Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — FY2003 Earnings Presentation
20 slides from Bwp Trust's earnings presentation, Aug 27, 2003
Slide 1: Bunnings Warehouse Property Trust 2003 Results Presentation
UNNINGS WAREHOUSE PROPERTY TRUST 2003 Results Pi ne (4 August 2003 www.bunningspropertytrust.com.au
Slide 2: Presentation Outline
Presentation Outline > Structure » The tenant > Acquisiti > Portfolio Capital OIE iy: Cae gs /
Slide 3: Structure Overview
Structure Overview » Manager: Bunnings Proper vi - Subsidiary of WES; ties gy ~ Subsidiary of » Register ~ WES 23% - “Institutions” approximately Retail approximately 44%
Slide 4: The Tenant — a strong performer with Warehouses
The Tenant — a strong performer with 116 Warehouses 3,500 - 3,000 + 2,500 + 2,000 + 1,500 4 Operating Revenue ($m) Sales from Warehouses drive BBS Revenue 1995 1996 1997 1998 1999 2000 2001 2002 2003 Mmm Revenue =—— EBIT (pre Goodwill)
Slide 5: The Tenant — recent business activity
The Tenant — recent business activity > Trading - Store on store cash sales f 11% lign: y - Store rebranding trade sales V 4% Oo Warehouge > Stores tod ogramme ~~ Upgrad - 3000 Series « Metro and regional opportunities Series 5000 Warehouse
Slide 6: The Tenant — 100% occupancy; 11.7 yr ave. lease expiry
The Tenant — 100% occupancy; 11.7 yr ave. lease expiry 20 5 Number of leases o RN a n ° 13 14 15 - 5 year market revie - Some ratchet clauses WES covenant
Slide 7: Acquisition /Development Process - greenfields
Acquisition /Development Process - greenfields
Slide 8: Acquisition/Development Process - other
Acquisition/Development Process - other Aan Dee ia cin NA yuna UM Cae Ly ] Cy
Slide 9: Portfolio - properties; geographic spread improving
Portfolio -— 49 properties; geographic spread improving jun 02 Aug 03 vic 17 19 QLp 6! 102 WA 9 9 NSW/ACT 3 9 SA 2 2 TOTAL 37 49 1 Includes distribution centre
Slide 10: Portfolio — NZ and 3000 series opportunities
Portfolio — NZ and 3000 series opportunities @ INSIDE RETAILING % > New Zealand ~ BBS rollout 2 - Logical gro Bunnings to open 25 stores in NZ ‘The Bunnings Warehouse retail juggernaut plang wo open 25 stores in New Zealand, ‘There ave currently thies Buemings Warehouse stores in Auckland following
Slide 11: Portfolio — growth being maintained
Portfolio — growth being maintained $m 500 5 400 300 5 200 + 100 + 0 T 7 ye T T 1 Jun-99 Dec-99 Jun-00 Dec-00 Jun01 Dec-01 Jun-02 Dec-02 Jun-03 H At cost & Revaluations OIE iy: Cae gs /
Slide 12: Portfolio — yearly valuation cycle
Portfolio — 3 yearly valuation cycle BV increment +8.8% +9.9% +7.4% +9.0% MS Pa » Positive for NTA & impending market rent reviews
Slide 13: Portfolio - rent reviews underway
Portfolio - rent reviews underway > Task - 20 properties , o 31 Dec 03 « 11inVi 4 /ACT - Basis # rent same State = rent ises in same State # mark cement rent > Process
Slide 14: Portfolio — rent review notices issued already
Portfolio — 15 rent review notices issued already >» Notices issued alread - Rent review properth » VIC $9.2m, QLD $3.9m, WA $2.6m, NSW/ACT $1.8m
Slide 15: Capital Management - overview
Capital Management - overview ~ Uptake Feb 03 : 43% unitholders (54% unitholdings) ~ 2.5% market discount (Sept 03 : $1.50 per unit)
Slide 16: Capital Management - gearing on target
Capital Management - gearing on target 50% 7 erred range 30% 0% T T T T T T ; ; a Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03
Slide 17: Capital Management - debt actively managed
Capital Management - debt actively managed % Debt hedged Swap Rates (% - Maximum - Minimum 1 Interest bearing debt Dec Jun 2002 | 2003 100 86 6.62 6.62 5.41 5.08
Slide 18: Financial Performance — consistent DPU growth
Financial Performance — consistent DPU growth CPU | End of concessional | 6.00 | managernent fee 5.00 4.00 3.00 2.00 1.00 0.00 1 Dec-01 Jun-02 Dec-02 Jun-03
Slide 19: Financial Performance — solid total returns
Financial Performance -— solid total returns Equities? 1 Period ending 30 Jun 200 | iource: UBS Warburg 2 S&P/ASX Property Acc. Index 3 All ordinaries/Acc. Index OIE iy: Cae gs /
Slide 20: Outlook
Outlook >» Acquisition opportunities BBS rollout (8 to 12 pa) >» Revaluations - ee very 3 years 2003/04 2006/07 | 2007/08 Rent reviews 20 1 7 7 Revaluations 4 17 5 27
Bunnings Warehouse Property Trust — FY2003 Earnings Presentation on 6ix