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View Annual Report ARSN 088 581 097 30 August 2006 2006 Annual Report Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust wishes to advise that the 2006 Annual Report will be mailed today to Unitholders who have elected to receive an Annual Report. A copy of the 2006 Annual Report is attached to this announcement and will also be available on the Trust’s website at www.bunningspropertytrust.com.au ANTHONY NIARDONE Company Secretary ASX RELEASE 2006 Annual Report 2006 Annual Report Visit us at www.bunningspropertytrust.com.au Trust Property Bunnings Warehouse www.mindfield.com.au Cover photo: Bunnings Warehouse, Balcatta, Western Australia BPM-9513 INVESTOR INFORMATION DIRECTORY Stock exchange listing Annual tax statements Responsible entity The Bunnings Warehouse Property Accompanying the final distribution Bunnings Property Trust is listed on the Australian payment in August or September Management Limited Stock Exchange and reported in the each year will be an annual tax ABN 26 082 856 424 “Industrial” section in daily statement which details tax newspapers - code BWP. advantaged components of the Level 11, Wesfarmers House year’s distribution. 40 The Esplanade Distribution reinvestment plan PERTH WA 6000 Profit distributions The directors resolved in February Telephone: (08) 9327 4417 2005 to suspend the Distribution Profit distributions are paid twice Facsimile: (08) 9327 4344 Reinvestment Plan until further yearly, normally in February www.bunningspropertytrust.com.au notice. In view of the gearing level and August. of the Trust the directors have Directors and senior management Unitholder meetings resolved to keep the Plan suspended W H Cairns (Chairman) until further notice. Unitholder meetings are held from J A Austin (Director) time to time at which unitholders have Electronic payment of distributions P J Mansell (Director) the opportunity to learn more about P J Johnston (Director) Unitholders may nominate a bank, the Trust’s activities and prospects. G W Gernhoefer (General Manager) building society or credit union A M Niardone (Secretary) account for the payment of Unitholder enquiries distributions by direct credit. Please contact the registry manager Registry manager Payments are electronically credited if you have any questions about your Computershare Investor on the distribution date and confirmed unitholding or distributions: by mailed payment advice. Services Pty Limited Computershare Investor Level 2, 45 St George’s Terrace Unitholders wishing to take Services Pty Limited PERTH WA 6000 advantage of payment by direct Level 2, 45 St George’s Terrace credit should contact the registry PERTH WA 6000 Telephone: (08) 9323 2000 manager for more details and to Facsimile: (08) 9323 2033 obtain an application form. Telephone: (08) 9323 2000 www.computershare.com.au Facsimile: (08) 9323 2033 The Trust is focused on warehouse retailing properties and, in particular, Bunnings Warehouse Publications www.computershare.com.au Auditor properties tenanted by Bunnings Group Limited, a wholly owned subsidiary of Wesfarmers Limited. The annual report is the main source Ernst & Young The responsible entity has established the following objectives and strategies for the Trust: of information for unitholders. The Ernst & Young Building In addition, unitholders are sent a 11 Mounts Bay Road half-year report in February each PERTH WA 6000 Objectives year providing a review, in summary, of the six months to December. • Provide unitholders with a secure, growing income stream and capital growth Periodically, the Trust may also • Distribute all net income each financial year send releases to the Australian Stock Exchange covering matters • Add quality properties to the portfolio of relevance to investors. • Protect unitholders’ interests Website The Bunnings Warehouse Strategies Property Trust internet site, www.bunningspropertytrust.com.au, • Acquiring properties with long term leases to substantial tenants is a useful source of information for • Ensuring that properties are well located and the portfolio is geographically diversified unitholders. It includes details of the Trust’s property portfolio, current • Maintaining a prudent interest rate hedging position activities and future prospects. • Operating within an appropriate compliance plan The site also provides access to annual and half-year reports and releases made to the Australian Stock Exchange. Bunnings Warehouse, Balcatta, Western Australia 53 Contents Bunnings Warehouse Property Trust Highlights 2 ARSN 088 581 097 Performance 5 Responsible Entity Bunnings Property Management Limited Properties 6 ABN 26 082 856 424 Letter from the chairman 9 Australian Financial Services Licence No. 247830 Manager’s report 12 Directors and senior management 16 Corporate governance 18 Financial statements 21 Unitholder information 52 1 HIGHLIGHTS 5.4 per cent growth in full year distribution to 12.61 cents per unit Acquisition of an existing Bunnings Warehouse store (Morley, WA) from Bunnings Group Limited Completion of one new Bunnings Warehouse store (Vermont South, Victoria), and one major property upgrade (Northland, Victoria) Completion of a new showroom complex adjoining the Trust’s existing Bunnings Warehouse store at Bayswater, Victoria Acquisition of a 1.0 hectare parcel of land adjacent to the Trust’s existing Bunnings Warehouse store at Fyshwick, ACT A 17.2 per cent rental uplift from the market rent review of one property (Rockingham, WA) A 10.9 per cent increase in the fair value of Trust properties during the year An increase of 8.4 per cent in net tangible asset backing per unit from $1.54 to $1.67 2 Provide unitholders with a secure, growing income stream and capital growth Unit price ($) 1999 1.12 2006 2.00 3 Distribute all net income each fi nancial year Distribution (cents) 1999 7.2 2006 4 12.61 PERFORMANCE This year the Trust delivered 5.5 per cent growth in distributable profit, generated from new rental income from acquisition and development activity and rental growth from existing properties through rent reviews. The value of the property portfolio increased by 10.9 per cent to $721.1 million, following capital expenditure of $33.8 million and net revaluation gains of $37.2 million. The Trust continues to provide unitholders with a secure income stream and capital growth from its participation in the expansion of the Bunnings Warehouse network. Distribution BWP closing unit price Cents per unit Unit price 2.15 12 2.10 10 2.05 8 2.00 6 1.95 4 1.90 2 1.85 0 02 06 1.80 05 06 June June June June Financial performance Year ended 30 June 1 1 06 05 04 03 02 Total income ($m) 55.1 50.6 44.5 35.9 29.0 Net profit ($m) 75.2 79.9 32.2 26.3 21.1 Unrealised gain in fair value of investment properties ($m) 37.2 43.9 - - - Distributable profit ($m) 38.0 36.0 32.2 26.3 21.1 7.2 Distribution per ordinary unit interim (cents) 6.22 5.79 5.51 5.15 4.80 final (cents) 6.39 6.17 5.87 5.35 4.97 total (cents) 12.61 11.96 11.38 10.50 9.77 Tax advantaged component (%) 24.22 25.20 26.83 30.15 34.68 Total assets ($m) 731.6 656.8 2 575.3 471.6 348.7 Borrowings ($m) 200.9 166.9 155.2 149.3 80.7 Unitholders’ equity ($m) 504.5 464.2 2 395.3 302.6 255.1 Gearing (debt to total assets) (%) 27.5 25.4 2 27.0 31.7 23.1 Number of units on issue (m) 301 301 295 266 232 Number of unitholders 12,475 12,474 11,544 10,496 9,988 Net tangible asset backing per unit ($) 1.67 1.54 2 1.34 1.14 1.10 Unit price at 30 June ($) 2.00 1.91 1.57 1.51 1.28 Management expense ratio (annualised) (%) 0.67 0.65 2 0.68 0.65 0.69 1 based on Australian equivalents to International Financial Reporting Standards (AIFRS) for 2005 and 2006, based on Australian generally accepted accounting principles (AGAAP) for prior years. 2 restated from previously reported figures due to impact of adoption of AIFRS (see Note 20 of the notes to the financial statements). 12.61 5 PROPERTIES In 2006 the Trust continued to build on its portfolio of well located, geographically diversified properties through the acquisition and development of new properties, and upgrades of existing properties. The Trust portfolio comprised 49 established Bunnings Warehouse properties, two distribution centres and a site upon which a Bunnings Warehouse is likely to be developed in the future. At 30 June 2006, the average lease expiry profile of the Trust’s portfolio was 8.9 years. PROPERTY LAND TOTAL ANNUAL PROPERTY LAND TOTAL ANNUAL As at 30 June 2006 AREA RETAIL RENTAL As at 30 June 2006 AREA RETAIL RENTAL AREA1 AREA1 [ha] [sq.m] [$000] [ha] [sq.m] [$000] Western Australia South Australia Albany 2.0 13,843 514 Mile End 3.3 15,121 1,314 Balcatta 4.3 24,932 1,371 Noarlunga 2.7 11,845 840 Bibra Lake 3.2 17,124 1,098 Total 6.0 26,966 2,154 Geraldton 3.3 16,337 759 Joondalup 2.5 13,358 952 New South Wales Mandurah 2.5 12,062 806 Artarmon 0.7 5,945 1,267 Midland 2.4 14,437 967 Belrose 2.5 10,228 1,560 Mindarie 3.1 14,612 998 Coffs Harbour 2.5 11,905 679 Morley 1.8 9,877 860 Lismore 2.1 9,942 697 Rockingham 3.3 17,179 1,120 Maitland 3.1 13,034 988 Total 28.4 153,761 9,445 Minchinbury 3.1 12,048 1,324 Port Macquarie 2.0 8,801 714 Victoria Thornleigh 1.2 5,301 1,024 Altona 2.4 9,254 910 Wollongong 2.7 12,559 1,106 Bayswater 4.9 15,193 1,413 Total 19.9 89,763 9,359 Bayswater Showrooms 2,484 179 2 Broadmeadows 1.7 10,435 902 Queensland Croydon 3.8 10,146 914 Burleigh Heads 3.3 12,522 1,169 Dandenong 2.7 12,390 1,035 Cairns 2.4 10,601 989 Epping 3.1 12,078 967 Cannon Hill 2.8 12,676 1,186 Fountain Gate 3.2 12,624 1,152 Cannon Hill Frankston 3.8
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