For personal use only - Australian Securities Exchange · 3/7/2013 · Fairlanes Residences 3 Project: 128 apartments located above 7,687 sqm office within 27 level building. Comprises

7 March 2013

Project UpdateFinbar Group Limited (ASX: FRI)

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Project Update - Perth Metro

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Fairlanes Residences

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Project: 128 apartments located above 7,687 sqm office within 27 level building. Comprises 2 & 3 bedroom apartments with an average price of $879,000

Status: Works complete, All units sold

Ownership: Wholly owned through subsidiary

Value: $108 million (Residential only, refer Fairlanes Office slide for office details)

Completed: FY 12

Sales:

106.8

127

0.8

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90 100 110 120 130

Value ($m)

Lots

Settled Sale Contracts For Sale

181 Adelaide Terrace East Perth

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Eighteen on Plain

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Project: 29 apartments and 2 commercial lots within a 10 storey building. Comprises 2 bedroom apartments with an average price of $660,000.

Status: Works complete, All units sold

Ownership: 50% owned JV through SPV

Value: $20.1 million

Completed: FY 12

Sales:

18-22 Plain Street East Perth

18.4

29

1.7

2

0 10 20 30 40

Value ($m)

Lots


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Lime Apartments

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Project: 95 residential apartments plus 16 street front commercial lots (total 111) in 3 storey building. Comprises 2 bedroom apartments with an average price of $465,000.

Status: Works complete. Settlements currently underway

Ownership: 50% owned JV through SPV


Completion: Works complete

Sales:

185 Swansea Street East Victoria Park

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91

7

13

3.7

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0 50 100 150

Value ($m)

Lots


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Adagio

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Project: The first stage of Symphony City (the former ABC site), Adagio yields 113 apartments and 2 commercial lots within a luxury 23 level building. Comprises 2 & 3 bedroom apartments with penthouse at an average price of $1.51m.

Status: Construction works complete

Ownership: 50% JV with Land Owner


Est. Completion: Complete

Sales:

90 Terrace Road East Perth

108

71

65.3

44

0 50 100 150 200

Value ($m)

Lots


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Knightsgate

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Project: 43 apartments in a three level 'walk-up' project located 200 metres from Currambine train station. The project comprises one and two bedroom apartments with average price of $339,000.

Status: Under construction, all lots sold

Ownership: 50% owned JV with Land Owner


Est. Completion: FY 14

Sales:

17 Sunlander Drive Currambine

14.6

43

0 10 20 30 40 50

Value ($m)

Lots


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St Marks

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Project: 130 one, two, & three bedroom apartments in 6 storey building. $531,000 average price point. Site includes heritage building to be refurbished into office space.

Status: Under construction




Sales:

131 Harold Street Highgate

65.8

128

0.8

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0 50 100 150

Value ($m)

Lots


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Au

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Project: 192 one, two, & three bedroom apartments plus 2 ground floor commercial lots. Frontages to both Hay Street and Adelaide Terrace. Average price is $553,000.


Ownership: 45% through joint venture equity partners and joint land owner



Sales:

208 Adelaide Terrace & 311 Hay Street East Perth

96.4

178

11.3

16

0 50 100 150 200 250

Value ($m)

Lots


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Ecco

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Project: 90 residential apartments plus 8 commercial lots in 6 level building comprising 1, 2 & 3 bedroom apartments. Average price of $529,000


Ownership: 50% JV with land owner



Sales:

262 Lord Street Perth

43.9

85

8.4

13

0 50 100 150

Value ($m)

Lots


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Spring View Towers

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Project: 188 apartments in two residential towers (8 & 16 levels respectively) plus a separate 5 level office building comprising approximately 6,200 sqm NLA.

Status: Development approval received. Marketing commenced 2 Feb 2013.

Ownership: 50% JV through SPV

Value: $99.6 million (residential only)


Sales:

Lot 1019 & 1020 Rowe Avenue, Rivervale

23.7

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75.9

144

0 50 100 150 200

Value ($m)

Lots


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52 Mill Point

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Project: Luxury eight apartment project located on South Perth peninsula

Status: Development approval received. Marketing has commenced.

Ownership: 50% interest in project profit by way of management agreement (no equity obligation by Finbar)

Value: $18.2m


Sales:

52 Mill Point Road, South Perth

10.2

3

8

5

0 5 10 15 20

Value ($m)

Lots

Settled Sale Contracts For Sale* Indicative lots and project value only

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Toccata

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Project: The second state of the Symphony City project, Toccata will comprise 43 luxury half floor apartments and two commercial lots in a 22 level building.

Status: Development approval received. Marketing launch to occur August 2013 with view to commence construction in 2013.


Value: Approximately $120 million


Sales:

88 Terrace Road, East Perth

120

45

0 50 100 150

Value ($m)

Lots

Settled Sale Contracts

For Sale Future Release* * Indicative lots and project value only

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Springs Office

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Project: 6,500sqm stand alone office building which adjoins Spring View Tower residential project.

Status: Pre-commitment leasing campaign has commenced.

Ownership: 50% JV

Value: Approximately $40.3 million


Pre-leasing: Nil

Great Eastern Highway, Rivervale

* Indicative lots and project value only

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Dianella

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Project: 7,842 sqm of land adjoining Dianella Plaza Shopping Centre to be redevleoped into approximaly 135 residential apartments in a building up to six levels. Will comprise 1, 2 & 3 bedroom apartments.

Status: Awaiting revised Dianella scheme amendment to allow increased density & height. Anticipate mid 2013.

Ownership: 50% owned JV through SPV.

Value: $60 million


Sales:

36 Chester Avenue Dianella

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135

0 50 100 150

Approx. Value ($m)

Approx. Lots



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Concerto & Harmony

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Project: Stage 3 of the Symphony City redevelopment will likely consist a mix of office and apartments in new high rise structure.

Status: Development application being lodged in March 2013.


Value: Approximately $160+ million


Sales:

193 Adelaide Terrace, East Perth

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160

175

0 50 100 150 200

Value ($m)

Lots


For Sale Future Release** Indicative lots and project value only

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Subiaco

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Project: 7,882m2 prime Subiaco land to be developed into residential apartment project with street front commercial activation.

Status: Preparing for development application.

Ownership: 50% JV

Value: Approximately $140+ million


Sales:

Lots 101, 102, & 193 Roydhouse Street, and Lot 104 & 105 Hood Street, Subiaco

140

220

0 50 100 150 200 250

Value ($m)

Lots



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Springs 2

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Project: 9,212m2 of land to be developed into approximately 270 residential apartments.

Status: Preparing for lodgement of development application with view to launch project once Spring View Towers marketing is mostly complete.

Ownership: 50% JV

Value: Approximately $120 million


Sales:

Lots 1001, 1002, 1003 The Springs in Rivervale

120

270

0 100 200 300

Value ($m)

Lots



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Project Update – Regional

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Pelago West

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Project: 114 apartments and 1,100 sqm of ground floor office space in 9 level building. Comprises 1, 2, & 3 bedroom apartments.

Status: Works complete


Value: $85.4 million (residential), $8 million (commercial)

Est. Completion: Complete

Sales:

62.3

87

6.4

8

11.2

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5.4

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0 20 40 60 80 100 120

Value ($m)

Lots


For Sale (Leased) For Sale (Vacant)

Corner Sharpe Avenue & Warambie Road, Karratha

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Pelago East

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Project: 174 apartments in 9 level building. Comprises studio, 1, 2, & 3 bedroom apartments, along with 1,683 sqm of ground floor commercial space.



Value: $119.7 million (residential) & $16.1m (commercial)

Est. Completion: FY14

Sales:

Corner Sharpe Avenue & Warambie Road, Karratha

35.9

60

12.1

20

87.8

108

0 50 100 150 200

Value ($m)

Resi Lots


For Sale (Leased) For Sale (Vacant)

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Port Hedland

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Project: Redevelopment of 3.15ha site into 370+ apartments with ground floor commercial.

Status: Scheme amendment lodged with local authority, early stages of conceptual design and scheme negotiation.

Ownership: Land currently owned by WA State Government to be purchased by a Finbar wholly owned subsidiary subject to development approval

Value: $300+ million

Est. Completion: FY15 – FY16 (Staged)

Sales:

Lot 452 Sutherland Street, Port Hedland

300

367

0 100 200 300 400

Value ($m)

Lots



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Commercial Investment Property

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Current Commercial Investments

$107m in total income producing investment property.

$51m in invested capital (27% of net equity at 31 Dec 2012).

* Represents Finbar’s interests in the project being 69% of the total property value after minority interests. 24

Gateway *, 46,900,000

Pelago West, 8,000,000

Fairlanes, 52,000,000

Finbar’s Interest by Book Value

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Leasing Profile

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

GatewayOffice

FairlanesOffice

PelagoWest

Vacant

Small Private

ASX Listed/Govt.

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Gateway fully leased.

Fairlanes building 85% leased with ongoing lease negotiations currently underway.

Pelago West 65% leased.

Majority of exposure to ASX Listed & Government tenants.

SqmNLA

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Investment Gearing Profile

$0$20$40$60$80

$100$120$140

Gateway Fairlanes PelagoWest

Average

Mill

ions Equity

Debt

54% Average LVR

Average Loan to Development Cost Ratio across investment projects is 54%

Facilities with Australian Major Banks.

Staggered facility expiry dates.

Book Value & Gearing on Investment Assets

$-

$10

$20

$30

$40

$50

FY12 FY13 FY14 FY15 FY16 FY17

Mill

ions Gateway

(NAB)

Fairlanes(WBC)

Facility Expiry by Value

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Lease Expiry Profile

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Lease Expiry Profile

Gateway

Fairlanes

Pelago West

8.5 years weighted average lease expiry across all investment property

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SqmNLA

Note: Shows current completed property, does not show future additional investment property to be added through development process.

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Rental EBIT Effect

Rental income to increase in FY13 as Fairlanes tenants take progressive occupancy and rents commence.

Anticipate fully leased and occupied for full EBIT effect in FY14.

Anticipated changes in capital value not reflected in this slide.

* Represents Finbar’s interests in the project being 69% of the rental net of minority interests.

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0

1

2

3

4

5

6

7

8

9

10

FY12A FY13F FY14F

Pelago West

Fairlanes

Gateway*

$m

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Summary All Developments

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Residential Sales Activity

Improved market in 2012 into 2013 with strong sales growth experienced through historically quiet holiday season.

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0

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20

30

40

50

60

70

80

90

100

Lots

$m

Linear ($m)

SpringsSprings

AdagioAdagio

Pelago WestPelago West

AuAu

LimeLimeSt MarksSt Marks

EccoEcco

KnightsgateKnightsgate

Denotes MarketingLaunch Date for Projects

Denotes MarketingLaunch Date for Projects

Pelago EastPre LaunchPelago EastPre Launch

Pelago EastPublic Launch

Pelago EastPublic Launch

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Current Project Debt & Coverage

020406080

100120140160180200

Debt Pre-sales Coverage

Project Revenue

Presales

Facility Limit

Facility Drawn

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Minimum 100% debt coverage with presales on all project facilities.

All debt project specific

No corporate line

No fixed and floating charge over parent

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Project Pipeline

FY13 FY14 FY15 FY16 FY17Project Stage OwnershipResidential Projects:Pelago West Residential 100% 85.4Lime All 50% 51.7Adagio All 50% 173.3Knightsgate All 50% 14.6St Marks Residential 100% 66.5Au All 45% 107.7Pelago East Residential 100% 119.7Ecco All 50% 52.3Spring View Towers Residential 50% 99.652 Mill Point All 50% 18.2Toccata All 50% 120.0Dianella All 50% 60.0Port Hedland Stage 1 of 2 100% 150.0Concerto & Harmony All 50% 160Subiaco All 50% 140Port Hedland Stage 2 of 2 100% 150.0Springs 2 All 50% 120.0Commercial Projects:Pelago West Commercial 100% 8.0Pelago East Commercial 100% 16.1St Marks Heritage Commercial 100% 4.8Springs Office Commercial 50% 40.3

FY Totals ($m): 318.4 381.7 278.1 510 270Total Pipeline ($m) 1,758

Current Status:

Complete

Under construction

Pre-construction marketing

In planning/approval process

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Further information, please visit www.finbar.com.au

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Important Notice

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Some of the information contained in this presentation may contain forward-looking revenue, timelines, general statements and projections that are subject to various risks, uncertainties, and changes. Forward-looking statements include those containing such words as ‘estimate’, ‘should’, ‘may’, ‘forecast’, ‘anticipates’, ‘expects’, ‘plans’, ‘approximately’, ‘circa’, or similar expressions. Finbar’s actual results, performance, approvals, project composition, values, sales, or achievements could be significantly different from the results or objectives expressed in, anticipated or implied by, those forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which refer to circumstances, estimates, and projections only as at the date of this release and which are subjected to changes as a result of changing market conditions, amended project planning, extended approval processes, and revisions of company strategies.

The information contained in this presentation has been obtained from sources believed to be reliable. To the maximum extent permitted by law Finbar, its offices, employees, agents and advisors do not make any warranty express or implied, as the accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability.

This Presentation is not an offer or an invitation to acquire Finbar securities and is not a product disclosure document or a prospectus under Australia law. It is for information purposes only.For

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Documents

For personal use only - Australian Securities Exchange · 3/7/2013 · Fairlanes Residences 3 Project: 128 apartments located above 7,687 sqm office within 27 level building. Comprises