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Business Description: Westfield Group (WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities. WDC has interests in and operates shopping centre portfolios with investment interests in 105 shopping centres across Australia, the United States, the United Kingdom, New Zealand and Brazil, encompassing around 23,000 retail outlets and total assets under management of A$62.9bn.
Strategy Analysis: WDC continues to expand its portfolio, primarily through the development of super-regional centres. In order to boost return on equity, WDC has since 2010, been progressively reducing its ownership interest in its assets. This provides greater operational leverage as WDC continues to maintain ownership of the future development pipeline and centre management. Acquisitions and corporate activity are considered less attractive than development due to strong competition for quality centres. Funding is sourced from debt, equity and joint venture partners as well as strategic asset sales.
Westfield Group reported NPAT up 18.3% to $1.72bn for the year ended 31 December 2012. Revenues from ordinary activities were $2.28bn, down 43.1% from last year. Diluted EPS was 75.38 cents compared to 62.89 cents last year. Net operating cash flow was $2.04bn compared to $2.34bn last year. The final dividend declared was 24.75 cents, taking the full year dividend to 49.5 cents compared with 48.40 cents last year. The Group expects to achieve FFO for the 2013 year of 66.5 cents per security. This takes into account the full year impact of the divestments completed during 2012 and is prior to the buyback of any additional WDC securities. The Group plans to continue redeploying capital from further joint ventures and non-core asset disposals.
Handing over, what if you need someone else to make decisions for you? There are times in your life when you can't fulfil your financial obligations personally.
The Age 18/05/2013 |
As Australia's major retailers increase their online sales channels, pouring millions into their websites, they could face new competition from China's booming e-commerce industry.
The Age 18/05/2013 |
Most of those who take a political approach to the budget assume that if it's in deficit, the way you get it back to surplus is to cut government spending or, if you're a really bad person, increase taxes. They forget it's the budget itself that's supposed to do the heavy lifting.
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