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2020 Annual Report

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2020 Annual Report Essential to our communities Annual Report 2020 For personal use only Inside 2020 Integrated Annual Report 01 Highlights Our vision is to reimagine destinations 02 Our Value Chain of the future, where people love to connect. 04 Chairman’s Review 06 CEO and Managing Director’s Review 10 Our Operating and Financial Review 30 Our Data and Analytics 32 Our Communities 34 Our People 36 Our Board 39 Our Executive Committee 42 Tax Transparency 46 Sustainability Assurance Statement 49 Financial Report 50 Director’s Report 54 Remuneration Report 76 Financial Statements 129 Independent Auditor’s Report 136 Summary of Securityholders 137 Corporate Directory About this report This Annual Report discloses Vicinity’s financial and non-financial This report is printed on environmentally responsible paper This annual report is a summary of Vicinity Centres’ operations, performance for FY20 and has been prepared using elements manufactured under IAO 14001 environmental standards. activities and financial position as at 30 June 2020. In this of the International Integrated Reporting Council (IIRC) Integrated The following symbols are used in this report to cross-refer report references to ‘Vicinity’, ‘Group’, ‘Company’, ‘we’, ‘us’ Reporting <IR> framework. More information, particularly latest to more information on a topic: and ‘our’ refer to Vicinity Centres unless otherwise stated. company announcements and detailed sustainability reporting, can be found on Vicinity’s website. References in this report to a ‘year’ and ‘FY20’ refer to the References additional information within financial year ended 30 June 2020 unless otherwise stated. Vicinity is committed to reducing the environmental footprint this Annual Report All dollar figures are expressed in Australian dollars (AUD) associated with the production of the annual report and printed unless otherwise stated. copies are only posted to securityholders who have elected to References additional information available For personal use only receive a printed copy. on Vicinity’s websites Disclaimer This report contains forward-looking statements, including statements, indications and guidance regarding future performance. The forward-looking statements are based on information available to Vicinity Centres as at the date of this report (19 August 2020). These forward-looking statements are not guarantees or predictions of future results or performance expressed or implied by the forward-looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from those expressed or implied by these forward-looking statements, and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), we do not undertake to update these forward-looking statements. Cover image: The Glen, VIC Spread image: Chadstone, VIC Our centres play an essential role and we take this responsibility seriously to ensure that our communities can continue to access what they need or want from our centres. In response to COVID-19, we have had a heightened focus on health and safety as well as the long-term success of Vicinity and our retailers. Highlights No.1 400 million A/A2 Climate A-list Chadstone, VIC has Consumer visits Investment grade credit Included in CDP’s Australia’s highest annually ratings affirmed from 2019 Climate A-list moving annual turnover S&P Global (Stable (MAT) for the 19th outlook) and Moody’s consecutive year1 (Negative outlook) Largest solar Community program €500 million Transactions support Australia’s largest Issued inaugural Acquired 50% interest in Contributed $5.6m to shopping centre solar European medium Uni Hill Factory Outlets community investment, For personal use only platform with 25.2MW term notes (MTNs) including $730,000 Divested three non-core installed across the with €500m (A$812m) towards national assets for $227m managed portfolio of 10-year notes at bushfire relief and 2 attractive pricing recovery 1. Big Guns Survey 2020. 2. Includes direct cash donations to impacted communities and organisations supporting bushfire relief and recovery, in-kind contributions such as staff time and mall space, and foregone revenue. Vicinity Centres Annual Report 2020 01 Our Value Chain Our values Our business model Creating a high-performance culture Leveraging 400 million consumer visits to more than 6,800 tenants across our Direct Portfolio to create long-term value for our stakeholders We always We embrace We imagine collaborate difference a better way Our resources A e sse O We evolve and optimise our resources nc t a P ie nd E er E to deliver on our strategy p ca R T x p A e it A • $14b in real estate il OUR a R a l T t m • $9b invested from 15 capital partners e STRATEGY E U r a n e C • 1,000+ team members c a g n Create market-leading a e m • 400m consumer visits h destinations n e E • 6,800+ retail partners n Realise mixed-use t • Leading data capabilities and systems opportunities • Growing and diverse communities Leverage third-party • Strong governance, brand and relationships capital Engaging Our Stakeholders Page 24 TR T Ac A AC ts qu NS en Data and Analytics isiti stm Page 30 ons and dive Our People Page 34 Our Strategy and Business Prospects Our operating Page 12 environment We embrace opportunities and manage material risks present in our operating environment • Prevailing economic conditions • Access to capital and investment opportunities • Changing consumer preferences • Retail market performance and structural changes • Technological advancements and cyber security • Environmental and social factors including climate change and COVID-19 Our Management of Risk For personal use only Page 20 02 Vicinity Centres Annual Report 2020 Our FY20 outcomes Our COVID-19 response Delivering on strategy Consolidating Vicinity’s financial position while supporting our stakeholders Curate Our financial position • Completed three developments: Hotel Chadstone, The Glen • Raised $1.2b of equity and Roselands • Deferred all non-essential capital expenditure • Lodged major mixed-use development applications (DAs) for • Total corporate and net property cost savings of $40m Box Hill Central and Bankstown Central and advanced planning on other key projects • $950m of bank debt negotiations to enhance liquidity • Completed asset enhancement projects at Northland, Our people Victoria Gardens and Altona Gate • Focused on temporary stand-downs not redundancies • Optimising and enhancing our retail mix • Provided access to a wide range of personal development activities, as well as physical, financial Operate and mental health services • Launched inaugural European MTNs with €500m 10-year • Facilitated extensive remote working issuance • Created Financial Hardship Committee • Maintained A and A2 credit ratings • Accessed JobKeeper subsidy • Included in CDP’s 2019 Climate A-list • Announced Net Zero carbon target by 2030 for wholly-owned Our communities retail assets • Provided uninterrupted access to essential goods • Delivering $22 of external value annually per $1 invested and services in Beacon Foundation programs since 2017 • Driving high standards of hygiene and safety principles across our centres Transact • Established 12 COVID-19 testing clinics in centre car parks • Divested three non-core assets • Created heat-mapping program to automatically trigger • Acquired 50% interest in Uni Hill Factory Outlets crowding alerts to centre teams Capital Management Page 19 Our retailers • ~1,700 short-term lease variations agreed in-principle Our Portfolio to waive or defer rent, and negotiations continue on Page 26 other leases Our Communities • Proactively assisted SCCA, which worked with Page 32 government and industry, to develop the SME Code and COVID-19 Retail Recovery Protocol Our People Page 34 • Created COVID-19 Retailer Handbook to assist with safe trading Improving Our Environment • Reduced centre hours during government restrictions Sustainability.vicinity.com.au to assist retailers • Regular communications on centre traffic, changes to operations and government assistance available Chairman/CEO Review Page 04 Our Management of Risk Page 20 For personal use only Our Portfolio Page 26 Vicinity Centres Annual Report 2020 03 Chairman’s Review Dear Securityholders, It is my pleasure to present to you Vicinity Centres (Vicinity’s) 2020 Annual Report. Building on the success of portfolio A range of corporate costs were reduced remained open for customers to access enhancement in prior years, our operational in the period, including temporarily standing essential goods and services safely, and and financial performance continued to down team members, cancellation of enabling our retailers to continue to operate improve in the first half of FY20, and Vicinity the FY20 Short Term Incentive award for their businesses safely. entered the second half in good shape. all team members, and a reduction of However, early in 2020 we identified some Directors’ fees and Executive Committee During this year, we have focused on impact on our centres from COVID-19 that salaries by 20% for three months. supporting our retail partners, using the was spreading into Australia. COVID-19 has principles of the SME Code2 to negotiate created a major health, economic and social Distribution per security was 7.7 cents a combination of waivers and deferrals of crisis and is impacting many businesses, for FY20, compared to 15.9 cents in the rent for affected SME tenants. We have including Vicinity. prior year. The Board determined that been negotiating in good faith with both no distribution would be paid for the six our SME and non-SME retailers who have For the 12 months to 30 June 2020, months to 30 June 2020 due to the been impacted by COVID-19 to ‘share the Vicinity reported a statutory net loss after uncertain impacts of COVID-19. burden’ and support them through these tax of $1,801.0 million compared to a difficult times, while balancing the need $346.1 million statutory net profit after As a leading Australian shopping centre to secure future cash flows for Vicinity.
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