Lifestyle Communities Ltd · ASX:LIC
Lifestyle Communities — H1 FY2014 Earnings Presentation
19 slides from Lifestyle Communities's earnings presentation, Feb 17, 2014
Slide 1: Results Presentation
For personal use only Results Presentation Half-year ended 31 December 2013 17 February 2014
Slide 2: Overview: Business Snapshot
OVERVIEW Business Snapshot 8 years of growing annuity income streams Annuity Income For personal use only $4,000,000 –– • Founded in 2003 $3,500,000 –– $3,000,000 –– • Develop and manage land lease communities which $2,500,000 –– generate long-term sustainable revenue streams $2,000,000 –– $1,500,00
Slide 3: Community Locations
COMMUNITY LOCATIONS For personal use only SHEPPARTON Community Homes Settled Melton 228 100% Tarneit 136 99% Warragul 182 81% Cranbourne 217 71% WOLLERT MELTON Shepparton 221 22% TARNEIT Chelsea Heights 186 39% CHELSEA HEIGHTS CRANBOURNE Hastings 141 13% GEELONG WARRAGUL Wollert 155 - HASTINGS Geelo
Slide 4: Executive Summary
EXECUTIVE SUMMARY Lifestyle Communities made very good progress during the first-half of FY2014 For personal use only Home sites under management (1) • Strong half-year of settlements (109) and sales (126)(1) 900 –– • 804 occupied home sites(1) 800 –– • Portfolio of 1,628 home sites(1) (3) 700 –– •
Slide 5: Key Metrics - Sales, Settlements & Annuities
KEY METRICS - SALES, SETTLEMENTS & ANNUITIES Settlements and Sales 150 –– For personal use only 125 –– 100 –– 75 –– 50 –– 25 –– • Another strong half-year of settlements and 1HFY2012 2HFY2012 1HFY2013 2HFY2013 1HFY2014 sales - 109 home settlements in 1HFY2014 compared Settlements Net Sales Commitmen
Slide 6: Key Metrics - Net Assets & Gearing
KEY METRICS - NET ASSETS & GEARING Net Assets For personal use only $105,000,000 –– $90,000,000 –– $75,000,000 –– $60,000,000 –– $45,000,000 –– $30,000,000 –– • Net assets $91.2 million (at 31 December 2013) $15,000,000 –– up from $82.6 million (at 30 June 2013) FY2010 FY2011 FY2012 FY2013 1HFY2014
Slide 7: Key Metrics - Portfolio
KEY METRICS - PORTFOLIO Lifestyle Communities’ portfolio of communities continues to grow For personal use only Home sites Home sites occupied and/or Total home Home sites sold & awaiting settlement Communities sites in sold & awaiting communities occupied # % settlement Existing Communities – Devel
Slide 8: Annuity Streams
ANNUITY STREAMS Over Eight Years of Growing Annuity Income Streams For personal use only Annuity Income $4,000,000 –– $3,500,000 –– • 109(1) annuities added to the $3,000,000 –– Community Management Business during the half-year $2,500,000 –– $2,000,000 –– • Ten existing home sales attracting DMF se
Slide 9: Sales and Settlements
SALES AND SETTLEMENTS Strong half-year of sales and settlements For personal use only Sales Commitments Settlements • 126 new home sales in 1HFY2014(1) • 109 settlements in 1HFY2014(1) • Current committed sales bank as of 31 December 2013 is • 41 settlements at Chelsea Heights, 19 at Hastings, 18 at
Slide 10: Profit & Loss
PROFIT & LOSS 1HFY2013 1HFY2014 % For personal use only Profit & Loss highlights ($’000) ($’000) Movement Home settlement revenue 15,848 28,266 78% • Net profit attributable to shareholders up 183% for the half-year to $6.5 million compared to $2.3 Rental and utilities revenue 2,619 3,690 41% millio
Slide 11: Balance Sheet
BALANCE SHEET 30 JUN 13 31 DEC 13 % For personal use only Balance sheet highlights ($’000) ($’000) Movement Cash and cash equivalents 16,144 4,999 Inventories 21,280 21,403 • Using cash reserves to fund the development of Shepparton and Total current assets 38,978 28,167 28% Hastings to minimise fun
Slide 12: Cash Flow
CASH FLOW • Free cash has been used to fund the 1HFY2013 1HFY2014 For personal use only Cash flow highlights development of Shepparton and Hastings ($’000) ($’000) to minimise funding costs. This has Receipts from customers 20,597 35,206 resulted in a reduction in cash compared Payments to suppliers
Slide 13: Market Environment
MARKET ENVIRONMENT For personal use only Housing Market • Strengthening Melbourne housing market has improved consumer confidence and their ability to sell existing homes Land Access • Focused on acquiring land in the key growth corridors in Melbourne, and building on the recent acquisitions at Chel
Slide 14: Outlook FY2014
OUTLOOK FY2014 For personal use only • Construction to commence on the Company’s eighth community, Lifestyle Lyndarum at Wollert, as well as the Chelsea Heights expansion, both during the June 2014 quarter • Market sentiment continues to improve with the uplift in the residential property market • A
Slide 15: Likely Settlement Programme
LIKELY SETTLEMENT PROGRAMME Currently 1,628 homes in the portfolio(1) For personal use only Community FY14 FY15 FY16 FY17 FY18 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Seasons (Tarneit) Warragul Cranbourne Shepparton Chelsea Heights Hastings Chelsea Heights Expansion Wollert Geelong Rep
Slide 16: Cash Flow Analysis - 1HFY2014
CASH FLOW ANALYSIS - 1HFY2014 Supplementary Cash Flow Chelsea Melton Tarneit Warragul Cranbourne(4) Shepparton Hastings Wollert Geelong Total Analysis for 1HFY2014 Heights(4) For personal use only Total Number of Homes 228 136 182 217 221 186 141 155 162 1,628 Settled 1HFY2014 - 3 12 18 16 41 19 - -
Slide 17: Summary
SUMMARY For personal use only • The first-half of FY2014 delivered another strong result for net sales commitments (126) and home settlements (109)(1) • Homes under management are now 804 and this resulted in growing annuity income from homeowner rentals of $3.2 million compared to $2.3 million in t
Slide 18: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER For personal use only • This Presentation contains general background information about Lifestyle Communities Limited (LIC) and its activities current at 17 February 2014 unless otherwise stated. It is information in a summary form and does not purport to be complete.
Slide 19: Lifestyle Communities Limited
For personal use only Lifestyle Communities Limited Level 2, 35 Market Street South Melbourne VIC 3205 Ph: (03) 9682 2249 www.lifestylecommunities.com.au GEELONG - WOLLERT - HASTINGS - CHELSEA HEIGHTS - SHEPPARTON - CRANBOURNE - WARRAGUL - TARNEIT - MELTON
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