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<table class="" border="0" cellpadding="0" cellspacing="0"> <!-- begin main table--> <tr> <td width="170"> <!-- empty tc on left--> </td> <td align="left"> <!-- tc to contain all content and keep in center--> <table cellpadding="0" cellspacing="0" border="0"> <!-- table to create header --> <tr> <td height="" width="180" align="left"> </td> <td align="left"> </td> </tr> <tr> <td valign="top" align="left"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td valign="top" height="0"> <img src="http://www.ibisworld.com.au/common/newsletter/images/homepagelogo3.gif" alt="" /> <br /> </td> </tr> </table> </td> <td align="left" width="450" valign="top"> <table cellpadding="0" cellspacing="0" border="0"> <!--<tr> <td width="400" align="left" valign="bottom" height="0"> </td> </tr>--> <tr> <td width="440" align="left" valign="top"> <p style="font-size: 11px; text-align: right;"> | <a style="font-size: 11px;" href="#aMember">Membership</a> | <a style="font-size: 11px;" 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src="http://www.ibisworld.com.au/common/newsletter/images/TOCtopleft.gif" alt="" /> </td> <td class="WhiteTop"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td valign="top"> <table border="0" cellpadding="3" cellspacing="0"> <tr> <td rowspan="9"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="183" width="1" /> </td> <td colspan="2"> <p class="heading1"> IN THIS EDITION:</p> </td> </tr> <tr> <td width="30" align="center"> <a href="#aIndustry"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /></a> </td> <td class="tdToc"> <a class="menuitem" href="#aIndustry">In INDUSTRY </a> </td> </tr> <tr> <td align="center"> <a href="#aFocus"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aFocus">COMPANY Connect</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aGlobal">Global TRENDS</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aRisk">Industry Risk</a> </td> </tr> <tr> <td align="center"> <a href="#aEconomic"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aEconomic">Economics & Demographics</a> </td> </tr> <tr> <td align="center"> <a href="#aRuthven"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aPresentation">Phil Ruthven - Presentation Material</a> </td> </tr> <tr> <td align="center"> <a href="#aNew"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aNew">What's New?</a> </td> </tr> <tr> <td align="center"> <a href="#aUpdated"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aUpdated">Updated Reports</a> </td> </tr> </table> </td> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> <td valign="top"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td valign="top"> <img src="http://www.ibisworld.com.au/common/newsletter/images/audate.gif" alt="" /> </td> </tr> <tr> <td height="10" /> </tr> <tr> <td> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCtopleft.gif" alt="" /> </td> <td class="WhiteTop" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="background-color: #DDCDC6; width: 256px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="148" width="1" /> </td> <td height="161" width="308"> <p class="heading1" style="text-align: center;"> DID YOU KNOW?</p> <p class="textCenter"> In 2005-06, Australia produced 1,429,788,000 litres of wine, that s enough to fill 571 Olympic swimming pools. </td> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <!-- end header--> <table cellpadding="0" cellspacing="0" border="0"> <!-- main content--> <!-- industry in focus article --> <!--<tr> <td> <a id="aIndustry" name="aFeature"></a> <p class="heading2"> <br /> Easter</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>You know its Easter when the sky greys and, helped by daylight savings, darkens earlier each night. You know it's close when fluffy bunnies and bright yellow chicks start to appear in the windows of high street shops. But most of all you know its Easter when you see brightly covered chocolate eggs and animals, and smell the freshly baked hot cross buns. With Easter now behind us, it is a good time to take a look at the confectionary manufacturing industry. </p> </td> </tr> </table> </td> --> <tr> <td> <a id="a4" name="aFeature"></a> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td> <a id="a3" name="aFeature"></a> <p class="heading2"> <br /> In INDUSTRY: Australia  A Taste for the Finer Things</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>At the moment in Australia, there are two words on the nation's collective lips: interest rates. Twelve successive quarter-point increases since 2002 has left the cash rate at 16-year highs, and many Australians are feeling the pinch, not least of which those who are attempting to pay off a mortgage. </p><p>The conventional economic wisdom is that in periods of falling consumer confidence and personal discretionary income  both of which accompany a rise in interest rates  the first industries to experience difficulties are those offering luxury, that is, nonessential, goods or services to the public. However, IBISWorld believes that this time, after a prolonged period of booming growth and incomes, Australians have developed a taste for the finer things, and are reluctant to relinquish them. </p><p>For example, the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1817">Pay Television</a> and <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1860">Bottled Water Manufacturing </a> industries are expected to be among Australia's strongest growth industries in 2008, with growth of 9.8% and 8.1% respectively. This growth is forecast to come from two industries which have freely available substitutes in free to air television and tap water. </p><p>The <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=678">Personal Services</a> industry, which includes chauffeurs, weight reduction services, introduction agencies and hair restoration, is forecast to grow by a solid 5.3% in 2008, as consumers continue to spend money on hiring outside assistance on services which can normally be performed themselves (such as driving). The <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=676">Gardening Services </a> industry, despite a prolonged drought, is still expected to grow by 2.3%. </p><p>Among <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=427">Jewellery and Watch Retailers</a> industry, there has been an acknowledgement that by stocking 'run-of-the-mill' products, consumers shop purely on price. However, retailers who stock one-off products appeal to consumers who are searching for a point of difference. Along with this is the growing importance of branding in luxury items, as the rampant growth exhibited by Louis Vuitton demonstrates. </p> </td> </tr> <!-- <tr> <td> <p class="ReportSectionTitle"> <br /> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=626"> Child Care Services industry</a> </td></tr> </table> </td>--> </table> </td> </tr> <!--end industry in focus article --> <tr> <!-- company focus article --> <td> <a id="aFocus" name="aFocus"></a> <p class="heading2"> <br /> COMPANY Connect: Westfield cruises through the turmoil </p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620"> <p>Westfield Group (Westfield) is Australia's largest retail property group established by the merger of Westfield Holdings, Westfield Trust and Westfield America Trust in July 2004. It has interests in 118 shopping centres across Australia, New Zealand, the US and the UK, encompassing over 22,760 retail outlets and a gross lettable area of 10.1 million square metres. The gross value of assets under management exceeds $63.2 billion. </p><p>Unlike the panic-stricken shareholders of Centro Properties Group, who have seen the value of their investments plunge more than 90% since December 2007, unit holders of Westfield have had a much easier ride thanks to the group's relatively conservative leverage strategy. In 2007 Westfield raised $7.4 billion from property sales and $3 billion of equity via a pro-rata entitlement offer, displacing approximately $4.5 billion of debt. As a result, its gearing ratio (debt/assets) was down from 38.6% in 2006 to 28.5% in 2007. </p><p>Westfield has further capped its exposure to the current credit turmoil through hedging. It has an average term of fixed rate debt and interest rate hedging of 8.8 years, resulting in 95% of its debt being fixed for the next two years. Its weighted average term to maturity of debt is 4.5 years, making a Centro-type financial crisis unlikely in the near to medium future. </p><p>In 2007 Westfield reported full year net profit after tax (NPAT) of $3,437 million, which included revaluation gains of $1,740 million, down 38.4 % from $5,583 million in 2006. Excluding revaluation gains, NPAT grew by 69.4% from $1,002 million to $1,697 million, underpinning a 174.2% rise in property development earnings. This was partially offset by a 6.3% decrease in rental income as a result of the disposal of three shopping centres during the year. </p><p>Consumer sentiments remained healthy across all geographic segments especially New Zealand, where Westfield recorded a 7.9% rise in total retail sales. Total retail sales increased 6.0% in Australia, 3.1% in the US and 4.3% in the UK. </p><p>With 12 major projects currently under construction, the short term outlook for Westfield seems robust. Medium term forecast is even more bullish with approximately 40 development projects currently in the pipeline, including the landmark World Trade Centre in New York. Management has forecast a long term internal rate of return on capital in the range of 12% - 15% from such projects. </p> </td> </tr> <tr> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <p class="heading2"> <a id="global" name="aGlobal"></a> GLOBAL TRENDS: China  Let the Good Times Roll! </p> </td> </tr> <tr> <td valign="top" width="620"> <p>Chinese economic growth is hardly a new story, but one thing that often goes overlooked is the extent of luxury spending the Chinese citizenry are undertaking. There is no greater indication of the newfound wealth of the Chinese than the amount of money they spend on goods and services that were once inaccessible. </p><p>Foremost among these is the shift towards bottled water. The <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=159">Chinese Bottled Water Manufacturing</a> industry is forecast by IBISWorld more than double in size in 2008, becoming a $10.5 billion industry in the process. Meanwhile, as those who once had no recourse but poor-quality tap water take advantage of its availability in supermarkets, those who had little or no running water are now capitalising on its availability. The <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=725">Tap Water Production and Supply</a> industry is expected to grow by 29.3% in 2008, to $11.9 billion. </p><p>This demonstrates the difference in what, exactly, in considered a luxury in Chinese society; many Chinese consider running water a considerable extravagance. Of course, some consumption is more conspicuous. The country's <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=571">Motor Vehicle Production</a> industry is expected to expand by 29.5% to nearly $200 billion, as many Chinese eschew traditional modes of transport, such as bicycles, for the comforts of modern cars. </p><p>Also, consumption of <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=127">Chocolate and other Confectionary</a> is set to increase by 24.3%, as the industry expands to $4.6 billion, in order to keep up with China's collective sweet tooth. Couple with this is 20.8% growth in China's <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=940">Fast Food</a> industry, as major players such as McDonalds enter the country with vigour. </p><p>Also, the LVMH group, who own major luxury brands including Louis Vuitton apparel, Moet-Chandon wines and champagne and Hennessey cognacs, reported earnings growth of over 25% in 2007 in China alone, the region now accounting for around 16% of their global business. </p><p>So, as China goes from strength to strength, even in the face of a weakening US economy, IBISWorld expects her citizens to continue to reap the benefits of living in the world's fastest growing country. </p> </td> </tr> </table> </td> </tr> </table> </tr> <!--end industry focus article --> <tr> <!-- industry risl article --> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <a id="a5" name="aRisk" class=""></a> <p class="heading2"> <br /> Industry Risk: Easter 2008 </p> </td> </tr> <tr> <td valign="top" width="620"> <br /> <p>Easter falls on March 23 this year. Though we often associate Easter with children hunting for eggs from the Easter Bunny (or Easter Bilby, depending upon how traditional you are), it is important to remember that Christian churches consider the period the most significant time of the religious calendar. </p><p>Overall risk in the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=681"> Religious Organisations industry</a> is forecast to be at a MEDIUM-HIGH level over the 2008-09 financial year. The most significant challenge facing this industry is the declining number of people with any religious affiliation, with a quarter of persons no identifying themselves as having 'no religion'. However, changes in immigration policy have opened the doors to a number of religions that previously had no significant presence in Australia, helping to maintain interest in religion in this country. </p><p>Religious traditions normally see followers forgoing meat consumption during certain times of this period. As a consequence, the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=368"> Fish Wholesaling industry</a> is seen as benefiting briefly at this time of year as consumers seek an alternative. Nevertheless, risk in the Fish Wholesaling industry is expected to be at a MEDIUM-HIGH level in 2008-09, due to factors such as high seafood prices and declining international demand for Australian fish. </p><p>Below is an outline of the historical and forecast risk score of the above mentioned industries. These can be compared to overall risk for the Australian economy. </p> <table border="0" cellpadding="0" cellspacing="0" class="tbl"> <tr> <td width="" class="tbcDarkGreen"> <strong>Industry Name</strong> </td> <td width="" class="tbcLightGreen"> <strong>2004</strong> </td> <td width="" class="tbcLightGreen"> <strong>2005</strong> </td> <td width="" class="tbcLightGreen"> <strong>2006</strong> </td> <td width="" class="tbcLightGreen"> <strong>2007</strong> </td> <td width="" class="tbcLightGreen"> <strong>2008</strong> </td> <td width="" class="tbcLightGreen"> <strong>2009</strong> </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Religious Organizations</strong> </td> <td class="tbcWhiteLeftAlign"> 5.78 </td> <td class="tbcWhiteLeftAlign"> 5.08 </td> <td class="tbcWhiteLeftAlign"> 5.41 </td> <td class="tbcWhiteLeftAlign"> 5.21 </td> <td class="tbcWhiteLeftAlign"> 4.75 </td> <td class="tbcWhiteLeftAlign"> 5.31 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Seafood Preparation</strong> </td> <td class="tbcWhiteLeftAlign"> 5.84 </td> <td class="tbcWhiteLeftAlign"> 4.67 </td> <td class="tbcWhiteLeftAlign"> 6.14 </td> <td class="tbcWhiteLeftAlign"> 5.23 </td> <td class="tbcWhiteLeftAlign"> 5.63 </td> <td class="tbcWhiteLeftAlign"> 5.81 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Australian Economy</strong> </td> <td class="tbcWhiteLeftAlign"> 4.76 </td> <td class="tbcWhiteLeftAlign"> 4.75 </td> <td class="tbcWhiteLeftAlign"> 4.79 </td> <td class="tbcWhiteLeftAlign"> 4.60 </td> <td class="tbcWhiteLeftAlign"> 4.74 </td> <td class="tbcWhiteLeftAlign"> 4.79 </td> </tr> </table> </td> </tr> </table> <p class="ReportSectionTitle"> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1743">Religious Organizations industry</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=257">Seafood Preparation industry</a> </td> </tr> </table> </td> </tr> </table> </tr> <!-- end industry risk article --> <!--end industry focus article --> <tr> <!-- economics article --> <td> <a id="aEconomic" name="aEconomic" class=""></a> <table border="0" cellpadding="0" cellspacing="0" width="620"> <tr> <td> <br /> <p align="left" class="heading2"> Economic Scoreboard</p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="620"> <tr> <td colspan="3" style="padding: 3px;" align="left" width="620"> <table class="tbl"> <tr> <td class="tbcDarkGreen"> </td> <td class="tbcLightGreen-NoAlign"> <b>Date</b> </td> <td class="tbcLightGreen-NoAlign"> <b>Score</b> </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2434&bedid=362&chid=1"> GDP (seas. adj.)</a> </td> <td class="tbcWhite"> Dec qtr 07(annual) </td> <td class="tbcWhite"> 3.90% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=382&bedid=383&chid=1"> Consumer Price Index</a> </td> <td class="tbcWhite"> Dec qtr 07 (annual) </td> <td class="tbcWhite"> 3% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=451&bedpid=2766&bedid=158&chid=1"> Unemployment (seas. adj.)</a> </td> <td class="tbcWhite"> Jan 2008 </td> <td class="tbcWhite"> 4.3% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2582&bedid=2598&chid=1"> Total Dwelling Units Commenced</a> </td> <td class="tbcWhite"> Sept qtr 2007 </td> <td class="tbcWhite"> -0.80% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2584&bedid=2610&chid=1"> Cash Rate Target</a> </td> <td class="tbcWhite"> March 2008 </td>