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TheStreet Open House

Westfield Group Management Discusses Q2 2012 (H1 2012) Results - Earnings Call Transcript

Westfield Group (WFGPY.PK)

Q2 2012 (H1 2012) Earnings Call

August 14, 2012 7:00 pm ET

Executives

Peter S. Lowy - Co-Chief Executive Officer and Executive Director

Steven Mark Lowy - Co-Chief Executive Officer and Executive Director

Peter Kenneth Allen - Group Chief Financial Officer and Director

Analysts

Stephen Rich - Crédit Suisse AG, Research Division

Paul Checchin - Macquarie Research

Lourens Pirenc - Morgan Stanley, Research Division

Rob Stanton - JP Morgan Chase & Co, Research Division

John P. Kim - CLSA Asia-Pacific Markets, Research Division

Simon Garing - BofA Merrill Lynch, Research Division

Andrew Smith - Evergreen Capital Partners Pty Ltd.

Simon Wheatley - Goldman Sachs & Partners Australia Pty Ltd, Research Division

Presentation

Operator

Welcome to the Westfield Group 2012 Half Year Results, connected on Wednesday, 15 August 2012 at 9 a.m. Australian Eastern Standard Time [Operator Instructions] I would like to advise that today's conference is being recorded and would now like to introduce the presenter for today, Mr. Peter Lowy. Mr. Lowy, please go ahead.

Peter S. Lowy

Thank you. Good morning, everybody. I'd like to welcome you to our results presentation for the 6 months ended 30th of June, 2012. With me today is Steven Lowy and Peter Allen. In November 2010, we articulated a strategic plan that would position the group to generate greater long-term value in a volatile economic environment. This plan focused on investing capital in a development of world-class iconic shopping centers in major world cities, introducing joint venture capital to the group and disposing of non-core assets to enhance our return on invested capital and long-term earnings growth.

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