Mirvac Group · ASX:MGR
Mirvac — James Fielding Group — Shareholder Meeting (October 2003)
35 slides from Mirvac's shareholder meeting presentation, Oct 30, 2003
Slide 1: Annual General Meeting Presentation
Annual General Meeting Presentation 30 October 2003
Slide 2: Mission
James Fielding Group Mission To be a leading, fully integrated property investment, funds management, development and management business targeting sound returns for our investors and a high level of service to our clients and tenants. Slide 2
Slide 3: Year of significant achievement: Financial results 2002/2003
Year of significant achievement Financial results 2002/2003 Total return of 15.8% vs 12.2% for S&P/ASX 300 Property Accumulation Index EPS increased to 15.27 cents (1st full year of stapled entity) DPS increased 3% to 23.0 cents FUM increased from $339m to $1.5bn Market capitalisation increased from
Slide 4: Key results
Key results Increase in securityholder returns FY02* FY03 Growth Total revenue ($m) 15.9 47.1 Pre-tax income ($m) 2.4 13.3 Net income ($m) 2.4 13.0 Earnings per security (cpss) 6.82 15.27 Distribution per security (cpss) 22.33 23.00 NTA per security ($) 2.36 2.32 * Results include JFT for the year t
Slide 5: Successful new ventures & funds
Year of significant achievement Successful new ventures & funds Perpetual James Fielding property securities JV with Perpetual Infocus Infrastructure Management JV with Leighton Contractors James Fielding Infrastructure Management $120m mezzanine capital fund Two new unlisted property funds Slide 5
Slide 6: Appointments, acquisitions, sales
Year of successful achievement Appointments, acquisitions, sales Appointments Manager/RE to eight unlisted property funds RE of Stadium Australia Trust Acquisitions Management rights to Tyndall Meridian Trust (now JF Meridian Trust) Strategic stake in JF Meridian Trust Two industrial development sit
Slide 7: Total funds under management
Total funds under management As at 30 June 2003: $1.5 bn O t her JFT* 1.0% 17.0% JFM JFC 35.7% 4.0% JFD 12.7% HCP PJF** JFDV JFI 2.7% 7.5% 3.0% 16.4% * Excludes investment in JF Meridian Trust Slide 7 ** Does not include JFM LPT mandate
Slide 8: Performance Total returns
James Fielding Group Performance Total returns 1,600 1,500 1,400 1,300 Index 1,200 1,100 1,000 900 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 ov-0 ec-0Jan-0 eb-0ar -0 pr -0 ay-0Jun-0 Jul-0 ug-0 ep-0 ct -0 ov-0 ec-0Jan-0 eb-0 ar -0 pr -0 ay-0Jun-0 N D F M A M A S O N D F M A M JFG S&P/ASX 300 Propert y
Slide 9: JFG board: Instilling best practice
JFG board Instilling best practice Strong independent board Sub-committees of the board Corporate Governance and Audit Committee Remuneration Committee Scheme Compliance Committee Investment Committee James MacKenzie Non-executive Chairman Nick Collishaw James Dominguez John Elvy Bob Summerton Rick
Slide 10: JFG's structure
JFG’s structure JAMES I FIELDING i] GROUP Slide 10
Slide 11: Formal Business Items
James Fielding Group FORMAL BUSINESS ITEMS JAMES ™ FIELDING i] GROUP
Slide 12: Formal Business Items
Formal Business Items Resolution 1, 2 and 3 The re-election of directors Nicholas Collishaw, James Dominguez and Richard Turner Resolution 4 The ratification of the 15% placement Resolution 5 The approval of an additional 15% placement Resolution 6 Participation by the Executive Directors in the Jam
Slide 13: Resolution 1: Re-election of Nicholas Collishaw
Resolution 1 Re-election of Nicholas Collishaw To consider and, if thought fit, pass the following resolution as an ordinary resolution: That Mr Nicholas Roland Collishaw, a Director retiring in accordance with clause 3.3(a) of James Fielding Holdings Limited s Constitution, and being eligible, be r
Slide 14: Resolution 2: Re-election of James Dominguez
Resolution 2 Re-election of James Dominguez To consider and, if thought fit, pass the following resolution as an ordinary resolution: That Mr James Thomas Dominguez, a Director retiring in accordance with clause 3.6 of James Fielding Holdings Limited s Constitution, and being eligible, be re-elected
Slide 15: Resolution 3: Re-election of Richard Turner
Resolution 3 Re-election of Richard Turner To consider and, if thought fit, pass the following resolution as an ordinary resolution: That Mr Richard Wallace Turner, a Director retiring in accordance with clause 3.6 of James Fielding Holdings Limited s Constitution, and being eligible, be re-elected.
Slide 16: Resolution 4: Ratification of 15% placement
Resolution 4 Ratification of 15% placement To consider and, if thought fit, pass the following resolution as an ordinary resolution: That the issue of 10,711,634 James Fielding Group Stapled Securities at the offer price of $3.07 on 19 February 2003 to various institutional investors under a placeme
Slide 17: Resolution 5: Approval of additional 15% placement
Resolution 5 Approval of additional 15% placement To consider and, if thought fit, pass the following resolution as an ordinary resolution: That the issue of up to 16,847,355 Stapled Securities (representing 15% of the Stapled Securities currently on issue) at a price per Stapled Security which is a
Slide 18: Resolution 6: Executive Directors in Employee Share Plan
Resolution 6 Participation by the Executive Directors in the James Fielding Employee Share Plan To consider and, if thought fit, pass the following resolution as an ordinary resolution: That the participation by Executive Directors of James Fielding Group in the James Fielding Employee Share Plan in
Slide 19: JFG Business Update
James Fielding Group JFG BUSINESS UPDATE JAMES ™ FIELDING i] GROUP
Slide 20: James Fielding Trust: Strengthening portfolio
James Fielding Trust Strengthening portfolio Strategic acquisitions strengthen portfolio Springfield Regional Shopping Centre site (settled August 2002) 30 32 Compark Circuit, Mulgrave (settled February 2003) Old Wallgrove Rd, Eastern Creek (50% of site settled June 2003) 15.6 per cent strategic sta
Slide 21: James Fielding Developments: Active year
James Fielding Developments Active year 107 Mount St Nth Sydney terms agreed for 55% at 30 June Leased signed over 77% of area at 30 October Nelson Bay Apartments sold for $5m Lots 1 and 6 at 200 Evans Rd, Salisbury sold Acquired and pre leased Lot 17 Sargents Rd, Minchinbury Acquired 251 and 261 Sa
Slide 22: James Fielding Developments: Forward development book strong
James Fielding Developments Forward development book strong Project Value Role Springfield Town Centre $500m to $600m Management 191-197 Salmon St, $95m Management Port Melbourne 251-261 Salmon St, $25m Own Port Melbourne Lot 17 Sargents Rd, $20m Own Minchinbury Cherrybrook Shopping Village $45m Man
Slide 23: JF Direct: Becoming a major participant
JF Direct Becoming a major participant 13 unlisted syndicates total $200 million in FUM Launched two funds during 2002/2003 James Fielding Retail Fund James Fielding Childcare Fund Series One JFIF capital raising of $7.78m currently underway JFG growing recognition amongst advisers and investors imp
Slide 24: JF Capital: Building the debt book
JF Capital Building the debt book $100m mandate from GIC Singapore, JFG to co-invest $20m in mezzanine debt $16.0m invested to 30 June $48.2m now committed Arranged and manage $26.76m alternate security facilities for Q1 Residential Tower Originated and manage in excess of $400m in debt facilities f
Slide 25: JF Meridian Trust: JFG participating in value chain
JF Meridian Trust JFG participating in value chain $561m in gross assets Tony Pitt appointed fund manager Integration successfully completed JFG making significant progress in improving quality and performance of portfolio JF Trust 15.6% strategic JF Capital interest in Trust JF Manages/ arranges De
Slide 26: JF Property Services
JF Property Services NSW Crown office portfolio increased from 85 to 90 Appointed to 22 JFG controlled properties Creation of InFocus Infrastructure Management Pty Ltd Terms agreed with Uniting Church in the City (UCIC) WA Key focus continuation of services to NSW Crown portfolio expand InFocus addi
Slide 27: James Fielding Infrastructure: Capitalising on new opportunities
James Fielding Infrastructure Capitalising on new opportunities Property based infrastructure Lead manager of consortium to acquire International Parking Group (IPG) Manager of Stadium Australia Trust February 2003 Heads of Agreement with Leighton for JV for infrastructure funds management Key focus
Slide 28: Hotel Capital Partners: Strong performance in hotels
Hotel Capital Partners Strong performance in hotels Implemented new investment strategy for Australian Hotel Fund (AHO) including sale of non-performing assets Tourism & Leisure Trust (TLT) best performing trust on ASX total return 102.5% for 2002/2003 Currently seeking to take-over management of AS
Slide 29: Perpetual James Fielding
Perpetual James Fielding JV brings immediate scale Currently $277m in funds under management Three mandates Perpetual Investments JF Meridian Trust Institutional client Key focus master trust and retail market Currently rated by ASSIRT 3 stars InvestorWeb Buy Navigator 4 stars Slide 29
Slide 30: JFG strategy: The outlook
JFG strategy The outlook Continuation towards being a fully integrated property investment, funds management, development and management business Continue to grow and diversify income sources to obtain 70/30 split between JFT and JFH Continue to seek growth opportunities Enhance and build on existin
Slide 31: Forecasts for 2003/2004: Earnings and distribution
Forecasts for 2003/3004 Earnings and distribution Forecast FY 2004 earnings per stapled security 18.3 cents Forecast FY 2004 distribution per stapled security 23.8 cents Slide 31
Slide 32: JFG web site re-launched
JFG web site re-launched Slide 32
Slide 33: James Fielding Group
James Fielding Group A fully integrated property investment, funds management, development and management business Slide 33
Slide 34: Resolution 6: Executive Directors in Employee Share Plan
Resolution 6 Participation by the Executive Directors in the James Fielding Employee Share Plan To consider and, if thought fit, pass the following resolution as an ordinary resolution: That the participation by Executive Directors of James Fielding Group in the James Fielding Employee Share Plan in
Slide 35: Close of Formal Business
James Fielding Group CLOSE OF FORMAL BUSINESS JAMES ™ FIELDING i] GROUP
James Fielding Group — Shareholder Meeting (October 2003) on 6ix