Bwp Trust · ASX:BWP
Bwp Trust — H1 2002 Earnings Presentation
22 slides from Bwp Trust's earnings presentation, February 2002
Slide 1: Investor Presentation Half-year results February 2002
Investor Presentation Half-year results February 2002
Slide 2: Strategic highlights
Strategic highlights • capital raising – placement / rights issue • revaluations • continued asset growth • WES acquisition of Howard Smith • ASX 200 inclusion 2
Slide 3: Strategic highlights – capital raising
Strategic highlights – capital raising • successful one for eight rights issue and placement raised $53 million • funds applied to reduce debt and partly fund acquisition of additional properties • new investors on register 3
Slide 4: Strategic highlights – revaluations
Strategic highlights – revaluations • further 10 properties revalued – September 2001 • 15.6 per cent increase in market value since 1998 - market value of these properties now exceeds book value by 10.4 per cent • net tangible asset backing per unit increased by seven cents to $1.09 since 30 June 2
Slide 5: Strategic highlights – asset growth
Strategic highlights – asset growth • four new warehouse developments completed • two expansions completed • acquisition of one new warehouse Frankston, Victoria 5
Slide 6: Strategic highlights – asset growth
Strategic highlights – asset growth Geraldton, WA Coffs Harbour, NSW Mornington, Victoria 6
Slide 7: Geographic diversification
Geographic diversification (as at 31 December 2001) Queensland 6 warehouses Western Australia 9 warehouses South Australia 2 warehouses NSW / ACT 3 warehouses Victoria 14 warehouses 2 sites 7
Slide 8: Performance highlights – BWP unit price
Fe 0.95 1.05 $ 1.15 1.25 1.35 b-0 1 Ma r-0 1 Ap r-0 1 Ma y-0 1 Jun -01 Jul -01 Au 8 g-0 1 Se p-0 1 Oc t-0 1 No v-0 1 De c -0 1 Jan -02 Performance highlights – BWP unit price Fe b-0 2
Slide 9: Performance highlights – relative performance
Performance highlights – relative performance 135 BWP XJP (S&P / ASX 200 Property Index) 125 115 105 95 -01 1 1 1 1 2 1 1 1 1 -01 1 2 r-0 v-0 b-0 b-0 g-0 y-0 p-0 c-0 t-0 r-0 n-0 Jul Jun Oc Ma Ap No Ma Au De Ja Fe Fe Se 9
Slide 10: Performance highlights – relative performance
Performance highlights – relative performance BWP XJO (S&P / ASX 200 Index) 135 125 115 105 95 85 01 -01 -01 -02 r-01 t-01 -01 -01 -01 -02 1 -01 1 y-0 c -0 Jul- Nov Jun Jan Feb Aug Feb Sep Apr Oc Ma Ma De 10
Slide 11: Financial results – six months to December 2001
Financial results – six months to 31 December 2001 2001 2000 Change Total income $13.7m $11.2m +22% Operating profit $9.6m $8.0m +19% Distribution per unit - ordinary unit 4.8c 4.5c +7% - placement unit 2.35c - - - rights issue unit 1.2c - - Tax advantaged component 35.4% 40.1% -12% Unit price at 31
Slide 12: Financial results – six months to December 2001
Financial results – six months to 31 December 2001 2001 2000 Change Total assets $335.0m $250.6m +33% Borrowings $74.9m $67.3m +11% Unitholders’ funds $249.7m $174.5m +43% Gearing (debt to total assets) 22.4% 26.8% -16% Number of units on issue 229m 178m +29% Number of unitholders 9,688 9,170 +6% Ne
Slide 13: Asset growth
Asset growth At cost Revaluations 400 300 $m 200 100 0 1998 1999 2000 2001 13
Slide 14: Distributions of the Trust since listing
Distributions of the Trust since listing End of concessional management fee 5 4 Cents per unit 3 2 1 0 99 00 01 ca 2* 98 99 00 01 ) st re -0 n- n- n- c- c- c- c- (fo Jun Ju Ju Ju De De De 14 De
Slide 15: Strengths
Strengths • the tenant: - proven trading record - strong income stream • leases: - long term: 5 + 5 + 5 years - annual CPI reviews - 5 year market reviews - some ratchet clauses 15
Slide 16: Strengths (cont’d)
Strengths (cont’d) • potential for long term capital appreciation • Trust not exposed to development risk • geographically diversified • only LPT with pure exposure to bulky goods 16
Slide 17: The tenant
The tenant • for the half-year ended 31 December 2001 Bunnings achieved: – operating revenue of $1.5 billion (up 118 per cent) – earnings (before goodwill amortisation) of $146 million (up 85 per cent) • proceeding to full integration of the Bunnings and BBC hardware business 17
Slide 18: Market rent reviews
Market rent reviews Year No. of properties 2003 18 2004 7 2005 4 2006 5 18
Slide 19: Howard Smith / BBC
Howard Smith / BBC • some 17 freehold properties • majority in NSW • integration of BBC and Bunnings business progressing well • possible offers to BWPT • BPML to apply usual investment criteria 19
Slide 20: Howard Smith - geographic diversification
Howard Smith - geographic diversification Queensland 6 = BWPT Western Australia 2 = BBC 6 = BWPT South Australia 1 = BBC 2 = BWPT 0 = BBC NSW / ACT 2 = BWPT 11 = BBC Tasmania 0 = BWPT Victoria 1 = BBC 13 = BWPT 2 = BBC 20
Slide 21: Outlook
Outlook • continued rollout • Bunnings has indicated 10 to 12 new stores per annum • BBC Hardwarehouses – an opportunity • new Manager 21
Slide 22: www.bunningspropertytrust.com.au
www.bunningspropertytrust.com.au 22