CHIEF EXECUTIVE OFFICER’S ADDRESS
SCENTRE GROUP LIMITED
ANNUAL GENERAL MEETING
HELD ON WEDNESDAY, 5 APRIL 2023 AT 10:00AM
We are focused on delivering long-term growth in a responsible, sustainable way.
We released our 2022 Responsible Business Report two weeks ago and this year for the first time, our Climate Statement.
Both provide our stakeholders with a detailed view of our progress to our net zero by 2030 objective.
Since 2014 we have reduced our emissions by 38%. Our New Zealand portfolio is now powered by 100% renewable electricity and last year we contracted to move our Queensland portfolio to 100% renewable electricity from 2025.
Other responsible business highlights include the investment of $21 million in our local communities in the past four years, the launch of our Auslan Santa program and the retention of 93% of our key talent.
On behalf of our people, I would like to thank Peter Allen for his leadership and guidance to many people over many years. Thank you for being with us today.
I would also like to acknowledge three internal senior executives who have been appointed Key Management Personnel, effective from 1 January 2023. They are:
• Lillian Fadel, Group Director, Customer, Community and Destination;
• John Papagiannis, Group Director, Businesses; and
• Maria Stamoulis, Director Human Resources.
I am pleased to report that attracting more people to our destinations remains our focus into 2023.
For the first 13 weeks of this year to 2nd of April, we have welcomed over 125 million customer visits. This is an increase of 16% or 17 million more visits when compared to the same 13 weeks in 2022.
Total business partner sales for January and February this year are 17% higher compared to 2022 and 10% higher than 2019.
Our Westfield destinations continue to be the most efficient platform for our business partners to connect with customers.
Seven of our Westfield destinations now generate more than $1 billion in Annual Sales including Chermside, Bondi Junction, Fountain Gate, Sydney, Miranda, Carindale and most recently Doncaster.
Cash collections for the first three months of the year were $663 million, $78 million higher than the comparable period in 2022.
We remain focused on activating our destinations and creating reasons for customers to visit us.
Recently we announced our collaboration with Disney to help celebrate their 100th anniversary through special events and activations across our portfolio during 2023. Already we have seen excellent results from this collaboration.
We have also announced a partnership with Netball Australia, creating a direct connection between our destinations and the most popular female sport in Australia, played by over 1.2 million participants.
We are confident that the strength of our business and platform, the quality of our team and our customer focused strategy will continue to create long-term value and growth for our securityholders.
I would like to thank the Board for their support and guidance to me and the broader team during the recent transition. It is much appreciated.
Brian, thank you for your extraordinary leadership and contribution to our business which we will further recognise and celebrate later this year.
Ilana, congratulations on your endorsement as our Chair-Elect. I am very much looking forward to working with you and Brian as part of the Chair transition over the coming months.
Scentre Group is well positioned to deliver long-term growth for securityholders.
As announced at our full year results in February, subject to no material change in conditions, the Group expects FFO to be in the range of 20.75 to 21.25 cents per security for 2023, representing 3.4% to 5.9% growth for the year.
Distributions are expected to be at least 16.50 cents per security for 2023, representing at least 4.8% growth for the year.
Thank you for your ongoing support of Scentre Group.
I will now hand back to the Chair.