Slide 1: Scentre Group Reports Half Year Results with FFO of $617 Million
ASX Announcement 23 August 2016 For personal use only SCENTRE GROUP REPORTS HALF YEAR RESULTS WITH FUNDS FROM OPERATIONS OF $617 MILLION Scentre Group (ASX: SCG) today announced its results for the six months to 30 June 2016, with Funds From Operations (FFO) of $617 million representing 11.61 cents
Slide 2: Development Activity, Capital Management and Outlook
Development Activity During the half, the Group commenced $605 million (SCG share: $480 million) of developments including projects at Westfield Chermside, Queensland, Westfield North Lakes, Queensland and Westfield Whitford City, Western Australia. For personal use only “Following the commencement
Slide 3: Half Year Results to 30 June 2016
For personal use only Half Year Results to 30 June 2016 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 i
Slide 4: Highlights
HIGHLIGHTS Overview 6 months to 30 June 2016 Overview For personal use only Scentre Group is the pre-eminent Australia & New Zealand focused shopping centre A-REIT. Assets Under Management $43.3bn It owns and operates interests in 40 Westfield shopping centres, including 16 of the top 25 Profit $1,1
Slide 5: Financial Overview
FINANCIAL OVERVIEW For personal use only FUNDS FROM OPERATIONS1 DISTRIBUTION $m 6 months to 6 months to Pro Forma $m 6 months to 6 months to 30 June 2016 30 June 2015 Growth %2 30 June 2016 30 June 2015 Net Property Income 895 929 2.1% Funds from Operations 617 604 Management Income 23 23 0.6% Retai
Slide 6: Operating Performance
OPERATING PERFORMANCE 30 June 16 For personal use only Total Sales (Moving Annual Turnover) $22.6bn Average Specialty Store Sales (psm) $11,000 Specialty Store Rent (psm) $1,586 Comparable NOI Growth 2.6% Portfolio Leased > 99.5% Occupancy Cost 17.7% Lease Deals Completed Number 1,550 Lease Deals Co
Slide 7: Retail Sales
RETAIL SALES For personal use only COMPARABLE SALES COMPARABLE SALES TOTAL PORTFOLIO BY CATEGORY GROWTH %1 GROWTH %1 6 months to 12 months to 6 months to 12 months to 30 June 2016 30 June 2016 30 June 2016 30 June 2016 Majors 1.7% 2.3% Supermarkets 0.2% 1.0% Mini Majors 0.8% 2.6% Department Stores 2
Slide 8: Projects
PROJECTS For personal use only ACTIVE PROJECTS Key highlights for the 6 months to 30 June 2016 include: Total Project SCG Share Anticipated Commenced $m $m Completion Commenced $605m of developments (SCG share $480m), including developments at Chermside, North Lakes and Whitford City. 2016 Commencem
Slide 9: Capital Management
CAPITAL MANAGEMENT For personal use only DEBT METRICS 30 June 16 31 December 15 Gearing Total interest bearing liabilities $11.4bn $11.1bn 33.7% or 33.2% pro forma for the sale of two New Zealand assets and the acquisition of 77 Market St from David Jones. Gearing (look through basis) 33.7%1 33.3% W
Slide 10: Financing Facilities
FINANCING FACILITIES For personal use only FACILITIES & LIQUIDITY1 MATURITY PROFILE1 A$bn 30 June 16 % $bn 3.0 Bonds Bonds Drawn Facilities USD 21% $2.8 Undrawn Facilities EUR 27% $3.8 GBP 11% $1.5 2.0 AUD 4% $0.6 Total 63% $8.7 Bank Facilities Drawn 17% $2.3 Undrawn 20% $2.9 1.0 Total 37% $5.2 Tota
Slide 11: Appendices
APPENDICES For personal use only Half Year Results 2016 | Page 9
Slide 12: Our Portfolio
OUR PORTFOLIO As at 30 June 2016 1 Total PORTFOLIO BY GLA1 Centres 40 For personal use only Number of Retail Outlets 11,657 NSW | 39% VIC | 20% Gross Lettable Area (m sqm) 3.6 QLD | 15% SCG Interest (bn) $30.8 SA | 8% JV Partner Interests (bn) $12.5 WA | 6% Assets Under Management (bn) $43.3 ACT | 5
Slide 13: Developments: Westfield Chermside
DEVELOPMENTS ACTIVE PROJECTS WESTFIELD CHERMSIDE For personal use only OVERVIEW Project Cost $355m (SCG Share: $355m) Additional Retailers Approx 95 Incremental GLA1 33,000 Completed GLA1 156,600 Completion Date Q2 2017 Construction is now well underway for the $355m redevelopment at Westfield Cherm
Slide 14: Developments: Westfield North Lakes
DEVELOPMENTS ACTIVE PROJECTS WESTFIELD NORTH LAKES For personal use only OVERVIEW Project Cost $170m (SCG Share: $85m) Additional Retailers Approx 60 Incremental GLA1 43,500 Completed GLA1 113,000 Completion Date Nov 2016 The successful opening of the Events cinema complex in March 2016 marked the c
Slide 15: Developments: Westfield Warringah Mall
DEVELOPMENTS ACTIVE PROJECTS WESTFIELD WARRINGAH MALL For personal use only OVERVIEW Project Cost $310m (SCG Share: $155m) Additional Retailers Approx 70 Incremental GLA1 14,000 Completed GLA 133,000 Completion Date Nov 2016 Construction at Westfield Warringah Mall is progressing well and on track f
Slide 16: Developments: Westfield Whitford City
DEVELOPMENTS ACTIVE PROJECTS WESTFIELD WHITFORD CITY For personal use only OVERVIEW Project Cost $80m (SCG Share: $40m) Additional Retailers 4 Incremental GLA 5,000 Completed GLA 85,000 Completion Date 2017 Construction at Westfield Whitford City commenced in Q3 2016 with completion expected in 2017
Slide 17: Developments: Casey Central
DEVELOPMENTS COMPLETED PROJECT CASEY CENTRAL For personal use only OVERVIEW Project Cost $155m (SCG Share $155m) Additional Retailers 76 Completed Centre Retailers 98 Incremental GLA 22,200 Completed GLA 28,700 In March 2016 Casey Central’s $155m redevelopment opened with 84 new specialty stores, a
Slide 18: Profit and FFO
PROFIT AND FFO For personal use only PROFIT AND FFO $m PROFIT FFO FFO Notes to the Financial 6 months to Adjustments 1 6 months to Statements 30 June 2016 30 June 2016 A B A+B Net Property Income 871 24 895 Note 4(a)(iv) Management Income 2 23 - 23 Note 4(a)(i) Project Income 3 50 - 50 Note 4(a)(i)
Slide 19: Balance Sheet
BALANCE SHEET BALANCE SHEET PROPORTIONATE 1 For personal use only $m Consolidated Equity Accounted 30 June 2016 31 December 2015 A B A+B Cash 209 13 222 153 Property Investments - Shopping centres 27,666 2,433 30,099 29,513 - Development projects and construction in progress 640 74 714 565 Total Pro
Slide 20: Cash Flow
CASH FLOW For personal use only CASH FLOWS FROM OPERATING ACTIVITIES – LOOK THROUGH BASIS $m Consolidated Equity Accounted 30 June 2016 A B A+B Receipts in the course of operations (including GST) 1,495 116 1,611 Payments in the course of operations (including GST) (519) (26) (545) Dividends/distrib
Slide 21: Interest Hedging Profile
INTEREST HEDGING PROFILE For personal use only 85% Hedged at 30 June 2016 70% Hedged on average for next 3 years1, 2 $ FIXED RATE DEBT DERIVATIVES HEDGING FLOATING RATE $ & NZ$ DEBT $ Debt Payable $ Swap Payable NZ$ Swap Payable NZ$ Collar Payable 31 December1 $m Fixed Rate $m Fixed Rate NZ$m Fixed