Sydney Case Study
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Oracle Case Study Investa Property Group
David Miller CIO
Confidential
Investa Property Group
|
1
AGENDA
Company Overview
The Journey
Solution / Why Hyperion
Benefits
Lessons Learnt
Where to Next
Summary & Questions
Confidential
Investa Property Group
|
2
INVESTA PROPERTY GROUP About Us Australian diversified real estate company with specialist expertise in office and industrial assets Group funds under management approximately AU$9 billion comprising over 50 assets totaling over 900,000m2 of space Internalised asset and property management model World leader in sustainability Wholly owned subsidiary of Morgan Stanley's Real Estate funds INTERNAL FUNDS
Commercial office portfolio $4.5 billion
P3
26 direct holdings in premium and grade A office buildings in Sydney and throughout Australia
Internal Asset and Property Management
Increasing weighting to Sydney
FUNDS MANAGEMENT
COMMERCIAL DEVELOPMENT Office/Industrial development pipeline of $2 billion
One of the largest Residential Property developers in Australia 33 projects
SRI Accreditation
565 hectares industrial land
Establishing an international platform
100,000m2 proposed office accommodation
AUM $2.5 billion Wholesale/Retail 6 funds
As at 30 June 2008
$3.3 billion end value Largest contract builder in NSW
MORGAN STANLEY PLATFORM Global Reach Morgan Stanley manages approximately US $100 billion in real estate assets globally on behalf of its clients
North America
Europe Asia/Japan
US$32.1Bn
US$37.5Bn
US$23.0Bn
Australia US$7.0Bn AU$9.0Bn NB: totals are approximate
P4
As at 30 June 2008
INVESTA PROPERTY GROUP Sustainable Responsible Investment – World Leader Awards Banksia Foundation Climate Award for "Addressing Climate Change” (2008) Department of Environment & Climate Change (NSW) (2008) Association of Chartered Certified Accountants (ACCA) Australia & New Zealand Awards for Sustainability Reporting (2008) NSW Government Sustainability Green Globes Awards (2008) Rated number 1 on Dow Jones Sustainability World Index (DJSI World 2007)* Member of Global 100 (G100) list of the most sustainable corporations in the world – Corporate Knights/Innovest (2007)* National Safety Council of Australia FiveStar Rating – every year since 2003 Recognised Sustainable Responsible Investment (SRI) accreditation from the Responsible Investment Association Australasia (RIAA)
P5
* Investa is no longer part of this group following its delisting from the ASX and integration into Morgan Stanley Real Estate Funds As at 30 June 2008
INVESTA PROPERTY GROUP Growth History
Established in December 2000 by internalising management of the $900 million Westpac Property Trust (originally employed 50 staff)
Investment Portfolio – growth by acquisition to $4.5B:
¾ Telstra Portfolio (FY03)
$0.57 billion
¾ Suncorp Portfolio (FY03)
$0.22 billion
¾ Principal Office Fund (FY04)
$1.95 billion
Funds management business ¾ Organic growth – from zero to $2.5 billion in AUM, making it one of Australia’s largest managers of wholesale property funds
Commercial Developments Business ¾ Industrial - 565 ha over 9 industrial projects ($1billion end value) ¾ Office – 98,000m² over 8 commercial office projects ($0.9 billion end value)
Residential ¾ Acquisition of Clarendon in FY05/FY06 for $640 million delivering a substantial land bank and contract housing business
P6
As at 30 June 2008
The Journey Deployment Timeline
Planning
Data Warehouse
BRIO System 9
Enterprise
2004
P7
2005
2006
2007
As at 30 June 2008
2008
2009 +
The Journey Historical Perspective
Totally reliant on excel for - Budgeting / Forecasting - Monthly Reporting - Consolidation All supporting schedules were excel or word based Complex spreadsheets with single point failure Lack of confidence in the accuracy of formula and too prone to numbers being changed or manipulated without controls Business undergoing significant growth & change P8
As at 30 June 2008
The Journey Brio
Implemented in 2004 to address the reporting and analysis requirements of our Property Management Business Later expanded to report on capital expenditure and project status Chosen for it’s ease of use, queries could be easily written by in house staff, push capability to publish reports Brio was acquired by Hyperion in late 2004 / early 2005
P9
As at 30 June 2008
The Journey The Next Phase - Hyperion
Business expansion and diversification Brio was meeting Property Management Reporting but we still extensively relied on excel for Corporate Planning and Reporting Statutory structure was becoming more complex Increased complexity of financial analysis and reporting Hyperion started to integrate Brio as their BI tool
P10
As at 30 June 2008
The Journey The Requirements
A centralised integrated budgeting and planning tool (not excel) Ability to easily do “what if” analysis Ability to have multiple versions of budgets / forecasts Development of planning templates Automate the consolidation of monthly management reports Statutory consolidation using a different reporting hierarchy than Management Reporting and complete Statutory / Management Reconciliation P11
As at 30 June 2008
Why Hyperion
Ability to meet requirements Leveraged our previous investment Provided an integrated planning, reporting, analysis and consolidation solution Easy to use, set up and maintain Solid database (Essbase) Minimal IT support “Super Charged” pivot table providing extensive slice and dice capability Flexible and Scalable P12
As at 30 June 2008
Benefits Robust as compared to Excel Accuracy / Data Integrity Transparency of data (drill down, etc) Improved Timeliness Flexibility – Ability to adapt to changing structure and reporting requirements e.g. moving historical data into new structure Reduced staffing requirements to complete consolidations Relies on data extracted directly from the GL (single source of the truth) Supporting work papers integrated to system P13
Finance staff can focus on value add activities As at 30 June 2008
Key Lessons Planning is the key (as with any project) Invest time up front to get the account structure right Finance to own the implementation Business Buy in Dedicated team Manage the size of the cube Clear Scope to avoid scope creep and cost blow outs Realistic project plan as distinct to trying to meet some specific deadline Good Implementation Partner P14
As at 30 June 2008
Current Position
P15
As at 30 June 2008
Where to Next
Development of Separate Cubes for each Division Data Warehouse Development of Dashboard / KPI reporting at Executive level
P16
As at 30 June 2008
The Future
P17
As at 30 June 2008
The Future
P18
As at 30 June 2008
Summary
Has been a progressive deployment Initial focus was on corporate reporting but we are now leveraging this investment to drive improvements in Divisional Reporting Ensure you have a good implementation partner that is a real partner Make sure you understand your requirements Make sure Finance own the system QUESTIONS? P19
As at 30 June 2008
David Miller CIO
Confidential
Investa Property Group
|
1
AGENDA
Company Overview
The Journey
Solution / Why Hyperion
Benefits
Lessons Learnt
Where to Next
Summary & Questions
Confidential
Investa Property Group
|
2
INVESTA PROPERTY GROUP About Us Australian diversified real estate company with specialist expertise in office and industrial assets Group funds under management approximately AU$9 billion comprising over 50 assets totaling over 900,000m2 of space Internalised asset and property management model World leader in sustainability Wholly owned subsidiary of Morgan Stanley's Real Estate funds INTERNAL FUNDS
Commercial office portfolio $4.5 billion
P3
26 direct holdings in premium and grade A office buildings in Sydney and throughout Australia
Internal Asset and Property Management
Increasing weighting to Sydney
FUNDS MANAGEMENT
COMMERCIAL DEVELOPMENT Office/Industrial development pipeline of $2 billion
One of the largest Residential Property developers in Australia 33 projects
SRI Accreditation
565 hectares industrial land
Establishing an international platform
100,000m2 proposed office accommodation
AUM $2.5 billion Wholesale/Retail 6 funds
As at 30 June 2008
$3.3 billion end value Largest contract builder in NSW
MORGAN STANLEY PLATFORM Global Reach Morgan Stanley manages approximately US $100 billion in real estate assets globally on behalf of its clients
North America
Europe Asia/Japan
US$32.1Bn
US$37.5Bn
US$23.0Bn
Australia US$7.0Bn AU$9.0Bn NB: totals are approximate
P4
As at 30 June 2008
INVESTA PROPERTY GROUP Sustainable Responsible Investment – World Leader Awards Banksia Foundation Climate Award for "Addressing Climate Change” (2008) Department of Environment & Climate Change (NSW) (2008) Association of Chartered Certified Accountants (ACCA) Australia & New Zealand Awards for Sustainability Reporting (2008) NSW Government Sustainability Green Globes Awards (2008) Rated number 1 on Dow Jones Sustainability World Index (DJSI World 2007)* Member of Global 100 (G100) list of the most sustainable corporations in the world – Corporate Knights/Innovest (2007)* National Safety Council of Australia FiveStar Rating – every year since 2003 Recognised Sustainable Responsible Investment (SRI) accreditation from the Responsible Investment Association Australasia (RIAA)
P5
* Investa is no longer part of this group following its delisting from the ASX and integration into Morgan Stanley Real Estate Funds As at 30 June 2008
INVESTA PROPERTY GROUP Growth History
Established in December 2000 by internalising management of the $900 million Westpac Property Trust (originally employed 50 staff)
Investment Portfolio – growth by acquisition to $4.5B:
¾ Telstra Portfolio (FY03)
$0.57 billion
¾ Suncorp Portfolio (FY03)
$0.22 billion
¾ Principal Office Fund (FY04)
$1.95 billion
Funds management business ¾ Organic growth – from zero to $2.5 billion in AUM, making it one of Australia’s largest managers of wholesale property funds
Commercial Developments Business ¾ Industrial - 565 ha over 9 industrial projects ($1billion end value) ¾ Office – 98,000m² over 8 commercial office projects ($0.9 billion end value)
Residential ¾ Acquisition of Clarendon in FY05/FY06 for $640 million delivering a substantial land bank and contract housing business
P6
As at 30 June 2008
The Journey Deployment Timeline
Planning
Data Warehouse
BRIO System 9
Enterprise
2004
P7
2005
2006
2007
As at 30 June 2008
2008
2009 +
The Journey Historical Perspective
Totally reliant on excel for - Budgeting / Forecasting - Monthly Reporting - Consolidation All supporting schedules were excel or word based Complex spreadsheets with single point failure Lack of confidence in the accuracy of formula and too prone to numbers being changed or manipulated without controls Business undergoing significant growth & change P8
As at 30 June 2008
The Journey Brio
Implemented in 2004 to address the reporting and analysis requirements of our Property Management Business Later expanded to report on capital expenditure and project status Chosen for it’s ease of use, queries could be easily written by in house staff, push capability to publish reports Brio was acquired by Hyperion in late 2004 / early 2005
P9
As at 30 June 2008
The Journey The Next Phase - Hyperion
Business expansion and diversification Brio was meeting Property Management Reporting but we still extensively relied on excel for Corporate Planning and Reporting Statutory structure was becoming more complex Increased complexity of financial analysis and reporting Hyperion started to integrate Brio as their BI tool
P10
As at 30 June 2008
The Journey The Requirements
A centralised integrated budgeting and planning tool (not excel) Ability to easily do “what if” analysis Ability to have multiple versions of budgets / forecasts Development of planning templates Automate the consolidation of monthly management reports Statutory consolidation using a different reporting hierarchy than Management Reporting and complete Statutory / Management Reconciliation P11
As at 30 June 2008
Why Hyperion
Ability to meet requirements Leveraged our previous investment Provided an integrated planning, reporting, analysis and consolidation solution Easy to use, set up and maintain Solid database (Essbase) Minimal IT support “Super Charged” pivot table providing extensive slice and dice capability Flexible and Scalable P12
As at 30 June 2008
Benefits Robust as compared to Excel Accuracy / Data Integrity Transparency of data (drill down, etc) Improved Timeliness Flexibility – Ability to adapt to changing structure and reporting requirements e.g. moving historical data into new structure Reduced staffing requirements to complete consolidations Relies on data extracted directly from the GL (single source of the truth) Supporting work papers integrated to system P13
Finance staff can focus on value add activities As at 30 June 2008
Key Lessons Planning is the key (as with any project) Invest time up front to get the account structure right Finance to own the implementation Business Buy in Dedicated team Manage the size of the cube Clear Scope to avoid scope creep and cost blow outs Realistic project plan as distinct to trying to meet some specific deadline Good Implementation Partner P14
As at 30 June 2008
Current Position
P15
As at 30 June 2008
Where to Next
Development of Separate Cubes for each Division Data Warehouse Development of Dashboard / KPI reporting at Executive level
P16
As at 30 June 2008
The Future
P17
As at 30 June 2008
The Future
P18
As at 30 June 2008
Summary
Has been a progressive deployment Initial focus was on corporate reporting but we are now leveraging this investment to drive improvements in Divisional Reporting Ensure you have a good implementation partner that is a real partner Make sure you understand your requirements Make sure Finance own the system QUESTIONS? P19
As at 30 June 2008
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