Cromwell Property Group (CMW) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with an Acknowledgement of Country and respect for Aboriginal and Torres Strait Islander peoples, welcoming both in-person and online attendees and emphasizing inclusivity and transparency through a hybrid format.

• Chair and CEO addresses, formal voting, business items, and Q&A were outlined as the agenda.

• Housekeeping instructions and confirmation of quorum were provided before formally opening the meeting.

Financial performance review

• FY24 saw a statutory loss of AUD 531.6 million, with underlying operating profit at AUD 136.7 million, down 13.8% from FY23.

• Net tangible assets per unit fell from AUD 0.84 to AUD 0.61, mainly due to asset revaluations and sales.

• Assets under management totaled AUD 11 billion as of 30 June 2024.

• Gearing reduced to 38.9% (proforma 28.8%) following asset sales.

• Distributions of 3.08cps, with a payout ratio of 81.8% of AFFO.

Strategic initiatives and plans

• Completed sale of the Polish Retail Fund and announced sale of the European platform for EUR 280 million, with proceeds used to reduce debt.

• Non-core asset sales totaling AUD 1.6 billion since 2022 have reduced net debt and simplified operations.

• Future focus will be on core Australian markets in office, retail, and industrial sectors, with a capital-light fund management model.

• Emphasis on value-add and core-plus investment strategies, measured development, and co-investment alongside third-party clients.

• Continued decarbonisation and emissions reduction activities across the portfolio.