CITIPOWER - KangaNews · 2013-11-22 · Group, which includes nine listed companies with a combined...

2 8 | A u s t r A l A s i A n C o r p o r A t e Y e A r b o o k : b r o u g h t t o Y o u b Y W e s t p a c I n s t I t u t I o n a l B a n k A n d k A n g A n e w s n o v e m b e r 2 0 1 3

ISSUERprofiles

CITIPOWER

About CitiPower

C itiPower is an electricity distributor. Together with Powercor Australia (Powercor) (see p68) it owns and manages the poles and wires that deliver electricity to more than a million homes and businesses in Melbourne’s CBD, its suburbs and across central and

western Victoria. CitiPower supplies electricity to approximately 318,000

distribution customers in Melbourne’s CBD and inner suburbs. The company’s primary role is the management of its ‘poles and wires’ network, and CitiPower proudly operates among the most reliable urban and rural electricity networks in Australia.

The prices, or network tariffs, that electricity retailers pay CitiPower to deliver electricity are regulated by the Australian Energy Regulator (AER). The AER also sets standards for CitiPower’s network performance and service.

CitiPower and Powercor’s business operations are managed through a joint management structure, with the senior management team comprising general managers from each of nine internal business units, led by the chief executive officer.

OwnershipCitiPower’s and Powercor’s electricity distribution networks are managed through a single corporate structure, Victoria Power Networks, which also includes two non-regulated businesses – CHED Services and Powercor Network Services.

Cheung Kong Infrastructure (CKI) and Power Assets Holdings Ltd (PAHL) together own 51% of CitiPower and Powercor. CKI and PAHL are members of the Cheung Kong Group, which includes nine listed companies with a combined market capitalisation of HK$945 billion as at July 31 2013. CKI and PAHL are listed on the Hong Kong Stock Exchange and are also majority owners of South Australian electricity distributor, SA Powercor Networks.

The remaining 49% of CitiPower and Powercor – as well as SA Powercor Networks – is owned by Spark Infrastructure, a

for further information please contact:

James Lowe, Manager, Treasury+61 3 9683 [email protected]

specialist infrastructure group listed on the Australian Securities Exchange as SKI. Its objective is to invest in regulated utility infrastructure in Australia and overseas, including electricity and gas distribution and transmission, and regulated water and sewerage assets.

Liquidity positionAs at June 30 2013 CitiPower had a strong liquidity position with A$378,000 of cash on hand and A$110 million in undrawn committed facilities, supported by its solid A- credit rating from Standard & Poor’s.

Debt fundingAs at June 30 2013 CitiPower had total unsecured borrowings of just over A$1.3 billion. The majority of this debt was sourced from capital markets issuance. CitiPower’s next capital market maturity falls in 2017. •

KEY CREDIT METRICSCREDIT RATING A- (S&P)

KEY DATAFINANCIAL YEAR END 31 DEC

BLOOMBERG TICKER CKEZHK

ASX CODE NOT LISTED

KEY FINANCIALS FY12 FY11 FY10

REVENUES (A$M) 398.0 394.0 398.0

EBITDA (A$M) 198.6 229.0 237.0

NET PROFIT AFTER TAX (A$M) 58.5 66.4 77.1

DEBT/EBITDA (X) (SENIOR) 6.40 5.01 4.44

NET DEBT/NET DEBT + EQUITY (%) 51.68 49.66 47.03

OUTSTANDING BONDS*

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON (% OR BPs)

AUD (DOMESTIC)

Feb 07 575 Jul 17 FRN ND

Sep 12 25 Aug 21 Fixed ND

USD (USPP)

Sep 12 72 Aug 19 Fixed 2.52%

Sep 12 103 Aug 21 Fixed 2.89%

* As at August 2013.

2 9

COCa-COla amaTIl

About Coca-Cola Amatil

C oca-Cola Amatil (CCA) is one of the largest bottlers of non-alcoholic ready-to-drink beverages in the Asia Pacific region and a top-five global Coca-Cola bottler. It has almost 15,000 employees with access to more than 270 million consumers with over 700,000 active

customers. CCA has operations in Australia, New Zealand, Fiji, Indonesia, Papua New Guinea and Samoa.

OwnershipCCA has been listed on the Australian Securities Exchange since January 1970. CCA is a top 30 ASX listed company. The Coca-Cola Company has a 29% shareholding. Liquidity positionAs at June 30 2013 CCA had available liquidity of A$1.2 billion, comprising cash at bank and on deposit. The high levels of cash on deposit is largely due to prefunding of debt maturities with related funds earning interest income in excess of the related borrowing costs.

Debt fundingCCA had outstanding gross drawn debt of A$3.1 billion and A$1.9 billion of net debt as at June 30 2013. It has established a diversified debt portfolio through the establishment of domestic AMTN, NZMTN and EMTN programmes, as well as having issued notes in the 144A and USPP markets.

CCA has a policy of maintaining its weighted average debt maturity profile of 3-5 years – 4.1 years as at June 30 2013 – and having cash or undrawn bank facilities to cover debt maturing within the next 12 months. All debt facilities are unsecured and operate under a negative pledge and cross default. CCA will continue to focus on opportunities for executing long-term capital market issuance denominated in AUD in FY14. •


Keith AllanTreasurer [email protected]

KEY CREDIT METRICSCREDIT RATING A/A3 (S&P/Moody’s)

BOND PROTECTION Contains no financial covenants

WEIGHTED AVERAGE DEBT MATURITY 4.1 years (as at June 30 2013)


BLOOMBERG TICKER CCL AU

ASX CODE CCL

KEY FINANCIALS HY13 FY12 HY12 FY11

MARKET CAPITALISATION (A$M) 9,682 10,205 10,141 8,705

TRADING REVENUES (A$M) 2,323.6 5,097.4 2,407.6 4,801.2

EBIT (A$M) 373.9 895.5 401.7 868.9

NET PROFIT AFTER TAX (A$M) 215.9 459.9 246.2 591.8

EBIT INTEREST COVER (X) 6.1 8.0 7.2 6.8

SHARE PRICE (FY OR HY END) (A$M) 12.68 13.39 13.32 11.46

OUTSTANDING BONDSISSUE DATE VOLUME (M) MATURITY FORMAT

AUD (DOMESTIC)

Nov 12 150 Nov 19 Fixed

NZD (DOMESTIC)

Aug 11 50 Aug 18 FRN

AUD (USPP)

Jul 05 32 Jan 15 FRN

Jul 05 200 Jul 15 FRN

Jun 06 158 Jun 16 FRN

Jul 05 32 Jul 17 FRN

Jun 06 72 Jun 18 FRN

Jul 05 26 Jan 19 FRN

USD (USPP)

Mar 04 175 Mar 16 Fixed

Apr 04 100 Apr 16 Fixed

Sep 11 50 Sep 23

USD (144A)

Nov 09 400 Nov 14 Fixed

AUD (EMTN)

Feb 11 250 May 14 Fixed

Feb 12 250 Feb 17 Fixed

Feb 13 100 Feb 18 Fixed

Sep 12 200 Sep 18 Fixed

Jun 13 125 Jun 20 Fixed

Jul 11 45 Jul 21 Fixed

Sep 11 30 Sep 21 Fixed

Jul 12 30 Jul 22 Fixed

jPY (EMTN)

Aug 06 3,000 Aug 21 Fixed

Jun 06 10,000 Jun 36 Fixed

DEBT MATURITY PROFILE

USPPEMTN USD (144A)

NZD(domestic)

AUD(domestic)

Bankdebt

vO

LU

mE

(A

$m

)

800

700

600

500

400

300

200

100

0FY13 FY14 FY15 FY16 FY17 FY18 FY19

sourCe: CoCA-ColA AmAtil June 30 2013

FY20 FY21 FY22 FY23+

250

445

205 525

250

32

300

72

11

125113

118

5130

222

8742

Sally LoaneDirector of Media & Public [email protected]


ISSUERprofiles

COmmOnWEalTh PROPERTy OffICE fund

About Commonwealth Property Office Fund

C ommonwealth Property Office Fund is an office sector-specific A-REIT, with a mandate to invest in prime-quality office buildings located in CBDs and major suburban markets in Australia. At June 30 2013 the fund’s property portfolio comprised 25 office

properties located across Australia – 19 of which are located in the major office markets in Sydney and Melbourne – and total gross assets of A$3.8 billion.

OwnershipCommonwealth Property Office Fund was listed on the Australian Securities Exchange in April 1999 under the code CPA. It is managed by Colonial First State Property Limited.

Liquidity positionThe fund actively manages its interest-rate exposure, with a hedging policy targeting 65-85% of interest-bearing debt to be hedged for the first year. Effective from July 1 2012, Commonwealth Property Office Fund will distribute 70-80% of funds from operations or the fund’s taxable income – whichever is the greater – for any financial period. The balance will be used to fund building maintenance capital expenditure, fit-out and cash incentives and leasing commissions.

Debt fundingCommonwealth Property Office Fund had undrawn debt facilities of A$345 million at June 30 2013. The fund’s debt consists of an unsecured A$1 billion MTN/CP programme, A$200 million of convertible notes, three USPPs totalling US$200 million, and A$500 million in committed bank facilities.

The fund is in regular contact with its lenders to appraise funding options. Financial covenants for all debt facilities include a loan-to-value ratio (LVR) of less than 45% and a minimum interest cover ratio of 2 times. At June 30 2013 the LVR was 28.6% and the interest coverage was 4.4 times. USPP debtholders are protected from a change of control, while the MTN holders are not. MTN holders benefit from a cross-default clause. •


Kah Wong, Executive Manager Capital Strategy & Risk Management+61 2 9303 [email protected]

Angela Wong, Treasury Adviser Capital Strategy & Risk Management+61 2 9118 [email protected]/cpa

KEY CREDIT METRICSCREDIT RATING A-/A3 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT Y (financial indebtedness/TTA<45%)

LEVERAGE RATIO N

INTEREST COVER RATIO Y (min 2x)

CHANGE OF CONTROL N

COUPON STEP-UP N

TARGET GEARING 25-35%


WEIGHTED AVERAGE MATURITY OF FIXED/HEDGED DEBT 4.0 years (as at June 30 2013)

WEIGHTED AVERAGE COST OF DEBT 5.1% (as at June 30 2013)

KEY DATAFINANCIAL YEAR END 30 JUN

BLOOMBERG TICKER CPAAU

ASX CODE CPA

KEY FINANCIALS FY13 FY12

MARKET CAPITALISATION (A$M) 2581.7 2,382.2

FUNDS FROM OPERATIONS (A$M) 207.0 200.8

DEBT/TOTAL ASSETS (%) 25.2 24.0

SHARE PRICE (FY END) (A$) 1.165 1.02

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPONMARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

11 Mar 11 200 11 Mar 16 Fixed 7.25% ND

11 Dec 09 200* 11 Dec 16 Fixed 5.25% ND

13 Dec 12 185 13 Dec 19 Fixed 5.25% ND

13 Dec 12 25 13 Dec 22 Fixed 5.75% ND

USD (USPP)

22 Dec 05 113 22 Dec 15 Fixed 5.51% ND

22 Dec 05 25 22 Dec 17 Fixed 5.61% ND

* Convertible notes.


Convertible notes*

Bank debt

USPP MTNsv

OL

Um

E (

A$

m)

400

350

300

250

200

150

100

50

0

FY14 FY15 FY16 FY17 FY18 FY19 Beyond

sourCe: CommonweAlth propertY offiCe fund June 30 2013

200 200 210

200

151

33

300

* Convertible notes have an investor put option in december 2014.

3 1

COnTaCT EnERgy

About Contact Energy

C ontact Energy (Contact) is one of New Zealand’s leading electricity generators and energy retailers, providing electricity, natural gas and liquefied petroleum gas (LPG) to customers nationwide. Contact has around 23% of New Zealand’s retail

electricity market. Its diverse mix of power stations generate around a quarter of the country’s electricity from hydro, geothermal, gas and diesel. In addition, Contact has around 45% of the LPG market in New Zealand.

OwnershipContact is a public company, listed on the New Zealand Exchange as CEN since 1999. Contact is one of New Zealand’s largest listed companies. In 2004 Origin Energy (see p65) became Contact’s majority shareholder with a 51% stake. As at June 30 2013 Origin Energy’s stake was 53.1%.

Liquidity positionTo meet maturing current liabilities Contact has a number of financing and liquidity arrangements in place. The company issued NZ$100 million of wholesale bonds in May 2013 and has executed agreements with US-based investors to issue US$240 million (NZ$301 million) of notes in H1 FY14, with a range of maturities. The balance of current borrowings will be refinanced prior to maturity. Contact also has NZ$450 million of committed bank facilities undrawn at June 30 2013.

Debt fundingContact’s asset and revenue base means it is a good candidate for long-term funding solutions. Net debt as at June 30 2013 was around NZ$1.4 billion. Contact has a diverse portfolio of funding sources, namely: USPP (NZ$452 million equivalent), retail bond (NZ$550 million), bank facilities (NZ$450 million), capital bond (NZ$200 million), wholesale bonds (NZ$200 million) and an export credit agency facility (NZ$105 million).


Louise Tong, Corporate Treasurer+64 4 462 [email protected]

Fraser Gardiner, Head of Investor Relations & Strategy+64 4 462 [email protected]

KEY CREDIT METRICSCREDIT RATING BBB (S&P)



BLOOMBERG TICKER CEN NZ

NZX CODE CEN


REVENUE (NZ$M) 2,526 2,701 2,231

EBITDAF (NZ$M) 541 509 441

NET PROFIT AFTER TAX (NZ$M) 199 190 150

NET DEBT*/EBITDAF (X) 2.62 2.82 2.71

NET DEBT/NET DEBT + EQUITY (%) 28 29 27

*nZd equivalent of notional borrowings after foreign exchange hedging and before deferred financing costs.

OUTSTANDING BONDSISSUE DATE VOLUME (M) MATURITY FORMAT COUPON

NZD (DOMESTIC)

31 Mar 09 550 15 May 14 Fixed 8.00%

13 Apr 10 100 13 Apr 17 Fixed 7.86%

20 Dec 11 200 15 Feb 42 Fixed 8.00%

24 May 13 50 24 May 18 Fixed 4.80%

27 May 13 50 27 May 20 Fixed 5.277%

USD (USPP)

Mar 03 87 28 Mar 14 Fixed 5.30%

Mar 03 103 28 Mar 15 Fixed 5.30%

Mar 03 40 28 Mar 18 Fixed 5.60%

Apr 98 25 1 Apr 18 Fixed 7.10%

Apr 98 25 1 Apr 18 Fixed 7.10%

Jun 13* 56 19 Dec 20 Fixed 3.46%

Jun 13* 51 19 Dec 23 Fixed 4.09%

Jun 13* 23 19 Dec 28 Fixed 4.44%

Jun 13** 22 19 Dec 23 Fixed 4.19%

Jun 13** 58 19 Dec 25 Fixed 4.33%

Jun 13** 30 19 Dec 28 Fixed 4.51%

* issued on a forward-start basis, settling september 19 2013.** issued on a forward-start basis, settling december 19 2013.

Contact’s borrowings are unsecured, except for finance leases. It borrows under a negative pledge arrangement which prohibits it from granting any security interest over its assets unless it is an exception permitted within the arrangement. •


Bank debt (undrawn)

USPP Retail bond

NEXI (fully amortising, currently drawn)

Wholesale bond

vO

LU

mE

(N

Z$

m)

800

700

600

500

400

300

200

100

0

2014 2015 2016 2017 20252020 20282018 20272023 2042

sourCe: ContACt energY June 30 2013

550

155

90

150

183 100210

5070

114

50

92 73105

67105

Capital bond

CALENDAR yEARS


ISSUERprofiles

dBP

About DBP

D BP is the trading name of the privately-owned group of entities which own and operate the Dampier to Bunbury Natural Gas Pipeline (DBNGP) – the key gas transmission pipeline in Western Australia (WA). The 1,530-kilometre mainline connects the extensive

offshore North West Shelf gas fields from Dampier with the population centres and industry in the south-west of the state through to Bunbury.

DBP’s core business is the operation, maintenance and expansion of the pipeline. Most revenue is derived through long-term contracted capacity of the pipeline to various large and dominant industrial and retail end users in WA.

The pipeline was commissioned in 1985 and has an estimated remaining economic life of at least 50 years. The asset has a strong safety and performance track record and the series of expansion projects under the ownership of DBP has ensured that the pipeline’s capacity remains aligned with the gas needs of the state of WA. The owners’ commitment to meeting the needs of customers in WA is ongoing.

DBP is required to operate the pipeline under an access arrangement approved by the Economic Regulatory Authority (ERA) of WA. The ERA is WA’s independent economic regulator. The access arrangement sets out the basis for accessing spare uncontracted capacity on the pipeline, including the terms and conditions of such access. To date DBP has only expanded capacity on the DBNGP to meet contracted demand.

OwnershipDBP’s shareholders are DUET Group (80 per cent) and Alcoa of Australia (Alcoa) (20 per cent). DUET Group is an Australian Securities Exchange-listed owner of energy utility assets in Australia. Alcoa operates the largest integrated bauxite mining and alumina refining operations in the world,


Michael Allan General Manager, Finance and Information Technology+61 8 9223 [email protected]

comprising two bauxite mines and three alumina refineries in WA. The gas used to support these operations makes Alcoa the biggest single user of pipeline capacity on the DBNGP.

Liquidity positionDBP has stable and predictable operating cash flows that involve long-dated shipper contracts with creditworthy counterparties. As of June 30 2013 DBP had in place a A$20 million working capital facility, A$17 million in cash at hand and A$60 million undrawn capacity in syndicated debt facilities.

Debt fundingDBP’s finance arm is DBNGP Finance. In 2010 DBNGP Finance issued A$575 million of five-year domestic MTNs – its first-ever bond to come without a credit wrap, and a landmark domestic transaction for a BBB- credit. Subsequently, in November 2012 DBNGP Finance issued A$300 million of seven-year domestic MTNs.

The company is currently planning for the refinancing of a A$400 million bank debt facility due in October 2014. •


BLOOMBERG TICKER DUE AU

ASX CODE NOT LISTED


REVENUES (A$M) 449.1 457.2 431.4

EBITDA (A$M) 369.2 365.8 360.2


DEBT/EBITDA (1) (X) (SENIOR) 6.84 6.88 7.40


OUTSTANDING BONDS


MARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

22 Sep 10 150 29 Sep 15 Fixed 8.25% 300/swap

22 Sep 10 425 29 Sep 15 FRN 300/BBSW 300/BBSW

12 Apr 05 275 25 Apr 17 FRN* 38/BBSW 38/BBSW

26 Apr 06 325 26 Apr 18 FRN* 26/BBSW 26/BBSW

8 Nov 12 300 11 Oct 19 Fixed 6.00% 270/swap

* Credit-wrapped.

KEY CREDIT METRICSCREDIT RATING BBB-/Baa3 (S&P/Moody’s)

(1) historic debt/ebitdA reflects the impact of major expansion works whereby debt levels increased ahead of additional revenue being derived.

3 3

dEXuS PROPERTy gROuP

About Dexus Property Group

D EXUS Property Group (DEXUS) is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With over A$13 billion of assets under management, DEXUS also actively manages office, industrial and

retail properties located in key Australian markets on behalf of third-party capital partners. With over 25 years of experience in commercial property investment, development and asset management, DEXUS has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors.

OwnershipDEXUS is a top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code DXS. It is supported by more than 18,000 investors from 15 countries.

Liquidity positionDEXUS’s business generates over 95% of its revenues from property rental income, providing stable cash flows, and is focused on efficient management of working capital and cash. As at June 30 2013 DEXUS had surplus liquidity of approximately A$300 million, consisting of undrawn committed facilities and cash. In addition to managing liquidity through a range of debt facilities, DEXUS maintains a distribution payout ratio of 70-80%.

Debt fundingAs at June 30 2013 DEXUS had drawn debt of A$2.2 billion. During the 2013 financial year, DEXUS completed


Michael ChristensenGM, Group Treasurer and Head of Strategic Planning+61 2 9017 [email protected]

KEY CREDIT METRICSCREDIT RATING BBB+/Baa1 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO Y

INTEREST COVER RATIO Y (2x)

COUPON STEP-UP N



WEIGHTED AVERAGE MATURITY OF FIXED/HEDGED COST 4.5 years



BLOOMBERG TICKER DXSAU

ASX CODE DXS


MARKET CAPITALISATION (A$M) 5,030 4,500 4,200

REVENUES (A$M) 683.7 762.7 713.5

EBIT (A$M) 443.3 467.9 496.7

FFO (A$M) (1) 365.4 367.8 358

DEBT/EBIT (X) (SENIOR) 4.9 4.5 4.5

NET DEBT/NET DEBT + EQUITY (%) (2) 29.3 27.8 29.1

SHARE PRICE (FY END) (A$) 1.07 0.93 0.88

OUTSTANDING BONDS



AUD (DOMESTIC)

27 Jul 09 160 28 Jul 14 FRN 450/BBSW 450/BBSW

21 Apr 10 210 21 Apr 17 Fixed 8.75% 270/swap

10 Sep 12 205 10 Sep 18 Fixed 5.75% 245/swap

USD (USPP)

21 Dec 04 130 Dec 14 to Mar 17 Fixed ND ND

9 Jul 13 15 9 Jul 23 Fixed ND ND



USD (144A)

15 Mar 11 250 15 Mar 21 Fixed 5.60% 214/swap

(1) funds from operations comprised of net profit after tax excluding minority interest, with certain adjustments including property revaluations.(2) management reports gearing as net debt/total tangible assets (fY13 29.0%, fY12 27.2%, fY11 28.4%).

approximately A$1 billion of debt funding, including A$235 million of MTNs, US$300 million of USPP notes and bank funding for acquisitions. This increased the average duration of debt to 5.4 years and increased diversification of debt sources. •

note: includes us$300m of uspp notes that settled in July 2013 and associated cancellation of A$225m of bank facilities.


Capital markets Bank

sourCe: deXus propertY group september 2013

vO

LU

mE

(A

$m

)

1,000900800700600500400300200100

0FY14 FY15 FY16 FY17 FY18 FY19+

248

249

735

400350

150

402


ISSUERprofiles

dEXuS WhOlESalE PROPERTy fund

About DEXUS Wholesale Property Fund

D EXUS Wholesale Property Fund (DWPF) is an open-ended unlisted property fund with a diversified portfolio of high-quality retail, office and industrial properties in key locations in Australia.

At June 30 2013 DWPF held interests in 34 properties valued at approximately A$4.3 billion and outperformed its benchmark, the Mercer IPD Unlisted Pooled Property Fund Index, over the last one-, three- and five-year periods.

OwnershipDWPF was established as a wholesale fund in 1995. The responsible entity is DEXUS Wholesale Property Limited, a wholly owned subsidiary of DEXUS Property Group (DEXUS) (see p33). DEXUS is one of Australia’s leading real estate groups, with over A$13 billion of assets under management.

Liquidity positionAs at June 30 2013 DWPF had A$380 million of surplus liquidity available, including A$275 million of forward-start bank facilities with a further A$50 million of forward-start facilities having been completed post balance date. These facilities and DWPF’s distribution reinvestment plan provide a strong liquidity position to fund existing development and fund-through commitments.

Debt fundingDWPF has in place unsecured revolving-credit bank facilities totalling A$615 million, including A$325 million of forward-start facilities, and a A$250 million MTN maturing in November 2015. During the latest financial year, the fund established A$515 million of new facilities with an average


Michael ChristensenGM, Group Treasurer and Head of Strategic Planning+61 2 9017 [email protected]

duration of 4.5 years to partially fund DWPF’s development pipeline and forward commitments associated with the acquisition of the fund’s 50% interest in Kings Square, Perth and 480 Queen St, Brisbane. Short-dated bank facilities were repaid following receipt of equity, extending the maturity profile and maintaining the weighted average duration of debt.

All debt facilities are unsecured and contain financial covenants including a maximum level of gearing and a minimum EBITDA interest cover. •

KEY CREDIT METRICSCREDIT RATING A (S&P)

BOND PROTECTION

GEARING COVENANT Y (debt/TTA<40%)

LEVERAGE RATIO N

INTEREST COVER RATIO Y (>2.0x)

COUPON STEP-UP N


WEIGHTED AVERAGE DEBT MATURITY 3 years (as at June 30 2013)



BLOOMBERG TICKER DEXUS

ASX CODE NOT LISTED


REVENUES (A$M) (1) 310.7 284.3 252.2

EBITDA (A$M) 247.4 215.3 186.8

NET PROFIT AFTER TAX (A$M) (2) 286.9 272.9 268.8



GEARING (%) (3) 10.1 15.6 16.9

(1) revenues from ordinary activities.(2) net profit after tax excluding minority interest.(3) management reports gearing as debt/total tangible assets.

OUTSTANDING BONDS


AUD (DOMESTIC)

4 Nov 10 250 4 Nov 15 Fixed 7.25% 185/swap


vO

LU

mE

(A

$m

)

350

300

250

200

150

100

50

0

sourCe: deXus wholesAle propertY fund september 2013

FY14 FY15 FY16 FY17 FY18 FY19+

Capital markets Bank

250

315300

3 5

dOWnER EdI


Tony Cohen, Group Treasurer +61 2 9240 9044 [email protected]/investors/investor-relations-contact.aspx

About Downer EDI

D owner EDI (Downer) is a provider of comprehensive engineering and infrastructure management services to the public and private minerals and metals, oil and gas, power, transport, telecommunications, water and property sectors. The

company operates predominantly across Australia and New Zealand with smaller operations in the Asia Pacific region, South America and Southern Africa.

Downer, which employs more than 20,000 people, operates as three divisions: infrastructure, mining and rail.

OwnershipDowner is listed on the Australian Securities Exchange under the code DOW. It is a member of the S&P/ASX100 Index of Australia’s 100 leading stocks ranked by market capitalisation and liquidity. Major shareholders are Australian and offshore financial institutions.

Liquidity positionAs at June 30 2013 Downer had total liquidity of A$1.095 billion comprising cash and cash equivalents of A$473.7 million and committed undrawn debt facilities of A$621.2 million.

For the financial year ended June 30 2013 Downer reported net cash inflow from operating activities of A$452.4 million and net investing outflow of A$289.1 million.

Debt fundingDowner has a diverse portfolio of funding instruments including bank loans – bilateral and syndicated – working capital finance, export credit finance, USPPs, AUD MTNs and finance leases.

Given the contracting nature of Downer’s businesses it also has a substantial amount of bank and insurance company


BLOOMBERG TICKER DOW AX

ASX CODE DOW



REVENUE (A$M) 9,132 8,525 6,961

EBITDA (UNDERLYING) (A$M) 665.1 593.7 502.7

NET PROFIT AFTER TAX (UNDERLYING) (A$M) 215.4 195.3 166.4

GROSS DEBT/EBITDA (UNDERLYING) (X) 1.09 1.12 1.55



OUTSTANDING BONDS*


AUD (DOMESTIC)

29 Oct 09 150 29 Oct 13 Fixed 9.75% 375/swap

29 May 13 150 29 Nov 18 Fixed 5.75% 260/swap

USD (USPP)

2004 77 2014 & 2019 Fixed ND ND

* As at June 30 2013.

KEY CREDIT METRICSCREDIT RATING BBB (Fitch)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO N

INTEREST COVER RATIO Y

CHANGE OF CONTROL Y (review event)

COUPON STEP-UPY (related to rating change below investment grade)

TARGET GEARING 20-30% (on-balance sheet)


credit facilities required for its contract performance bonding requirements.

As at June 30 2013 Downer had total bonding facilities of A$1.378 billion, of which A$458.5 million was undrawn. •


Syndicated facility extension options

Finance leases

Syndicated facility

USPP

New A$MTN (will refinance existing A$MTN)

Existing A$MTN

ECA finance

Bilateral loans

vO

LU

mE

(A

$m

)

450

400

350

300

250

200

150

100

50

0Dec 13

Jun 14

Dec 14

Jun 15

Dec 15

Jun 16

Dec 16

Jun 17

Dec 17

Jun 18

Dec 18

Jun 19

Dec 19

Jun 20

sourCe: downer edi June 30 2013

22

150

21

220

216

24

8

8 9 176

26

103

21 21 21 15 14 13

6

400

10 3

150

310

400 400

9 3


ISSUERprofiles

EnERgyauSTRalIa

About EnergyAustralia

E nergyAustralia is a leading vertically-integrated and diversified Australian energy group, with total assets of approximately A$9 billion as at June 30 2013. EnergyAustralia’s business activities comprise power generation, gas processing and storage, and electricity

and gas retailing.EnergyAustralia is one of Australia’s largest electricity and

gas retailers with approximately 2.8 million retail accounts. EnergyAustralia also controls or has long-term contractual arrangements over a significant share of power generation capacity in Victoria (~23%), South Australia (~7%) and New South Wales (~18%), being ~12% of the generation capacity of the national electricity market (NEM) in aggregate. This makes EnergyAustralia the largest non-government supplier of generation output to the NEM.

OwnershipEnergyAustralia Holdings is a wholly owned subsidiary of CLP Holdings, a Hong Kong-listed entity with a market capitalisation of approximately US$21 billion as at June 30 2013.

Liquidity positionAs at June 30 2013 EnergyAustralia had a strong liquidity position of approximately A$75 million cash on hand and approximately A$1.3 billion of undrawn debt capacity.

Debt fundingEnergyAustralia has a diversified funding portfolio. Debt is currently sourced from a mixture of syndicated bank debt, AUD MTNs and USPPs. In late 2012 EnergyAustralia refinanced existing debt with A$750 million of syndicated bank debt.

EnergyAustralia’s net debt at June 30 2013 was approximately A$2.2 billion and the firm remains well within its bank covenants. •


Andrew Fisher, General Manager, Tax, Treasury & Corporate Finance+61 3 8628 [email protected]

Justin Carroll, Treasury Manager+61 3 8628 1334 [email protected]


BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO N


CHANGE OF CONTROL Y




BLOOMBERG TICKER CHINLP CORP

ASX CODE NOT LISTED

KEY FINANCIALS HY13 FY12 FY11

TOTAL ASSETS (A$M) 9,010 9,188 9,280

REVENUES (A$M) 4,338 8,311 6,923

EBITDA (A$M) 288 672 920

NET PROFIT AFTER TAX (A$M) -9 125 11



OUTSTANDING BONDS


AUD (DOMESTIC)

Nov 05 50 Nov 15 FRN 65/BBSW

USD (USPP)

May 12 35 May 17 Fixed 3.37%

Mar 11 50 Mar 19 Fixed 4.67%

May 12 30 May 19 Fixed 3.93%

Dec 10 135 Dec 20 Fixed 4.28%

May 12 206 May 22 Fixed 4.55%

Mar 11 135 Mar 23 Fixed 5.25%

May 12 60 May 24 Fixed 4.66%

Jan 11 135 Jan 26 Fixed 4.63%

Mar 11 40 Mar 26 Fixed 5.55%

May 12 69 May 26 Fixed 4.83%


MTNSyndicatedfacility used

Syndicatedfacility headroom

WCF used

WCF headroom

USPP

vO

LU

mE

(A

$m

)1,400

1,200

1,000

800

600

400

200

0FY13 FY14 FY15 FY16 FY17 FY18 FY19+

sourCe: energYAustrAliA June 30 2013

515

185

50

440

210

10

240375

940

245

130

37

425

25

3 7

flETChER BuIldIng

About Fletcher Building

F letcher Building is a New Zealand-headquartered building materials manufacturer, distributor and construction contractor. The company is involved in the residential, commercial and infrastructure construction sectors. It has five divisions: Building

Products, Distribution, Construction, Concrete, and Laminates and Panels. Its businesses operate across Australasia, Asia, North America, Europe and the rest of the world, with approximately 19,000 employees.

OwnershipFletcher Building is a public company, listed on both the New Zealand Exchange and Australian Securities Exchange, as FBU, since 2001.

Liquidity positionAt June 30 2013 Fletcher Building had total available funding of NZ$2.7 billion, of which NZ$819 million was undrawn.

Debt fundingOf the total available funding, bank debt accounts for 39%, 45% comes from the USPP market and 16% comprises capital notes from the New Zealand public debt market. The average maturity of the drawn debt, of NZ$1.9 billion, is more than five years. The currency split is 49% AUD, 33% NZD, 11% USD and 7% spread over various other currencies.

Fletcher Building borrows most funds based on a negative pledge and cross-guarantee arrangement from a number of wholly owned subsidiaries. It ensures that external senior indebtedness ranks equally in all respects and includes the covenant that security can be given only in limited circumstances. As at June 30 2013 the group was in compliance with all its covenants. •


Philip King, Group General Manager, Investor Relations & Capital Markets+64 9 525 [email protected]

KEY CREDIT METRICSCREDIT RATING Not rated

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N

INTEREST COVER RATIO N

CHANGE OF CONTROL N

COUPON STEP-UP N

TARGET GEARING 30-40% (currently 33.3%)

WEIGHTED AVERAGE DEBT MATURITY 5 years (as at June 30 2013)

WEIGHTED AVERAGE COST OF DEBT 6.7%* (as at June 30 2013)

* interest rates are inclusive of margins but not of fees.


BLOOMBERG TICKER FBU NZ

NZX & ASX CODE FBU


MARKET CAPITALISATION (NZ$M) 5,784 4,009 5,850

REVENUES (NZ$M) 8,517 8,839 7,416

EBITDA (NZ$M) (1) 789 786 801



SHARE PRICE (FY END) (A$/NZ$) 7.14/8.43 4.60/5.87 6.63/8.62

(1) earnings before interest, taxation, depreciation, fair-value adjustments and investment in associates.


NZD (DOMESTIC)*

N/A 112 15 May 14 Fixed subordinated 9.00%

N/A 93 15 Mar 15 Fixed subordinated 8.50%






AUD (USPP)

24 Oct 05 131.9 27 Oct 17 FRN FRN

10 Jan 12 99.2 10 Jan 22 Fixed 8.36%

NZD (USPP)

24 Oct 05 143 27 Oct 15 FRN FRN

jPY (jPP)

24 Feb 12 10,000 24 Feb 27 Fixed 2.77%

USD (USPP)

20 Sep 07 193.5 20 Sep 16 Fixed 6.23%

20 Sep 07 131.5 20 Sep 19 Fixed 6.43%

10 Jan 12 57.5 10 Jan 22 Fixed 5.17%

10 Jan 12 142.5 10 Jan 24 Fixed 5.37%

* Convertible notes.


Capital notes Long-term debt

vO

LU

mE

(N

Z$

m)

700

600

500

400

300

200

100

0FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26

FY27

sourCe: fletCher building June 30 2013

Bank and other Comitted undrawn debt facilities

383 186

200

64743112

95

144157

169186

168 145

248

214

68

33

22

2

1

181

FY28+


ISSUERprofiles

fOnTERRa CO-OPERaTIvE gROuP

About Fonterra Co-operative Group

F onterra Co-operative Group (Fonterra) is an integrated processor and marketer of dairy nutrition products. Since Fonterra was formed, in 2001, it has become the world’s largest dairy exporter and is responsible for an estimated 20% of global dairy exports. In the

2013 season Fonterra collected around 88% of New Zealand’s milk production, exporting around 98% of its production to customers in more than 100 countries around the world. Fonterra employs more than 17,000 people globally.

Fonterra is organised around two key business segments. NZ Milk Products collects milk from New Zealand farmers, manufactures it into dairy products and then exports it to customers around the world.

Regional businesses focus on branded consumer dairy products (such as yoghurts, milk, butter and ice cream) and food services (supplying customers such as bakeries, restaurants, caterers, hotels and quick service restaurants).

The APMEA consumer business unit includes the consumer and food service business in New Zealand, Australia, Asia, Africa, and the Middle East. APMEA brands cover a wide range of consumer and customer needs. The Latin America business encompasses Soprole, the integrated dairy business in Chile, and Dairy Partners Americas, a joint venture alliance with Nestlé that operates in several markets. The China/India business unit encompasses consumer brands, ingredients sales and farms in China. A new function, called Global Brands and Nutrition was established in July 2013 to drive Fonterra’s overall marketing, innovation and research activities.

OwnershipAs a cooperative, Fonterra is owned by approximately 10,600 farmer supplier shareholders in New Zealand. Fonterra is registered under the Companies Act 1993 and the Co-operative


Simon Till, Group Treasurer+64 9 374 [email protected]

Companies Act 1996. It is also required to comply with the Dairy Industry Restructuring Act 2001.

Liquidity positionFonterra’s liquidity policy ensures that it is aligned with the expectations for an A+/AA- issuer, and that cash and available facilities cover at least debt maturities due within the next year. Group treasury manages liquidity by retaining cash and marketable securities, and through funding from committed credit facilities.

Debt fundingAs of July 31 2013 Fonterra had economic net interest-bearing debt of NZ$4.47 billion. Fonterra borrows a mixture of fixed- and variable-rate debt in a range of currencies and tenors, split between the bank and debt capital markets. •

KEY CREDIT METRICSCREDIT RATING A+/AA- (S&P/Fitch)

BOND PROTECTION

GEARING COVENANT , LEVERAGE RATIO, INTEREST COVER RATIO, CHANGE OF

CONTROL, COUPON STEP-UP N

KEY DATAFINANCIAL YEAR END 31 JUL

BLOOMBERG TICKER FCG NZ

NZX CODE NOT LISTED


REVENUES (NZ$M) 18,643 19,769 19,871

EBITDA (NZ$M) 1,467 1,479 1,517

NET PROFIT AFTER TAX (NZ$M) (1) 718 609 754

DEBT/EBITDA (X) (SENIOR) (2) 3.05 2.86 2.85

ECONOMIC DEBT/DEBT + EQUITY (%) (3) 39.6 39.1 41.8

(1) profit for the period attributable to shareholders of the parent.(2) economic net interest-bearing debt including the impact of debt hedging, over ebitdA.(3) economic debt to debt plus equity, calculated as economic net interest-bearing debt including the impact of debt hedging, over economic net interest-bearing debt plus total equity excluding the cash flow hedge reserve.

OUTSTANDING BONDS


NZD (DOMESTIC)

8 May 07 125 22 Apr 14 Fixed 6.86%

13 Oct 08 50 22 Apr 14 Fixed 6.86%

21 Apr 04 50 22 Apr 14 Fixed 6.86%

30 May 05 53.3 22 Apr 14 Fixed 6.86%

30 May 05 46.7 22 Apr 14 Fixed 6.86%

8 May 07 75 8 May 14 FRN 35/3M BKBM

10 Mar 09 800 10 Mar 15 Fixed 7.75%

4 Mar 10 150 4 Mar 16 Fixed 6.83%

2000-2006 35 Perpetual FRN 170/1-yr govt stock rate

USD (USPP)

29 May 08 30 29 May 15 Fixed 5.36%

5 Aug 03 165 5 Aug 15 Fixed 4.58%

29 May 08 277.5 29 May 18 Fixed 5.75%

29 May 08 42.5 29 May 20 Fixed 5.85%

7 Jun 11 75 7 Jun 21 Fixed 4.01%

EMTN

17 Feb 10 US$50 17 Feb 14 FRN 70/3M USD-Libor

18 Jun 04 US$50 18 Jun 14 Fixed 5.55%

27 Jun 11 CNH300 27 Jun 14 Fixed 1.10%

4 Dec 08 £225 4 Dec 23 Fixed 9.38%

AUD (STN/MTN)

11 Jul 11 300 11 Jul 16 Fixed 6.25%

23 May 12 150 23 May 22 Fixed 5.25%

3 9

gEnESIS EnERgy

About Genesis Energy

G enesis Energy is New Zealand’s largest energy retailer. It supplies electricity, gas and LPG to more than 665,000 customers across New Zealand. The company’s ability to bring innovative energy solutions to retail and business customers is supported by a

diverse generation portfolio comprising thermal, wind and hydro generation. This supplies approximately 19% of New Zealand’s electricity. Genesis Energy also owns 31% of the Kupe oil and gas field.

OwnershipGenesis Energy is a state-owned enterprise formed in 1998 when the Electricity Corporation of New Zealand split into three state-owned enterprises – the others being Meridian Energy (see p57) and Mighty River Power (see p59).

Liquidity positionA conservative liquidity position and moderate financial flexibility have been provided through headroom in the company’s debt facilities and an appropriately managed near-term liability maturity profile. Genesis Energy’s liquidity risk-management policies are conservative and include committed debt facilities that must be maintained at an amount that is the higher of NZ$50 million or 115% of projected peak over the next two years. The company is operating comfortably above its financial covenants.

Debt fundingGenesis Energy accesses a number of markets to provide debt funding for its business. Of the NZ$1.29 billion of debt facilities in place at June 30 2013, NZ$475 million is througharrangements with individual banks. The remaining NZ$815 million is funded through a combination of MTNs, and retail and capital bonds. During the most recent financial year, taking


Dan Dillane, Head of Capital Markets+64 9 951 [email protected]

advantage of favourable debt market conditions, Genesis Energy issued NZ$120 million of domestic wholesale bonds, extending its overall maturity profile. A total of NZ$75 million of capital bonds was repurchased after balance date (on July 15 2013). •

KEY CREDIT METRICSCREDIT RATING BBB+ (S&P)

BOND PROTECTION

GEARING COVENANT, LEVERAGE RATIO, INTEREST COVER RATIO N

CHANGE OF CONTROL Y (capital bonds only) (1)

COUPON STEP-UP Y (capital bonds only) (2)

TARGET GEARING N/A

BANK COVENANTS

GEARING 50%

EBITDAF/INTEREST 2.5x

(1) if a change of control event occurs, genesis energy has the right to redeem the capital bonds. if a change of control and an associated ratings downgrade occurs, bondholders may elect to have their capital bond redeemed by genesis energy.(2) on July 15 2018 and every five years thereafter, the interest rate will reset to be the sum of the five-year swap on the relevant reset date plus the step-up margin (being the margin set on the minimum rate set date plus the step-up percentage of 0.25%).


BLOOMBERG TICKER GENEPO

NZX CODE GPLFA


REVENUES (NZ$M) 2070 2,265 1,834

EBITDA (NZ$M) 336.4 387.3 292.7

NET PROFIT AFTER TAX (NZ$M) 104.5 86.4 (16.6)

DEBT/EBITDA (X) (SENIOR)* 2.7 1.9 3.2

NET DEBT/NET DEBT + EQUITY (%) 31.1* 26.4* 32.3*

* treats capital bonds as 100% equity in fY12 and 50% equity in fY13, in line with bank covenants and rating agency treatment.

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON (% OR BPS)


NZD (DOMESTIC)

Bank debt 125 31 Sep 15 N/A N/A ND

Bank debt 75 27 Apr 15 N/A N/A ND



Retail Bonds A 120 15 Mar 14 Fixed 7.25% ND

Retail Bonds B 105 15 Mar 16 Fixed 7.65% ND

MTNs 75 15 Sep 16 Fixed 7.185% 480/swap

MTNs 50 20 Feb 17 Fixed/FRN ND 240/swap/BKBM

MTNs 50 1 Nov 19 Fixed 5.205% 175/swap

MTNs 70 23 Jun 20 Fixed 8.25% 255/swap

MTNs 70 08 Mar 23 Fixed 5.81% 175/swap

Capital bonds 200 15 Jul 41 Fixed 6.19% 215/swap


Rolling bank debt Bank debt

vO

LU

mE

(N

Z$

m)

350

300

250

200

150

100

50

0FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY41

sourCe: genesis energY June 30 2013

Retail bonds Capital bonds

150

50

120

125

75

125

75

105

Wholesale domestic bonds

5070 70

200


ISSUERprofiles

gOOdman auSTRalIa InduSTRIal fund

About Goodman Australia Industrial Fund

G oodman Australia Industrial Fund (GAIF) is Australia’s largest unlisted industrial fund, with a diversified portfolio of 115 industrial and business properties valued at A$4.8 billion, generating A$342 million of net property income from 433 customers.

GAIF benefits from a leading market position holding around 19% (by area) of the total institutional-held industrial property in Australia. Strong portfolio metrics include high occupancy of 97% and a weighted average lease expiry of 5.8 years. The portfolio is weighted towards warehouse/distribution centres (39%) located along Australia’s eastern seaboard markets (90% by value) with a bias towards Sydney, Australia’s largest industrial market.

The manager of GAIF is Goodman Group (see facing page). Goodman Group is a listed industrial REIT on the Australian Securities Exchange and the second-largest listed industrial property group globally, with total assets under management of A$23 billion.

OwnershipGAIF is an unlisted wholesale fund supported by 33 blue-chip investors, comprising domestic superannuation funds, offshore pension funds, sovereign wealth funds and Goodman Group.

Debt fundingGAIF has an established and predominately unsecured debt platform that is well supported by domestic and foreign banks, as well as an active debt capital markets programme.

GAIF’s funding strategy is actively to seek diversification and tenor at competitive pricing. This is in line with a debt maturity target of greater than four years, and limiting reliance on bank funding by having an active debt capital market issuance programme targeting both domestic and offshore markets.


Vincent Chin, Head of Treasury+61 2 9230 [email protected]

GAIF has adequate headroom with its financial covenants, with gearing and interest cover ratio of 37.1% and 2.9 times, respectively, by June 30 2013. •


BOND PROTECTION

GEARING COVENANT Y

GEARING RATIO 37.1%

INTEREST COVER RATIO Y (2.9x)

CHANGE OF CONTROL Y

COUPON STEP-UP Y





BLOOMBERG TICKER GAIF CORP

ASX CODE NOT LISTED


TOTAL EQUITY 3,000.0 2,585.8 2,548.1

REVENUES (A$M) 448.0 520.4 404.8

OPERATING EBITDA (A$M) 367.1 355.1 294.3

OPERATING PROFIT AFTER TAX (A$M) 216.2 187.1 166.4

EBITDA/INTEREST EXPENSE (X) (SENIOR) 2.90 2.50 2.42



AUD (DOMESTIC)

19 May 11 175 19 May 16 Fixed 7.75%

20 Mar 12 200 20 Mar 18 Fixed 5.50%

USPP (AUD EQUIV.)

Dec 11 154 Dec 21 ND ND

Dec 11 139 Dec 21 ND ND

Nov 12 10.67 Dec 22 ND ND







vO

LU

mE

(A

$m

)

1,000

900

800

700

600

500

400

300

200

100

0

sourCe: goodmAn AustrAliA industriAl fund June 30 2013

FY14 FY15 FY16 FY17 FY18 Beyond

903

522615

450

4 1

gOOdman gROuP

About Goodman Group

G oodman Group (GMG) is Australia’s largest listed industrial property group and the third-largest listed industrial property group globally. It is a leading international provider of industrial property and business space with a focus on

‘own+develop+manage’ integrated property platform. GMG is listed on the Australian Securities Exchange (ASX),

with a global team of over 1,000 people operating in 36 cities in the Americas, Asia and Europe. GMG is a manager of 12 unlisted and one listed property fund with total assets under management of A$23 billion.

OwnershipThe Goodman Group is a top 50 ASX listed company, with a ticker code of GMG.

Liquidity positionOn June 30 2013 GMG reported A$1.8 billion of liquidity covering its maturities to calendar year 2018. GMG has diversified its sources of debt capital, with debt capital markets representing 80% of the group’s debt funding (drawn basis). GMG will maintain a distribution policy to the higher of 60% of operating EPS and taxable income, further enhancing its liquidity position.

Debt fundingGMG had debt of A$2.245 billion as at June 30 2013, made up of bank debt (approximately A$235 million) and capital markets debt (approximately A$2.02 billion). GMG has an active debt capital markets programme and aims to have greater than 65% of its debt sourced via the debt capital markets. Complementing this is an active and strong global bank group which provides A$1.17 billion of undrawn, committed bank lines.


Vincent Chin, Head of Treasury+61 2 9230 [email protected]

GMG’s strategy is to have a debt maturity profile of greater than five years and to be able to fund all maturities over the next 18 months, while having limited reliance on bank funding. GMG has adequate headroom within its financial covenants, with gearing of 18.5% and interest cover of 5.0 times. •

KEY CREDIT METRICSCREDIT RATING BBB/Baa2 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO Y (23.9%)

INTEREST COVER RATIO Y (5.5x)

CHANGE OF CONTROL Y

COUPON STEP-UP Y





BLOOMBERG TICKER GMG AU

ASX CODE GMG



REVENUES (A$M) 863.2 692.2 592.0

OPERATING EBITDA (A$M) 620.9 537.7 471.0

OPERATING PROFIT AFTER TAX (A$M) 544.1 463.4 383.9




OUTSTANDING BONDS


USD (144A)

31 Mar 11 500 31 Mar 11 Fixed 6.375% ND

12 Nov 12 325 12 Nov 20 Fixed 6.375% 165/BBSW

22 Mar 12 500 22 Mar 22 Fixed 6.00% ND

EURO (EMTN, PP)

30 Jun 08 35 30 Jun 23 Fixed ND ND

YEN (EMTN, PP)

3 Apr 11 12,500 3 Apr 23 Fixed 2.32% ND

GBP (EMTN)

30 Jun 08 250 18 Jul 18 Fixed 9.75% ND

sourCe: goodmAn group June 30 2013


Unfunded maturity Funded maturity from available liquidity

vO

LU

mE

(A

$m

)

1,000900800700600500400300200100

0FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23 Beyond

-

564

724

209

321

91

890

539

175


ISSUERprofiles

gOOdman PROPERTy TRuST

About Goodman Property Trust

G oodman Property Trust (GMT) owns, develops and manages an industrial and commercial property portfolio. It is one of New Zealand’s largest listed property vehicles. The trust’s property portfolio includes 22 high-quality estates and properties valued

at NZ$2 billion.

OwnershipGoodman (NZ) (GNZ) is the manager of the trust. GNZ’s ultimate parent is Goodman Group (GMG) (see p43). GMG is the largest listed industrial real estate specialist on the Australian Securities Exchange with a market capitalisation of approximately A$8 billion and funds under management of A$20 billion. GMG has operations in Australia, New Zealand, Asia, the US, Europe and the UK.

Liquidity positionGMT’s funding strategy is based around the diversification of capital sources with a focus on securing income from its investment property portfolio.

The trust maintains a strong balance sheet position through prudent capital management initiatives – including negotiating the early renewal of debt facilities, selected asset disposals, maintenance of an investment-grade credit rating, and issuing retail and wholesale bonds.

Debt fundingGMT had debt of NZ$698 million as at March 31 2013, including bank debt and corporate bonds. There were no debt facilities maturing within 12 months of financial year end.

As at March 31 2013 GMT had a gearing level of 34.8% and, following a refinancing on March 27, an average facility term of 3.2 years – including outstanding bond maturities. •


Andy Eakin, Chief Financial Officer+64 9 375 [email protected]/nz

KEY CREDIT METRICSCREDIT RATING: GMT BBB (S&P)

CREDIT RATING: GOODMAN+ BONDS BBB+ (S&P)

BOND PROTECTION

GEARING COVENANT Y 50%

LEVERAGE RATIO Y (total borrowings/assessed security value <= 50%)


CHANGE OF CONTROL N

COUPON STEP-UP N


WEIGHTED AVERAGE DEBT MATURITY 3.2 years (as at March 31 2013)

WEIGHTED AVERAGE COST OF DEBT 7.5-8% (as at March 31 2013)

KEY DATAFINANCIAL YEAR END 31 MAR

BLOOMBERG TICKER GMT NZ

NZX CODE GMT


MARKET CAPITALISATION (NZ$M) 1,256.5 1,034.0 868.0

REVENUES (NZ$M) 117.1 111.3 108.7

EBITDA (NZ$M) 107.4 102.8 101.1

NET PROFIT AFTER TAX (NZ$M) 77.9 40.5 36.7

DEBT/EBITDA (X) (SENIOR) 6.50* 5.65 5.72

GEARING (%) 34.8 35.7 36.7

UNIT PRICE (FY END) (NZ$) 1.045 1.035 0.930 * gmt acquired the remaining interests in highbrook during the period


NZD (DOMESTIC)

6 Nov 09 150 19 Jun 15 Fixed 7.75%

8 Sep 10 45 8 Sep 17 Fixed 7.58%

OUTSTANDING BANK FACILITIES (GMT SHARE FOR jVs)ISSUE DATE VOLUME (NZ$M) DRAWN (NZ$M) MATURITY

GMT tranche A 125 125 5 Oct 14

GMT tranche B 200 200 5 Apr 16

GMT tranche C 100 100 31 Oct 16

GMT tranche D 175 57.5 5 Apr 18

VCCL facility* 26 26 20 Dec 16*

* vCCl facility was refinanced to June 5 2018, on may 17 2013.


Bonds GMT facility VCCL facility (shown at 100%)

vO

LU

mE

(N

Z$

m)

250

200

150

100

50

0H1

FY14H2

FY14H1

FY15H2

FY15H1

FY16H2

FY16H1

FY17H2

FY17H1

FY18H2

FY18H1

FY19H2

FY19H1

FY20current

sourCe: goodmAn propertY trust mAY 18 2013

125

150

200

100

45

52

175

4 3

ThE gPT gROuP

About The GPT Group

T he GPT Group (GPT) is a property group with broad access to capital invested in quality assets. The group focuses on active ownership of high-quality Australian real estate in the retail, office, and logistics and business park sectors. Total assets reached A$9.1 billion as at

June 30 2013, from A$6 million in 1971. At June 30 2013 retail assets comprised about 53% of the asset base, office assets comprised 34%, with logistics and business parks at 13%.

OwnershipGPT listed on the Australian Securities Exchange in April 1971. The group has a substantial investor base, with over 45,000 investors, and is one of the top 50 stocks by market capitalisation. GPT is internally managed with the responsible entity (GPT RE) a subsidiary of GPT Management Holdings.

Liquidity positionAt June 30 2013 GPT had A$695 million of liquidity available in cash and through committed but undrawn debt facilities.

Debt fundingGPT manages its gearing within the range of 25-35%. As at June 30 2013 gearing on a net basis was 20%. Drawn debt was A$2.05 billion, with an average term to maturity of 6.6 years and sourced from a variety of funding sources – including bank debt facilities from domestic and offshore banks, domestic and foreign MTNs, USPPs and inflation-linked bonds. As at 30 June 2013, 51% of drawn debt was sourced through the debt capital markets.

GPT’s aim is to ensure that debt maturity is a maximum of A$1 billion on a rolling 12-month basis and A$500 million in any calendar quarter. Upcoming expiries in the forward 12 months are refinanced well in advance with existing liquidity headroom and forward-start facilities. •


Lilly Cheung, Group Treasurer+61 2 8239 [email protected]

KEY CREDIT METRICSCREDIT RATING A-/A3 (S&P/Moody’s)

BOND PROTECTION 1999 PROGRAMME 2010 PROGRAMME

GEARING COVENANT Y Y

LEVERAGE RATIO N N

INTEREST COVER RATIO N Y

CHANGE OF CONTROL N Y

COUPON STEP-UP N N

TARGET GEARING 25-35% (mgt. target <=30%)




BLOOMBERG TICKER GPT AU

ASX CODE GPT

KEY FINANCIALS HY13 FY12 HY12 FY11

MARKET CAPITALISATION (A$M) 6,695 6,502 5,813 5,568

REVENUES (A$M) 400.2 812.9 412.6 837.3

EBITDA (A$M) 291.6 566.8 286.1 560.9

NET PROFIT AFTER TAX (A$M) 257.0 594.5 275.5 246.2

DEBT/EBITDA (X) (SENIOR) 3.5 3.8 3.3 3.8

NET DEBT/NET DEBT + EQUITY (%) 20.3 22.4 20.9 23.6

SHARE PRICE (FY OR HY END) (A$) 3.84 3.68 3.29 3.07

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON

(% OR BPs)MARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

19 Aug 03 12 22 Aug 13 FRN 78/BBSW 78/BBSW

19 Aug 03 200 22 Aug 13 Fixed 6.50% 78/swap

19 Feb 13 50 19 Feb 14 FRN 90/BBSW 90/BBSW

24 Apr 13 30 24 Apr 14 FRN 90/BBSW 90/BBSW

19 Nov 12 30 19 Nov 17 FRN ND ND

24 Jan 12 150 24 Jan 19 Fixed 6.75% 235/swap

2 Aug 12 100 24 Jan 19 Fixed 6.75% 220/swap



10 Dec 99 85 10 Dec 29 CPI-linked 5.9%+CPI ND

USD (USPP)

28 May 13 65 19 Jun 25 Fixed 3.60% 170/UST

19 Jun 13 85 19 Jun 25 Fixed 3.60% 170/UST

19 Jun 13 100 19 Jun 28 Fixed 3.80% 190/UST

HKD

5-22 Feb 13 800 5 Feb 28 Fixed 3.55% 165/swap


Bank debt Bondsv

OL

Um

E (

A$

m)

450

400

350

300

250

200

150

100

50

0

20131H 2H

20141H 2H

20151H 2H

20161H 2H

20171H 2H

20181H 2H

20191H 2H

20221H 2H

20251H 2H

20281H 2H

20 29

2H

sourCe: the gpt group June 30 2013

36

7

216

75

375

100

425

250

146 19

6

85

50

30


ISSUERprofiles

gPT WhOlESalE ShOPPIng CEnTRE fund

About GPT Wholesale Shopping Centre Fund

G PT Wholesale Shopping Centre Fund (GWSCF) provides investors with exposure to prime regional Australian retail assets located in New South Wales, Victoria, the Northern Territory and the Australian Capital Territory. The fund was established in March

2007 with a A$1.9 billion portfolio consisting of interests in eight shopping centres. At June 30 2013 it had ownership interests in 10 high-quality retail assets with a value of A$3.0 billion. From time to time the fund undertakes developments of its assets in order to enhance portfolio returns.

OwnershipGWSCF is an unlisted Australian-based wholesale property fund. The responsible entity of GWSCF is GPT Funds Management, a wholly owned subsidiary of the GPT Group (GPT) (see p45).

GPT is a public company, listed on the Australian Securities Exchange in April 1971 as General Property Trust. With an A$8.3 billion direct property portfolio and total assets under management of A$14.8 billion, GPT is one of Australia’s largest diversified listed property groups, owning, developing and actively managing a diversified portfolio of quality Australian property assets on behalf of both listed and wholesale investors.

Liquidity positionAt June 30 2013 GWSCF had A$237 million of liquidity available in cash and through committed but undrawn debt facilities. The fund generally manages cash to a low level in order to reduce outstanding debt. Its capital expenditure programme is partly funded by earnings retained via a distribution reinvestment plan.

Debt fundingGWSCF has in place A$880 million of unsecured bank facilities – including a A$100 million forward-start facility available from November 2013 – with various maturities to January 2016, being A$579 million drawn at June 30 2013. An additional A$200 million of fixed rate MTNs mature in November 2017.


Lilly Cheung, Group Treasurer+61 2 8239 [email protected]

KEY CREDIT METRICSCREDIT RATING A- (S&P)

BOND PROTECTION 2012 PROGRAMME

GEARING COVENANT Y

LEVERAGE RATIO N


CHANGE OF CONTROL Y

COUPON STEP-UP N





BLOOMBERG TICKER GPTWSC CORP

ASX CODE NOT LISTED

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON MARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

13 Nov 12 200 13 Nov 17 Fixed 5.00% 175/swap


Bank debt MTN

vO

LU

mE

(A

$m

)

250

200

150

100

50

0

sourCe: gpt wholesAle shopping Centre fund June 30 2013

Covenants and other key terms and conditions for bank loans are standardised in a common terms deed poll. At June 30 2013 the fund was well within its covenant limits with gearing at 25.3% against a covenant of 50% and interest coverage ratio of 4.3 times against a covenant of two times.

The fund’s gearing on a net basis was 24% at June 30 2013, reducing to 21% in early July after receipt of proceeds from an equity raising. The fund’s gearing is conservatively managed in the 10-30% range. Average term to maturity of debt was 2.7 years as at June 30 2013.

In order to minimise funding and refinancing risk GWSCF aims to ensure debt maturity is no greater than A$200 million at any point in time and a maximum of A$300 million in any calendar quarter. •

20131H 2H

20141H 2H

20151H 2H

20161H 2H

20171H 2H

100 100

200 200200

280

4 5

hOlCIm

About Holcim

F ounded in Switzerland in 1912, Holcim is one of the world’s leading suppliers of cement and aggregates. The group also supplies ready-mix concrete and asphalt, and provides related services. Holcim operates in around 70 countries and employs some 74,000

people. It is more globally spread than any other building materials group, with around 2,000 plants around the world.

Holcim’s business strategy is based on continuous growth in both developed economies and emerging, high-growth markets, where around three-quarters of its operational cement capacity is based. As an economy becomes more mature, vertical integration becomes increasingly important for Holcim.

Holcim took the opportunity to move toward vertical integration in Australia in 2009 through the successful acquisition of Cemex Australia – now Holcim Australia. Holcim operates more than 300 cement, aggregates, ready-mix and grinding plants and employs around 4,300 people in the three companies Holcim Australia, Cement Australia and Holcim New Zealand.

OwnershipHolcim is listed on the SIX Swiss Exchange. According to the latest available information, 20.11% of its shares is held by Thomas Schmidheiny, 10.82% by Eurocement Holding and 5.11% by Harris Associates.

Liquidity positionAt June 30 2013 Holcim had CHF2.6 billion in cash and marketable securities and CHF4.6 billion in undrawn committed credit lines.

Debt fundingAs at June 30 2013 Holcim had a net financial debt position of CHF11.0 billion. A total of 77% of its financial liabilities is


Corporate Finance and TreasuryMarkus Unternährer +41 58 858 8722 [email protected]/bondholders

financed through capital markets and 23% through banks and other lenders.

Holcim has a strong liquidity position of CHF7.2 billion and has decisively strengthened its balance sheet. The company places great importance on maintaining its solid investment-grade credit rating by complying with financial targets – such as funds from operations to net financial debt (target >25 per cent) or net financial debt to EBITDA (target <2.8x).

Outstanding corporate bank lines and bonds at the parent or financial sub-holding level are free from financial covenants, repeating material adverse change clauses or rating triggers. These debt instruments also feature limited cross-default provisions, which typically exclude operating subsidiaries. This removes the risk that any covenant breach by the group’s operating subsidiaries would contaminate the parent company’s debt.

Holcim Finance (Australia) is used as a finance vehicle for the group and all its long-term transactions are guaranteed by the parent company. •

KEY CREDIT METRICSCREDIT RATING BBB/Baa2/BBB (S&P/Moody’s/Fitch)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


CHANGE OF CONTROL Y (partial)

COUPON STEP-UP Y (partial)

TARGET GEARING N/A


WEIGHTED AVERAGE COST OF DEBT 4.5% (as at December 31 2012)


BLOOMBERG TICKER HOLN VX

ASX CODE NOT LISTED IN AUSTRALIA


MARKET CAPITALISATION (CHF M) 21,539 21,882 16,436

REVENUES (CHF M) 9,649 21,544 20,744

OPERATING EBITDA (CHF M) 1,819 3,984 3,958

NET PROFIT AFTER TAX (CHF M) 760 1,026 682

DEBT/EBITDA (X) (SENIOR) ND 3.06 3.40


SHARE PRICE (FY OR HY END) (CHF) 65.85 66.90 50.25

OUTSTANDING BONDS (HOLCIM FINANCE AUSTRALIA)


AUD (DOMESTIC)

27 Mar 12 250 27 Mar 15 Fixed 7.00% 260/swap

18 Jul 12 250 18 Jul 17 Fixed 6.00% 265/swap

4 Oct 12 200 4 Apr 19 Fixed 5.25% 200/swap

Patrick Förg+41 58 858 [email protected]


ISSUERprofiles

InCITEC PIvOT

About Incitec Pivot

I ncitec Pivot is a leading global chemicals company with nitrogen-based manufacturing at its core. The company is the number one supplier of fertilisers in Australia, a market-leading supplier of explosives products and services in North America – the largest industrial explosives market in

the world – and number two supplier of explosives products and services in Australia.

Incitec Pivot has operations throughout the US, Canada, Mexico, Australia, Turkey, Chile, Indonesia and Papua New Guinea, with approximately 5,000 staff worldwide. Its headquarters are in Melbourne.

OwnershipIncitec Pivot was created from the merger between Pivot and Incitec Fertilizers in 2003. It has been listed on the Australian Securities Exchange since July 2003, as IPL, and is one of the top 100 listed companies on the exchange.

Liquidity positionIn its 2013 half-year results presentation Incitec Pivot reported that it has a significant level of funding headroom with undrawn committed funding lines – including cash – of over A$937 million.

Debt fundingThe consolidated entity has foreign operations with non-AUD functional currencies and so is exposed to translation risk resulting from FX movements. As a result, the consolidated entity has a preference for debt denominated in US dollars. Incitec Pivot anticipates it will have at least US$1.3 billion of debt borrowed directly in US dollars for the foreseeable future.

Incitec Pivot significantly extended the tenor of its debt portfolio with the issue of a US$800 million 144A Reg S bond


Geoff McMurray, General Manager, Treasury+61 3 8695 [email protected]

deal in December 2009 and a US$500 million 144A Reg S bond deal in December 2010. These deals complement the company’s A$1.45 billion syndicated facility maturing in October 2016 and September 2018.

In August 2013 the company issued an A$200 million MTN with a maturity date of February 2019. •

KEY CREDIT METRICSCREDIT RATING BBB/Baa3/BBB (S&P/Moody’s/Fitch)

BOND PROTECTION

GEARING COVENANT N (USD bonds) Y (AUD bonds)

LEVERAGE RATIO N

INTEREST COVER RATIO N (USD bonds) Y (AUD bonds)

CHANGE OF CONTROLY (only where the company fails to maintain an investment-grade rating)

COUPON STEP-UP N (USD bonds) Y (AUD bonds)

TARGET GEARING <2.5x (debt to EBITDA )


WEIGHTED AVERAGE COST OF DEBT Not disclosed publicly

KEY DATAFINANCIAL YEAR END 30 SEP

BLOOMBERG TICKER IPLAU

ASX CODE IPL


MARKET CAPITALISATION (A$M) 5,033.6 4,854.4 5,326.0

REVENUES (A$M) 1,426.9 3,500.9 3,545.3

EBITDA (A$M) 255.0 754.9 920.3




SHARE PRICE (FY OR HY END) (A$) 3.09 2.98 3.27

OUTSTANDING BONDS


AUD (DOMESTIC)

21 Aug 13 200 21 Feb 19 Fixed 5.75% 215/swap

USD (144A)

7 Dec 10 500 7 Dec 15 Fixed 4.00% 275/UST

3 Dec 09 800 10 Dec 19 Fixed 6.00% 270/UST

4 9

InSuRanCE auSTRalIa gROuP

About Insurance Australia Group

I nsurance Australia Group (IAG) is the parent company of a general insurance group with controlled operations in Australia, New Zealand, Thailand and Vietnam, employing more than 13,500 people. Its current businesses underwrite approaching A$10 billion of premium per year,

selling insurance under many leading brands including NRMA Insurance, CGU, SGIO, SGIC and Swann (Australia); NZI, State and AMI (New Zealand); Safety and NZI (Thailand); and AAA Assurance in Vietnam. IAG also has interests in general insurance joint ventures in Malaysia, India and China.

OwnershipIAG has been listed on the Australian Securities Exchange since 2000.

Debt fundingWith no senior debt on issue, IAG and its operating subsidiary liabilities are subordinated debt and preference shares issued for the purposes of regulatory and/or rating agency capital.

Capital raisings are generally undertaken in currencies where group assets can serve as a natural currency hedge. The group seeks to ensure prudent diversity of capital instruments, jurisdiction and markets.

In the last 12 months the group refinanced £157 million of subordinated notes and finalised the capital-eligibility transition schedule with the Australian Prudential Regulation Authority (APRA). The group measures its capital position against APRA’s prescribed capital amount (PCA), achieving a multiple of 1.67 at


Alan Cazalet, Group Treasurer+61 2 9292 [email protected]

June 30 2013, against a target PCA multiple of 1.4-1.6 times the regulator’s minimum as a long-term benchmark. At June 30 2013 the debt component of the group’s capital mix was towards the middle of the longer-term targeted range of 30-40%. •

KEY CREDIT METRICSCREDIT RATING: IAG (HOLDING COMPANY) A (S&P)

CREDIT RATING: CORE OPERATING COMPANIES AA- (S&P)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


TARGET GEARING

30%-40%(debt/hybrids to net tangible capitalisation after deduction of goodwill and intangibles. this aligns with regulatory and rating agency models).

WEIGHTED AVERAGE DEBT MATURITY > 4.2 years to reset or call date; > 20 years to legal maturity (assumes 20-year legal maturity forperpetuals) (as at June 30 2013).


BLOOMBERG TICKER IAGAU

ASX CODE IAG

KEY FINANCIALS FY13 FY12 (1) FY11 (1)


GROSS WRITTEN PREMIUM (A$M) 9,498 8,495 8,050

NET EARNED PREMIUM (A$M) 8,318 7,346 7,238

EBITDA (A$M) (2) 1,819 968 967

NET PROFIT AFTER TAX (BEFORE MINORITIES) (A$M) 882 265 338

NET DEBT (3) / EBITDA (X) 0.9 1.7 1.4

GEARING (%) (4) 35 38 34


(1) the financial information for fY12 has been re-presented to reflect the changed treatment of the uk business as a discontinued operation. the information for fY11 is not re-presented.(2) ebitdA is defined as net profit before income tax after adding back finance costs,depreciation and amortisation.(3) net debt comprises subordinated debt and hybrids.(4) gearing = net debt / net debt plus equity minus goodwill & intangibles.

OUTSTANDING BONDS



GBP (EMTN)

2010 157 (Exchangeable Notes) Jun 14 FRN 320/LIBOR 187.5/LIBOR

2006 100 (Subordinated) Dec 16 Fixed 5.625% 100/LIBOR

NZD (DOMESTIC)

2011 325 (Subordinated) Dec 16 Fixed 7.50% 378/BKBM

AUD (DOMESTIC)

2012 377 (Convertible Preference Shares) Jun 17 FRN 400/BBSW 400/BBSW

2009550 (Reset Exchangeable Securities)

Dec 19 FRN 400/BBSW 400/BBSW


Legal maturity

vO

LU

mE

(A

$m

)

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0FY14 FY15 FY16 FY17 FY18 FY19 FY20 Beyond

sourCe: insurAnCe AustrAliA group June 2013

Call/exchange

261

820

550704


ISSUERprofiles

InfRaTIl

About Infratil

I nfratil owns New Zealand and Australian transport and energy infrastructure businesses. Its businesses mainly operate in predictable and stable sectors, but all are subject to demand and price risk. Key subsidiaries and associates are TrustPower (51%) (see p83), Z Energy (50%) (see

p92), Infratil Energy Australia/Lumo (100%), NZ Bus (100%), Wellington Airport (66%) (see p86) and two airports in the UK.

Infratil has a contracted manager, Morrison & Co.

OwnershipInfratil is an NZX10 company on the New Zealand Exchange. It listed on the Australian Securities Exchange in 2010. The largest shareholder is a UK-based investment fund, Utilico, which owns 13%. Management owns 11%. NZ institutions own 24%. NZ retail investors own 43%. Offshore investors –other than Utilico – own 9%.

Liquidity positionAs at March 31 2013 Infratil and wholly owned subsidiaries had NZ$803 million of committed bank facilities with net drawings of NZ$364 million.

Debt fundingInfratil uses longer-dated, structurally subordinated bonds as its source of core debt, with bank and vendor funding used for working capital and specific asset funding. As at March 31 2013 dated bonds amounted to NZ$677 million, perpetual bonds NZ$235 million, and net bank/vendor funding NZ$364 million.

Infratil has a strategic goal of triple-B calibre metrics. The company has stable and growing operating cash flows, assets for which there is strong demand and a debt structure which ensures there is negligible refinancing risk, even during periods such as the global financial crisis.


Tim Brown+64 4 473 [email protected]

Infratil’s debt can be grouped in three categories. (A) Structurally subordinated bonds issued by the parent company. (B) Parent and 100% subsidiaries bank debt and vendor financing. (C) Subsidiaries and joint ventures (Wellington Airport, Perth Energy, TrustPower, Z Energy) have capital structures to reflect their own credit circumstances and shareholder interests. As at March 31 2013 their debt comprised NZ$1.2 billion of bonds and NZ$187 million of bank borrowings. •

KEY CREDIT METRICSCREDIT RATING Not rated

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIOY (borrowed money indebtedness/tangible assets) <50%


CHANGE OF CONTROL Y if a party acquires 90% of Infratil

COUPON STEP-UPY (for perpetual infrastructure bonds only based on leverage ratio)

TARGET GEARING Metrics consistent with a BBB rating


WEIGHTED AVERAGE COST OF DEBT 6.2 % (as at March 31 2013)

KEY DATAFINANCIAL YEAR END 31 MAR

BLOOMBERG TICKER IFTNZ

NZX/ASX CODE IFT/IFZ


MARKET VALUE EQUITY (NZ$M) 1,382 1,109 1,151

REVENUES (NZ$M) 2,400 2,219 2,101

EBITDAF (NZ$M) 528 520 471


NET DEBT (NZ$M) 1,276 1,222 1,131

DEBT/EBITDA (X) 2.4 2.4 2.5


SHARE PRICE (FY END) (NZ$) 2.37 1.89 1.91

OUTSTANDING BONDS (PARENT & 100% SUBSIDIARY)


NZD (DOMESTIC)

Aug 03 85 15 Sep 13 Fixed 8.50%

Dec 04 153 15 Nov 15 Fixed 8.50%

Dec 10 100 15 Jun 16 Fixed 8.50%

Mar 11 66 15 Jun 17 Fixed 8.50%

Feb 12 81 15 Nov 17 Fixed 8.00%

Nov 12 111 15 Nov 18 Fixed 6.85%

Dec 05 81 15 Feb 20 Fixed 8.50%

Jun 13 94 15 Jun 22 Fixed 6.85%

Nov 06 235 Perpetual FRN 1YR swap + 1.5%

DEBT MATURITY PROFILE (INFRATIL AND 100% SUBSIDIARIES)

Vendor Subsidary bank

Parent bank

BondsLimited recourse

vO

LU

mE

(N

Z$

m)

350

300

250

200

150

100

50

0FY14 FY15 FY16 FY17 FY18 FY19-21 Beyond

sourCe: infrAtil mArCh 31 2013

85

10

18 153

118

10

33102

100

37

10147

140

10

192

22 235

5 1

InvESTa OffICE fund

About Investa Office Fund

I nvesta Office Fund (IOF) is a leading owner of investment-grade office buildings, receiving rental income from a tenant register comprised predominately of government and blue-chip tenants. IOF has total assets under management of A$2.8 billion with investments

located in core CBD markets throughout Australia and select offshore markets in Europe.

The fund’s overarching strategy is to be Australia’s best-performing CBD office fund, delivering high risk-adjusted returns. The fund’s focus for FY14 includes divesting remaining offshore assets, continuing to extend the tenor and diversity of debt, maintaining a disciplined approach to capital expenditure, and driving property returns through leveraging the Investa office management platform.

OwnershipThe fund was created on January 1 2000, as a result of the merger between Armstrong Jones Office Trust and Prime Credit Property Trust. IOF is a top 100 Australian Securities Exchange listed entity, and major owners include Westpac Banking Corporation, Commonwealth Bank Group, Morgan Stanley Investment Management and Mitsubishi UFJ Financial Group.

IOF is managed by Investa Office, a specialist owner and manager of high-quality office buildings in core CBD markets across Australia. The Investa Office portfolio incorporates more than 1 million square metres of quality office space across 45 buildings, worth more than A$7 billion, accommodating some of the world’s leading companies.

Investa Office operates an integrated real-estate platform that incorporates funds management, portfolio and asset management services, property services, development, sustainability and research.


Ming Long, Finance Director, IOF+61 2 8226 [email protected]/iof

Liquidity positionIOF maintains a strong balance sheet, with look-through gearing of 26.3% at June 30 2012 – within the targeted range – and undrawn credit facilities available of A$363 million. Further access to capital will be realised upon the sale of the remaining A$348 million of European assets. There is a strong focus on cash generation, and IOF targets through-the-cycle distributions no greater than net cash received less maintenance capex.

Debt fundingIOF completed in excess of A$400 million of debt refinancing in FY13, resulting in the fund at June 30 2013 having A$727 million of unsecured bank debt facilities, A$125 million of domestic MTNs, a US$125 million USPP, and A$59 million of nonrecourse property level debt (for a European asset). •

KEY CREDIT METRICSCREDIT RATING BBB+ (S&P)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO Y


CHANGE OF CONTROL Y





BLOOMBERG TICKER IOF AU

ASX CODE IOF



REVENUES (A$M) 191.0 202.9 199.6

EBIT (A$M) 171.8 158.5 160.9


DEBT/EBIT (X) (SENIOR) 3.9 3.2 3.1

DEBT/TOTAL ASSETS (%): LOOK-THROUGH GEARING 26.3 21.9 20.5

SHARE PRICE (FY END) (A$) 2.91 2.71 2.56*

* After 4:1 unit consolidation.


USPP (A$)Undrawn bank debt Drawn bank debt

Bastion Tower MTN

vO

LU

mE

(A

$m

)

700

600

500

400

300

200

100

0FY14 FY15 FY16 FY17 FY18

sourCe: investA offiCe fund June 30 2013

OUTSTANDING BONDS



AUD (DOMESTIC)

Oct 12 125 Nov 17 Fixed 5.40% 210/swap

USD (USPP)

Jun 13 125 Aug 25 Fixed 3.98% 175/UST

FY26

214

59

150125 129

363

CITIPOWER - KangaNews · 2013-11-22 · Group, which includes nine listed companies with a combined...

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Transcript of CITIPOWER - KangaNews · 2013-11-22 · Group, which includes nine listed companies with a combined...