In this issue : JULY 2017

Capital Management

“The Group has been actively reducing gearing in the business, given our desire to run low financial leverage at this point in the property cycle.”

GREG GOODMAN, GROUP CEO

We continue to improve our financial and operational flexibility with a number of capital management initiatives completed in the financial year to date.

  • Group gearing range formally reduced to 0% – 25% (from 25% – 35%), this is consistent with practice in recent years.
  • The gearing level will be determined with reference to the mix of earnings and ratios consistent with our credit rating.
  • We closed a US$1 billion Exchange Offer of 144a Bonds in the US market.
  • These changes resulted in an improved credit rating for the Group with S&P upgrading to BBB+ and Moody’s upgrading to Baa1.

Overall our capital management approach is focussed on long term flexibility, providing the ability to absorb changes in market volatility.

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GEARING (%)

  • 0FY12
  • 0FY13
  • 0FY14
  • 0FY15
  • 0FY16
  • 01H FY17
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