Gpt Group · ASX:GPT
Gpt — The GPT Group — H1 2009 Earnings Presentation
107 slides from Gpt's earnings presentation, 2009
Slide 1: Darling Park, Sydney, New South Wales
Darling Park, Sydney, New South Wales
Slide 2: Slide 2
Slide 3: Agenda
Agenda Performance Strategy Outlook Financial Overview Operational Overview – Australian Retail – Australian Office – Australian Industrial/Business Parks – Other Investments Questions 1
Slide 4: Notes
Notes rT The GPT Group
Slide 5: Bourke St, Melbourne, Victoria
818 Bourke St, Melbourne, Victoria
Slide 6: Notes
Notes rT The GPT Group
Slide 7: Key Points
Key Points 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) (1) Assuming no material change in market condition
Slide 8: Other Key Information Notes
Other Key Information Notes 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 security 3.2 cents (1) Num
Slide 9: Results Summary
Results Summary 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 Headline gearing 22.2% 33.7%(2) Inter
Slide 10: Notes
Notes
Slide 11: Scorecard
Scorecard Balance sheet strengthened ($1.7 billion capital raising) Covenant risk removed Near term refinancing risk removed Credit rating improved $740 million announced asset sales Majority of JV with Babcock & Brown exited (In Specie Dividend) Strategy refined Board and management changes 5
Slide 12: Other Key Information Notes
Other Key Information Notes Asset Value(1) Income(2) Asset ($m) ($m) Brampton Island 8.8 (0.6) Ayers Rock Resort 300.0 9.2 Four Points by Sheraton, Sydney 210.4 8.0 US Seniors Housing 163.0 9.1 Joint Venture (US retail & NZ loan) 8.0 - Homemaker City Portfolio 270.0 13.9 Interest in DAF/GRP 52.5 3.7
Slide 13: Progress on Non-Core Asset Sales
Progress on Non-Core Asset Sales 6
Slide 14: Notes
Notes rT The GPT Group
Slide 15: Core Portfolio Performing Strongly
Core Portfolio Performing Strongly % of Weighted Av Occupancy Valuation Investments(1) Cap Rate (%) Movement (%) ($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) Comparable income growth stro
Slide 16: Notes
Notes rT The GPT Group
Slide 17: Increase in Disclosures
Increase in Disclosures 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 Detailed interest cover cal
Slide 18: Notes
Notes rT The GPT Group
Slide 19: Darling Park, Sydney, New South Wales
Darling Park, Sydney, New South Wales
Slide 20: Vision and Purpose
Other Key Information Notes © Create a VALUABLE BRAND, —__ Vision become INTERNATIONALLY RECOGNISED for our real estate management capability and leave a SUSTAINABLE LEGACY. Purpose We create and sustain environments that enrich people's lives GPT The GPT Group
Slide 21: Strategy
Strategy | Strategy (154 iS a property company with broad access to capital invested in quality assets which, through proactive management, creates great customer experiences, and therefore, superior returns. r GPT The GPT Group
Slide 22: Notes
Notes rT The GPT Group
Slide 23: Bourke St, Melbourne, Victoria
818 Bourke St, Melbourne, Victoria
Slide 24: Notes
Notes rT The GPT Group
Slide 25: Outlook
Outlook 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 further soften 25–50 bps Pace of dev
Slide 26: Notes
Notes rT The GPT Group
Slide 27: MLC Centre, Sydney, New South Wales
MLC Centre, Sydney, New South Wales
Slide 28: Debt Cost
Other Key Information Notes 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 $163 million p.a.
Slide 29: Reconciliation Realised Operating Income
Reconciliation Realised Operating Income 1H09 ($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. Valuation increases (decrease
Slide 30: Notes
Notes GPT The GPT Group
Slide 31: Total Expenses
Total Expenses(1) Management and Administration $m Total $m Retail 5.6 Property expenses 70.7 Office 1.5 Depreciation and amortisation 5.4 Industrial/Business Park 0.3 Finance costs 93.0 Senior Housing 1.3 Disposals and costs 80.2 Funds Management Australia 5.2 Impairments 1,207.9 Corporate 14.7 Eur
Slide 32: Interest Cover and NTA Movement
Other Key Information Interest Cover(1) NTA Movement 30 Jun 09 Impact on NTA per ($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 of core assets (0.06)
Slide 33: Balance Sheet Overview
Balance Sheet Overview 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: 8.00%(5) Corporate credit r
Slide 34: Gearing and Look Through Gearing
Other Key Information 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 Other associates not inclu
Slide 35: Debt Facilities/Covenants
Debt Facilities/Covenants 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 09) No covenants related t
Slide 36: Total Debt and Debt Hedged
Other Key Information Notes 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 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 facility and domestic bonds(2) –
Slide 38: Liquidity: As at May 2009 Capital Raising
Other Key Information 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 currently available at cu
Slide 39: Liquidity
Liquidity 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 facilities ($375 million) – Re
Slide 40: AUD Year Swap Rate
Other Key Information Notes AUD 5 Year Swap Rate (Jul 06 to Jun 09) Source: Reuters
Slide 41: Derivatives Interest Rate Hedging
Derivatives Interest Rate Hedging 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 reduced by $1 billion Ongoing f
Slide 42: AUD/EUR and AUD/USD Exchange Rates
Other Key Information Notes AUD/EUR Exchange Rate Source: IRESS AUD/USD Exchange Rate Source: IRESS
Slide 43: Derivatives Foreign Exchange
Derivatives Foreign Exchange 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 of ‘front end’ value to offs
Slide 44: Notes
Notes rT The GPT Group
Slide 45: Collins St, Melbourne, Victoria
530 Collins St, Melbourne, Victoria
Slide 46: Notes
Notes rT The GPT Group
Slide 47: Melbourne Central, Victoria
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 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 Focus on quality assets with scale – Trade areas with strong forecast population and/or retail expenditure growth potential – $100m+ in value – Regional shopping centres or sub-regional centres with potential to become regional assets through development –
Slide 50: Top Ten Retail Tenants by Total Rent
Other Key Information Notes Top Ten Retail Tenants by Total Rent(1) 1. Woolworths Limited 2. Coles Group 3. Myer 4. Just Group 5. Brazin Group 6. Colorado Group 7. Hoyts 8. Sussan Corporation 9. Luxottica Group 10. Prouds (1) Excludes turnover rent. GPT and GWSCF assets.
Slide 51: Australian Retail Portfolio Outlook
Australian Retail Portfolio Outlook Sales growth robust in first half, buoyed by government stimulus and lower interest rates, however … Rising unemployment likely to lead to softer sales environment next 12 to 18 months Portfolio well positioned for slower sales growth environment Greater yield spr
Slide 52: Specialty Lease Expiry Profile
Other Key Information Notes Specialty Lease Expiry Profile By Base Rent Note: Excluding Homemaker Portfolio (non-core) and assets under development. Excludes tenancies over 400 sqm.
Slide 53: Australian Retail Portfolio Performance Strong
Australian Retail Portfolio Performance Strong (1) Comparable income up 4.9% Sales growth strong Occupancy remains very high Arrears negligible Portfolio well positioned for growth GPT Retail Specialty Total MAT Growth Key Operating Metrics(2) Dec 08 Jun 09 Excludes development affected centres and
Slide 54: Retail Fair Value
Other Key Information Notes Fair Value Retail Jun 09 Fair Dec 08 Jun 09 Property Value Cap Rate Cap Rate ($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 Forum, WA 100.0 7.50 8
Slide 55: Australian Retail Portfolio Valuations
Australian Retail Portfolio Valuations 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) Retail asset composition – GPT vs.
Slide 56: Charlestown Square Development
Other Key Information Notes 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 with CSIRO) Charlestown Squa
Slide 57: Charlestown Square Expansion
Charlestown Square Expansion Charlestown Square $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
Notes rT The GPT Group
Slide 59: 800 & 808 Bourke Street, Melbourne, Victoria
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 Australian Office Portfolio Geographic Spread
Slide 61: Australian Office Portfolio Portfolio Focus
Australian Office Portfolio Portfolio Focus Prime assets in major CBDs – Focus is on eastern seaboard – High white collar employment growth markets – $100m+ in value – Contemporary floor plate/services – High quality/diverse tenant base – High sustainability rating Target investment returns 9.0-10.0
Slide 62: Top Ten Office Tenants by Area
Other Key Information Notes Top Ten Office Tenants by Area at 1 July 2009 1. Commonwealth of Australia 2. National Australia Bank 3. Telstra Corporation 4. Citibank 5. BP Australia 6. Ericsson Australia 7. ANZ Banking Group 8. Freehills 9. PricewaterhouseCoopers 10. Commonwealth Bank of Australia
Slide 63: Australian Office Portfolio Outlook
Australian Office Portfolio Outlook Demand softening but vacancy Total Office Supply expected to remain relatively low Additional supply constrained by higher cost and availability of capital Effective rental growth and occupancy levels likely to improve rapidly as growth sentiment returns Source: J
Slide 64: Lease Expiry by Area
Other Key Information Notes (1) Lease Expiry by Area (at 1 July 2009) (1) Includes GPT owned and GWOF owned assets. GPT and GWOF expiry profiles available in additional disclosures.
Slide 65: Australian Office Portfolio Performance
Australian Office Portfolio Performance Performance solid – Comparable income up 3.0% Well positioned (1) – Portfolio occupancy 98.7% – Stepped rental increases average 4%-5%(1) – Weighted average lease term 5.5 years (by area)(1) Manageable short term expiry ‘Blue chip’ tenant base GPT Versus Prime
Slide 66: Office Fair Value
Other Key Information Notes Fair Value Office Jun 09 Fair Dec 08 Jun 09 Cap Value Cap Rate Rate Property ($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, VIC $115.0 6.75 7.50 Cit
Slide 67: Australian Office Portfolio Valuations
Australian Office Portfolio Valuations Portfolio value $2.6 billion – GPT $1.8 billion – Investment in GWOF $783 million Valuations resulted in $253 million decrease 79% of assets valued externally 1H09 Portfolio weighted average cap rate 7.13% (6.63% Dec 08) Office Asset Composition – GPT vs. Liste
Slide 68: One One One Eagle Street Spend
Other Key Information Notes One One One Eagle Street (GPT share) ($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
Development 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 third, remaining two thirds
Slide 70: Notes
Notes GPT The GPT Group
Slide 71: Erskine Park (Stage 1), New South Wales
Erskine Park (Stage 1), New South Wales
Slide 72: Notes
Notes rT The GPT Group
Slide 73: Australian Industrial/Business Park Portfolio Focus
Australian Industrial/Business Park Portfolio Portfolio Focus Large scale assets in major markets – Sustainable competitive advantage with ‘value add’ opportunities – Close to major transport networks/employment nodes – $20m+ in value – Inter-modal capacity and estates – Campus-style business parks
Slide 74: Industrial Fair Value
Other Key Information Notes Fair Value Industrial Jun 09 Fair Dec 08 Jun 09 Value Cap Rate Cap Rate Property ($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 Berry Street, Granvill
Slide 75: Australian Industrial/Business Park Portfolio Outlook
Australian Industrial/Business Park Portfolio Outlook 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 levels as demand slows Industrial
Slide 76: Industrial Fair Value (continued)
Other Key Information Notes 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 9.50 407 Pembroke Road,
Slide 77: Australian Industrial/Business Park Portfolio Valuations
Australian Industrial/Business Park Portfolio Valuations 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 Rate (WACR) 38
Slide 78: Top Ten Industrial/Business Park Tenants
Other Key Information Notes 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. Linfox 10. One Steel Tradin
Slide 79: Australian Industrial/Business Park Portfolio Performance
Australian Industrial/Business Park Portfolio Performance 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 – Goodman Fielder ($36 million)
Slide 80: Funds Fee Structure and Performance
Other Key Information 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 fees) – GWOF return since
Slide 81: Australian Funds Management
Australian Funds Management 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 Pension Funds 4 18.6% GPT in
Slide 82: Notes
Notes rT The GPT Group
Slide 83: workplace6, Sydney, New South Wales
workplace6, Sydney, New South Wales
Slide 84: Hotels Performance
Other Key Information Notes 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 (‘000) $34,502 -5.7% T
Slide 85: Hotel/Tourism Portfolio
Hotel/Tourism Portfolio 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 in very difficult condition
Slide 86: GPT Halverton: 2009 Forecast
Other Key Information Notes 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 costs (1.5) (2.6) Other
Slide 87: Europe
Europe 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 – Restructuring programme include
Slide 88: Notes
Notes rT The GPT Group
Slide 89: Other
Other US Seniors Housing – Performance improving – Occupancy 87.5% at 30 June – since improved to 91% – Portfolio valued at US$634 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 – Actively pursuing divestment
Slide 90: Notes
Notes GPT The GPT Group
Slide 91: Summary
Summary 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 One One Eagle Street deve
Slide 92: Notes
Notes rT The GPT Group
Slide 93: Key Points
Key Points Core portfolio performing strongly Balance sheet strength restored with gearing at 22.2% NTA $0.71 (after JV write off and valuation adjustments) Significant progress on non-core asset sales On track to deliver full year 2009 guidance(1) 46 (1) Assuming no material change in market condit
Slide 94: Notes
Notes GPT The GPT Group
Slide 95: Darling Park 1, Sydney, New South Wales
Darling Park 1, Sydney, New South Wales
Slide 96: Notes
Notes rT The GPT Group
Slide 97: Rouse Hill Town Centre, New South Wales
Rouse Hill Town Centre, New South Wales
Slide 98: Notes
Notes rT The GPT Group
Slide 99: 92-116 Holt Street, Pinkenba, QLD
92-116 Holt Street, Pinkenba, QLD
Slide 100: Current Debt Facilities GPT Bonds
Current Debt Facilities GPT Bonds Outstanding Fixed Floating Margin Years to Swapped to Tranche Currency (A$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 MTN AUD 200.0 22-Aug-13
Slide 101: Current Debt Facilities Bank Facilities
Current Debt Facilities Bank Facilities Outstanding Limit Available Floating (A$m) Maturity Years to Tranche Currency (A$m) (A$m) Margin Over Date maturity (equiv) (equiv) (equiv) Benchmark(1) Multi-Option Bilat AUD 0.0 01-Sep-09 0.17 200.0 200.0 1.400 Multi-Option Bilat AUD 0.0 30-Sep-09 0.25 175.0
Slide 102: Current Debt Facilities Controlled Entities – Bank Facilities
Current Debt Facilities Controlled Entities – Bank Facilities Outstanding Limit Available Floating Years to Entity Currency (A$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 77.0 1.75 77.5 0.5 0.
Slide 103: Balance Sheet Interest Rate Hedging
Balance Sheet Interest Rate Hedging 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 10.15 % hedged(2) 121% 7
Slide 104: European Funds Management Summary
European Funds Management Summary 54
Slide 105: Retail Sales Summary: June 2009
Retail Sales Summary: June 2009 55
Slide 106: Greater Contribution from Core Business as Non-Core Assets Divested
Greater Contribution from Core Business as Non-Core Assets Divested 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 57