Scentre Group · ASX:SCG
Scentre — H1 2015 Earnings Presentation
15 slides from Scentre's earnings presentation, Aug 25, 2015
Slide 1: Half Yearly Results to 30 June 2015
HALF YEARLY RESULTS TO 30 JUNE 2015 Scentre Group Limited ABN 66 001 671 496 All amounts in Australian dollars unless otherwise specified The financial information included in this release is based on the Scentre Group’s IFRS financial statements. Non IFRS financial information included in this rele
Slide 2: Highlights
HIGHLIGHTS Scentre Group reports first half 2015 results with 6.1% growth in specialty Overview 6 months to 30 June 2015 sales in Australia, and maintains its 2015 full year FFO forecast of 22.5 cents Assets Under Management 1 $40.7bn per security representing 3.5% growth, and distribution forecast
Slide 3: Our Operations
OUR OPERATIONS PORTFOLIO BY GLA 1 PORTFOLIO BY ASSET VALUE (SCG SHARE) 1 As at 30 June 2015 Australia 1 New Zealand Total 2 NSW / 37% NSW / 50% Centres 34 9 43 VIC / 20% VIC / 15% Number of Retail Outlets 10,762 1,401 12,163 QLD / 14% QLD / 15% Gross Lettable Area (m sqm) 3.3 0.4 3.7 SA / 8% SA / 4%
Slide 4: Comparable Retail Sales Growth
COMPARABLE RETAIL SALES GROWTH BY TYPE 1 BY REGION - SPECIALTY SALES 1 10% 10% AUSTRALIA NEW ZEALAND TOTAL 9.5 9% 9% 8% 8% 7.9 7.8 7.6 7% 7.1 6 MTH 7% TOTAL 6 MTH 6.6 6% 6.3 TOTAL 6.3 6.2 6% 6.1 6.2 5.5 5% 5.1 5.3 6 MTH 5.0 5% 5.0 4.8 6 MTH 4.8 TOTAL 12 MTH TOTAL 4.5 4% 3.9 4.0 TOTAL 4% 3.8 3.9 12 M
Slide 5: Comparable Retail Sales Growth by Category
-1% -1% -1.8 -2% -2% COMPARABLE RETAIL SALES GROWTH 6 MONTHS TO 30 JUNE 2015 12 MONTHS TO 30 JUNE 2015 BY CATEGORY 1, 2 20% 19.7 16% 14.3 12% 8% 8.1 8.6 8.9 8.6 5.4 7.0 6.6 4.9 4.6 6.0 4% 5.6 3.9 3.7 2.9 2.7 2.1 2.2 2.5 1.6 0.9 0.9 0.9 1.5 0.2 1.5 0.4 0% -0.4 -2.2 es nc ia pl Ap d an y l og no ch Te
Slide 6: Operating Performance
OPERATING PERFORMANCE 6 months to 30 June 2015 1 Australia New Zealand Total Moving Annual Turnover (incl. GST) bn $20.1 NZ$2.4 $22.3 Specialty Store Retail Sales (incl. GST) (psm) 2 $10,556 NZ$10,374 $10,436 Specialty Store Rent (psm) $1,594 NZ $1,143 $1,520 Comparable NOI growth 2.4% Portfolio Lea
Slide 7: Project Details
PROJECT DETAILS $825 million development starts in 2015 (SCG share: $578m) FUTURE PIPELINE > $3 BILLION Total SCG Project Yield Anticipated Project Share Range Completion $m $m Scentre Group Warringah Mall 310 155 2016 Casey Central 155 155 2016 Chatswood 120 120 2015/2016 Hurstville 105 53 2015 Kot
Slide 8: Developments: Westfield Warringah Mall
DEVELOPMENTS WESTFIELD WARRINGAH MALL On completion Westfield Warringah Mall will feature a new two-level parallel mall anchored by a reconfigured Myer department store and large format mini-major retailers across both levels connecting through to Woolworths on level 1 and Big W on level 2. The reco
Slide 9: Developments: Casey Central
DEVELOPMENTS CASEY CENTRAL Casey Central is a small neighbourhood centre owned by the Group since 2005, with a total GLA of 6,500sqm, 23 shops and anchored by a strongly-performing Coles supermarket. It occupies a strategic 10-hectare site in the south-east growth corridor of Melbourne. The redevelo
Slide 10: Developments: Westfield Hurstville
DEVELOPMENTS WESTFIELD HURSTVILLE Myer’s decision to vacate its space at Hurstville upon expiry of its lease in early 2015 created an opportunity to undertake a comprehensive upgrade of the entire centre. The space previously occupied by Myer is being reconfigured into five new tenancies with higher
Slide 11: Developments: Westfield Miranda
DEVELOPMENTS WESTFIELD MIRANDA The first stage of the redevelopment at Westfield Miranda opened in October 2014 with the launch of a gourmet fresh food market and a three-level galleria fashion mall. The providore-style food market features 20 specialty suppliers, a state-of-the-art demonstration ki
Slide 12: Financing
FINANCING Diversified funding including bonds and bank facilities from 20 banks FACILITIES 1 MATURITY PROFILE 1 3.0 Total Committed $15.2bn AU Bonds Bank Facilities Bonds Amount Drawn $10.8bn - Undrawn Bank Undrawn $4.4bn 10% Undrawn Cash $0.2bn Liquidity $4.6bn USD Bonds 2.0 29% 18% 1.0 13% Bank Fa
Slide 13: Key Ratios and Interest Hedging
KEY RATIOS KEY METRICS Gearing (look through basis) 30 June 2015 34.8% 1 Weighted Average Debt Maturity 6.1 years Investment Grade Ratings A1 (Stable) Moody's A (Stable) S&P BOND COVENANTS Requirement 30 June 2015 Net Debt/ Net Assets Not greater than 65% 36.4% 2 Secured Debt/ Total Assets Not great
Slide 14: Profit and FFO
PROFIT AND FFO PROFIT AND FFO $m PROFIT FFO Adjustments 1 FFO Financial 6 months 6 months Statement Notes to 30 June 2015 to 30 June 2015 A B C=A+B Net Property Income - Australia 824 17 841 Note 4(a)(iv) - New Zealand 87 1 88 Note 4(a)(iv) Total Net Property Income 911 18 929 Note 4(a)(iv) Manageme
Slide 15: Balance Sheet
BALANCE SHEET BALANCE SHEET 1, 2 $m 30 June 2015 31 December 2014 Cash 196 190 Property investments - Shopping centres 29,317 28,920 - Development projects and construction in progress 463 374 - Property investments held for sale - 1,005 Total Property investments 29,780 30,299 Deferred tax assets 8