Mirvac Group · ASX:MGR
Mirvac — James Fielding Group — H1 FY2003 Earnings Presentation
28 slides from Mirvac's earnings presentation, Feb 6, 2003
Slide 1: James Fielding Group Half Year Results
James Fielding Group Half Year Results 31 December 2002
Slide 2: Agenda
JAMES FIELDING GROUP HALF YEARLY RESULTS - Agenda Achievements 3 Market performance 4 Management 6 JFG funds under management 7 Financial results 8 31 DECEMBER 2002 Outlook for 2003 & beyond 14 Business unit summaries 15
Slide 3: FY 2003 achievements to date
JAMES FIELDING GROUP HALF YEARLY RESULTS - FY 2003 achievements to date • Launch of James Fielding Mezzanine Capital Fund • Launch of joint venture property securities business - Perpetual James Fielding • Sale of Tomaree St, Nelson Bay • Launch of James Fielding Retail Fund • Appointed manager of e
Slide 4: JFG market performance
JAMES FIELDING GROUP HALF YEARLY RESULTS - JFG market performance Total returns 1 July 2002 to 31 December 2002 % JAMES FIELDING GROUP 16.2 31 DECEMBER 2002 S&P/ASX 200 Listed Property Trust 6.3 Accumulation Index S&P/ASX 200 All Ordinaries -4.9 Accumulation Index Slide 4
Slide 5: SABES
SABES I FIELDING j Group
Slide 6: Management
JAMES FIELDING GROUP HALF YEARLY RESULTS - Management • Strong corporate governance – James MacKenzie appointed Non-executive Chairman – majority of Board are Non-executive directors • Nicholas Collishaw appointed Executive Director • Board Committees – Corporate Governance & Audit Committee 31 DECE
Slide 7: Total Funds Under Management
JAMES FIELDING GROUP HALF YEARLY RESULTS - Total Funds Under Management as at 31 Dec 2002: $441m HCP Other 9.9% 2.1% JFT 47.5% 31 DECEMBER 2002 JFD 28.3% JFC JFDV 3.1% 9.1% *Since 31 December 2002 - Stadium Australia - $109m Slide 7 - five syndicates - $42m
Slide 8: JFG – Financials: Income Statement
JFG – Financials Income Statement JAMES FIELDING GROUP HALF YEARLY RESULTS - Six Months to 31 December 2002 $’000 Revenue Rent 10,056 Other revenue 7,198 Share of profits of associates 240 Total revenue 17,494 Expenses Change in inventories (4,450) 31 DECEMBER 2002 Property outgoings (2,464) Repairs
Slide 9: JFG – Financials: Balance Sheet (Assets)
JFG – Financials Balance Sheet JAMES FIELDING GROUP HALF YEARLY RESULTS - 31 December 2002 Assets $’000 Current assets Cash 5,874 Receivables 3,723 Other 3,611 31 DECEMBER 2002 Total current assets 13,208 Non-current assets Investment properties 239,100 Other 7,736 Total non-current assets 246,836 T
Slide 10: JFG – Financials: Balance Sheet (Liabilities)
JFG – Financials Balance Sheet JAMES FIELDING GROUP HALF YEARLY RESULTS - 31 December 2002 Liabilities $’000 Current liabilities Payables 3,569 Provisions 8,414 Other 487 Total current liabilities 12,470 Non-current liabilities Borrowings 83,397 31 DECEMBER 2002 Other 36 Total non-current liabilitie
Slide 11: JFG – Financials: Borrowings
JFG – Financials Borrowings JAMES FIELDING GROUP HALF YEARLY RESULTS - As at 31 December 2002 JFG’s gearing 32.1% JFT’s gearing 20.5% Facility Drawn Maturity Type Rate %* $m $m at 31/12/02 Trust 14.5 14.5 8 Oct 09 Swap 6.58 14.0 14.0 8 Oct 07 Swap 6.80 31 DECEMBER 2002 16.4 - 31 Oct 04 Floating - 14
Slide 12: JFG Financials – Distributions and Earnings
JFG Financials – Distributions and Earnings JAMES FIELDING GROUP HALF YEARLY RESULTS - Six Months to 31 December 2002 Trust Company Group Net profit after tax 6,684 (3,866) 2,236 ($’000) 31 DECEMBER 2002 Earnings (cpss) 9.4 (5.4) 3.1 Distribution (cpss) 11.5 - 11.5 NTA ($pss) - - 2.30 Note – Trust p
Slide 13: Review of 1st half financial performance
Review of 1st half financial performance JAMES FIELDING GROUP HALF YEARLY RESULTS - • Trust performing in line with management expectations – New leases signed at: • 101 Grenfell Street, Adelaide • 127 Creek Street, Brisbane • Plaza Arcade, Perth • Company earnings impacted by: – Positive • sale of
Slide 14: Outlook to June 2003
JAMES FIELDING GROUP HALF YEARLY RESULTS - Outlook to 30 June 2003 • Trust earnings to be maintained for the second half • Company earnings expected to increase significantly for the second half of FY 2003 • Irrespective of the proposed transaction announced today, JFG’s Directors believe that previ
Slide 15: JFG Strategy
JAMES FIELDING GROUP HALF YEARLY RESULTS - JFG Strategy • Continue to grow and diversify income sources reducing risk from one business related activity – targeting 70/30 split between JFT and JFH – continue to build on established business units • Actively manage debt and treasury activities – revi
Slide 16: JFT overview
JAMES FIELDING GROUP HALF YEARLY RESULTS - JFT overview • Nine properties • Total property value at 31 Dec 02 - $183m • New leases signed at: – 101 Grenfell Street, Adelaide – 127 Creek Street, Brisbane – Plaza Arcade, Perth • Acquired 12 hectares of land at Eastern Creek 31 DECEMBER 2002 – 50% to b
Slide 17: JFT overview
JAMES FIELDING GROUP HALF YEARLY RESULTS - JFT overview • Key focus – continuous review of existing portfolio – seek investment opportunities that strengthen income security – complete master-plan of Springfield Town Centre and finalise development staging plans in order to attract development partn
Slide 18: JFT lease expiry profile
JAMES FIELDING GROUP HALF YEARLY RESULTS - JFT lease expiry profile Lease expiry Profile – By Passing Net Income 31 December 2002 Weighted Average Lease Expiry - 3.21 Years 30.00% 25.00% 20.00% 3 1 D E C E M B E R 2 00 2 % 15.00% 10.00% 5.00% 0.00% l r ed ant sua -03 -04 -05 -06 -07 -08 -09 -10 -11
Slide 19: JFT asset allocation by value
JFT asset allocation by value* JAMES FIELDING GROUP HALF YEARLY RESULTS - As at 31 December 2002 Business parks 8.6% Retail 31 DECEMBER 2002 30.1% Commercial 61.3% * By property value (does not include 30-32 Compark Circuit Slide 19 or Eastern Creek which had not settled at 31 Dec 02)
Slide 20: JFT asset allocation by State
JFT asset allocation by State* JAMES FIELDING GROUP HALF YEARLY RESULTS - As at 31 December 2002 SA QLD 12.5% 41.3% WA 13.1% 31 DECEMBER 2002 VIC 8.6% NSW 24.4% * By property value (does not include 30-32 Compark Circuit Slide 20 or Eastern Creek which had not settled at 31 Dec 02)
Slide 21: JF Direct
JAMES FIELDING GROUP HALF YEARLY RESULTS - JF Direct • Unlisted funds/syndicate business • Launch of James Fielding Retail Fund – offer remains open • During first six months of 2002/2003, appointed as responsible entity to 3 existing syndicates – 1 commercial – 1 diversified (industrial & bulky goo
Slide 22: JF Capital
JAMES FIELDING GROUP HALF YEARLY RESULTS - JF Capital • JF Capital provides property based debt funds in the area of high yield investments • Advises on, arranges and manages JFG’s debt capital requirements • $100 million mandate from GIC & JFG to co-invest $20 million – total Fund $120m • 1st loan
Slide 23: JABES
JABES J FIELDING | GROUP
Slide 24: JF Developments
JAMES FIELDING GROUP HALF YEARLY RESULTS - JF Developments • Key Focus – lease-up 107 Mount St, Nth Sydney – sell remainder of Phoenix Estate – commence and complete sub-division work at Seven Hills – selectively look for additional development opportunities and joint venture partners 31 DECEMBER 20
Slide 25: JF Property Services
JAMES FIELDING GROUP HALF YEARLY RESULTS - JF Property Services • JFG owns 51% • Provides integrated property services to trusts, corporates and government • Services manager for part of NSW Crown office portfolio • Joint venture with Leighton Contractors - InFocus Infrastructure Management Pty Ltd
Slide 26: Hotel Capital Partners
JAMES FIELDING GROUP HALF YEARLY RESULTS - Hotel Capital Partners • JFH owns 50% • Specialist hotel investment fund manager • Manages: – Tourism and Leisure Trust – Australian Hotel Fund (formerly Peppers Hotel Trust) • Currently implementing new investment strategy for AHF including sale of non-per
Slide 27: Perpetual James Fielding
JAMES FIELDING GROUP HALF YEARLY RESULTS - Perpetual James Fielding • Joint venture with Perpetual Investments • Provides managed listed property securities funds to retail, master fund and institutional markets • Currently expected to be up and running by March 2003 • Perpetual to transfer approx $
Slide 28: JABES
JABES J FIELDING | GROUP
James Fielding Group — H1 FY2003 Earnings Presentation on 6ix