Sunland — H1 2014 Earnings Presentation
13 slides from Sunland's earnings presentation, February 2014
Slide 1: Group Presentation on Interim Results Ending 31 December 2013
Group Presentation on Interim Results Ending 31 December 2013
Slide 2: Group Highlights
GROUP HIGHLIGHTS • Statutory Net Profit After Tax :$2.97 million • Basic Earnings Per Share : 1.7 cents • Group consolidated Net Tangible Assets per share of $1.92 (increase of 5 cents) • Strong and flexible balance sheet with $9.6 million in free cash and $86.5 million in undrawn credit lines • New
Slide 3: Development Portfolio
DEVELOPMENT PORTFOLIO • Group strategy is to ensure portfolio replenishment with acquisitions totalling $60 million to $70 million per annum • New acquisitions of $82.1 million were completed this period (including $7.0 million post balance date) across land, housing and multi-story projects • New a
Slide 4: Capital Management
CAPITAL MANAGEMENT • Share buy-back is now concluded following the acquisition of 7.7 million shares for $10.0 million during this period • As a result of the overall buy back program, the total number of issued shares have decreased from 323.6 million to 178.1 million representing a contraction of
Slide 5: Group Funding
GROUP FUNDING • Free cash and utilisation of borrowing capacity have funded the Group’s portfolio replenishment • Sufficient capacity with $9.6 million cash and $86.5 million of undrawn credit lines. • Strong cashflow generated from existing projects also contributes to the Group’s liquidity • Geari
Slide 6: Operational Results
OPERATIONAL RESULTS • Sales activity improving. Total sales for the period were up significantly compared to the previous corresponding period with 281 for value of $130 million • Presales (conditional and unconditional) on released projects total 417 for value of $252 million • Revenue from land an
Slide 7: Operational Results
OPERATIONAL RESULTS • Operational costs include legal expenses totalling $8.0 million, primarily relating to Sunland’s costs of the Victorian Supreme Court trial and appeal, and payment of $6.5 million cost order awarded against Sunland in relation to the trial • Costs have been awarded against Sunl
Slide 8: Consolidated Financial Position
CONSOLIDATED FINANCIAL POSITION Assets 1H14 FY13 Cash 9.6 29.3 Inventories - Australia 428.9 335.8 - Dubai - 43.1 - Total Inventories 428.9 378.9 PP & E 3.5 3.1 Receivables - Trade and Other 8.5 6.9 - Loans, Development Agreements 4.2 5.3 Total receivables 12.7 12.2 Other Assets 12.5 17.2 Total Asse
Slide 9: Dubai Exposure
DUBAI EXPOSURE • Balance of Dubai exposure was sold for a nominal sum • Project vehicles sold held Sunland’s 50% interest in joint venture projects Nur and Waterfront 1 and wholly owned project Waterfront 2 • The sale has resulted in a deconsolidation of the assets and liabilities recorded in the Gr
Slide 10: Outlook
OUTLOOK • Market sentiment is approving across operational development segments • Strong presales recorded on portfolio • The Group will continue to focus on its capacity to replenish its portfolio • As announced at the October 2013 Annual General meeting, the Group has decided to move towards a ret
Slide 11: Unsettled, Contracted and Unsold Lots
Unsettled Lots Contracted Lots Unsold Lots AUSTRALIA (#) ($m) (#) ($m) (#) ($m) PROJECTS UNDER CONSTRUCTION MULTI STOREY 231 289.7 28 16.6 203 273.1 368.1 318 180.0 319 188.1 HOUSING 637 URBAN 896 127.1 50 8.4 846 118.76 SUNLAND DIVERSIFIED LAND FUND 2 121 25.7 - - 121 25.7 SUB-TOTAL 1885 $810.6 396
Slide 12: Projects Under Construction
PROJECTS UNDER Yield Settled Lots Unsettled Lots Contracted Lots Unsold Lots CONSTRUCTION (#) ($m) (#) ($m) (#) ($m) (#) ($m) (#) ($m) MULTI STOREY Abian 147 235.9 - - 147 235.9 - - 147 235.9 Royal Pines - Marina Residences 84 53.5 - - 84 53.8 28 16.6 56 37.2 SUB-TOTAL 231 289.7 - - 231 289.7 28 16.
Slide 13: Projects To Be Released
PROJECTS TO BE RELEASED Yield Settled Lots Unsettled Lots Contracted Lots Unsold Lots (#) ($m) (#) ($m) (#) ($m) (#) ($m) (#) ($m) MULTI STOREY Mariners Cove, QLD 209 240.0 - - 209 240.0 - - 209 240.0 Varsity Lakes, QLD 392 144.0 - - 392 144.0 - - 392 144.0 Toowong, QLD 437 336.3 - - 437 336.3 - - 4