WELCOME TO THE 2020 ANNUAL MEETING.
Agenda Annual Meeting 2020 01. BOARD AND MANAGEMENT TEAM PRESENTATIONS 02. SHAREHOLDER DISCUSSION 03. FINANCIAL STATEMENTS AGENDA 04. ORDINARY RESOLUTIONS 05. GENERAL BUSINESS
Board and Annual management team Meeting presentations 2020 01. BOARD AND MANAGEMENT TEAM PRESENTATIONS
Introductions Annual Meeting 2020 INTRODUCTIONS
Humphry Annual Rolleston Meeting 2020 HUMPHRY ROLLESTON
2019 Annual Highlights Meeting 2020 2019 HIGHLIGHTS $ LEASING ACTIVITY 99,000 FOUR PROPERTIES SECURED NET PROFIT SQM LEASED 106 M 176.3 M $ $ TOTAL RETURNS DIVIDEND NET TANGIBLE ASSETS 2019 206 2019 7 .60 2018 2018 2017 2017 40% CENTS PER SHARE CENTS PER SHARE 2016 2016 2015 2015
Context Annual Meeting 2020 GROSS RETURN SINCE INCEPTION: 11% PA 1600 1400 1200 1000 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Forsyth Barr Analysis, NZX
2019 Annual Progress Meeting 2020 106 M 40 M 21 M $ $ $ 2019 PROGRESS $106 million was $40 million of Committed a further committed during the divestments contracted $21 million to four new year to four prime during the year, signifjcant value-add Auckland industrial non-industrial projects. opportunities. properties now account for just 10% of PFI’s portfolio.
COVID-19 Annual Meeting 2020 WHAT WAS OUR IMMEDIATE RESPONSE? COVID-19 HOW ARE WE RESPONDING TO IT NOW? HOW ARE WE THINKING ABOUT THE PANDEMIC LOOKING FORWARD?
Our immediate Annual response Meeting 2020 Secured an additional $50 million of Instigated our business liquidity from one of our key banking continuity plans and established partners, the Commonwealth our team working from home. Bank of Australia. COVID-19 IMMEDIATE Began working with Examined our costs, both capital our tenants. and operating in nature, and making cuts to and deferrals of expenditure, where appropriate.
How we are Annual responding Meeting now 2020 Ensuring our tenants are 45 abatement or deferral able to perform going forward deals totalling approximately by continuing to work closely 1.2% of annual rent agreed with them. to date. COVID-19 NOW Around 90% of Divestments on non-industrial April and May rent and properties are on hold for now. opex collected.
Looking Annual forward Meeting 2020 Discussions with PFI’s Divest those remaining tenants to continue throughout non-industrial properties when much of 2020. the time is right. COVID-19 FORWARD Our low gearing and diversifjed funding mix leave us well placed to pursue the acquisition of additional quality industrial properties and we believe we will start to see the right kinds of opportunities emerge soon.
One of Annual New Zealand’s Meeting foremost listed 2020 property vehicles ONE OF NEW ZEALAND'S FOREMOST LISTED PROPERTY VEHICLES $1,469m $987m 2019 2015 $352m $333m 2010 $204m 2005 $74m 2000 1995 Gross returns since inception: 11% pa
Shareholder Annual discussion Meeting 2020 02. SHAREHOLDER DISCUSSION
Financial Annual statements Meeting 2020 03. FINANCIAL STATEMENTS
Ordinary Annual resolutions Meeting 2020 04. ORDINARY RESOLUTIONS
Ordinary Annual resolutions Meeting 2020 RESOLUTION RESOLUTION RESOLUTION 01 02 03 That Anthony Beverley, That Dean Bracewell (appointed That the Directors are who retires and is eligible by the Board as a Director authorised to fjx the fees and for election, be elected as a on 29 November 2019), expenses of the auditors, Director of the Company. who retires and is eligible PricewaterhouseCoopers for election, be elected as a Auckland. Director of the Company.
General Annual business Meeting 2020 05. GENERAL BUSINESS
Close of Annual meeting Meeting 2020 CLOSE OF MEETING
Disclaimer Annual Meeting 2020 DISCLAIMER The information included in this presentation is provided While every care has been taken in the preparation of as at 3 June 2020. this presentation, PFI makes no representation or warranty as to the accuracy or completeness of any statement in it Property for Industry Limited (PFI) does not guarantee including, without limitation, any forecasts. the repayment of capital or the performance referred to in this presentation. This presentation has been prepared for the purpose of providing general information, without taking account of any Past performance is not a reliable indicator of particular investor’s objectives, fjnancial situation or needs. future performance. An investor should, before making any investment decisions, The presentation includes a number of forward looking consider the appropriateness of the information in this statements. Forward looking statements, by their nature, presentation, and seek professional advice, having regard involve inherent risks and uncertainties. Many of those to the investor’s objectives, fjnancial situation and needs. risks and uncertainties are matters which are beyond This presentation is solely for the use of the party to whom PFI’s control and could cause actual results to differ it is provided. from those predicted. Variations could either be materially positive or materially negative.
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