16 November 2009
2
Annual General Meeting of
Centro Properties Limited
&
Meeting of Unit Holders in
Centro Property Trust
16 November 2009
3
Introduction
§
Paul Cooper Chairman
§
Anna Buduls Non-executive Director
§
Jim Hall Non-executive Director
§
Susan Oliver Non-executive Director
§
Robert Tsenin Non-executive Director
§
Rob Wylie Non-executive Director
§
Glenn Rufrano Centro CEO
§
Elizabeth Hourigan Senior Legal Counsel & Company Secretary
16 November 2009
4
The ASIC Actions
&
Class Actions
16 November 2009
5
2009 The Year in Review
§
Completion of the Debt Stabilisation Agreement in January
§
The regeneration of the Executive Committee
§
The renewal and separation of the Centro and CER Boards
16 November 2009
6
Financial Result
Income Statement for year ended ($m)
30 June 2009 30 June 2008 Change
Property Investment Income
295.7
377.4
-21.6%
Services Business Income
299.8
358.9
-16.5%
Overheads
(172.9)
(165.6)
-4.4%
EBIT
422.6
570.7 -25.9%
Interest expense
(199.0)
(295.6)
32.7%
Preference Units and OEI
5.6
(33.1) -116.9%
Underlying Profit*
Attributable to Ordinary Securityholders
229.2
242.0
-5.3%
Adjustments
Asset Revaluations
(2,531.5)
(1,194.8)
n/a
Impairments
-
(772.0)
n/a
Derivative MTM's
(236.2)
(517.3)
n/a
FX
(950.6)
336.1
n/a
Restructuring Costs & bank extension fees
(74.4)
(130.0)
n/a
Other Net AIFRS Adjustments
19.6
(19.2)
n/a
Net Profit/(Loss)
Attributable to Ordinary Securityholders
(3,544.0)
(2,055.2)
n/a
* Underlying profit has been determined in accordance with the AICD/Finsia principles for reporting underlying profit.
Income Statement
(based on ownership share)
16 November 2009
7
Progress in Meeting our Challenges
§
Reducing our debt levels and improving free cash flows
§
Simplification of the Group's structure & reduction of
interdependencies throughout the Group
§
Implementation of new governance structures & processes
16 November 2009
8
Major Accomplishments in FY09
§
Debt stabilisation agreement
§
Board regeneration & separation
§
Executive management renewal
§
Success planning
16 November 2009
9
The Future
§
Identification of an appropriate plan for our future
§
Return to value will take time
§
Strength, unity, singleness and purpose are key to return
for health
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