: Australian Funds Management
Australian Funds Management For personal use only Funds under management $5.0 billion GWSCF No. % Fund – GWOF $3.0 billion – GWSCF $2.0 billion GPT 1 33.5% GPT co-investment Domestic Super Funds 6 20.6% – GWOF $783 million – 34.3% Domestic - Other 8 13.8% – GWSCF $592 million – 33.5% Offshore Pe
Slide 82: Notes
For personal use only Notes
Slide 83: workplace6, Sydney, New South Wales
For personal use only workplace6, Sydney, New South Wales
Slide 84: Hotels Performance
Other Key Information Notes For personal use only Hotels Performance Voyages Ayers Rock and Alice Springs Resort Jun 2009 Change %(1) Occupancy 51% -8.0% Average daily rate $209 4.0% Total revenue (‘000) $46,681 -5.9% Voyages Lodges(2) Occupancy 51% -5.0% Average daily rate $245 -0.4% Total revenue
Slide 85: Hotel/Tourism Portfolio
Hotel/Tourism Portfolio For personal use only Solid progress on asset sales Ayers Rock Resort Jun 09 Jun 08 – Ten small resort assets sold Occupancy 49% 57% Performance Average daily room rate $232 $221 – Ayers Rock Resort and Four Points Total revenue (000’s) $46,597 $49,728 performance solid i
Slide 86: GPT Halverton: 2009 Forecast
Other Key Information Notes For personal use only GPT Halverton: 2009 Forecast 2009 2009 EUR / AUD = 1.70 €m $m Management fees (Core Funds)(1) 5.7 9.7 Management fees (BGP)(2) 7.9 13.5 Cost of sales (0.4) (0.7) Net Revenue 13.2 22.4 Staff costs (12.0) (20.4) Accommodation costs (2.9) (5.0) Travel c
Slide 87: Europe
Europe For personal use only GPT Halverton (1) – Assets under management €3 billion – Forecast operating EBITDA loss of €7.6 million ($12.8 million) in 2009 – Restructuring programme currently underway - expected to result in GPT Halverton being cash flow positive in late 2010/early 2011 – Restruc
Slide 88: Notes
For personal use only Notes
Slide 89: Other: US Seniors Housing and US Retail
Other For personal use only US Seniors Housing – Performance improving – Occupancy 87.5% at 30 June – since improved to 91% – Portfolio valued at US$662 million at 30 June (4.2% decrease) – Equity interest valued at A$163 million at 30 June US Retail (US component of JV) – 16 retail assets – Act
Slide 90: Notes
For personal use only Notes
Slide 91: Summary
Summary For personal use only Core portfolios of Retail, Office and Industrial/Business Parks performing well – Occupancy levels high – Significant exposure to fixed rental increases – High quality and diverse tenant base – Positioned for future growth Good progress on Charlestown Square and One
Slide 92: Notes
For personal use only Notes
Slide 93: Key Points
Key Points For personal use only Core portfolio performing strongly Balance sheet strength restored with gearing at 22.2% NTA $0.71 (after JV write off and valuation adjustments) Significant progress on non-core asset sales On track to deliver full year 2009 guidance(1) 46 (1) Assuming no
Slide 94: Notes
For personal use only Notes
Slide 95: Darling Park 1, Sydney, New South Wales
For personal use only Darling Park 1, Sydney, New South Wales
Slide 96: Notes
For personal use only Notes
Slide 97: Rouse Hill Town Centre, New South Wales
For personal use only Rouse Hill Town Centre, New South Wales
Slide 98: Notes
For personal use only Notes
Slide 99: 92-116 Holt Street, Pinkenba, QLD
For personal use only 92-116 Holt Street, Pinkenba, QLD
Slide 100: Current Debt Facilities: GPT Bonds
Current Debt Facilities GPT Bonds For personal use only Outstanding Fixed Floating Margin Years to Swapped to Tranche Currency (A$m) Maturity Date /Indexed Over Maturity Float (equiv) Rate Benchmark(1) Fixed MTN AUD 100.0 07-Nov-10 1.36 6.25 3.060 Floating MTN AUD 125.0 07-Nov-10 1.36 0.480 Fixed MT
Slide 101: Current Debt Facilities: Bank Facilities
Current Debt Facilities Bank Facilities For personal use only Outstanding Limit Available Floating (A$m) Maturity Years to Tranche Currency (A$m) (A$m) Margin Over Date maturity (equiv) (equiv) (equiv) Benchmark(1) Multi-Option Bilat AUD 0.0 01-Sep-09 0.17 200.0 200.0 1.400 Multi-Option Bilat AUD 0.
Slide 102: Current Debt Facilities: Controlled Entities
Current Debt Facilities Controlled Entities – Bank Facilities For personal use only Outstanding Limit Available Floating Years to Entity Currency (A$m) Maturity Date (A$m) (A$m) Margin Over Maturity (equiv) (equiv) (equiv) Benchmark(1) Somerton AUD 77.0 31 Mar 11 1.75 77.5 0.5 0.950 Total Borrowings
Slide 103: Balance Sheet: Interest Rate Hedging
Balance Sheet Interest Rate Hedging For personal use only Hedging Profile Over Time Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun 09 09 10 10 11 11 12 12 13 13 14 AUD bal M 1,352 1,461 2,023 1,795 1,616 1,124 1,424 774 584 535 535 AUD Hedged COF(1) 8.10 6.07 7.28 7.42 7.73 7.90 7.93 9.51 9.71 10.11 10
Slide 104: European Funds Management Summary
European Funds Management Summary For personal use only 54
Slide 105: Retail Sales Summary: June 2009
Retail Sales Summary: June 2009 For personal use only 55
Slide 106: Greater Contribution from Core Business as Non-Core Assets Divested
Greater Contribution from Core Business as Non-Core Assets Divested For personal use only Investments(1) Income(2) June 2009 June 2009 December 2008 June 2008 (1) JV and US Seniors based on net equity. June 09 post announced asset sales. 56 (2) Based on realised operating income.
Slide 107: Business Model: Active Ownership
Business Model Active Ownership For personal use only 57