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A Model Business

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A Model Business MACQUARIE GOODMAN GROUP ANNUAL REPORT 2006 A MODEL BUSINESS Contents 2 Chairman’s Letter 4 Group Chief Executive Officer’s Report 11 % 8 Chief Financial Officer’s Report 10 Regional View GROWTH IN EARNINGS 12 Group Operations 20 Board of Directors and Joint Company Secretaries 24 Corporate Governance 32 Financial Report $500m 33 Directors’ Report 49 Lead Auditor’s Independence Declaration PROFIT AFTER TAX 50 Income Statements 51 Balance Sheets 52 Statements of Recognised Income and Expense 53 Cash Flow Statements 54 Notes to the Financial Statements 5 5.4 % 123 Directors’ Declaration TOTAL RETURN TO SECURITYHOLDERS 124 Independent Audit Report 125 Securities Information 126 Other Managed Funds 127 Investor Relations 128 Glossary 27.5¢ IBC Corporate Directory DISTRIBUTION PER SECURITY $28.5b ASSETS UNDER MANAGEMENT $916m OF NEW DEVELOPMENTS COMPLETED 850 EMPLOYEES WORLDWIDE OUR BUSINESS MODEL Macquarie Goodman Group is an integrated property group that focuses on the ownership, management and development of industrial property and business space throughout Asia Pacific and Europe. Own We are long-term owners of industrial property and business space. This means that customers are assured of an ongoing relationship with us. n w Develop o We have a significant development programme encompassing sites throughout Asia Pacific and Europe. Our projects are purpose-built to meet d the growing needs of our customers as well as e v our managed funds. e l o p Manage CUSTOMER We do not outsource the management of SERVICE MODEL our properties. We are diligent in meeting the operational needs of our customers and take pride in maintaining our assets to the highest standard. Due to our attention to detail and dedicated service, we achieve high occupancy m rates and customer loyalty. a na ge 1 Chairman’s Letter David Clarke, AO l Chairman Dear Securityholder It is a pleasure to present Macquarie Goodman Group’s A Annual Report 2006 in its first full financial year since the merger of Macquarie Goodman Management Limited and WORKING Macquarie Goodman Industrial Trust in February 2005. At the time of the merger, we said the MODEL Group would deliver a stable earnings base with an attractive long term growth profile, allowing us to remain focused on the ownership and management of a high quality industrial property and business space portfolio. Further, we believed the merged group would provide the flexibility to pursue expansion opportunities in Australia, New Zealand, Asia and beyond. I am pleased to announce that we are achieving these objectives. Over the past year, we have established an Australian wholesale fund and a Hong Kong wholesale fund and expanded our business into Europe through the acquisition of two like-minded businesses, Arlington Securities Ltd and Eurinpro International SA. The objective of our team is to position the Group for strong growth from a stable base. This resulted in the Group being the top performing listed property trust in 2006 on the S&P/ASX 200 Property Index. Ending the year with a market capitalisation of $9.7 billion, the Group reported a profit after tax of $500 million with normalised operating earnings of 26.7 cents per security and distributions of 27.5 cents per security. Most pleasing, was the 55.4% total return to Securityholders achieved for the year. 2 MACQUARIE GOODMAN GROUP ANNUAL REPORT 2006 Expanding our proven Customer We are grateful for the enormous Service Model into Asia and Europe contribution of Lynn and Patrick and means Securityholders now enjoy we welcome James, who brings the benefits of investing in a truly over 30 years of property experience international business. However, to the Board. our success this year stems from With the Group’s significant progress remaining true to our core business during the year, the Board took a – a low risk stable operation. The controlled and planned approach in majority of our earnings are recurring, evaluating the corporate transactions predictable and Australian sourced. presented by senior management. Our focus on long-term relationships Each transaction was analysed at with our customers is reflected in length to establish the best outcome our continuing high retention rates for Securityholders. Further, we and is the basis of much of our actively managed the risks associated overseas expansion. Existing with the Group’s increasingly global customers are increasingly turning presence while seeking to maximise to us to provide global real estate Securityholder value. solutions for them. The Board remains focussed on Opportunities for Securityholders delivering the benefits of our strong to participate in the growth of the business model to customers and Group were offered through an Securityholders, keeping them fully institutional placement and a informed through transparent and security purchase plan at $5.10 thorough reporting and ensuring and $5.03 per security respectively. our high corporate governance Further, the Distribution Reinvestment principles are maintained. Plan enabled Securityholders to On behalf of the Board, I would JVC l France reinvest their distributions at a like to thank our Securityholders, discount. The value of those customers and team for their opportunities quickly became evident support over the year. I am sure with the security price reaching we are all looking to the future of $6.00 at 30 June 2006. Macquarie Goodman Group with The Board experienced a number great confidence. of changes with the resignation of Yours faithfully Lynn Wood and Patrick Allaway and the appointment of James Sloman. David Clarke, AO Chairman Talavera Corporate Centre l Australia SECURITYHOLDER HIGHLIGHTS 2006 2005 Distribution per security (¢) 27.5 25.9(1) Earnings per security (¢) 26.7(1) 24.0(1) Profit attributable to Securityholders ($M) 500.1 66.7 Total assets ($M) 6,753 5,142 Assets under management ($B) 28.5 7.0 Net tangible assets per security ($) 1.73 2.15 Gearing (%) 32.2 36.2 Security price ($) 6.00 4.08 Market capitalisation ($B) 9.7 5.7 (1) Normalised distributions and earnings. 3 Group Chief Executive Officer’s Report Gregory Goodman l Group Chief Executive Officer Macquarie Goodman Group experienced an evolutionary year in 2006. The success of A our Customer Service Model in Australia, New Zealand and Singapore provided a natural progression to exploit other overseas GLOBAL markets. We also satisfied increasing demand from our customers to provide global solutions for their property requirements. PERSPECTIVE The Group capitalised on external factors such as strong investment demand, buoyant rental markets and the emergence of sophisticated real estate products globally. In more fragmented markets, these conditions allowed us to establish our Customer Service Model early in the developmental phase. The benefits of our activities during 2006 delivered a total return to Securityholders of 55.4%. This return is calculated based on distributions of 27.5 cents per security and a closing security price of $6.00 for the year. 4 MACQUARIE GOODMAN GROUP ANNUAL REPORT 2006 Group Operations Distributions from our cornerstone Our key strength is the combination investments in our New Zealand of property investment, services, and Singapore listed property development and capital funds and Australian, Hong Kong management. We believe that and European wholesale funds combining these business supplemented income from operations strengthens them direct real estate. individually and helps reduce risk. Our cornerstone investments in our Further, the retention and third party funds assist in aligning recruitment of highly skilled property the interests of all stakeholders. professionals in all our operations continues to drive our success. It is Services the quality of our people that truly Our funds management platform defines our business. was significantly expanded through the establishment of wholesale funds Property Investment in Australia and Hong Kong, the Our Australian activities continue as acquisition of businesses in Europe the foundation of our business and and the excellent performance of our underpin our financial security. The New Zealand and Singapore listed Group’s total property investment property funds. Total assets under portfolio contributed 77% of management reached $28.5 billion, earnings before interest and tax. representing a 310% rise on 2005. The direct portfolio, which now Wholesale Funds stands at 86 properties valued We identified opportunities to create at $3.8 billion, experienced solid specialist property funds to satisfy Uxbridge Business Park l England growth with 368,248 sqm of increasing demand from local and space leased. This converted to international institutions for direct real $41.5 million in rent per annum and estate investments. The creation a 3.0% increase on passing rentals. of wholesale funds in Australia and Demand is driving these positive Hong Kong allowed us to utilise figures with a current market our balance sheet more effectively, shortage of high quality, existing generate additional revenue streams and purpose-built stock for large and retain customer relationships. distribution, transportation and logistics companies. The Australian wholesale property fund was launched in December Significantly, the occupancy rate 2005. The fund has an industrial was maintained at 98% and portfolio of 47 properties valued customer retention stood at 80%. at $1.2 billion, translating to 20% The weighted average lease term growth since inception. Along with Air New Zealand House l New Zealand equated to 5.0 years with 39% of our joint venture partner in Asia, our income derived from our top Macquarie Bank Limited, we 25 customers. Revaluations of established the Hong Kong 75 properties added $113.5 million wholesale fund in April 2006. It has to the previous book values, a prime industrial portfolio of eight representing an increase of 3.8%. properties worth $0.8 billion. Although market conditions have We retained cornerstone been buoyant, these strong figures investments in both wholesale also confirmed the effectiveness of funds with an investment of our customer-centric approach and $189 million or 30% in the ability to nurture long-term Australian fund and $102 million relationships with our customers.
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