Investa Office Fund reported financial results for the 2015 financial year:
- Net profit was $179.2 million, down 2.4% from the previous year. Funds from operations increased 4.5% to $169.9 million.
- Property valuations increased $126 million over the year across 21 assets, driven by cap rate compression.
- The portfolio is now 100% invested in high-quality Australian office assets concentrated in Sydney and Melbourne following the sale of the fund's final offshore property.
- Active leasing completed over 55,000 square meters of space. The weighted average lease expiry is 5.2 years and occupancy remains high at 93%.
- Investa Office Fund reported a net profit of $179.2 million for FY2015, down 2.4% from the previous year. FFO increased 4.5% to $169.9 million and NTA per unit was up 8.1% to $3.62.
- The portfolio valuation increased by $126 million due to cap rate compression, especially for assets with long lease terms. Leasing activity was strong with over 55,000 sqm leased across 124 deals.
- Capital management metrics remained robust with gearing down to 28.8% and weighted average debt maturity of 5.2 years. The weighted average cost of debt was 4.0%.
This document provides an interim financial results summary for a company called GPE. The key points are:
- Portfolio valuation increased 8.9% and NAV per share increased 11.8% in the first six months of 2014.
- Strong development progress including completing two schemes with an average profit on cost of 55% and starting three new projects totaling 0.5 million square feet.
- £337 million was generated from sales, 10% above book value, while £20.6 million was spent on acquisitions adjoining existing holdings.
- A new £450 million revolving credit facility enhances the company's strong financial position with low average interest rates of 3.6% and pro
Ferrovial Investors Presentation Jan Sep 2015Ferrovial
Ferrovial reported strong results for the first 9 months of 2015, with revenues and EBITDA increasing by double digits. Toll road traffic grew across the portfolio, with new concessions awarded. Construction backlog remained high, with international projects performing well. Services backlog was close to an all-time high, although UK margins declined due to higher costs on one contract. Heathrow airport saw a record number of passengers and higher dividends. Overall, the company demonstrated profitable growth across its businesses.
Ferrovial reported strong performance across its business divisions in the first nine months of 2015. Revenues increased 12% and EBITDA grew 16%, helped by foreign exchange appreciation. Toll road traffic grew with the opening of new roads, and Heathrow airport saw a 2.3% increase in passengers. The services division saw a 13% revenue increase, with the construction division reporting 10% higher revenues on international growth. The company maintained a robust financial position with net cash of €1.2 billion excluding infrastructure projects.
Snam reported solid third quarter 2015 results, with revenues up 3.8% and adjusted net profit increasing 5.7% compared to the same period last year. Operating expenses rose due to higher regulated activities costs, but EBITDA was maintained at the prior year level. Cash flow from operations was strong, enabling continued investments while maintaining a stable net debt level. Overall the results demonstrated sound revenue growth and cash generation for Snam during the third quarter.
This document from First Quantum Minerals outlines actions taken to strengthen its financial position amid volatile market conditions, including reducing capital expenditures and workforce, issuing equity, renegotiating debt agreements, and implementing a copper hedge program. It provides an update on mining operations in Q1 2016, noting record copper production and lower costs. It also discusses ongoing development of the Cobre Panama project and an expected positive outlook from regulatory changes in Zambia.
Ferrovial Investors Presentation Jan Dec 2015Ferrovial
Ferrovial reported its 2015 results, with revenues increasing 10.2% to €9.7 billion and EBITDA rising 4.5% to €1.027 billion. Key highlights included strong operating growth across all business divisions, a record order backlog of €31.5 billion, and operating cash flow of €889 million. Ferrovial also increased shareholder remuneration by 4.4% while maintaining a solid financial position with €1.5 billion in net cash excluding infrastructure projects.
This document summarizes the financial results of a company for the 4th quarter and full year of 2009. It discusses the creation of a dividend policy, termination of transportation operations for Shell, and highlights of the financial results including an increase in revenue and EBITDA compared to the same period in 2008. The automotive sector performed well with increased transportation volume and average distance. Net income and cash levels increased while debt levels decreased from the prior year.
- Investa Office Fund reported a net profit of $179.2 million for FY2015, down 2.4% from the previous year. FFO increased 4.5% to $169.9 million and NTA per unit was up 8.1% to $3.62.
- The portfolio valuation increased by $126 million due to cap rate compression, especially for assets with long lease terms. Leasing activity was strong with over 55,000 sqm leased across 124 deals.
- Capital management metrics remained robust with gearing down to 28.8% and weighted average debt maturity of 5.2 years. The weighted average cost of debt was 4.0%.
This document provides an interim financial results summary for a company called GPE. The key points are:
- Portfolio valuation increased 8.9% and NAV per share increased 11.8% in the first six months of 2014.
- Strong development progress including completing two schemes with an average profit on cost of 55% and starting three new projects totaling 0.5 million square feet.
- £337 million was generated from sales, 10% above book value, while £20.6 million was spent on acquisitions adjoining existing holdings.
- A new £450 million revolving credit facility enhances the company's strong financial position with low average interest rates of 3.6% and pro
Ferrovial Investors Presentation Jan Sep 2015Ferrovial
Ferrovial reported strong results for the first 9 months of 2015, with revenues and EBITDA increasing by double digits. Toll road traffic grew across the portfolio, with new concessions awarded. Construction backlog remained high, with international projects performing well. Services backlog was close to an all-time high, although UK margins declined due to higher costs on one contract. Heathrow airport saw a record number of passengers and higher dividends. Overall, the company demonstrated profitable growth across its businesses.
Ferrovial reported strong performance across its business divisions in the first nine months of 2015. Revenues increased 12% and EBITDA grew 16%, helped by foreign exchange appreciation. Toll road traffic grew with the opening of new roads, and Heathrow airport saw a 2.3% increase in passengers. The services division saw a 13% revenue increase, with the construction division reporting 10% higher revenues on international growth. The company maintained a robust financial position with net cash of €1.2 billion excluding infrastructure projects.
Snam reported solid third quarter 2015 results, with revenues up 3.8% and adjusted net profit increasing 5.7% compared to the same period last year. Operating expenses rose due to higher regulated activities costs, but EBITDA was maintained at the prior year level. Cash flow from operations was strong, enabling continued investments while maintaining a stable net debt level. Overall the results demonstrated sound revenue growth and cash generation for Snam during the third quarter.
This document from First Quantum Minerals outlines actions taken to strengthen its financial position amid volatile market conditions, including reducing capital expenditures and workforce, issuing equity, renegotiating debt agreements, and implementing a copper hedge program. It provides an update on mining operations in Q1 2016, noting record copper production and lower costs. It also discusses ongoing development of the Cobre Panama project and an expected positive outlook from regulatory changes in Zambia.
Ferrovial Investors Presentation Jan Dec 2015Ferrovial
Ferrovial reported its 2015 results, with revenues increasing 10.2% to €9.7 billion and EBITDA rising 4.5% to €1.027 billion. Key highlights included strong operating growth across all business divisions, a record order backlog of €31.5 billion, and operating cash flow of €889 million. Ferrovial also increased shareholder remuneration by 4.4% while maintaining a solid financial position with €1.5 billion in net cash excluding infrastructure projects.
This document summarizes the financial results of a company for the 4th quarter and full year of 2009. It discusses the creation of a dividend policy, termination of transportation operations for Shell, and highlights of the financial results including an increase in revenue and EBITDA compared to the same period in 2008. The automotive sector performed well with increased transportation volume and average distance. Net income and cash levels increased while debt levels decreased from the prior year.
The company reported financial results for the first quarter of 2010. Net revenue increased 7.3% to R$247 million driven by growth in vehicle sales and logistics services. EBITDA grew 9.6% to R$38.1 million and the EBITDA margin increased slightly to 15.4%. The automotive logistics segment saw a 14.8% increase in net revenue and 15.8% growth in EBITDA. However, the integrated logistics segment experienced declines in net revenue and EBITDA of 20.2% and 12.7%, respectively. Overall, net income increased 19.7% to R$22.6 million.
Snam reported its 2013 full year results on February 28th, 2014. Key highlights included revenues of €3.529 billion, down 2.5% from 2012, and EBITDA of €2.803 billion, down 0.5% from the previous year. Net profit increased 17.7% to €917 million compared to 2012. Operationally, gas injected into Snam's network decreased 8.9% to 69 billion cubic meters for the year. Snam also paid a dividend of €0.25 per share for 2013 and continued investing in its gas infrastructure, spending over €1.29 billion on capital expenditures.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Direcional reported its 2Q14 earnings release and conference call. Key highlights included a 16% increase in launches and a 6% decrease in contracted net sales compared to 1H13. Inventory increased 5.4% over the previous quarter. Financial results showed a 10% increase in gross operating revenue and a 1% increase in net income compared to 1Q14. Cash flow generation was positive at R$91 million for 1H14 compared to negative R$37 million in 1H13. The presentation provided additional financial and operational metrics for the quarter and discussion of future opportunities.
- Tele2 reported robust financial results for the first quarter of 2009, with revenue increasing 6% to SEK 10.12 billion and EBITDA rising 34% to SEK 2.227 billion.
- Key drivers included strong growth in fixed broadband in the Netherlands and stable performance in the Baltic region. However, launch costs in Russia and higher marketing expenses weighed on mobile profits.
- The company proposed a total dividend of SEK 5 per share for 2009, consisting of an increased ordinary dividend of SEK 3.50 per share plus a special dividend of SEK 1.50 per share.
The 2nd quarter 2010 presentation summarizes Tegma Logistica's financial results and recent events. Net revenue increased 8.1% to R$286.9 million driven by higher vehicle sales and transportation volume. EBITDA grew 16.5% to R$47.2 million due to productivity gains. The integrated logistics segment saw a revenue decline but a 53.3% EBITDA increase to R$15.4 million from cost reductions. Tegma also received supplier awards and was nominated for investor relations awards.
- Ferrovial's toll roads, airports, construction and services businesses all saw increased revenues and traffic in 2015, supported by economic recovery and currency effects.
- Key assets like Heathrow airport and 407ETR toll road increased dividends. Ferrovial also executed a share buyback and scrip dividend program.
- The consolidated net debt decreased due to asset sales like the Chicago Skyway toll road. The order book remained high for construction and services.
Ferrovial reported strong performance across most business lines in 2015. Revenues increased 11% in Services, 9% in Construction, and 18.9% in Toll Roads, driven by traffic growth and new project contributions. The order book remained high at over €31.5 billion combined for Construction and Services. Dividends received from toll road and airport investments increased compared to 2014. The company continued its focus on shareholder returns through dividend payments and a share buyback program in 2015.
This document summarizes the annual results for 2015 of a real estate company. It includes:
- Strong financial results for the year with increases in property valuation, developments, rental values, and NAV per share.
- A large development pipeline that will significantly increase the company's rental income over coming years as projects complete.
- An outlook that emphasizes continued organic growth through development and a strong financial position to fund expansion.
This document provides a financial highlights briefing for the fiscal year 2015 results of a toll road company. Key points include:
- Revenue increased 9% to HK$2.208 billion while net profit attributable to shareholders rose 19% to HK$597 million.
- Toll road operations continued to be the primary business segment and driver of results, with revenue increasing 9% to HK$2.198 billion.
- Traffic volumes on the company's toll roads grew 2% overall in 2015 compared to 2014.
- The outlook for 2016 acknowledges challenges from slower economic growth in China but expects the toll road industry fundamentals to remain strong and for the company to remain profitable.
Snam reported solid results for the first quarter of 2014, with EBIT up 2.1% and net income increasing 20.7% over the same period in 2013. A memorandum of understanding was also signed with Fluxys to combine their international gas infrastructure assets in Europe. Regulated revenues were largely unchanged while controllable costs decreased, contributing to higher earnings.
The document provides an earnings release and conference call agenda for 1Q14 results of Direcional Engenharia S.A. It summarizes that the company had its best first quarter with record launched PSV of R$772 million and contracted PSV of R$882 million. Key financial highlights included a 2% increase in net revenue, cash flow generation of R$82 million compared to a cash burn in 1Q13, and net income of R$46 million with an 11.7% margin. The document also reviews operational KPIs such as inventory levels, deliveries, and sales over supply ratio, as well as the company's capital structure and breakdown of results to be recognized.
The document reports on Eurazeo's first half 2014 results. Key highlights include €580 million in investments, a 27% increase in NAV per share to €70.0, 4.7% growth in economic revenues to €2.523 billion, and a 21% increase in EBIT of fully consolidated companies to €220 million. Several portfolio companies experienced strong revenue and EBITDA growth in the first half of 2014.
Ferrovial reported its full year 2013 results, highlighting several key points:
1) Revenues increased 9% to €8.2 billion due to growth across business units. Operating cash flow reached a record €1 billion.
2) Toll road dividends totaled €461 million from infrastructure projects like 407 ETR. Airports contributed €219 million in dividends from Heathrow.
3) The services division achieved a record services backlog of €17.7 billion and continued international expansion. Construction maintained cash generation despite declining Spanish revenues.
4) Ferrovial strengthened its financial position with over €3.7 billion in available liquidity and a net cash position of €1.7
Presentación de Resultados Ferrovial 2011Ferrovial
Ferrovial reported its 2011 full year results. The document contained forward-looking statements that are based on estimates and assumptions, and are subject to risks and uncertainties. Analysts and investors are cautioned not to place undue reliance on forward-looking statements.
Ferrovial had a strong year of cash generation, debt reduction, and divestments. Key highlights included over €1.4 billion in cash flow excluding infrastructure projects, a net cash position of €907 million excluding projects, and value obtained from divestments exceeding market expectations. Business units reported revenue and EBITDA growth across most segments. Ferrovial is well positioned with a strong balance sheet and liquidity to invest in future growth opportunities
Eurazeo reported solid financial results for fiscal year 2014, with revenue growth of 7.1% at constant scope and a 49.8% increase in companies' contribution net of finance costs. Notable events included the successful IPO of Elis and continued transformations at companies like Europcar, Moncler, and Accor bearing further upside. Eurazeo also maintained a strong financial position and delivered steady returns to shareholders, while pursuing an active investment strategy including a capital increase for InVivo NSA to fuel international growth.
The document provides an overview of Equatorial Energia, a Brazilian electricity distribution and generation company. It discusses the company's distribution and generation segments, including its ownership of CEMAR and a majority stake in CELPA. Charts show key financial metrics like revenue, EBITDA, and investments for CEMAR and CELPA from 2004-2013. The document also reviews the turnaround efforts at CEMAR to reduce energy losses and improve operational and financial performance.
Tele2 reported robust fourth quarter and full-year 2008 results with revenue growth and improved profitability. Key highlights included strong growth in Russia and Croatia, stable performance in the Nordic region, and a focus on profitability in Western Europe. Tele2 is well positioned financially and operationally to deal with potential economic impacts in 2009, with contingency plans to preserve cash flow. The company proposed an increased dividend and secured a new credit facility, maintaining a strong liquidity profile.
This document outlines various freelance projects including using Salesforce CRM to follow up on fitness center leads, providing online chat support for the game Darkfall, managing auction items and bids on Tophatter, designing logos and graphics for a mango business and birthday party. The projects involve tasks like cold calling, customer support, auction management, game scripting, prototype design, and simple graphic design work.
The company reported financial results for the first quarter of 2010. Net revenue increased 7.3% to R$247 million driven by growth in vehicle sales and logistics services. EBITDA grew 9.6% to R$38.1 million and the EBITDA margin increased slightly to 15.4%. The automotive logistics segment saw a 14.8% increase in net revenue and 15.8% growth in EBITDA. However, the integrated logistics segment experienced declines in net revenue and EBITDA of 20.2% and 12.7%, respectively. Overall, net income increased 19.7% to R$22.6 million.
Snam reported its 2013 full year results on February 28th, 2014. Key highlights included revenues of €3.529 billion, down 2.5% from 2012, and EBITDA of €2.803 billion, down 0.5% from the previous year. Net profit increased 17.7% to €917 million compared to 2012. Operationally, gas injected into Snam's network decreased 8.9% to 69 billion cubic meters for the year. Snam also paid a dividend of €0.25 per share for 2013 and continued investing in its gas infrastructure, spending over €1.29 billion on capital expenditures.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Direcional reported its 2Q14 earnings release and conference call. Key highlights included a 16% increase in launches and a 6% decrease in contracted net sales compared to 1H13. Inventory increased 5.4% over the previous quarter. Financial results showed a 10% increase in gross operating revenue and a 1% increase in net income compared to 1Q14. Cash flow generation was positive at R$91 million for 1H14 compared to negative R$37 million in 1H13. The presentation provided additional financial and operational metrics for the quarter and discussion of future opportunities.
- Tele2 reported robust financial results for the first quarter of 2009, with revenue increasing 6% to SEK 10.12 billion and EBITDA rising 34% to SEK 2.227 billion.
- Key drivers included strong growth in fixed broadband in the Netherlands and stable performance in the Baltic region. However, launch costs in Russia and higher marketing expenses weighed on mobile profits.
- The company proposed a total dividend of SEK 5 per share for 2009, consisting of an increased ordinary dividend of SEK 3.50 per share plus a special dividend of SEK 1.50 per share.
The 2nd quarter 2010 presentation summarizes Tegma Logistica's financial results and recent events. Net revenue increased 8.1% to R$286.9 million driven by higher vehicle sales and transportation volume. EBITDA grew 16.5% to R$47.2 million due to productivity gains. The integrated logistics segment saw a revenue decline but a 53.3% EBITDA increase to R$15.4 million from cost reductions. Tegma also received supplier awards and was nominated for investor relations awards.
- Ferrovial's toll roads, airports, construction and services businesses all saw increased revenues and traffic in 2015, supported by economic recovery and currency effects.
- Key assets like Heathrow airport and 407ETR toll road increased dividends. Ferrovial also executed a share buyback and scrip dividend program.
- The consolidated net debt decreased due to asset sales like the Chicago Skyway toll road. The order book remained high for construction and services.
Ferrovial reported strong performance across most business lines in 2015. Revenues increased 11% in Services, 9% in Construction, and 18.9% in Toll Roads, driven by traffic growth and new project contributions. The order book remained high at over €31.5 billion combined for Construction and Services. Dividends received from toll road and airport investments increased compared to 2014. The company continued its focus on shareholder returns through dividend payments and a share buyback program in 2015.
This document summarizes the annual results for 2015 of a real estate company. It includes:
- Strong financial results for the year with increases in property valuation, developments, rental values, and NAV per share.
- A large development pipeline that will significantly increase the company's rental income over coming years as projects complete.
- An outlook that emphasizes continued organic growth through development and a strong financial position to fund expansion.
This document provides a financial highlights briefing for the fiscal year 2015 results of a toll road company. Key points include:
- Revenue increased 9% to HK$2.208 billion while net profit attributable to shareholders rose 19% to HK$597 million.
- Toll road operations continued to be the primary business segment and driver of results, with revenue increasing 9% to HK$2.198 billion.
- Traffic volumes on the company's toll roads grew 2% overall in 2015 compared to 2014.
- The outlook for 2016 acknowledges challenges from slower economic growth in China but expects the toll road industry fundamentals to remain strong and for the company to remain profitable.
Snam reported solid results for the first quarter of 2014, with EBIT up 2.1% and net income increasing 20.7% over the same period in 2013. A memorandum of understanding was also signed with Fluxys to combine their international gas infrastructure assets in Europe. Regulated revenues were largely unchanged while controllable costs decreased, contributing to higher earnings.
The document provides an earnings release and conference call agenda for 1Q14 results of Direcional Engenharia S.A. It summarizes that the company had its best first quarter with record launched PSV of R$772 million and contracted PSV of R$882 million. Key financial highlights included a 2% increase in net revenue, cash flow generation of R$82 million compared to a cash burn in 1Q13, and net income of R$46 million with an 11.7% margin. The document also reviews operational KPIs such as inventory levels, deliveries, and sales over supply ratio, as well as the company's capital structure and breakdown of results to be recognized.
The document reports on Eurazeo's first half 2014 results. Key highlights include €580 million in investments, a 27% increase in NAV per share to €70.0, 4.7% growth in economic revenues to €2.523 billion, and a 21% increase in EBIT of fully consolidated companies to €220 million. Several portfolio companies experienced strong revenue and EBITDA growth in the first half of 2014.
Ferrovial reported its full year 2013 results, highlighting several key points:
1) Revenues increased 9% to €8.2 billion due to growth across business units. Operating cash flow reached a record €1 billion.
2) Toll road dividends totaled €461 million from infrastructure projects like 407 ETR. Airports contributed €219 million in dividends from Heathrow.
3) The services division achieved a record services backlog of €17.7 billion and continued international expansion. Construction maintained cash generation despite declining Spanish revenues.
4) Ferrovial strengthened its financial position with over €3.7 billion in available liquidity and a net cash position of €1.7
Presentación de Resultados Ferrovial 2011Ferrovial
Ferrovial reported its 2011 full year results. The document contained forward-looking statements that are based on estimates and assumptions, and are subject to risks and uncertainties. Analysts and investors are cautioned not to place undue reliance on forward-looking statements.
Ferrovial had a strong year of cash generation, debt reduction, and divestments. Key highlights included over €1.4 billion in cash flow excluding infrastructure projects, a net cash position of €907 million excluding projects, and value obtained from divestments exceeding market expectations. Business units reported revenue and EBITDA growth across most segments. Ferrovial is well positioned with a strong balance sheet and liquidity to invest in future growth opportunities
Eurazeo reported solid financial results for fiscal year 2014, with revenue growth of 7.1% at constant scope and a 49.8% increase in companies' contribution net of finance costs. Notable events included the successful IPO of Elis and continued transformations at companies like Europcar, Moncler, and Accor bearing further upside. Eurazeo also maintained a strong financial position and delivered steady returns to shareholders, while pursuing an active investment strategy including a capital increase for InVivo NSA to fuel international growth.
The document provides an overview of Equatorial Energia, a Brazilian electricity distribution and generation company. It discusses the company's distribution and generation segments, including its ownership of CEMAR and a majority stake in CELPA. Charts show key financial metrics like revenue, EBITDA, and investments for CEMAR and CELPA from 2004-2013. The document also reviews the turnaround efforts at CEMAR to reduce energy losses and improve operational and financial performance.
Tele2 reported robust fourth quarter and full-year 2008 results with revenue growth and improved profitability. Key highlights included strong growth in Russia and Croatia, stable performance in the Nordic region, and a focus on profitability in Western Europe. Tele2 is well positioned financially and operationally to deal with potential economic impacts in 2009, with contingency plans to preserve cash flow. The company proposed an increased dividend and secured a new credit facility, maintaining a strong liquidity profile.
This document outlines various freelance projects including using Salesforce CRM to follow up on fitness center leads, providing online chat support for the game Darkfall, managing auction items and bids on Tophatter, designing logos and graphics for a mango business and birthday party. The projects involve tasks like cold calling, customer support, auction management, game scripting, prototype design, and simple graphic design work.
- Ordinary income decreased from 71.6 billion yen in the first half of fiscal year 2014 to a loss of 27.7 billion yen in the first half of fiscal year 2015 due to inventory valuation losses from falling crude oil prices.
- Excluding inventory valuation effects, ordinary income increased from 71.6 billion yen to 91 billion yen due to improved performance in petrochemicals and metals businesses, despite declines in oil and gas exploration and petroleum products.
- Revenue decreased 16% to 4,552.6 billion yen as crude oil prices and the yen's strength negatively impacted performance.
This document contains guided reading questions and excerpts from a story about a girl named Dottie who starts her own business selling muffins. She is inspired by seeing a magazine cover about a female CEO and learns from her sister Lola about how she runs a babysitting business. Dottie identifies a problem of people not eating healthy breakfasts and decides to bake muffins to sell at the train station in the mornings. With help from her mother and sister, Dottie sets up her muffin business and sells to her first customers at the train.
Revista de sistema de deteccion y alarmas ciGerinesTacoa
Este documento describe los sistemas de detección y alarma contra incendios, incluyendo los tipos de detectores, las instalaciones de control y extinción, y la importancia del mantenimiento. Explica que los sistemas de detección permiten una alerta temprana ante posibles incendios, mientras que las instalaciones de control y extinción se encargan de combatir el fuego. Además, enfatiza que es crucial realizar mantenimiento periódico por personal capacitado para garantizar el correcto funcionamiento de estas instalaciones.
La criptococosis es una infección causada por la levadura Cryptococcus que se encuentra comúnmente en el excremento de aves y vegetación en descomposición. Los síntomas pueden incluir problemas del sistema nervioso, ulceraciones de la piel, inflamación de los ganglios linfáticos, vómitos y diarrea. El diagnóstico implica tomar muestras de tejidos nasales u órganos afectados para identificar la presencia de Cryptococcus. El tratamiento usualmente involucra administrar medicamentos antifúngicos como ket
This document lists the members of a group as Phạm Hà Trang, Nguyễn Yến Trang, Nguyễn Thị Thu Uyên, and Nguyễn Thị Hải Yến. It also contains dates from 20/02/2016 and mentions a series called "The Heroic Experience" with various episode numbers.
Este documento presenta el cronograma de prácticas profesionales de instrumentación quirúrgica para estudiantes de tercer año de medicina durante la semana del 20 al 24 de abril. Los estudiantes están asignados a diferentes profesores y hospitales para adquirir experiencia en el uso de instrumentos quirúrgicos de 8 a 13 horas.
This lecture was presented at the 2016 Florida International University 13th Annual Leadership Summit. DiSC is a personality test that shows one which type of personality they lead with. Unlike usual personality tests about how you are as a person, DiSC teaches you more about your strengths and weaknesses as a leader. This presentation will show you how to apply your leadership roles to team situations.
This document describes how the μDAWN and UT-rEX detectors enable absolute molar mass determination from UHPLC, providing faster analysis times (under 5 minutes) compared to traditional HPLC (20 minutes). It also demonstrates how the μDAWN preserves peak resolution at UHPLC scales to detect low-level species not seen on standard HPLC. The μDAWN coupled with UT-rEX to UHPLC allows for absolute quantitation of molar mass, as well as additional analyses like polydispersity and protein conjugation.
Yuanta Financial Holdings is acquiring Ta Chong Bank in an all-stock deal valued at NT$56.5 billion. The acquisition will enhance Yuanta's return on equity by increasing scale and achieving cost synergies. Specifically, the combined company is expected to benefit from lower funding costs through increased deposits, reduced IT expenses by integrating infrastructure, and expanded regional operations throughout Asia. The acquisition is expected to close in October 2015 pending regulatory approval.
DEXUS Property Group presented at the 2015 ASX Investor Series. DEXUS owns and manages a $19.1 billion portfolio of office and industrial properties located in Sydney, Melbourne, Brisbane and Perth. It also has a significant third party funds management business that is set up for organic growth. DEXUS expects to deliver 5.5-6.0% distribution growth per security in FY2016 through flat income, trading profits of $60 million, and third party funds management fees.
Brookfield Infrastructure Partners L.P. is proposing to acquire Asciano Limited for approximately $6.6 billion. Under the terms of the proposed transaction, Asciano shareholders will receive $6.94 in cash and 0.0387 Brookfield Infrastructure partnership units valued at $2.21 per share for each Asciano share held. The implied offer price of $9.15 per share represents a premium of approximately 39% over Asciano's 30-day average share price prior to the initial announcement. The acquisition will create a world-class rail and port logistics platform and is expected to be accretive to Brookfield Infrastructure's funds from operations per unit. Brookfield Infrastructure will invest $2.8 billion for
This document provides an overview of Investa Office Fund's financial year 2016 results. Key highlights include:
- Net profit of $493.8 million, positively impacted by valuation uplifts. Funds from operations (FFO) increased 3.4% to 28.6 cpu and distributions per unit increased 1.8% to 19.6 cpu.
- Significant leasing achieved of 116,253 sqm including a post-balance date 63,400 sqm lease renewal with Telstra in Melbourne.
- Portfolio valuations increased $313 million (9%) driven by leasing, improving Sydney market conditions, and lower capitalization rates.
- Metrics such as gearing, debt maturity, and cost of
This document contains the agenda and presentation materials for a Grantham Property Equity meeting. The summary is:
1) Grantham Property Equity reported strong financial results for the year ending March 2014, with portfolio valuation up 18.7%, NAV per share up 27.6%, and EPRA profit before tax up 73.0%.
2) The company has significant development projects underway that are expected to generate over £60 million in additional annual rent once completed.
3) Grantham is in the execution phase of its strategy and is well positioned to generate organic growth through ongoing development and leasing activities, given positive market conditions in London commercial real estate.
Fletcher Building reported a 3% increase in revenue to $8.661 billion for the year ended June 2015. Operating earnings before significant items rose 5% to $653 million, while net earnings before significant items increased 10% to $399 million. The company saw strong growth in the New Zealand construction and housing markets, while the Australian business was impacted by declines in the resources sector. Key divisions such as Concrete and Cement in New Zealand performed well, while the Plastic Pipes business in Australia struggled with increased competition.
- Newmont Mining Corporation reported its Q3 2015 earnings results on October 29, 2015.
- In Q3 2015, gold production was up 16% compared to Q3 2014 at 1.34 million ounces. All-in sustaining costs were down 16% from Q3 2014 at $835 per ounce.
- For the full year 2015, Newmont lowered its AISC guidance by 4% and lowered capital expenditures guidance by 9% based on strong year-to-date performance.
WS Atkins plc reported financial results for the fiscal year ended March 31, 2015. Key highlights included organic revenue growth of 4.6%, underlying operating profit growth of 15.2%, and an improved operating margin of 7.6%. The company saw strong performance in the Middle East, Asia Pacific, and Energy sectors. The outlook for 2015/16 is for continued underlying growth and performance in line with expectations as the company focuses on its three pillar strategy of operational excellence, portfolio optimization, and sector/regional focus.
Capital Power April Investor PresentationCapital Power
Capital Power is an independent power producer with over 3,100 MW of generation capacity across Canada and the US. They have a well-positioned fleet mix including gas, wind and coal assets. Capital Power has a proven track record of operational excellence with high plant availability. They also have a strong financial position and investment grade credit ratings. Capital Power is well positioned to deliver consistent dividend growth going forward as they expand their contracted cash flows.
The document summarizes an investor conference held by an investment company to discuss their strategy of exploiting the real estate development cycle. It provides an overview of their approach to acquiring properties below replacement cost with development potential. It highlights their strong track record and discusses opportunities in the East End of Oxford Street area near upcoming Crossrail stations. The company has a large integrated development program underway that will capitalize on limited future supply in central London.
The document provides an overview and update of SEMAFO's operations and growth projects. Key points include:
- SEMAFO has a track record of success in operating gold mines in West Africa and is focused on disciplined growth.
- Production at the Mana Mine in Burkina Faso is expected to increase up to 11% in 2015 while lowering costs.
- High-grade resources have been defined at the Natougou and Nabanga deposits, which are being advanced through feasibility studies and exploration respectively.
- Regional exploration programs are ongoing to evaluate additional opportunities within SEMAFO's large land package.
A presentation delivered by Cabot Oil & Gas at the Scotia Howard Weil Energy Conference in New Orleans in March 2016. During the presentation we learn Cabot plans to complete 40 wells in the Marcellus in 2016 and grow production slightly--up to 7% in 2016 over 2015.
SEMAFO provides a summary of its operations and growth strategy in West Africa. It has a track record of success at its Mana mine in Burkina Faso, with production expected to increase up to 11% in 2015. It is conducting exploration drilling at Mana and regionally to identify new deposits near the mine. A feasibility study for the high-grade Natougou deposit is on track for completion in Q2 2016 and indicates the potential for resource growth. SEMAFO also discusses its portfolio of exploration properties in Burkina Faso and Côte d'Ivoire that provide opportunities for new discoveries.
The UK offshore wind market is estimated to be worth over £100 billion in the next 20 years. The GROW Offshore Wind program provides £20 million to stimulate the English offshore wind manufacturing supply chain. It offers matched grant funding up to £500,000 for capital projects and research and development. The funding can benefit existing companies or new entrants and is focused on small and medium-sized enterprises, with the goal of job creation and preservation. Applicants can register online to be matched with an advisor to discuss potential funding opportunities in the offshore wind industry.
Credit Suisse, 19th Annual Summit Energy Conference
February 13, 2014
Rob Saltiel
President and CEO
Atwood Oceanics, Inc.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
North american-energy-partners-investor-presentationCompany Spotlight
This document provides an overview of a company that operates in the mining and heavy construction industries. It summarizes the company's financial information and share listings. It then describes the company's initiatives to divest non-core assets and restructure debt, positioning it as a focused heavy construction and mining contractor. The company has significant operations in the oil sands region of Alberta, working with all major oil sands clients on a variety of projects.
Property Redevelopment Proposal (Final Yr Project)Mothusi Lekgowe
The document proposes redeveloping the Dolphin Square site in Weston Super Mare. It provides background on the town, describes the site and ownership structure. The proposal includes luxury and affordable housing, retail, parking, and leisure facilities. Financial analysis shows the redevelopment would have a profit of over 20% of net development value. Due to economic uncertainty, a phased or joint venture approach is recommended.
The document provides an overview of the 2014 results and quarterly performance for the UK Commercial Property Trust. Some key points from the summary:
- Capital gains moderated in Q4 2014 while rental growth improved. Income remains an important component of returns going forward.
- Rental growth forecasts are improving, especially for offices, in line with the economic recovery.
- The portfolio demonstrated strong performance over 1, 3, 5 years and since inception compared to benchmarks.
- The portfolio is diversified across sectors and regions with a focus on retail, offices and industrial properties in London and Southeast England.
Gary Goldberg, President and CEO of BAML Global Metals, Mining & Steel Conference in May 2015, discusses Newmont Mining Corporation's strategy and performance. The summary is:
1) Newmont aims to improve safety, deliver steady gold production at AISC below $1,000 per ounce, strengthen its portfolio through projects like Turf Vent Shaft and Merian, and create value for shareholders.
2) In Q1 2015, Newmont saw a 65% increase in adjusted EBITDA, a 243% increase in cash from continuing operations, and $396 million increase in free cash flow compared to Q1 2014.
3) Newmont will maintain steady gold production between 4.6-
Newmont provided a cautionary statement regarding forward-looking statements in its Q2 2015 earnings presentation. The statement outlined various assumptions that could cause actual results to differ from expectations, including assumptions about geotechnical and metallurgical conditions, permitting and development of operations, political and operational risks, exchange rates, commodity prices, and the accuracy of mineral reserve and resource estimates. The statement also noted risks including commodity price volatility, currency fluctuations, production cost variances, political and community relations issues, and changes to governmental regulations.
This document provides an agenda for a finance event in the South West of England in 2014. It includes background on grants from 8:30am to 9:35am, followed by a keynote speech. From 9:55am to 11:10am there will be a session on SME experience, rewards, debt and equity. The event then continues with sessions on becoming investment ready and business support, followed by a closing address and networking.
Severfield plc reported full year results to 31 March 2015 with an underlying profit before tax of £8.3 million, up from £4 million the previous year. The UK operating margin increased to 4.5% and cash performance improved. In India, the operating margin increased to 9% and losses were reduced to £0.2 million. The order book in the UK grew to £194 million while remaining consistent in India at £38 million. The company expects continued operational improvements and growth opportunities going forward.
This document provides financial highlights and key metrics for the company in 2015 compared to 2014. Some key points:
- Revenue increased 7.4% in 2015 to RM580.4 million despite a 10% decrease in USD terms due to currency fluctuations.
- Adjusted EBITDA decreased 5.7% in USD terms but grew 12.5% in RM terms to RM239.4 million.
- Contract sales grew 14.1% in RM terms to RM771.7 million despite a 4.4% decrease in USD terms.
- The largest business segments by contract sales were niches (36.2%) and burial plots (32.8%).
- TCL Communication reported financial results for Q1 2016 with total sales volume up 9% but revenue down 17% due to lower ASP. Net profit declined 95%.
- The company maintained a top 5 global handset brand ranking and top 8 smartphone brand ranking in 2015. Tablet sales volume continued to increase steadily.
- Revenue declined the most in Latin America (down 36%) due to currency risks, while Europe grew 7% by seizing share with mid-high end smartphones. The MEA region grew sales 38% from entry-level smartphones and tablets.
GJT Asset Sale and Special Distribution PresentationCrispin Francis
The Proposal involves the sale of Galileo Japan Trust's (GJT) Japanese property portfolio for ¥57.81 billion, representing a 2.2% premium to the independent valuation. If successful, it is estimated that Unitholders would receive Special Distributions of $2.652 per unit from the net sale proceeds. The sale is conditional on Unitholder approval and an IPO of a new J-REIT that will acquire 18 of the 19 properties. The remaining property is expected to be sold separately. The Proposal provides Unitholders an opportunity to realize a premium to the unit trading price and 2013 issue price, and allows for the orderly wind up of GJT.
UPL is proposing to merge with Advanta through a share swap arrangement. Key details include:
- The appointed date for the merger is April 1, 2015.
- UPL will issue new shares to Advanta shareholders at a 1:1 swap ratio for equity shares. Preference shares will also be issued to resident and non-resident shareholders.
- The merger requires various regulatory approvals and will provide benefits like increased geographical reach, improved access to customers, and opportunities for accelerated growth.
- Financial projections estimate annual cost savings of approximately $14 million through integration.
This document provides an interim financial results summary for FY2015 from New World China Land Limited. Key highlights include a 27% decrease in revenues and 62% decrease in core profit compared to the prior year interim period. Net gearing increased 7% to 43% while total equity grew 3%. Property sales decreased 32% in line with a 45% drop in project completions for the period. Contracted sales also declined year-over-year. The company has a land bank of 24.7 million square meters across 34 projects in development. New World China Land is a subsidiary of New World Development Company Limited, a leading property developer in Hong Kong.
TonenGeneral Sekiyu K.K. reported its financial results for the third quarter of 2015. Operating income increased by 17 billion yen compared to the same period last year, driven by improved margins in the oil segment. However, the company revised its full-year forecasts downward, with operating income expected to be 20 billion yen less than previously estimated, largely due to a projected increase in inventory losses. Net income for fiscal year 2015 is now forecasted to be 13 billion yen lower than the previous forecast.
REA Group is acquiring iProperty Group, which owns leading online property portals in Southeast Asia. iProperty shareholders will receive $4.00 cash per share or can elect to receive $1.20 cash and shares in a new holding company for iProperty. The acquisition will expand REA's presence in high-growth Southeast Asian markets like Malaysia, Hong Kong, Thailand, and Indonesia. REA expects the acquisition to drive long-term growth in key metrics and leverage iProperty's leadership positions, while remaining financially disciplined with a leverage ratio of 1.5x following the deal.
UXC Limited reported strong financial results for the 2015 full year. Key highlights included net profit after tax growth of 47% to $23.1 million, revenue growth of 7% to $686.4 million, and a record number of new contract wins totaling $100 million. The company strengthened its market leadership in new technologies and digital services, which now contribute 10% of revenue and are growing. With a strong backlog of work and new contracts, management expects further revenue and profit growth in fiscal year 2016.
MediaTek plans to acquire Richtek, a leading analog IC design company focused on power management solutions, through a tender offer to acquire 35-51% of Richtek's outstanding shares at NT$195 per share. The acquisition will strengthen MediaTek's power management IC capabilities, allow it to address a larger share of the PMIC market, and complement its platform business. The acquisition is expected to be immediately accretive to MediaTek's EPS. Upon completing the tender offer, MediaTek plans to acquire the remaining outstanding shares to obtain 100% ownership of Richtek. The transaction is subject to shareholder and regulatory approval.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
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How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
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Structural Design Process: Step-by-Step Guide for BuildingsChandresh Chudasama
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2. Highlights
> Net profit $179.2 million (down 2.4%)
> FFO 27.7 cpu (up 4.5%) and DPU 19.25 cpu (up 4.1%)
> NTA up 27 cents to $3.62 (up 8.1%)
> $126 million (4.1%) increase in valuations over 21 assets
> Leased ~55,000 sqm – another active period completing 124 deals
> Sold final offshore asset, Bastion Tower for €54.9 million – IOF’s $3.3 billion portfolio now 100%
Australian
> Divested 628 Bourke St at 14% premium; exchanged contracts to sell 383 La Trobe St at 31% premium
> Completed IOF’s newest asset - 567 Collins St – to be followed by the development of Barrack Place,
151 Clarence St in 2016
> Weighted average debt duration of 5.2 years
> Low weighted average cost of debt of 4.0%
> Maintained BBB+/stable credit rating
20/08/2015IOF Financial Year 2015 Results Presentation 2
Financial
Portfolio
Capital Management
Forpersonaluseonly
3. Financial Metrics Summary
30 June 2015 30 June 2014 Change %
Net profit (statutory) $179.2m $183.6m (2.4%)
Funds From Operations (FFO) $169.9m $162.6m 4.5%
FFO per unit 27.7c 26.5c 4.5%
Distributions per unit 19.25c 18.50c 4.1%
Net Tangible Assets (NTA) per unit $3.62 $3.35 8.1%
Gearing (look-through)1 28.8% 32.0% (3.2%)
1. Refer to Appendix 7 for calculation methodology
20/08/2015IOF Financial Year 2015 Results Presentation 3
> Net profit $179.2 million – down 2.4% after European foreign currency translation reserve was
transferred to the P & L, offset by positive investment property revaluations
> FFO increased 4.5% to $169.9 million
> As previously announced, the ATO is auditing the income tax returns for the Fund. Following the
Independent Review of the ATO’s positions, the remaining focus of the audit is deductions claimed for
foreign exchange losses
Forpersonaluseonly
7. Leasing demand for affordable space remains strong
> Leasing activity led by small tenants seeking
affordable space:
- ~55,000sqm of deals – with average take-up
of 445sqm at rents of ~$655psm
> Continued success in Sydney:
- FY14 acquisitions – Piccadilly and 6 O’Connell
Street – leasing well with 16,100sqm
completed
- North Sydney assets – 16,000sqm leased
> Fully leased in Melbourne:
- 567 Collins Street completed with 78% pre-
commitment – and effectively 100% including
income guarantee from Leightons
> 12,100sqm of leasing deals completed in
Brisbane
~80,000
~130,000
0
20
40
60
80
100
120
140
FY12 FY13 FY14 FY15
~55,000
~32,000
20/08/2015IOF Financial Year 2015 Results Presentation 7
000’s sqm
Leasing history
Forpersonaluseonly
8. Strong valuation growth
> Cap rate compression strongest for assets with long and secure income streams – expect this to
continue into FY16
> Revaluations over 21 assets (97% portfolio) in FY15 – posting a $126 million increase over prior book
values:
- 1H15 - $13 million (1%)
- 2H15 - $113 million (4%)
> Benefiting from high exposure to Sydney and Melbourne – now 78% of portfolio – increasing 10% on
average in 2H15
20/08/2015IOF Financial Year 2015 Results Presentation 8
30 June 2015 valuation highlights
Key Drivers
Cap rate
change
Valuation impact
800 Toorak Road Car park completion and start of new lease to Coles -50bps $13.5m (+13%)
111 Pacific Highway Reduced vacancy and cap rate compression -75bps $15.9m (+11%)
105 Miller Street October 2015 rent review and cap rate compression -50bps $19.5m (+10%)
16 Mort Street Cap rate compression -25bps $7.3m (+9%)
99 Walker Street Nearing supermarket completion, cap rate compression -50bps $13.7m (+8%)
567 Collins Street Building completion and cap rate compression -38bps $18.9m (+8%)
Forpersonaluseonly
9. Portfolio overview
> Net property income increased 8% to $186.9
million:
- Boosted by full period contributions from
Piccadilly and 6 O’Connell Street
> Like-for-like NPI fell 1.3% – as anticipated –
following higher FY15 vacancy in Brisbane
- Excluding 140 Creek Street, like for like NPI
was 1.6%
> Retention 62%:
- Increases to 79% excluding known departures
of ASIC and Suncorp at 66 St Georges Terrace
> Average incentive 21%:
- Excluding effective deals 26%
20/08/2015IOF Financial Year 2015 Results Presentation 9
Key Metrics 30 June 2015 30 June 2014
Net Property Income (NPI) $186.9m $173.1m
Like-for-like NPI change (1.3%) (0.4%)
Leased 55,185sqm 130,160sqm
Tenant retention (by income) 62% 68%
Occupancy (by income) 93% 93%
Weighted average lease expiry 5.2yrs 5.0yrs
Face rent growth 3.1% 4.1%
Average passing face rent $587psqm $557psqm
Number of investments 22 23
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10. Minimal near term lease expiries
> Investa leased 12,100sqm across IOF’s
Brisbane assets:
- Finalised leases over 6,100sqm at 239
George Street and 4,000sqm at 295
Ann Street
- Good interest in 140 Creek Street –
however lease-up is taking longer than
expected
> 66 St Georges Terrace undergoing
refurbishment – we have made
conservative lease-up assumptions
> Development of 151 Clarence Street
scheduled to start in March 2016:
- Will reduce FFO by $2.8m in FY16
- Interest to be capitalised at average
cost of debt on new development costs
> Occupancy 100% in Melbourne and 98%
in Sydney
20/08/2015IOF Financial Year 2015 Results Presentation 10
Major Lease Expiries
Property CBD Tenant Area (sqm) Expiry
Vacant
15 Adelaide St Brisbane 3,440 Vacant
295 Ann St Brisbane 4,258 Vacant
140 Creek St Brisbane 10,810 Vacant
66 St Georges Tce Perth 4,594 Vacant
FY16
151 Clarence St Sydney Westpac 7,483 Dec ’15
151 Clarence St Sydney Telstra 3,089 Feb ‘16
140 Creek St Brisbane DTMR / DPW 8,819 Jun ‘16
FY17
383 La Trobe St Melbourne AFP 9,679 Jun ‘17
FY18
6 O’Connell St Sydney Various 3,676
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11. Leasing success from acquisitions
> IOF’s $1.2 billion reinvestment program – funded
with offshore asset sales – was targeted at
assets and locations where Investa has
competitive advantage:
- Leased over 74,000sqm, largely ahead of
underwriting
> Subsequent value creation has been significant –
with $116 million created (over cost):
- Represents average 10% valuation uplift over
cost
- Value creation from leasing is offset by higher
amortisations through the P & L
> Leasing new acquisitions has resulted in IOF
carrying a higher level of amortisation moving
forward:
- ~80% of increase in FY16 amortisation is
coming from acquisitions
Percentage of asset leased since acquisition
Valuation movement over cost2
1. Excludes Leightons and Corrs Chambers Westgarth – leased prior to acquisition
2. Includes all costs – including stamp duty, capex, incentives, etc.
20/08/2015IOF Financial Year 2015 Results Presentation 11
55% 54% 52%
30% 30%
27%
0%
10%
20%
30%
40%
50%
60%
66 St
Georges
Tce
126 Phillip
St
99 Walker
St
Piccadilly 567 Collins
St
6 O'Connell
St
242
Exhibition
St
% of NLA
$39m
$33m
$20m
$14m
$12m
$5m
-$7m
27%
18%
11%
6% 6%
4%
-8%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
-10
-5
0
5
10
15
20
25
30
35
40
99 Walker
St
567 Collins
St
126 Phillip
St
242
Exhibition
Piccadilly 6
O'Connell
St
66 St
Georges
Tce
$m
1
Fully
leased
%
Forpersonaluseonly
12. Enhancing portfolio performance through innovation
> Tenants are seeking value beyond just the
quantum of rent – servicing their needs and
enhancing their tenancy experience
> We’ve extended amenity beyond the real
estate with Insite – Investa’s proprietary
tenant engagement platform:
- Offers range of value-add services from
dry cleaning to custom made suits
- Provides a medium to connect and
influence Investa’s tenants
The Hive @ 295 Ann St
Insite Tenant Portal - insite.investa.com.au
20/08/2015IOF Financial Year 2015 Results Presentation 12
> IOF to open its first business lounge - The Hive at 295 Ann
Street – exclusive to Investa tenants and partners
> Provides energising space for meetings, events, flex-space
and focus work
> Exploring innovative ways to reduce fit-out waste by
partnering with Haworth – global leaders in furniture design
> Unique offering and point of difference in Brisbane market –
generating increased interest in 140 Creek and 295 Ann St
Forpersonaluseonly
13. Optimising asset performance
> Investa’s commitment to environmental
performance supports long term value creation
and preservation:
- Widespread success since taking over
management in 2011
> Strong ratings across the portfolio with 4.4 Star
NABERS Energy and 3.7 Star NABERS Water
– highlights include:
- 99 Walker Street – 1.0 star improvement in
NABERS Energy and 3.0 star improvement
in NABERS Water rating since acquisition
- 133 Castlereagh Street – reported 18%
energy savings, underpinning 5 star
NABERS Energy rating
> Focus on procurement extracting further
savings – realising 7% reduction in electricity
costs
20/08/2015IOF Financial Year 2015 Results Presentation
Portfolio improvements since FY111
13
15%
reduction in
water
intensity
23%
reduction in
electricity
intensity
46%
reduction in
gas
intensity
25%
reduction in
emissions
intensity
1. Stated on a per square metre basis; preliminary data
Forpersonaluseonly
15. Recycling assets to optimise returns
> Reinvested $1.2 billion into high quality assets
over past four years to build a $3.3 billion
Australian only portfolio
> Sold $208 million of assets in FY15 – and
contracts exchanged to sell 383 La Trobe St for
$70.7 million1
> Prime grade assets provide a high quality and
stable backbone to support sustainable income
returns through the cycle
> B-grade assets provide IOF with greater
exposure to small and medium sized tenants:
- Diversification across asset classes
- Increases coverage to tenants that can grow
exponentially
- Reduces concentration to single tenant
expiries
- Caters to more cost-conscious occupiers
Active portfolio management
Portfolio diversified across asset grades
1. 383 La Trobe St to settle between July 2016 and January 2017
20/08/2015IOF Financial Year 2015 Results Presentation 15
14%
64%
22%
0%
25%
50%
75%
Premium A-Grade B-Grade
$390m
$315m
$450m
($520m)
($230m) ($208m)
-600
-400
-200
0
200
400
600
FY12 FY13 FY14 FY15
Acquisitions Disposals
Prime grade assets
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16. 567 Collins Street, Melbourne
> Completed construction and opened 567 Collins
Street in July 2015 – Melbourne’s largest premium
grade asset in 25 years:
- Acquired at 6.7% cap rate; 30 June 2015 cap
rate 5.875%
- $33m (18%) valuation increase over cost
> 78% of building leased at completion:
- 4 year rental guarantee from Leightons over
remaining vacancy
> Investa’s integrated development and asset
management teams underpinned alignment
between developer and long-term owner:
- Building quality and fabric exceeds typical
developer benchmarks
20/08/2015 16IOF Financial Year 2015 Results Presentation
Forpersonaluseonly
17. Development of 151 Clarence Street, Sydney - Barrack Place
> Building to be vacated February 2016 – with
demolition starting immediately:
- Stage 2 DA approved and detailed design
progressing as planned
- Forecasting ~7.5% yield on cost
> Outlook for Sydney leasing market is strong
and underpins our confidence in leasing
throughout the construction period:
- Will deliver flexible ~1,200sqm floorplates in
a highly desirable location
- Attractive rent proposition for new A grade
> Targeting 5.0 NABERS Energy and Green Star
Ratings
Project Timeline
April 2015 – Stage 2 Planning
Approval Granted
March 2016 Demolition
Mid 2016 Construction
Commenced
Late 2018
Completion
20/08/2015IOF Financial Year 2015 Results Presentation 17
Forpersonaluseonly
18. $900m
$1,300m
$1,870m
$200m $690m
$700m
$450m
$480m $460m
$70m $170m $160m
$40m $40m $90m
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY11 FY13 FY15
Disciplined approach to asset transactions
> Increased portfolio composition from 65% to 100% Australian
> Strategically increased weightings to Sydney and Melbourne by investing $1.1 billion across 6 high
quality assets
> Maintain a disciplined approach to acquisitions and divestments – with balance sheet flexibility for future
transactions where we see value
Australian geographic weighting1
1. Includes 567 Collins Street, Melbourne as at completion
20/08/2015IOF Financial Year 2015 Results Presentation 18
Canberra
Perth
Brisbane
Melbourne
Sydney
78%
$2,570m
74%
$1,990m66%
$1,100m
65%
18%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY11
US
Europe
Australia
FY11 portfolio composition
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20. Sydney in the midst of a demand upswing
Effective rental growth emerging
Sydney CBD vacancy1
1. Source: JLL Research (actual Q2 2015)
2. Source: Investa Research
Sydney CBD net supply and vacancy forecast2
000’s sqm
20/08/2015IOF Financial Year 2015 Results Presentation
> Take-up of A grade is strong:
- 145,000sqm of absorption over 12 months
- Premium has improved – but vacancy
remains high at 12% - and will deteriorate
with Barangaroo coming online in 2016
> Effective rental growth has emerged:
- Prime grade 2.4% - weighed down by
premium
- Secondary grade 9.8% - boosted by strong B
grade performance
> Withdrawals of ~330,000sqm still expected over
4 years – although they will be exceeded by
508,000sqm of largely premium supply
> 2.6% of stock to be withdrawn in FY18:
- Vacancy expected to be sub 6%
- Limited options for tenants at this time –
especially for rents <$1,000psm gross
2%
4%
6%
8%
10%
12%
14%
16%
Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15
20
Premium
A-Grade
B-Grade
0.0%
2.5%
5.0%
7.5%
10.0%
12.5%
-150
-100
-50
0
50
100
150
200
250
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Net Supply (LHS)
Vacancy Rate % (RHS)
Investa Vacancy Forecast
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21. Melbourne outlook upgraded
> Tenant demand exceeding our forecasts:
- Driven by smaller tenants (sub - 1,000sqm)
- Activity generated by a number of sectors
- Continuing trend of tenants moving from the
fringe/suburban markets
> Lower than expected net supply for the next
three years:
- Telstra will not proceed with the development
of a new 90,000sqm asset - 288 Exhibition St,
previously expected to be delivered in FY18
> We have upgraded our medium-term rental
growth due to the improved vacancy outlook
Melbourne CBD net absorption (12 months to Jun-15)1
Melbourne CBD net supply and vacancy forecast3
1. Source: JLL Research (actual Q2 2015)
2. Includes Victoria Police expansion, which could be classified as net intermarket
relocations
3. Investa Research supply and forecasts
Stronger demand and reduced supply pipeline
21
000’s sqm
20/08/2015IOF Financial Year 2015 Results Presentation
sqm
0%
2%
4%
6%
8%
10%
12%
0
50
100
150
200
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Actual Net Supply New Forecast Net Supply
Vacancy Rate % (RHS) Mar-15 Forecast Net Supply
Investa Forecast
20yr Ave.
Annual Net
Supply
-20,000 0 20,000 40,000 60,000
Finance and Insurance
Communication Services
Other Sectors
Transport and Storage
Electricity, Gas and Water Supply
Property and Business Services
Education
Net Intermarket Relocations
Government*
Minor Tenant Moves (<1,000sqm)
Melbourne CBD
absorbed 123,000sqm
of space during the year
2
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22. Brisbane demand conditions are gradually improving
Withdrawals are transpiring and CBD relocations emerging
1. Source: JLL Research (actual Q2 2015) and Investa Research (supply and forecasts)
Brisbane CBD 3 year net supply1
20/08/2015IOF Financial Year 2015 Results Presentation
> Supply largely offset by forecast withdrawals over 3
years – including ~60,000sqm for Queens Wharf
development (2.8% of stock):
- However high vacancy of 15% will continue to impact
sentiment
> Net absorption led by consolidation from the fringe and
sub - 1,000sqm tenants:
- CBD to fringe effective rent gap has fallen to
~$100psm – significantly down from ~$400psm at
peak
- Relocations into high quality CBD buildings from
private and public sector
> Education users expected to expand following fall in
AUD:
- Potential for further withdrawals of office stock for
student accommodation
22
000's sqm
137,000
56,00055,000 55,000
138,000 132,000
(131,000)
-150
-100
-50
0
50
100
150
200
3yr Supply
Under
Construction
Permanent
Withdrawals
3yr Net Supply 3yr Net Supply
by Grade
Premium A-Grade B-Grade
3yr
Absorption
(20yr ave.)
Compositionofnetsupply
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23. Perth market conditions reflect broader weakness in resources
> Occupied space by the business services sector
expanded from 2009 to 2012 – supporting the
mining and investment boom:
- All expansion space from this period has been
handed back – and makes up ~20% of total
vacancy
> Despite the tough outlook, white collar employment
is forecast to grow 9% in the next 5 years
> However vacancy will remain high throughout this
period as new supply – 11% of the market,
compounds elevated vacancy of 17%
Annual net absorption of business services tenants1
1. Source: JLL Research (Q2 2015)
2. Source: Department of Employment and Investa Research
23
Projected employment growth (%) - 5 yrs to Nov-192
20/08/2015
-20 -15 -10 -5 0 5 10 15 20
Mining
Construction
Retail Trade
Accommodation and Food Services
Transport, Postal and Warehousing
Information Media and Telecoms
Financial and Insurance Services
Business Services
Public Administration and Safety
Education and Training
Health Care and Social Assistance
Arts and Recreation Services
White-Collar
Employment
IOF Financial Year 2015 Results Presentation
Business services sector operating at 2009 levels
-30
-20
-10
0
10
20
30
FY09 FY10 FY11 FY12 FY13 FY14 FY15
Handing back over
55,000sqm - 3% of
total stock
000's sqm
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24. High levels of capital flows for real estate
> Total return expectations have reduced over the past 12 months – evident in IOF’s valuations1:
- Cap rates reduced 29bps to 7.0%
- Discount rates reduced 60bps to 8.3%
> Strong demand across the risk spectrum, with yield spreads between asset grades likely to tighten
> Future valuation implications from Investa Property Trust sale will become evident in the coming months
Sydney CBD yields and recent transactional activity2
1. Like for like portfolio – excludes 628 Bourke St and 567 Collins St, Melbourne
2. Source: JLL Research (Q2 2015), Knight Frank Valuations and Investa Research - Premium Assets include 126 Phillip St, 400 George St, 225 George St, Sydney and 120 Collins
St, Melbourne - analysed by Knight Frank Valuations
3. Source: JLL Research (Q2 2015), Knight Frank Valuations and Investa Research
Asset value re-rate continues
20/08/2015IOF Financial Year 2015 Results Presentation 24
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sydney CBD
Average Lower A and
B yield
Sydney CBD
Premium yield
Premium assets3
63bps
100bps
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26. Outlook underpinned by diversified portfolio and income profile
20/08/2015IOF Financial Year 2015 Results Presentation 26
Portfolio well positioned
> High levels of income security underpinning near
term earnings
> Upside potential from leasing vacancy -
particularly in Brisbane
> Seeking out opportunities to create value through
portfolio recycling
> Near-term Sydney supply will see vacancy increase to 9% - however this won’t inhibit rental growth
into 2017 – 2018; benign supply outlook and broader economic strength bodes well for Melbourne
> Sentiment in Brisbane and Perth challenged with near term supply; however affordability will
continue to drive decision making
> Continued evidence of cap rate compression and strong demand for quality assets
Market conditions
> Guidance of 28.1 cpu FFO (1.4% growth on FY15)
> Distribution of 19.6 cpu (70% of FFO)
- Continue to target 95 – 100% AFFO payout through the cycle
> Subject to prevailing market conditions
Outlook
7% 7%
5%
6%
0%
2%
4%
6%
8%
10%
12%
14%
Vacant FY16 FY17 FY18
Lease expiries (% total income)
3%
151 Clarence
St expiries
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27. Strategic review
> The IOF Independent Board Committee (IBC) has commenced a strategic review:
- All available options will be considered, including the ongoing management and ownership of IOF
> Morgan Stanley Sale Process has provided a catalyst for the strategic review:
- IOF no longer has a strategic opportunity to acquire 100% of Investa Office Management (IOM)
platform
> IBC will keep unitholders informed of any material developments as they occur
20/08/2015IOF Financial Year 2015 Results Presentation 27
Deborah Page Peter Dodd
Scott MacDonald
(alt Campbell
Hanan)
Peter Rowe
INVESTA LISTED FUNDS MANAGEMENT LIMITED (ILFML)
Jonathan
Callaghan
Independent Directors and IBC Members
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29. For any questions please contact us
Should you have any questions regarding the Fund,
please call Investor Relations on +61 300 130 231 or
email: investorrelations@investa.com.au
If you have any questions about your unitholding,
distribution statements or any change of details, please
call the unitholder information line on +61 300 851 394.
More information about the Fund can be accessed and
downloaded at investa.com.au/IOF
Investa Listed Funds Management Limited
Level 6, Deutsche Bank Place
126 Phillip Street
Sydney NSW 2000 Australia
Phone: +61 2 8226 9300 Fax: +61 2 9844 9300
ACN 149 175 655 AFSL 401414
Ming Long
IOF Fund Manager
Phone: +61 2 8226 9324
Mobile: 0400 686 090
Email: mlong@investa.com.au
Alex Abell
Assistant Fund Manager
Phone: +61 2 8226 9341
Mobile: 0466 775 112
Email: aabell@investa.com.au
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30. Appendices
1. Reconciliation of statutory profit to Property
Council FFO
2. Property Council FFO (look-through)
3. Property Council FFO waterfall
4. Balance sheet
5. Property Council FFO and AFFO
6. Debt facilities
7. Gearing (look-through)
8. Interest hedging and debt covenants
9. Portfolio snapshot
10. Portfolio overview
11. Portfolio book values
12. Book values by CBD
13. Portfolio NPI
14. Portfolio NPI cont’d
15. Tenant profile
16. Portfolio leasing metrics
17. Environmental portfolio statistics
18. Morgan Stanley’s intentions for Investa Office
Contents
20/08/2015IOF Financial Year 2015 Results Presentation 30
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31. Appendix 1
1. The Responsible Entity considers the non-AAS measure, Funds From Operations (FFO), an important indicator of underlying performance of IOF. To calculate FFO, net profit
attributable to unitholders is adjusted to exclude unrealised gains or losses, certain non-cash items such as the amortisation of tenant incentives, fair value gains or losses on
investments and other unrealised or one-off items. IOF’s FFO calculation is based on Property Council of Australia definition of FFO. Refer to the Annual Financial Report for the
complete definition.
Reconciliation of statutory profit to Property Council FFO
20/08/2015IOF Financial Year 2015 Results Presentation 31
Property Council FFO for the full year is calculated as follows:
30 June 2015
($m)
Cents
per unit
30 June 2014
($m)
Cents
per unit
Statutory profit attributable to unitholders 179.2 29.2 183.6 29.9
Adjusted for:
Net (gain)/loss on change in fair value in:
Investments (129.5) (21.1) (42.6) (6.9)
Derivatives (87.8) (14.3) 5.6 0.9
Net foreign exchange loss/(gain) 77.0 12.5 (13.1) (2.1)
Amortisation of incentives 26.4 4.3 22.0 3.6
Straight lining of lease revenue 1.4 0.2 3.2 0.5
Transfer of foreign currency translation reserve to profit or loss 104.7 17.1 - -
Other (primarily European exit costs, Euro derivative termination costs
and tax)
(1.5) (0.2) 3.9 0.6
Property Council FFO1 169.9 27.7 162.6 26.5
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32. Appendix 2
1. Local currency NPI reported. €1.5m as at 30 June 2015 and €7.6m as at 30 June 2014
Property Council FFO (look-through)
20/08/2015IOF Financial Year 2015 Results Presentation 32
30 June 2015 ($m) 30 June 2014 ($m)
Australia 186.9 173.1
Europe1 2.2 11.0
Segment result 189.1 184.1
Interest income 10.2 4.5
Finance costs (41.9) (34.8)
Responsible Entity's fees (11.1) (10.1)
Net foreign exchange gain 0.6 1.8
Foreign asset management fees (0.2) (0.4)
Other expenses (3.2) (3.0)
Current income tax expense - (1.5)
Operating earnings 143.5 140.6
Amortisation of tenant incentives 26.4 22.0
Property Council FFO 169.9 162.6
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33. Appendix 3
Property Council FFO waterfall
20/08/2015IOF Financial Year 2015 Results Presentation
26.5
2.2
(1.4)
0.9
0.7
(1.2)
27.7
20
22
24
26
28
30
30 June 2014 NPI - Australia NPI - Europe Interest Income Amortisation of
Tenant Incentives
Net Finance Costs 30 June 2015
Property Council FFO per unit (cents)
33
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34. Appendix 4
1. Current and non-current receivables. Non-current receivables primarily represent a loan advanced to 567 Collins Trust to fund the development
2. USPP translated at 30 June 2015 AUD/USD spot rate of 0.7680 (30 June 2014: 0.9420)
Balance sheet
30 June 2015 ($m) 30 June 2014 ($m)
Property investments 2,554.9 2,395.5
Equity accounted investments 543.7 476.4
Derivatives 86.6 6.5
Assets classified as held for sale - 171.4
Cash 3.6 12.3
Other1 132.4 80.4
Total assets 3,321.2 3,142.5
Borrowings2 997.2 944.2
Derivatives 11.6 19.2
Liabilities directly associated with assets classified as held for sale - 25.7
Distributions payable 59.6 56.8
Other 29.9 38.2
Total liabilities 1,098.3 1,084.1
Net assets 2,222.9 2,058.4
Units on issue (thousands) 614,047 614,047
NTA per unit (A$) 3.62 3.35
20/08/2015IOF Financial Year 2015 Results Presentation 34
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35. Appendix 5
1. Adjusted Funds From Operations (AFFO) is calculated by adjusting Property Council FFO for other non-cash and other items such as maintenance capex, incentives paid during the
period, and other one-off items
Property Council FFO and AFFO
20/08/2015IOF Financial Year 2015 Results Presentation 35
30 June 2015 ($m) 30 June 2014 ($m)
Property Council FFO 169.9 162.6
Less: maintenance capex and incentives incurred during the period (52.4) (33.5)
AFFO1 117.5 129.1
Property Council FFO per unit 27.7 26.5
AFFO per unit 19.1 21.0
Distributions per unit 19.25 18.50
Payout ratio (% of Property Council FFO) 70% 70%
Payout ratio (% of AFFO) 101% 88%
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36. Appendix 6
1. Facility limit and drawn amount based on the AUD leg of the cross currency swap used to hedge the USPP
Debt facilities
Facility Type Currency Facility Limits (A$m) Drawn (A$m) Undrawn (A$m) Maturity Date
Corporate Facility:
Bank Debt AUD 132.0 62.0 70.0 Jun-16
Bank Debt AUD 150.0 145.0 5.0 Aug-16
Bank Debt AUD 50.0 50.0 - Jun-18
Bank Debt AUD 66.0 55.0 11.0 Jul-18
Bank Debt AUD 84.0 84.0 - Aug-18
Bank Debt AUD 50.0 50.0 - Jun-19
Bank Debt AUD 50.0 - 50.0 Jul-19
Bank Debt AUD 66.0 7.0 59.0 Aug-19
Medium Term Note:
MTN AUD 125.0 125.0 - Nov-17
USPP1 USD 89.3 89.3 - Apr-25
USPP1 USD 128.9 128.9 - Aug-25
USPP1 USD 73.3 73.3 - Apr-27
USPP1 USD 66.4 66.4 - Apr-29
Total/Weighted average 1,130.9 935.9 195.0 5.2 years
20/08/2015IOF Financial Year 2015 Results Presentation 36
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37. Appendix 7
1. The methodology for the calculation of the gearing ratio has been amended during the period to reflect a look-through debt balance that includes the Group’s Australian dollar
exposure after hedging its USPPs. The impact on the 30 June 2014 ratio is that the gearing ratio has increased from 31.5%, to 32.0% under the new methodology
2. Includes $4.0m of unamortised borrowing costs
Gearing (look-through)1
30 June 2015 ($m)
Gearing – statutory 30.0%
Total assets (headline) 3,321.2
Less: equity accounted investments (242 Exhibition St, 126 Phillip St, 567 Collins St) (543.7)
Add: share of equity accounted investments (242 Exhibition St, 126 Phillip St, 567 Collins St) 658.6
Less: receivables and payables to equity accounted investments (567 Collins St) (114.2)
Less: foreign currency hedge asset balance (81.0)
Look-through assets 3,240.9
Total debt (headline) 997.2
Less: USPPs debt translated at prevailing spot foreign exchange rate (423.2)
Add: USPPs debt based on AUD leg of the cross currency swap used to hedge the USPPs 358.0
Look-through debt2 932.0
Look-through gearing 28.8%
20/08/2015IOF Financial Year 2015 Results Presentation 37
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38. Appendix 8
1. Represents the Group’s most onerous total liabilities to total asset covenant calculation
Interest hedging and debt covenants
Forecast hedge profile FY16 FY17 FY18 FY19 FY20
Weighted average interest rate derivatives
AUD interest rate derivatives (fixed) $367.3m $418.4m $216.0m - -
AUD fixed rate derivatives 3.4% 3.2% 3.0% - -
20/08/2015IOF Financial Year 2015 Results Presentation 38
Actual Covenant
Covenant Calculation
Total liability (look-through liabilities/look-through assets)1 33.1% 50.0%
Actual interest cover 4.4x 2.5x
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39. Appendix 9
1. Weighted for ownership
2. Includes 628 Bourke Street, Melbourne
Portfolio snapshot
Total Portfolio
30 June 2015
Total Portfolio
30 June 2014
Occupancy (by income) 93% 92%
Retention 62% 68%
Weighted average lease expiry (WALE) 5.2yrs 5.0yrs
Like-for-like NPI growth (local currency) (1.3%) (1.1%)
Over/(under) renting – face rents 4.2% (1.1%)
Portfolio NLA1 (sqm) 414,080 427,813
No. of property investments 22 242
Book value (A$m) 3,211.8 3,134.9
20/08/2015IOF Financial Year 2015 Results Presentation 39
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40. Melbourne1
Number of properties 4
Book Value $643.0m
% of IOF portfolio value 20.0%
Perth
Number of properties 2
Book Value $158.2m
% of IOF portfolio value 4.9%
Brisbane
Number of properties 5
Book Value $458.5m
% of IOF portfolio value 14.3%
Sydney/North Sydney
Number of properties 10
Book Value $1,867.1m
% of IOF portfolio
value
58.1%
Canberra
Number of properties 1
Book Value $85.0m
% of IOF portfolio value 2.7%
Appendix 10
Portfolio overview
20/08/2015IOF Financial Year 2015 Results Presentation 40
1. Includes 567 Collins Street, Melbourne carrying value of $213.1m as at 30 June 2015. The asset was independently valued at $269.5m on an as complete basis with practical
completion achieved on 7 July 2015.
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41. Appendix 11
1. Represents change in book value resulting from external valuations as at 30 June 2015
2. As at 30 June 2015 the property at 567 Collins Street, Melbourne was an investment property under construction with a book value of $213.1m. The asset was independently valued
at $269.5m on an as complete basis with practical completion achieved on 7 July 2015
3. Excludes 151 Clarence Street, Sydney
Portfolio book values
Property Location Book Value ($m) % Change in Book Value1 Cap Rate (%) Discount Rate (%)
126 Phillip Street (25%) NSW 198.7 5.75 7.75
347 Kent Street NSW 272.7 6.88 8.13
388 George Street (50%) NSW 209.9 7.00 8.25
Piccadilly Complex (50%) NSW 210.3 6.77 8.17
10-20 Bond Street (50%) NSW 192.8 6.50 8.13
151 Clarence Street NSW 84.7 n/a n/a
6 O'Connell Street NSW 147.0 7.9 6.88 7.88
105-151 Miller Street NSW 212.0 10.1 7.00 8.00
99 Walker Street NSW 183.0 8.1 6.75 8.25
111 Pacific Highway NSW 156.0 11.3 7.25 8.50
567 Collins Street (50%)2 VIC 213.1 7.3 5.88 7.75
242 Exhibition Street (50%) VIC 245.1 6.50 8.00
383 La Trobe Street VIC 69.7 29.4 7.50 8.50
800 Toorak Road (50%) VIC 115.1 13.3 6.75 8.25
140 Creek Street QLD 167.8 8.00 9.00
295 Ann Street QLD 102.2 8.00 8.75
232 Adelaide Street QLD 16.9 8.25 9.00
239 George Street QLD 120.6 8.25 9.00
15 Adelaide Street QLD 51.0 0.6 8.75 9.25
66 St Georges Terrace WA 83.2 8.00 9.25
836 Wellington Street WA 75.0 (3.2) 7.75 8.00
16-18 Mort Street ACT 85.0 9.5 6.75 8.50
Total 3,211.8 6.933 8.253
20/08/2015IOF Financial Year 2015 Results Presentation 41
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42. Book Value ($m)
Book Value
($/sqm)1
Average Passing Face
Rent ($/sqm)1
Weighted Average
Lease Expiry (yrs)
Weighted Average
Cap Rate (%)2
Sydney 1,316.1 11,178 743.3 3.8 6.21
North Sydney 551.0 8,486 504.0 5.9 6.99
Melbourne 643.0 7,689 431.2 8.2 6.40
Brisbane 458.5 5,178 624.8 4.3 8.16
Perth 158.2 6,732 573.7 3.7 7.88
Canberra 85.0 6,005 496.3 10.6 6.75
Total/Average 3,211.8 7,892 586.9 5.2 6.93
Appendix 12
1. Weighted by IOF’s share of NLA
2. Excludes 151 Clarence Street, Sydney
Book values by CBD
20/08/2015IOF Financial Year 2015 Results Presentation 42
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43. Appendix 13
1. Percentage change calculated excluding impact of rounding in NPI ($) columns
Portfolio NPI
30 June 2015 30 June 2014 Movement
Property State NPI (A$m) NPI (A$m) (A$m) (%)1 Comments
126 Phillip St (25%) NSW 10.4 10.6 (0.2) (3.2%)
10-20 Bond St (50%) NSW 9.4 8.8 0.6 7.5% Fixed reviews
388 George St (50%) NSW 14.4 13.6 0.8 5.5%
347 Kent St NSW 23.5 22.6 0.9 3.8%
151 Clarence St NSW 5.8 5.1 0.7 14.2% Lease up and short term lease extensions
105-151 Miller St NSW 11.2 10.9 0.3 2.1%
111 Pacific Hwy NSW 8.4 8.5 (0.1) (1.7%)
242 Exhibition St (50%) VIC 16.9 16.4 0.5 3.0%
383 La Trobe St VIC 4.6 4.6 - 0.4%
800 Toorak Rd (50%) VIC 6.3 5.7 0.6 12.3% Increase from inclusion of completed car park
239 George St QLD 9.6 9.4 0.2 2.4%
15 Adelaide St QLD 2.5 3.5 (1.0) (29.2%) Lower occupancy
140 Creek St QLD 6.7 10.9 (4.2) (38.2%) Lower occupancy
232 Adelaide St QLD 1.3 1.2 0.1 7.8%
295 Ann St QLD 5.7 6.8 (1.1) (15.8%) Lower occupancy
66 St Georges Tce WA 7.1 7.3 (0.2) (2.4%)
836 Wellington St WA 6.2 6.0 0.2 2.9%
Like-for-like AU 150.0 151.9 (1.9) (1.3%)
20/08/2015IOF Financial Year 2015 Results Presentation 43
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44. Appendix 14
1. Based on constant foreign exchange rates of EUR: 0.6818
Portfolio NPI (cont’d)
20/08/2015IOF Financial Year 2015 Results Presentation 44
Rest of IOF Portfolio 30 June 2015 30 June 2014 Movement
Property State Currency NPI ($m) NPI ($m) (A$m) (%)1
16-18 Mort St ACT AUD 3.9 2.4 1.5 84.2%
6 O’Connell St NSW AUD 9.0 0.2 8.8 4,538.1%
Piccadilly Complex (50%) NSW AUD 12.5 3.2 9.3 290.6%
99 Walker St NSW AUD 9.0 9.2 (0.2) (2.2%)
628 Bourke St VIC AUD 2.5 6.2 (3.7) (59.1%)
Bastion Tower (50%) Europe EUR 1.5 1.1 0.4 37.4%
Dutch Office Investment (14.2%) Europe EUR - 5.3 (5.3) (100.0%)
Total IOF Portfolio (AUD)1 189.1 182.5
151 Clarence Street
Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18
Forecast timing of payments $12m $17m $30m $31m $21m $10m
Acquired
Sold
Under
Refurbishment
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45. Appendix 15
0% 5% 10% 15% 20% 25%
No
Rating
BBB-
BBB
BBB+
A-
A
A+
AA-
AA
AA+
AAA
IOF Credit Ratings of Top 20 Tenants
0% 5% 10% 15% 20%
AICD
City Beach
Subsea 7
Manpower Services
Corrs Chambers Westgarth
Deutsche Australia
Westpac
Allens Arthur Robinson
Transfield Services
Leightons
GE Capital Finance
Stockland
Secure Parking
Jemena
Coles
NAB
IAG
Telstra
ANZ
Federal / State Government
Top 20 Tenants
Tenant profile
20/08/2015IOF Financial Year 2015 Results Presentation 45
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47. Appendix 17
> Recognition:
- Global A-List CDP Climate Performance Leadership Index 2014 - one of only 5 Australian ASX
companies
- Top quartile of sustainable funds globally and a GRESB GreenStar 2014
- Certificate of Distinction for the Sasakawa Award from the UN Office for Disaster Risk Reduction
(UNISDR) for Investa and partners for government advocacy, through the Australian Business
Roundtable for Disaster Resilience and Safe Communities
1. Stated on a per square metre basis; preliminary data
Environmental portfolio statistics
20/08/2015IOF Financial Year 2015 Results Presentation 47
FY15 FY14 Change
Electricity Consumption intensity (kWh/sqm/yr)1 80 84 (5%)
Gas Consumption intensity (MJ/sqm/yr)1 72 77 (6%)
CO2 Emissions (kg.CO2/sqm/yr)1 74 78 (5%)
Water Consumption intensity (L/sqm/yr)1 714 692 3%
NABERS Energy Weighted Portfolio Rating (stars) 4.4 4.2 0.2
NABERS Water Weighted Portfolio Rating (stars) 3.7 3.7 -
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48. Appendix 18
1. As at 30 June 2015
Morgan Stanley’s intentions for Investa Office
> Investa Office is ultimately owned by funds controlled by Morgan Stanley Real Estate Investing (Morgan
Stanley)
> In February 2015 Morgan Stanley commenced a process to realise their holding of Investa Office:
- Sale of nine Investa Property Trust (IPT) assets to China Investment Corporation (CIC) was
announced in July 2015
- Mirvac Group granted a period of exclusivity in relation to the IOM platform in August 2015
> Morgan Stanley have confirmed they will not consider a bid for IOM from IOF
- IOF retains certain rights in relation to IOM (under the Implementation Deed)
- It is understood Morgan Stanley intend to transact on IOM in a manner not to trigger IOF’s pre-emptive
rights
20/08/2015IOF Financial Year 2015 Results Presentation 48
IOF
AUM: A$3.3bn
22 assets
ICPF
AUM: A$3.0bn
13 assets
INVESTA OFFICE MANAGEMENT PLATFORM
$9bn1
Private Mandate
AUM: A$0.5bn
3 assets
IPT
AUM: A$2.3bn
11 assets
MORGAN STANLEY REAL ESTATE INVESTING
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49. Disclaimer
This presentation was prepared by Investa Listed Funds Management Limited (ACN 149 175 655 and AFSL 401414) on behalf of the Investa Office
Fund, which comprises the Prime Credit Property Trust (ARSN 089 849 196) and the Armstrong Jones Office Fund (ARSN 090 242 229). Information
contained in this presentation is current as at 20 August 2015 unless otherwise stated.
This presentation is provided for general information purposes only and has been prepared without taking account of any particular readers financial
situation, objectives or needs. Nothing contained in this presentation constitutes investment, legal, tax or other advice. Accordingly, readers should
conduct their own due diligence in relation to any information contained in this presentation and, before acting on any information in this presentation,
consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed
professional adviser before making any investment decision. This presentation does not constitute an offer, invitation, solicitation or recommendation
with respect to the subscription for, purchase or sale of any security, nor does it form the basis of any contract or commitment.
Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information,
opinions and conclusions, or as to the reasonableness of any assumption, contained in this presentation. This presentation may include forward-
looking statements, which are not guarantees or predictions of future performance. Any forward-looking statements contained in this presentation
involve known and unknown risks and uncertainties which may cause actual results to differ from those contained in this presentation. By reading this
presentation and to the extent permitted by law, the reader releases Investa Property Group and its affiliates, and any of their respective directors,
officers, employees, representatives or advisers from any liability (including, without limitation, in respect of direct, indirect or consequential loss or
damage arising by negligence) arising in relation to any reader relying on anything contained in or omitted from this presentation.
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