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WESTFIELD GROUP ANNUAL REPORT 2011 WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 WESTFIELD SYDNEY: The world-class project at Westfield Sydney has changed the face of retailing in downtown Sydney, and its mix of domestic and international luxury and ‘high street’ retailers, and the premium dining precinct has seen the centre achieve the highest specialty sales productivity in the Group’s global portfolio in its first year. CONTENTS Westfield Sydney IFC Portfolio Overview 02 Chairman’s Report 04 Co-Chief Executive Officers’ Report 06 Sustainability 16 Human Resources 18 Property Portfolio 20 Board of Directors 24 Financial Report 26 Investor Relations 137 Corporate Directory 140 Front cover image: Westfield Stratford City This page: Westfield Sydney WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 43 centres 55 centres Australia United States 12 centres New Zealand The Westfield Group has interests in and operates one of the world’s largest shopping centre portfolios. This high-quality portfolio of 118 shopping centres across Australia, the United States, the United Kingdom, New Zealand and Brazil, is valued at $61.7 billion and has almost 24,300 retailers in more than 10.6 million square metres of retail space. PORTFOLIO OVERVIEW (1) Gross Lettable Area Assets Under Management WDC Asset Value United Kingdom 6% New Zealand 4% United Kingdom 14% New Zealand 4% United Kingdom 15% New Zealand 3% Brazil 1% Brazil 1% Brazil 1% United States 55% Australia 34% United States 29% Australia 52% United States 42% Australia 39% Westfield Holdings Limited ABN 66 001 671 496 All amounts in Australian dollars unless otherwise specified This report contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to us as of the date of this report. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements. WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 PAGE 2 5 centres United Kingdom 3 centres Brazil 118 centres in 5 countries New United United Australia Zealand States Kingdom Brazil Total Centres 43 12 55 5 3(2) 118 Retail Outlets 11,885 1,711 8,930 1,270 492(2) 24,288 Gross Lettable Area (million sqm) 3.6 0.4 5.9 0.6 0.1(2) 10.6 WDC Asset Value (billion) (3) $12.6 NZ$1.5 US$13.9 £3.1 na $32.4 Asset Value – JV partner interests (billion) $19.7 NZ$1.5 US$4.4 £2.6 na $29.3 Assets Under Management (billion) $32.3 NZ$3.0 US$18.3 £5.7 na $61.7 (1) Proforma for the joint venturing of 12 assets in the United States and disposition of three non-core assets in the United Kingdom announced on 15 February 2012 (2) Excludes 2 development sites (3) WDC share of shopping centre assets including construction in progress and assets held for redevelopment. Note: Exchange rates as of 31 December 2011 were AUD/USD: 1.0170, AUD/GBP: 0.6587, AUD/NZD: 1.3151 WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 WESTFIELD GROUP ANNUAL REPORT 2011 // PAGE 3 CHAIRMAN’S REPORT FRANK LOWY, AC The past year has been a strong one for Westfield. The underlying business remained solid and a number of strategic initiatives were successfully implemented. These initiatives were aimed at increasing the Group’s return on equity, long-term earnings growth and improving the quality of the portfolio. We are now well placed to make the most of new opportunities. In the years since the global financial crisis there has been a stabilisation of international markets and in many regions a return to growth. In its 51 year-history Westfield has seen many economic cycles and constantly draws on this experience to help the Group make the necessary adjustments to adapt to changes in the retail landscape. In recent years the Group has placed a greater emphasis on investment in higher quality assets as it refines its portfolio to meet the needs of the contemporary shopper. There are now flagship centres in some of the world’s leading cities like Los Angeles, San Francisco, London, Melbourne and Sydney. Westfield is responding to the continuous change in its marketplace in a number of ways – by creating these new and exciting shopping centres that attract the world’s leading brands and feature the best in design and customer services, through to the use of the internet and digital technology to promote and offer retailers and consumers new opportunities to visit and shop at Westfield. Keeping pace with these developments in the real and virtual worlds will remain a priority. WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 PAGE 4 WESTFIELD SYDNEY , AUS WESTFIELD GROUP HEADQUARTERS During the year the Group enhanced its return on securityholders’ During 2011 and early in 2012 the Group sold non-core assets equity by the strategic management of its balance sheet. We in the United Kingdom and Australia and established strategic continue to manage our global portfolio with the objective of joint venture partnerships in the United States and the United owning and operating the best and most productive assets. Kingdom. In the United States the Group agreed with the Strategic joint ventures and the sale of non-core assets has Canadian Pension Plan to become a 45% joint venture partner freed up capital for deployment in higher quality assets with in a US$4.8 billion portfolio of 12 assets currently owned by the better forecast investment returns and allowed the company to Group in the United States. announce its intention to buy back up to 10% of the Group’s I would like to take this opportunity to acknowledge the issued capital. contribution of the board and management of Westfield Group It has been an exciting year for the Group with the opening of to the company’s continuing success. Their stewardship of the Westfield Stratford City on the site of the 2012 London Olympics, Group and their safeguarding of security holders’ interests during a proposed joint venture to develop the retail component of the crises of the past few years has been exemplary. the World Trade Center in New York, entry to new markets in I am confident that Westfield Group is entering a new and exciting Brazil and Milan in Italy and the near-completion of our landmark period, with growth in new markets and our existing business shopping centre and new global corporate headquarters in the continuing to perform strongly. We remain focussed on creating heart of Sydney’s CBD. value and improving the return on equity for securityholders and I All these achievements are symbolic of the new phase of growth look forward to leading the Group during another year of progress the Group is now embarking on. and achievement. Frank Lowy AC Chairman WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 WESTFIELD GROUP ANNUAL REPORT 2011 // PAGE 5 PETER LOWY STEVEN LOWY, AM CO-CHIEF EXECUTIVE OFFICERS’ REPORT YEAR IN REVIEW We are pleased to report on the performance of the Group as we continued the execution of the strategy we outlined in November 2010. Our experience through years of stability and volatility alike has demonstrated the importance of a high quality portfolio and the Group has continually managed its investments to maintain that quality, while maximising its capital position through the most efficient ownership structures. In recent times we have increased the number of joint venture partnerships across the portfolio with view to improving return on equity. The 2011 results saw the Group achieve a net profit of $1.53 billion, up 37.6% on the 2010 result. Funds from Operations (FFO) was $1.49 billion representing 64.8 cents per security. This result, which was at the upper end of the forecast range, was pleasing as we absorbed the Australian dollar’s significant appreciation of 12% against the US dollar and 8% against the UK pound over the year. Distribution for the 12 months was $1.11 billion or 48.4 cents per security in line with forecast. The result was driven by net property income increasing 7% for the year, a 100% increase in the Group’s management income and a 92% increase in project income. Return on contributed equity increased to 11.4% for the year. 2011 was a significant year for the Group as we continued to implement the strategy of increasing return on equity through a more capital efficient business. Following the establishment of Westfield Retail Trust (WRT) in December 2010, which created a joint venture partnership over the Australian/New Zealand portfolio, the Group completed further major joint venture partnerships including the £1.75 billion Westfield Stratford City in London with APG (Netherlands-based manager of multiple pension funds including the world’s third largest pension fund) and the Canadian Pension Plan Investment Board (CPPIB – Canada’s largest single-purpose investment fund.) More recently, we announced US$4.8 billion joint venture over 12 assets in the United States with CPPIB. The joint ventures result in increasing returns for the Group. WorldReginfo - 121f87dc-659b-4ff6-8756-60bd13f7d162 PAGE 6 CO-CHIEF EXECUTIVE OFFICERS’ REPORT IMAGES LEFT TO RIGHT: WESTFIELD SYDNEY, AUS; WESTFIELD SAN FRANCISCO, US; WESTFIELD CENTURY CITY, US; AND WESTFIELD LONDON, UK The ongoing investment in the development pipeline continues to These multiple initiatives provide the Group with approximately form a key part of the Group’s capital management strategy and $9 billion of capital for redeployment into higher return properties.
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