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APN EUROPEAN RETAIL PROPERTY GROUP (AEZ)

APN EUROPEAN RETAIL PROPERTY GROUP (AEZ)

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General Information
Company Name: APN European Retail Property Group
Stock Code: AEZ
Website: www.apngroup.com.au
GICS Sub-Industry: Retail Real Estate Investment Trusts
Market Cap ($M): 1
Equiv. Shares (M): 545

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.001 $ 0.000 $ 0.000 $ 0.000 $ 0.001 0 0%

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 27th Aug 2010
12 Month Target Price (average): $0.02
Brokers Surveyed: 1

Company Overview

Business Description:
APN European Retail Property Group (AEZ) is a listed property trust which operates under a stapled security structure. AEZ is managed by APN Funds Management Limited. As at 31 December 2010, AEZ invested in a portfolio of 33 retail properties in five countries across Europe.

Strategy Analysis:
The Trust's strategy is to invest in a diversified portfolio of retail properties throughout Europe. Additional acquisitions for the Trust will be assessed by APN FM according to established investment criteria, including the following: properties located in Europe, including the United Kingdom; retail properties, from supermarkets to leisure and regional shopping centres; properties generally in strong demographic regions with high occupancy levels; and acquisitions expected to add value to the Fund's long term earnings or asset allocation or a combination of both..


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A -132.1 -24.2 -811.8 0.0 0.0 0.0 --
2010  A 18.3 3.4 -47.7 1.7 0.0 0.0 --
2009  A 35.2 6.5 -14.5 1.8 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
APN European Retail (AEZ) $1 M -- -- -- -- -- -- 0.0000 -- --
Centro Retail Australia Limited (CRF) $2,574 M -- -- -- -- -- -- 0.0000 -- --
Westfield Retail Trust (WRT) $8,155 M -0.8384 0.4618 0.0309 20.7944 14.2248 13.7984 0.0618 0.0703 0.0727

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AEZ -- -- -0.01 --
Market 1.12 11.1 0.96 2.31
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr Howard Brenchley Executive Director,Chief Investment Officer 03 March 1998
Mr David Paul Blight Managing Director 24 November 2008
Mr Michael Francis Johnstone Non-Executive Director 25 November 2009
Mr Jennifer Horrigan Non-Executive Director 30 April 2012
Mr Geoffrey Norman Brunsdon Non-Executive Director,Non-Executive Chairman 19 October 2009

Management
Name Position
John Freemantle Chief Financial Officer,Company Secretary

Substantial Shareholders
Holding Name
38,637,068 (7.10%) APN Funds Management Limited
58,978,351 (10.80%) Christopher and Gail Aylward
102,845,039 (18.90%) Orbis Investment Management (Australia) Pty Ltd

Calendar of Events
Date Event
22 February 2013 Report (Interim)
28 September 2012 Report (Annual)
24 August 2012 Report (Prelim)
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