Suncorp Group Limited · ASX:SUN
Suncorp — Debt Investor Presentation (March 2014)
24 slides from Suncorp's debt investor presentation, Mar 31, 2014
Slide 1: CPS3 Offer
For personal use only Suncorp Group Limited CPS3 Offer 31 March 2014
Slide 2: Important Notice
Important Notice This presentation has been prepared and authorised by Suncorp Group Limited (ABN 66 145 290 124) (“Suncorp”) in relation to the proposed offer by Suncorp of Suncorp Convertible Preference Shares (the “Offer”). The Offer is made pursuant to a prospectus under Part 6D.2 of the Corpora
Slide 3: Agenda
For personal use only Section 1 Offer summary Section 2 About Suncorp Section 3 Key features of CPS3 Section 4 Offer process 3
Slide 4: Offer summary
For personal use only Section 1 Offer summary 4
Slide 5: Offer summary
Summary Offer summary Issuer • Suncorp Group Limited (Suncorp) For personal use only – Top 20 ASX-listed company1 – Market capitalisation of $16.4 billion1 – A financial services group in Australia and New Zealand Security • Suncorp Convertible Preference Shares (CPS3) Offer size • $250 million with
Slide 6: About Suncorp
For personal use only Section 2 About Suncorp 6
Slide 7: Suncorp Group
Suncorp Group Leading financial services brands in Australia and New Zealand For personal use only Top 20 ASX listed company $16.4 billion market capitalisation1 $94 billion in group assets2 15,000 employees in Australia and New Zealand 9 million customers End to end ownership of brands 7 Notes: 1 B
Slide 8: Suncorp Strategy
Suncorp Strategy For personal use only One Company Many Brands • Deliver cost benefits from third party procured goods / services Cost • Share scale on infrastructure (real estate, enterprise technology) and non-unique business services • Increase the value of our 9 million Customer customers connec
Slide 9: Half year ended December 2013
Half year ended 31 December 2013 For personal use only $m HY14 HY13 %∆ General Insurance 470 564 (17) Bank 105 4 large Suncorp Life 22 51 (57) Business line NPAT 597 619 (4) Other profit and acquisition amortisation (49) (45) 9 NPAT 548 574 (5) 9 Section 2 About Suncorp
Slide 10: Suncorp Group NPAT ($m)
Suncorp Group NPAT ($m) Building Blocks delivering and Non-core resolved For personal use only 780 724 548 491 453 FY10 FY11 FY12 FY13 HY14 10 Section 2 About Suncorp
Slide 11: HY14 capital movements ($m)
HY14 capital movements ($m) CET1 excess over $1.1 billion For personal use only 29 207 450 548 1,585 1,135 801 Excess CET1 30-Jun- HY14 NPAT Life Reinsurance Other Excess CET1 31-Dec- Interim Dividend Excess CET1 31-Dec- 13 (post-div) 13 (pre-div) 13 (post-div) 11 Section 2 About Suncorp
Slide 12: Pro forma capital adequacy
Pro forma capital adequacy As at 31 December 2013 For personal use only NOHC and Suncorp Pro forma General Pro forma $m Bank1 Life other Group Group Suncorp Insurance adjustments2 entities Total Group total3 CET1 3,532 2,535 517 402 6,986 (6) 6,980 Capital Additional Tier 1 — 450 — 110 560 2502 810
Slide 13: Key features of CPS3
For personal use only Section 3 Key features of CPS3 13
Slide 14: CPS3 key features: General
CPS3 key features General For personal use only Issuer • Suncorp Group Limited (Suncorp) Security • Fully-paid, unsecured, non-cumulative convertible preference shares Offer size • $250 million with the ability to raise more or less Issue Price • $100 per CPS3 Ranking • CPS3 rank ahead of Ordinary S
Slide 15: CPS3 key features: Dividends
CPS3 key features Dividends For personal use only Dividends • Dividends are preferred, discretionary, non-cumulative floating rate payments and are expected to be fully franked • Dividends are scheduled to be paid quarterly in arrears, subject to certain Dividend Payment Tests Dividend Rate • Divide
Slide 16: CPS3 key features: Exchange
CPS3 key features Exchange For personal use only Exchange by • Suncorp may choose to Exchange all or some CPS3 on 17 June 2020 Suncorp1 • Suncorp may choose to Exchange all or some CPS3 after a Tax Event or a Regulatory Event • Suncorp may choose to Exchange all (but not some only) CPS3 after a Pote
Slide 17: CPS3 key features: Mandatory conversion
CPS3 key features Mandatory conversion For personal use only Mandatory • The Mandatory Conversion Date will be 17 June 2022 provided the Mandatory Conversion Conditions have been satisfied on that Conversion date or on the first Dividend Payment Date thereafter on which such conditions are satisfied
Slide 18: Comparison with term deposits, Subordinated Notes and CPS2
CPS3 Comparison with term deposits, Subordinated Notes and CPS2 Term deposit Subordinated Notes CPS2 CPS3 For personal use only (issued by Suncorp Bank) Issue date • N/A • 22 May 2013 • 6 November 2012 • 8 May 2014 Legal form • Unsecured, unsubordinated debt • Unsecured, subordinated debt • Preferen
Slide 19: Ranking of CPS3
CPS3 Ranking of CPS31 For personal use only Type Illustrative examples • Liabilities preferred by law including Higher ranking • Preferred and secured debt employee entitlement and secured creditors • Bonds and notes, trade and general • Unsubordinated and unsecured debt creditors • Subordinated Not
Slide 20: Key risks associated with an investment in CPS3
CPS3 Key risks associated with an investment in CPS3 For personal use only • CPS3 are not deposit or policy liabilities of Suncorp or any member of the Suncorp Group and are not guaranteed by any government or other person. • The price at which CPS3 Holders are able to sell CPS3 on ASX is uncertain
Slide 21: Offer process
For personal use only Section 4 Offer process 21
Slide 22: Offer structure
Offer structure For personal use only Institutional Offer • Offer to certain institutional investors Broker Firm Offer • Offer to Australian resident retail and high net worth clients of Syndicate Brokers Securityholder • Offer to Eligible Securityholders Offer – registered holders of Ordinary Share
Slide 23: Key dates
Key dates1 Event Date For personal use only Lodgement of Prospectus with ASIC 31 March 2014 Bookbuild 7 April 2014 Announcement of the Margin 7 April 2014 Lodgement of the replacement prospectus with ASIC 8 April 2014 Opening Date 8 April 2014 Closing Date for the Securityholder Offer 30 April 2014
Slide 24: Contact directory
Contact directory Issuer For personal use only John O'Farrell Group Head, Capital & Investments +61 2 8275 3191 Suncorp Group Limited Simon Lewis Executive Manager, Funding | Treasury +61 7 3362 4037 Arranger & Joint Lead Manager Andrew Buchanan +61 2 9324 2617 UBS Joe Hunt +61 2 9324 3718 Joint Lea
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