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22 February 2018 the Manager Company Announcements Office 22 February 2018 Westfield Corporation Level 29 85 Castlereagh Street The Manager Sydney NSW 2000 Company Announcements Office GPO Box 4004 Sydney NSW 2001 ASX Limited Australia Level 4, Exchange Centre Telephone 02 9273 2000 20 Bridge Street Facsimile 02 9357 7131 SYDNEY NSW 2000 Internet www.westfieldcorp.com Dear Sir/Madam WESTFIELD CORPORATION (ASX: WFD) FULL YEAR RESULTS FOR YEAR ENDED 31 DECEMBER 2017 Attached are the Appendix 4E and 2017 Annual Financial Report for Westfield Corporation. Yours faithfully WESTFIELD CORPORATION Simon Tuxen Company Secretary Encl. Westfield Corporation Limited ABN 12 166 995 197 Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324 as responsible entity of Westfield America Trust ABN 27 374 714 905 ARSN 092 058 449 and as responsible entity of WFD Trust ABN 50 598 857 938 ARSN 168 765 875 WorldReginfo - a5b02e33-0fe8-442d-a8bb-f1cf7071cde5 Westfield Corporation 1 : Appendix 4E For the year ended 31 December 2017 2 (previous corresponding period being the year ended 31 December 2016) Results for Announcement to the Market: For the 12 months ended 31 December 2017 31 Dec 2017 31 Dec 2016 Revenue (including equity accounted revenue of US$685.6 million up 17.1% 2,105.1 1,798.4 (31 December 2016: US$675.8 million)) (US$million) AIFRS profit after tax attributable to members (US$million) up 13.5% 1,551.2 1,366.1 Distributions US Cents per stapled security Dividend/distributions for the year ended 31 December 2017 up 1.6% (i) to 25.50 Interim dividend/distributions paid on 31 August 2017 12.75 Final dividend/distributions in respect of Westfield Corporation earnings to be paid on 28 February 2018 comprising: 12.75 ‐ distribution in respect of a WFD Trust unit 10.20 ‐ distribution in respect of a Westfield America Trust unit 2.55 ‐ dividend in respect of a Westfield Corporation Limited share nil (i) Compared to distributions for the year ended 31 December 2016 of 25.10 US cents per stapled security. Details of the full year components of distributions will be provided in the Annual Tax Statements which will be sent to securityholders in July 2018. The 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 interim distributions was 5pm, 14 February 2018 and the distribution will be paid on 28 February 2018. Westfield Corporation does not operate a distribution reinvestment plan. Additional information The annual general meeting will be held on 11 April 2018. Commentary on the results is contained in the attached Annual Financial Report and the results presentation released to the ASX. The remainder of the 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. [1] Westfield Corporation comprises Westfield Corporation Limited ABN 12 166 995 197 (WCL); Westfield America Trust ARSN 092 058 449 (WAT) and WFD Trust ARSN 168 765 875 (WFDT). [2] It is recommended that the Annual Financial Report be considered together with any public announcements made by Westfield Corporation during the 12 months ended 31 December 2017. WorldReginfo - a5b02e33-0fe8-442d-a8bb-f1cf7071cde5 Westfield Corporation Annual Financial Report 31 December 2017 Westfield Corporation Limited ABN 12 166 995 197 WorldReginfo - a5b02e33-0fe8-442d-a8bb-f1cf7071cde5 Annual Financial Report WESTFIELD CORPORATION (1) For the Financial Year ended 31 December 2017 Contents 1 Directors’ Report 35 Independent Audit Report 39 Income Statement 40 Statement of Comprehensive Income 41 Balance Sheet 42 Statement of Changes in Equity 43 Cash Flow Statement 44 Notes to the Financial Statements 85 Directors’ Declaration 86 Corporate Governance Statement 98 Investor Relations 99 Securityholders’ Information 100 Directory (1) Westfield Corporation (Group) comprises Westfield Corporation Limited and its controlled entities as defined in Note 2. WorldReginfo - a5b02e33-0fe8-442d-a8bb-f1cf7071cde5 Directors’ Report The Directors of Westfield Corporation Limited (Company) submit the following report for the period from 1 January 2017 to 31 December 2017 (Financial Year). 1. OPERATIONS AND ACTIVITIES 1.1 Strategy The performance of the Group for the year was solid and the Group remains confident with the strategy of developing and transforming Flagship assets. Over many years the Group has adapted and improved the portfolio to meet the changing needs of retailers, consumers and brands, and this remains a core strength. Since 2010, when the Group implemented a strategy focusing on the highest quality assets, the Group has completed $7 billion of developments, divested 29 assets valued at $7 billion and joint ventured 22 assets valued at $10 billion. The Group now has assets under management of $34.5 billion, of which 84% are Flagship assets. The Group is creating great experiences for retailers, consumers and brands and continue to benefit from the addition of food, leisure and entertainment and a broader mix of uses including many new concepts, emerging technologies and online brands. In the United States the Group has added over 130 retailers and brands that are new to the Group in the recently completed developments. The Group’s $8.5 billion development program is focused on creating pre-eminent retail, dining and entertainment destinations in some of the world’s top markets including London, Silicon Valley and Milan. The development program continues to transform the portfolio and is expected to generate significant value and earnings accretion for securityholders. 1.2 Financial results The Group reported FFO earnings for the year ended 31 December 2017 of $706.8 million. FFO per security was 34.0 cents, at the top end of the forecast. IFRS net profit of $1,551.2 million for the year includes FFO earnings of $706.8 million, $847.4 million of property revaluations, $54.7 million of leasing incentives amortisation, $39.1 million relating to the mark to market of derivatives and preference shares, $23.6 million loss on capital transactions, $22.9 relating to intangible amortisation and impairment and a $137.3 million benefit for deferred tax. The distribution for the year ended 31 December 2017 is 25.5 cents per security. The Group’s financial position is strong with balance sheet assets of $23.6 billion, gearing ratio of 38.1% and $2.6 billion in available liquidity. The Group has assets under management of $34.5 billion, of which 84% are Flagship assets. Flagship assets are leading centres in major markets typically with total annual sales in excess of $450 million, specialty annual sales in excess of $500 per square foot and anchored by a premium department store. Profit after tax, funds from operations and distribution for the period (i) 31 Dec 17 $million Net property income 802.7 Net project and management income 138.1 Overheads (119.9) Financing costs (131.7) Interest on other financial liabilities (16.9) Mark to market of derivatives and preference shares (39.1) Property revaluations 8 47.4 Gain/(loss) in respect of capital transactions (23.6) Intangible amortisation and impairment (22.9) Tax benefit 117.1 Profit after tax 1,551.2 Adjusted for: – Amortisation of leasing incentives and related leasing costs 54.7 – Mark to market of derivatives and preference shares 39.1 – Property revaluations (8 47.4) – (Gain)/loss in respect of capital transactions 23.6 – Intangible amortisation and impairment 22.9 – Deferred tax benefit (137.3) FFO (ii) 706.8 Less: amount retained (176.9) Dividend/distributions 529.9 FFO per security (cents) 34.01 Dividend/distribution per security (cents) 25.50 (i) The Group’s income and expenses have been prepared on a proportionate basis. The proportionate basis presents the net income from and net assets in equity accounted properties on a gross basis whereby the underlying components of net income are disclosed separately as revenues and expenses. (ii) FFO is a widely recognised measure of the performance of real estate investments groups by the property industry and is an important measure of operating performance of the Group. The analysis of the results has been completed on a proportionate basis as approximately 55% (by asset value) of the shopping centre investments are equity accounted. FFO earnings include net property income (before the amortisation of leasing incentives and related leasing costs), management and project income, corporate overheads, underlying net interest (excluding derivative mark to markets), currency gains and underlying taxation of the business (excluding deferred tax). WESTFIELD CORPORATION ANNUAL FINANCIAL REPORT 2017 // PAGE 1 WorldReginfo - a5b02e33-0fe8-442d-a8bb-f1cf7071cde5 Directors’ Report (continued) 1.3 Operating environment 1.5 Capital management In a challenging retail environment, the performance for the year was As at 31 December 2017, the Group has balance sheet assets of solid. The Group is transforming its portfolio by creating and operating $23.6 billion, including property investments of $21.4 billion. During the flagshio assets in leading world markets. During the year the Group year the Group raised $1.5 billion of bonds and extended $57.0 million successfully launched the redevelopment of Century City in Los (Group’s share $28.5 million) of mortgages. The Group continues to Angeles and the expansion of UTC in San Diego. The Group continued operate well within its covenants with gearing at 38.1%, secured debt to make good progress on the expansions at Westfield London and to total assets at 11.7%, interest cover at 3.2 times and unencumbered Valley Fair in Silicon Valley. For the year ended 31 December 2017 leverage of 229%. $847.4 million of revaluation gains were achieved, primarily driven by the uplift created from developments. 1.6 Transaction with Unibail-Rodamco The proposal to combine Westfield and Unibail-Rodamco will create a Net property income (on a FFO basis) was $857.4 million for the year $73 billion portfolio comprising 104 assets, of which $61 billion or 84% ended 31 December 2017 compared to $795.1 million for the year are flagship.
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