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Business Description: Westfield Group (WDC) is an internally managed, vertically integrated, shopping centre group established by the merger of Westfield Holdings, Westfield Trust and Westfield America Trust in July 2004. WDC has interests in and operates the shopping centre portfolio of 119 regional shopping centres in Australia, New Zealand, USA and United Kingdom, with a total value of assets under management of A$58.6 billion.
Strategy Analysis: WDC´s main focus is on expanding its portfolio, primarily through the development of regional and super-regional centres. Acquisitions and corporate activity are considered less attractive than development due to strong competition for quality centres. WDC follows a clustering strategy, seeking to own several centres in the same market to benefit from economies of scale, branding and regional advertising. Funding is sourced from debt, equity and joint venture partners as well as strategic asset sales. The announcement in Qtr 1 2011 of the proposed disposal of non-core US malls and recycling of the capital to acquire better quality assets with greater growth potential reaffirms that this strategy is continuing to be followed, though it is expected that current weakness in the US may stall this process.
Westfield Group reported NPAT down 32.3% to $650.9m for the half-year ended 30 June 2011. This is the first half-year result since the restructure of the group in 2010 with the establishment of Westfield Retail Trust. Revenues from ordinary activities were $1.36bn, down 24.5% from the same period last year. Diluted EPS was 28.18 cents compared to 41.28 cents last year. Net operating cash flow was $762.2m compared to $1.2bn last year. The interim dividend declared was 24.2 cents compared with 32.0 cents last year. During the half-year the group commenced work on $570m of new projects including the redevelopment of Fountain Gate in Australia and smaller projects across the US, the UK and Australia. Total new project commencements for 2011 are expected to be between $750m and $1.0bn.
The Age 7/02/2012 | ISRAEL'S Foreign Minister was headed for Washington overnight amid signs that the US and its Middle East ally hold diverging views on how best to resolve the standoff over Iran's disputed nuclear program.
Sydney Morning Herald 7/02/2012 | There will be fewer love hearts and boxes of chocolates this Valentine's Day for the short-lived chief executive of Perpetual Limited, Chris Ryan.
Sydney Morning Herald 7/02/2012 | HOTEL owners and operators are preparing for a busy year of openings and renovations as demand increases from domestic travellers.
The Age 6/02/2012 | AUSTRALIA has a reputation for embracing technological developments quickly. We had a record take-up of VHS, DVD and widescreen television, and it is widely claimed that the Land of Oz has more home theatres per head of population than anywhere else in the world.
Sun Herald 5/02/2012 | INVESTORS cheered during the week, perhaps convinced that the latest rearrangement of deckchairs on the good ship euro will do the trick and right the heavily listing vessel.
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