Westfield Holdings Limited today announced a profit after tax of $A234.2 million for the year to 30 June 2002, up 38.5% on last yearÂ's result of $A169.1 million. This result exceeds the profit of $A230 million foreshadowed in March this year.
Financial highlights of the year included:
Earnings per share on a fully diluted basis were 41.6 cents, up 31.2% on last year.
The total dividend payout for the year will be 21.05 cents per share, up 31.3% on last yearÂ's dividend of 16.03 cents. The final dividend of 13.0 cents per share will be paid on 30 September 2002. This dividend is 40% franked.
The value of shopping centre assets under management is currently $A31.5 billion, up 30.7% on last year.
During the year the $A6 billion Jacobs and RNA transactions were completed by Westfield America Trust and the Centrepoint complex in Sydney was acquired by Westfield Trust, adding a further 23 properties to WestfieldÂ's management portfolio. The centres have very good redevelopment potential - some $A3.0 billion, over the next five to 10 years.
Westfield Managing Directors Peter and Steven Lowy said this strong result was due to significant expansion of the companyÂ's business in the United States and good performances from all parts of the Westfield operations in the UK, Australia and NZ and the US.
The last 12 months have witnessed significant and company-transforming events for the Westfield Group.
During the period we have expanded the portfolio significantly, from 86 to 109, and have continued to export the Westfield model of shopping centre management and development into our businesses globally.
Over the last year, WestfieldÂ's global development program continued with $A1 billion of projects completed during the financial year. At 30 June 2002, the GroupÂ's development pipeline increased to $A5.0 billion, representing projects either under construction or expected to occur over the next five years. This program does not include the Jacobs, RNA and Centrepoint projects referred to above.
Australia and New Zealand
In Australia and New Zealand, redevelopment projects valued at $A696 million were completed in the 12 months to 30 June 2002, with a further $A1.8 billion either under construction or in the planning process.
During the year, Westfield successfully completed two projects - the $A377 million Hornsby project in Sydney, and the $A196 million project at Fountain Gate in Melbourne. The $A100 million redevelopment of Eastgardens in Sydney, also progressed well and is expected to be completed by December this year.
In April the $A680 million, 100,000 square metre redevelopment of Westfield Bondi Junction in Sydney commenced. Construction is also set to commence on the first stage of a new shopping centre at North Lakes, in north Brisbane.
In November, the Westfield Trust acquired the landmark Centrepoint complex in Sydney from AMP. Since assuming management Westfield has introduced its branding and intense management to this high-traffic location in the Sydney CBD and work is progressing on a number of improvements to the retail mix including plans for future redevelopment.
The $NZ55 million redevelopment of the St Lukes shopping centre in Auckland is well under way following the completion in July 2001 of the $NZ80 million redevelopment of WestCity Shoppingtown.
The Westfield Trust recently announced a new joint venture in New Zealand which will facilitate the development of a major new shopping centre at Newmarket in Auckland.
In the United States, redevelopment projects valued at approximately $US171 million were completed in the 12 months to 30 June 2002, with a further $US870 million either under construction or in the planning process.
The second and final phase of the $US175 million redevelopment of Westfield Shoppingtown Valley Fair in San Jose, California was opened successfully in March 2002. Valley Fair is one of Westfield America TrustÂ's flagship malls in the US.
Phase two of the $US57 million redevelopment of Westfield Shoppingtown South County in St. Louis