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Annual Results & Stapling Proposal Presentation

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Annual Results & Stapling Proposal Presentation Annual Results June 2004 and Stapling Proposal FKP Strategic Vision Æ Vision to become a fully diversified national property group Æ FKP has previously communicated a number of key strategic objectives – Diversification of operating activities – Growth of recurring earnings – minimum 50% by 2008 – Measured expansion into NSW and Victoria – Build on integrated business model Æ Business environment increasingly dominated by stapled vehicles – Operating flexibility – Balance sheet strength – Low cost of capital 2 Presentation Outline Æ CEO to present… Æ Annual results for the 12 months ended 30 June 2004 – FKP exceeds forecast 30% growth in earnings – Record profit driven by strong performance across all divisions Æ Proposal to staple FKP Limited to FKP Property Trust to form FKP Property Group – Provides optimal platform for FKP to grow and deliver on key strategic objectives – Increased diversification and recurring earnings 3 Overview of Annual Results Overview of Annual Results Year Ended 30 June 2004 Net Profit After Tax ($m) Æ Net profit after tax up 37% to $36.7 million Æ Earnings per share up 31% to 30.8 cents 40 30 Æ Dividend of 15.0 cents per share fully 20 36.7 26.7 +37% franked (up 25% on FY03) 10 12.1 17.1 - 1 Æ Recurring earnings up to 18% of EBIT 2001 2002 2003 2004 Æ Net tangible assets per share up 18% to Dividends per Share (cents) $1.80 Æ Gearing 20 – 51% net debt / equity 15 – 24% net debt / total assets 10 15.0 5 10.0 12.0 +25% 6.0 Æ Summary financials are provided in - Appendix A 2001 2002 2003 2004 1. Recurring earnings includes earnings from property investment, funds management and retirement village management fees and rentals 5 Overview of Annual Results FY04 Operating Highlights FY04 Earnings - Recurring vs Non-Recurring1 Æ Continued success in implementing key strategic objectives Recurring 18% – Increasing recurring earnings streams – Acquisition of controlling stake in retirement village operator Forest Place Group Non-Recurring – Geographic expansion in NSW and 82% Victoria FY04 Geographic Earnings Composition – Estimated on completion value of development projects in these Tas SA Victoria 3% 2% markets increased to over $250m 8% – Diversification of operating activities NSW 18% – Purchase of three property assets Queensland 69% 1. Recurring earnings includes earnings from property investment, funds management and retirement village management fees and rentals 6 Overview of Annual Results Summary of Divisional Profit Contribution Æ Diversification of operations allows FKP to focus on the sectors that maximise earnings in any given year Æ Appendix B provides detailed FY04 highlights and outlook by division FY04 Earnings Composition 5 Year Average Earnings Composition Construction Funds Funds 0% Management Management Residential Units 1% Construction 16% 12% 0% Retirement Retirement Commercial 26% 24% Development Residential Units 7% 19% Commercial Land Subdivision Development Land Subdivision 50% 17% 28% 7 Overview of Annual Results Outlook Æ Well positioned to further consolidate retirement sector Æ Large land bank (Peregian, Coolum Ridges) expected to deliver strong earnings growth Æ Newstead Riverpark - $300m mixed-use masterplanned development Æ Commercial and residential development opportunities in NSW and Victoria Æ FKP remains committed to funds management division – opportunities to deliver superior returns through active management Æ Construction - greater overall control of development process 8 Stapling Proposal Stapling Proposal FKP Business Platform Æ Stapled structure is optimal platform to deliver on key strategic objectives Æ Provides most efficient structure for property investment as a core business activity Æ Maximises value from FKP’s unique business model – Successful, high growth development business – Australia’s largest private retirement owner and operator – Stable revenue streams from FKP Property Trust, Retirement and Funds Management divisions – Integrated business model, with potential development of investment grade property for ownership / funds management – Strong direct property ownership, development and management skills 10 Key Benefits Key Benefits Overview Æ Stapled structure delivers significant benefits – Financial benefits – increased distributions – Stronger balance sheet, providing optimal platform for growth – Greater earnings diversification – Increased recurring earnings – Increased market capitalisation, free float & liquidity 12 Key Benefits Financial Benefits Earnings Per Security (cents) Æ Delivers 10% earnings growth for FY05 36 34 Æ Pro forma FY05 DPS yield of 9.3% 32 34.0 +10% 30 – Actual FY05 DPS yield of 8.6% 30.8 28 Æ Distribution strategy for stapled group FY04 FY05 – 100% of trust earnings to be distributed Distributions Per Security (cents) – Approx 75% of post tax company earnings to be distributed 30 20 26.9 10 24.8 15.0 +65% - Notes FY04 FY05 FY05 Pro 1. Based on FKP daily volume weighted average price on 23 August 2004 2. Pro forma DPS Assumes transaction implementation on 1 July 2004 Forma 13 Key Benefits Optimal Platform for Growth Gearing (Debt / Total Assets) Æ Increased balance sheet scale and flexibility 26% 22% – Total assets approaching $600m 18% 24% -12% – Conservative initial gearing provides for 21% future corporate growth 14% Pre 30 Jun 04 Pro Forma Æ Opportunity for cost of capital improvements over time Gearing (Debt / Total Equity) – Potential for reduced borrowing costs – Potential for equity re-rate 60% 40% 51% 20% 34% -33% -% Pre 30 Jun 04 Pro Forma 14 Key Benefits Enhanced Earnings Diversification FY05 Projected Earnings Composition Funds Construction Management 3% 0% Property Æ Property investment becomes a Residential Units 1 Investment 11% core activity for FKP 9% Commercial Development Æ Increased earnings 7% Retirement diversification 29% Æ Enhanced scale and national Land Subdivision presence 41% 5 Year Average Earnings Composition 2001 – 2005F Æ FKP remains committed to the Property 1 Investment growth of the Funds Residential Units 3% 15% Management division Construction 8% Æ Acquisition of value adding Retirement investment properties Commercial 26% Development 13% 1. Property investment earnings of 9% reflects partial year income from retail properties. On an annualised basis, property investment would comprise approximately 11% of FKP Property Group EBIT Land Subdivision 35% 15 Key Benefits Increased Recurring Earnings Æ Property investment income FY05 Projected Earnings - Recurring vs Non 1 increases earnings stability Recurring Æ Complements existing recurring earnings from Retirement and Funds Management divisions Recurring 1 29% Æ Recurring earnings increases from 18% in FY04 to 29% of forecast FY05 EBIT1 Non-Recurring +61% 71% Æ On target to reach goal of 50% recurring earnings by 2008 1. Recurring earnings includes earnings from property investment, funds management and retirement village management fees and rentals 16 Key Benefits Increased Market Capitalisation, Free Float & Liquidity Æ Total market capitalisation increases from $384m to $514m1 Market Capitalisation ($m)1 600 400 514 +34% 200 384 - Pre Post 1. Assumes no change in price of FKP Property Group securities 17 Key Benefits Peer Analysis FY05 DPS Yield Forecast FY04 – FY05 EPS Growth 12% 12% 10% 10% 8% 8% 6% 9.9% 9.4% 9.3% 8.8% 8.4% 6% 4% 7.7% 7.0% 10.4% 10.4% 4% 3.0% 2% 6.8% -% 2% 1.3% -% Z P L G -% A XG VPG M JF MGR SG (Post) FKP VPG SGP MGR JFG ALZ KP F (Post) Source: Bloomberg Consensus Forecasts, FKP Source: Bloomberg Consensus Forecasts, FKP Note: FKP FY05 DPS presented on Pro Forma basis Note: Multiplex not directly comparable given partly paid in FY04 FY05 EPS Yield Gearing (Net Debt / Total Assets) 12% 40% 10% 30% 8% 6% 11.7% 20% 10.9% 36% 34% 8.6% 29% 4% 8.3% 7.9% 7.4% 7.2% 10% 21% 21% 20% 18% 2% -% -% ) Z P Z ) P L G R L G A PG G A Post MGR V JF MXG SG M VPG JF Post SG MXG ( ( KP KP F F Source: Bloomberg Consensus Forecasts, FKP Source: Company Information, FKP Note: Multiplex gearing quoted on gross debt / total assets basis due to large working capital cash balances 18 FKP Property Group FKP Property Group Stapled Structure Æ FKP Property Trust currently a wholly owned trust of FKP Limited Æ Existing shares in FKP Limited to be FKP Property Group stapled to units in FKP Property Trust to form FKP Property Group stapled securities Æ Approximately $110m will be raised via an institutional placement underwritten FKP Limited FKP Property Trust by Macquarie Equity Capital Markets Æ Following the placement, FKP will also implement a security purchase plan (SPP) 20 FKP Property Group FKP Limited Æ Corporate offices located in Brisbane, Sydney and Melbourne Æ 28 retirement villages – 4,000 units under management, with 1,000 units to be developed Cairns Æ Over $210m in funds / assets under management1 Gladstone Sunshine Coast Æ 2,292 land lots across 6 estates (8-10 years Brisbane supply) Gold Coast Northern NSW Adelaide Æ 1,318 apartment units being / Sydney Melbourne to be developed FKP Offices Retirement Villages Land Æ $330m in commercial development projects Developments Hobart (estimated value on completion) Construction Projects 1. On completion of retail assets 21 FKP Property Group FKP Property Trust Æ Portfolio comprised of six assets, with a total value approximately $150m – Three office properties currently owned by FKP Property Trust – Three retail properties contracted to be acquired by September 2005 Æ Refer Appendix C for further detail on individual assets Net Lettable % Portfolio Assets Location Asset Type Valuation
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