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12 2020 SCG Financial Report (6A ).Xlsx Scentre Group 1 : Appendix 4E For the year ended 31 December 2020 (previous corresponding period being the year ended 31 December 2019) Results for Announcement to the Market: 2020 2019 Revenue ($million) down 17.4% 2,162.3 2,616.4 Expected credit charge relating to COVID-19 ($million) (303.9) - Unrealised movements in property valuation (non-cash) ($million) (4,254.2) (151.9) Profit/(loss) after tax (inclusive of unrealised movements) attributable to members of Scentre Group ($million) down 416.4% (3,731.8) 1,179.5 Operating profit attributable to members of Scentre Group ($million) down 40.1% 763.4 1,274.7 Operating profit per security attributable to members of Scentre Group (cents per stapled security) (i) down 39.0% 14.71 24.10 Funds from operations (FFO) attributable to members of Scentre Group ($million) down 42.5% 766.1 1,331.9 (i) In calculating the Operating profit per stapled security 5,188,921,189 (31 December 2019: 5,289,057,510) weighted average securities was used. Dividend/Distributions for Scentre Group Cents per stapled security Dividend/distributions for the year ended 31 December 2020 7.00 Final dividend/distributions in respect of Scentre Group earnings to be paid on 26 February 2021 comprising: (ii) - dividend in respect of a Scentre Group Limited share Nil - distribution in respect of a Scentre Group Trust 1 unit 4.43 - distribution in respect of a Scentre Group Trust 2 unit 2.57 - distribution in respect of a Scentre Group Trust 3 unit Nil Interim dividend/distributions in respect of Scentre Group earnings for the half-year ended 30 June 2020 Nil (ii) The number of securities entitled to distributions on the record date, 15 February 2021 was 5,190,378,339. The dividend/distributions per security have been determined by reference to the number of securities on issue at the record date. The record date for determining entitlements to the final distribution was 5pm, 15 February 2021 and the distribution will be paid on 26 February 2021. The Group does not operate a distribution reinvestment plan. Details of the full year components of distributions in respect of Scentre Group Trust 1 and Scentre Group Trust 2 will be provided in the Annual Tax Statements which will be sent to members in March 2021. Additional information Commentary on the results is contained in the announcement and results presentation released to the Australian Securities Exchange. The additional information requiring disclosure to comply with listing rule 4.3A is contained in the attached Annual Financial Report which includes the audited consolidated financial report. The annual general meeting will be held on 8 April 2021. [1] Scentre Group comprises Scentre Group Limited ABN 66 001 671 496 (SGL); Scentre Group Trust 1 ARSN 090 849 746 (SGT1); Scentre Group Trust 2 ARSN 146 934 536 (SGT2) and Scentre Group Trust 3 ARSN 146 934 652 (SGT3) and their respective controlled entities. Creating extraordinary places, connecting 31 December 2020 and enriching communities Scentre Group Limited ABN 66 001 671 496 2020 Annual Financial Report Annual Financial Report 2020 Contents 2020 Results Overview 2 Our Purpose and Our Plan 3 Joint Chairman and Chief Executive Officer Letter to Securityholders 4 Directors’ report 1. Operating and Financial Review 7 2. Responsible Business 15 3. Corporate Governance Statement 18 4. Risk 19 5. Directors 25 6. Audit 31 7. Remuneration Report 32 8. ASIC Disclosures 54 9. ASX Listing 54 Independent auditor’s report 55 Financial statements Income Statement 60 Statement of Comprehensive Income 61 Balance Sheet 62 Statement of Changes in Equity 63 Cash flow Statement 64 Notes to the Financial Statements 65 Directors’ Declaration 111 Investor Relations 112 Members’ Information 114 Directory 116 scentregroup.com Page 1 2020 Results Overview Scentre Group owns and operates an extraordinary platform of 42 Westfield Living Centres across Australia and New Zealand encompassing more than 12,000 outlets. Our customer strategy is focused on delivering extraordinary experiences, every day, delivering the first choice platform for retail and brand partners to connect and interact with customers. 2020 Results Overview FY20 FY19 FY18 FY17 FY16 Operating profit (i)(ii) A$m 763.4 1,274.7 1,270.3 1,229.1 1,177.2 Operating profit per security (ii) cents 14.71 24.10 23.94 23.14 22.16 Funds From Operations (FFO) (ii) A$m 766.1 1,331.9 1,330.0 1,285.2 1,234.0 FFO per security (ii) cents 14.76 25.18 25.06 24.20 23.23 Profit/(loss) after tax A$m 1,179.5 2,287.2 4,217.9 2,990.5 (inclusive of unrealised movements) (3,731.8) Distribution per security cents 7.00 22.60 22.16 21.73 21.30 Security price (at 31 December) A$ 2.78 3.83 3.90 4.19 4.64 Assets under management (AUM) A$b 49.9 56.0 54.2 51.0 45.7 Group’s share of AUM A$b 34.1 38.2 39.1 36.2 32.3 (i) Funds from Operations before Project Income (net of tax). (ii) For consistency with FY20, FY16-FY19 has been restated to exclude straightlining of rent. Page 2 Creating extraordinary places, connecting and enriching communities Annual Financial Report 2020 Our Purpose Creating extraordinary places, connecting and enriching communities Our Plan We will create the places more people choose to come, more often, for longer Customers Retail & People Investors Brand Partners We will be customer We will be true We will be the place We will deliver long obsessed, delivering business partners for talent to thrive term sustainable extraordinary for our retailers and returns through experiences, every day brands to maximise economic cycles their opportunity to interact with customers We are a responsible, sustainable business Community People Environment Economic Performance Designing and Creating a safe, Net Zero Emissions Reducing our risk and operating Westfield healthy, diverse and by 2030 creating sustainable Living Centres that inclusive workplace long-term value are considered valued where talent thrives social infrastructure and an integral part of our customers’ lives Our DNA – our values We put our customer first We act with integrity We strive for excellence We succeed together We are constantly curious We create a positive legacy scentregroup.com Page 3 Directors’ Report Dear Securityholder Joint Chairman and Chief Executive Officer Letter to Securityholders We remained committed to our customer strategy of the learnings from this period and directed them into during the challenging operating environment the development of some new offerings which will launch in 2021. of 2020, brought the future forward and focused We successfully launched Westfield Plus in New Zealand in on Our Plan. We were proactive and decisive in 2019 and introduced this membership platform to Australia supporting our customers, retail partners and people in 2020, resulting in more than 1.2 million members so far. to enhance long-term value for our securityholders. This is the next step in our customer strategy as we seek to find new ways to engage with our customers. As a result, the Group achieved gross cash inflow of Our commitment to major community initiatives was $2,357 million and net operating cash flows (after interest, constant, including our Westfield Local Heroes program, overheads and tax) grew by 95.7 per cent in the second half of which saw $1.2 million and 126 grants awarded to deserving the year to $771 million. The Group collected $2,059 million in individuals and their organisations across our communities. gross rent collections, including $641 million during Q4 2020, equivalent to 100 per cent of gross billings. We maintain regular engagement with our customers to understand their needs, including our Westfield iQ research Every Westfield Living Centre remained open, every day, platform. Customers tell us they want to experience physical providing our retail and brand partners the opportunity to stores and experiences and interact with brands. This connect with customers. Despite the government restrictions, continues to drive strong demand as demonstrated by our we had more than 450 million customer visits in 2020. occupancy of 98.5 per cent and deal activity, which saw When we reflect on the year, we know our business more than 2,625 new leasing deals completed in the year, fundamentals are strong. We operate a business and brand the vast majority of these completed in the second half. that is important to our customers and essential to the We did not receive any financial support from the Australian or community. The strategic locations of our 42 Westfield Living New Zealand governments including the JobKeeper program. Centres, close to where most of the population lives and We played an industry leadership role through the Shopping works, our customer strategy, and our strong organisational Centre Council of Australia to support government engagement culture underpinned by our diversity and inclusion strategy, and public policy development. We focused our case-by-case means we are well-positioned for future growth. support on those that needed the most help which were our We are very proud of our people and their ability to remain agile small to medium (SME) sized ‘mum and dad’ retail partners. We and focused and thank them for their efforts and contribution. reached commercial arrangements with 3,398 of our 3,600 Our people maintained their dedication to customers and retail partners including 2,456 SME retail partners in relation to seized opportunities to do things differently. We accelerated the Code of Conduct for Commercial Tenancies. new strategic initiatives to support our customer-driven strategy We increased our employee engagement activities and and meet the needs of our communities in a COVID-Safe way.
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