Finbar Group Limited · ASX:FRI
Finbar — Investor Presentation (November 2010)
55 slides from Finbar's investor presentation, Nov 30, 2010
Slide 1: Finbar Group Limited December 2010 Company Presentation
For personal use only Finbar Group Limited December 2010 - Company Presentation 1
Slide 2: Important Information
Important Information For personal use only Forward Looking Statements Some of the information contained in this presentation may contain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements include those containing such words as ‘estimate’, ‘sho
Slide 3: About
About A Western Australian built form apartment developer with For personal use only interests in Perth and in the Pilbara. Metropolitan Perth - Perth metro population 1.7 million. - Highest capital city growth rate in nation (3.2%). - Govt. forecast addition 560,000 people need accommodation by 203
Slide 4: Finbar Snapshot
Finbar Snapshot Overview For personal use only SHARES FINANCIAL OTHER Share Price : $1.30 Earnings Per Share : $0.16 Shareholders : 1,123 Market Cap : $220 million Dividend Per Share: $0.075 (47%) Staff : 10 Shares Issued : 166 million Dividend Yield: 5.77% Options Outstanding : Nil Price/Earnings R
Slide 5: Results
Results Strong earnings and dividend growth during GFC For personal use only NPAT 30 $ million 20 10 0 FY08 FY09 FY10 FY11F DPS EPS ROE 24 21 Percent % Cents 18 FY08 FY09 FY10 FY08 FY09 FY10 5
Slide 6: Senior Management
Senior Management An experienced management team with long term commitment For personal use only FROM LEFT TO RIGHT: Edward Bank - Company Secretary / CFO (B Bus, ASPCA) 6 Years with the company. 7 years as company's external accountant. John Chan - Executive Chairman (BSc, MBA, MAICD) 16 years with
Slide 7: Completed FY2010
For personal use only Completed FY2010 The following slides detail company projects that were completed during the 2010 financial year and their current status. 7
Slide 8: Code, Milligan Street, Perth
Code 69 Milligan Street, Perth For personal use only Project 110 apartments and 4 commercial lots within a 10 storey building. Comprises 1, 2, & 3 bedroom apartments with an average price of $513,000. Development Structure Joint venture with equal participation in land purchase, working capital, and
Slide 9: Code (cont.) Milligan Street, Perth
Code (cont.) 69 Milligan Street, Perth For personal use only SALES Settled 110 110 110 Sold Total Projected Estimated Construction Timeline Percentage % Complete 100% 58.5 58.5 58.5 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised when project construction is 100% Complete. $m Lots 9
Slide 10: Verve, Newcastle Street, Northbridge
Verve 145 Newcastle Street, Northbridge For personal use only Project 28 apartments and 6 commercial lots within a 3 storey building. Comprises 2 & 3 bedroom apartments with an average price of $676,000. Development Structure Joint venture with equal participation in land purchase, working capital,
Slide 11: Verve (cont.) Newcastle Street, Northbridge
Verve (cont.) 145 Newcastle Street, Northbridge For personal use only SALES Settled Sold Total Projected 34 34 31 Estimated Construction Timeline Percentage % Complete 100% 23 23 20.6 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised when project construction is 100% $m Lots Complete.
Slide 12: The Saint, Adelaide Terrace
The Saint 118 Adelaide Terrace, East Perth For personal use only Project 84 apartments and 1 commercial lot within a 10 storey building. Comprises 1, 2, & 3 bedroom apartments with an average price of $563,000. Development Structure Joint venture with land owner. Finbar provides working capital, con
Slide 13: The Saint (cont.) Adelaide Terrace
The Saint (cont.) 118 Adelaide Terrace, East Perth For personal use only SALES Settled Sold 83 85 Total Projected Estimated Construction Timeline Percentage % Complete 100% 46.4 47.85 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0.72 1 when project construction is 100% $m Lots Co
Slide 14: Gateway, Albany Highway, Victoria Park
Gateway 59 Albany Highway, Victoria Park For personal use only Project 12,717 sqm 7 storey office building with ground floor retail. 93% leased, 10 year WALE. Development Structure Joint land owner and joint venture developer through SPV. Finbar also earns a management fee. Status Construction compl
Slide 15: Gateway (cont.) Albany Highway, Victoria Park
Gateway (cont.) 59 Albany Highway, Victoria Park For personal use only SALES Settled Sold Total Projected Estimated Construction Timeline Percentage % Complete 100% 50% 73 0% FY10 FY11 FY12 FY13 FY14 0 0 0 0 1 $m Lots 15
Slide 16: Construction FY2011
For personal use only Construction FY2011 The following slides detail company projects that are currently under construction or were under construction during the 2011 financial year. 16
Slide 17: The Edge, Hordern Street, Victoria Park
The Edge 8 Hordern Street, Victoria Park For personal use only Project 75 apartments within a 7 storey building. Comprises 2 & 3 bedroom apartments with an average price of $723,000. Development Structure Joint land owner and joint venture developer through SPV. Finbar also earns a management fee. S
Slide 18: The Edge (cont.) Hordern Street, Victoria Park
The Edge (cont.) 8 Hordern Street, Victoria Park For personal use only SALES Settled Sold Total Projected 75 65 Estimated Construction Timeline Percentage % Complete 54 100% 45.5 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 when project construction is 100% $m Lots Complete.
Slide 19: Times Two, Adelaide Terrace
Times Two 141 Adelaide Terrace, East Perth For personal use only Project 200 apartments and 1 commercial lot within a 10 storey building. Comprises studios, 1, 2, & 3 bedroom apartments with an average price of $470,000. Development Structure Joint venture with equal participation in land purchase,
Slide 20: Times Two (cont.) Adelaide Terrace
Times Two (cont.) 141 Adelaide Terrace, East Perth For personal use only SALES Settled Sold Total Projected Estimated Construction Timeline Percentage % Complete 202 100% 153 0% 94.8 FY10 FY11 FY12 FY13 FY14 73.7 Note Pre-sales revenue is recognised 0 0 when project construction is 100% $m Lots Comp
Slide 21: Fairlanes Residences, Adelaide Terrace
Fairlanes Residences 181 Adelaide Terrace, East Perth For personal use only Project 128 apartments located above 6560 sqm of office within 27 level building. Comprises 2, & 3 bedroom apartments with an average price of $845,000. Development Structure Wholly owned through subsidiary. Status Currently
Slide 22: Fairlanes Residences (cont.) Adelaide Terrace
Fairlanes Residences (cont.) 181 Adelaide Terrace, East Perth For personal use only SALES Settled Sold Total Projected 128 113 Estimated Construction Timeline 108 Percentage % Complete 100% 95.8 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 when project construction is 100% $m
Slide 23: Fairlanes Office, Adelaide Terrace
Fairlanes Office 181 Adelaide Terrace, East Perth For personal use only Project 50 strata titled offices over five floors plus two street-front retail lots. 7,155 sqm NLA. Development Structure Wholly owned through subsidiary. Status Under construction. Currently leasing as whole floor plates. Profi
Slide 24: Fairlanes Office (cont.) Adelaide Terrace
Fairlanes Office (cont.) 181 Adelaide Terrace, East Perth For personal use only SALES Settled Sold Total Projected 52 50 Estimated Construction Timeline Percentage % Complete 100% 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots Compl
Slide 25: Eighteen on Plain, Plain Street
Eighteen on Plain 18 Plain Street, East Perth For personal use only Project 28 apartments and 2 commercial lots within a 10 storey building. Comprises 2 bedroom apartments 3 bedroom apartments with an average price of $682,000. Development Structure Joint venture with equal participation in land pur
Slide 26: Eighteen on Plain (cont.) Plain Street
Eighteen on Plain (cont.) 18 Plain Street, East Perth For personal use only SALES Settled 30 Sold Total Projected 22 Estimated Construction Timeline Percentage % Complete 20.5 100% 13.8 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised when project construction is 100% $m Lots Complet
Slide 27: Future Projects
For personal use only Future Projects The following slides detail company projects that have been secured, and are at various levels of progress including projects currently being marketed for sale, or pending development approvals from relevant authorities. 27
Slide 28: Adagio, Terrace Road
Adagio 90 Terrace Road, East Perth For personal use only Project The first stage of Symphony City (the former ABC site), Adagio yields 117 apartments and 2 commercial lots within a luxury 23 storey building. Comprises 2 & 3 bedroom apartments with penthouse at an average price of $1.58m. Development
Slide 29: Adagio (cont.) Terrace Road
Adagio (cont.) 90 Terrace Road, East Perth For personal use only SALES Settled Sold Total Projected 187 Estimated Construction Timeline Percentage % Complete 100% 119 0% FY10 FY11 FY12 FY13 FY14 FY15 38.3 24 Note Pre-sales revenue is recognised 0 0 when project construction is 100% $m Lots Complete.
Slide 30: Concerto, Adelaide Terrace
Concerto 193 Adelaide Terrace, East Perth For personal use only Project Stage 2 of the Symphony City redevelopment, Concerto is in early stages of design and is provides flexibility for mixed use potential and serviced apartments. Development Structure Joint venture with land owner. Land owner contr
Slide 31: Concerto (cont.) Adelaide Terrace
Concerto (cont.) 193 Adelaide Terrace, East Perth For personal use only SALES Settled 150 Sold Total Projected Estimated Construction Timeline Percentage % Complete 100% 0% FY11 FY12 FY13 FY14 FY15 Note Pre-sales revenue is recognised 0 0 when project construction is 100% $m Complete. 31
Slide 32: Harmony, Adelaide Terrace
Harmony 187 Adelaide Terrace, East Perth For personal use only Project Harmony comprises the heritage listed buildings forming part of the Symphony City development and will be refurbished as part of stage 2. Eventual uses may include music studios (its former use) and/ or offices. Development Struc
Slide 33: Harmony (cont.) Adelaide Terrace
Harmony (cont.) 187 Adelaide Terrace, East Perth For personal use only SALES 15 Settled Sold Total Projected Estimated Construction Timeline Percentage % Complete 100% 0% FY11 FY12 FY13 FY14 FY15 Note 1 Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots Complete. 33
Slide 34: Tocatta, Terrace Road
Tocatta 88 Terrace Road, East Perth For personal use only Project The final stage of the Symphony City project, Tocatta will comprise 43 luxury half floor apartments and two commercial lots in a 22 level building. Development Structure Joint venture with land owner. Land owner contributes land, Finb
Slide 35: Tocatta (cont.) Terrace Road
Tocatta (cont.) 88 Terrace Road, East Perth For personal use only SALES Settled Sold Total Projected 120 Estimated Construction Timeline Percentage % Complete 100% 0% 45 FY11 FY12 FY13 FY14 FY15 FY16 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots Complete. 35
Slide 36: St Marks, Stirling Street, Highgate
St Marks 369 Stirling Street, Highgate For personal use only Project Approximately 133 one, two, & three bedroom apartments plus 1104 sqm of boutique offices. Development Structure Owned and develop by wholly owned subsidiary. Status Development application currently being consider by local authorit
Slide 37: St Marks (cont.) Stirling Street, Highgate
St Marks (cont.) 369 Stirling Street, Terrace, Highgate For personal use only SALES Settled 144 Sold Total Projected Estimated Construction Timeline Percentage % Complete 100% 80 0% FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots Complete. 3
Slide 38: East Victoria Park, Swansea Street
East Victoria Park 185 Swansea Street, East Victoria Park For personal use only Project 95 residential lots plus 2500 sqm of street front commercial lots in three storey 'walk up' style building. Development Structure Joint venture with equal participation in land purchase, working capital, and deve
Slide 39: East Victoria Park (cont.) Swansea Street
East Victoria Park (cont.) 185 Swansea Street, East Victoria Park For personal use only SALES Settled Sold Total Projected Estimated Construction Timeline Percentage % Complete 105 100% 55 0% FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots C
Slide 40: Pelago West, Karratha
Pelago West Corner Sharpe Avenue & Warambie Rd, Karratha For personal use only Project 114 apartments and 1317 sqm of ground floor retail/office space in 9 storey building. Comprises 1, 2, & 3 bedroom apartments. Development Structure Wholly owned through subsidiary. Status Currently before local au
Slide 41: Pelago West (cont.) Karratha
Pelago West (cont.) Corner Sharpe Avenue & Warambie Rd, Karratha For personal use only SALES Settled Sold Total Projected 127 Estimated Construction Timeline Percentage % Complete 100% 90 0% FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots Co
Slide 42: Pelago East, Karratha
Pelago East Corner Sharpe Ave & Warrambie Rd, Karratha For personal use only Project 178 apartments and 1683 sqm of ground floor retail/office space in 9 storey building. Comprises 1, 2, & 3 bedroom apartments. Development Structure Wholly owned through subsidiary. Status Currently before local auth
Slide 43: Pelago East (cont.) Karratha
Pelago East (cont.) Corner Sharpe Avenue & Warambie Rd, Karratha For personal use only SALES Settled 195 Sold Total Projected Estimated Construction Timeline Percentage % Complete 135 100% 0% FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots C
Slide 44: Knightsgate, Sunlander Drive, Currambine
Knightsgate 17 Sunlander Drive, Currambine For personal use only Project 43 apartments in a three storey 'walk-up' project located 200 meters from Currambine train station. The project comprises one and two bedroom apartments that will be offered at a $320,000 to $410,000 price point. Development St
Slide 45: Knightsgate (cont.) Currambine
Knightsgate (cont.) 17 Sunlander Drive, Currambine For personal use only SALES Settled Sold Total Projected 43 Estimated Construction Timeline Percentage % Complete 100% 0% 14 FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project construction is 100% $m Lots Complete. 45
Slide 46: New Lot Joint Venture, Adelaide Tce & Hay St
New 190 Lot Joint Venture 208 Adelaide Tce & 311 Hay St, East Perth For personal use only Project Approximately 190 apartments plus 2 commercial lots to be constructed on 3700 sqm site in East Perth. Development Structure A joint venture SPV will acquire one half of the land and carry out the develo
Slide 47: New Lot Joint Venture (cont.) Adelaide Tce & Hay Street
New 190 Lot Joint Venture (cont.) 208 Adelaide Tce & 311 Hay Street, East Perth For personal use only SALES Settled 192 Sold Total Projected Estimated Construction Timeline Percentage % Complete 100% 105 0% FY10 FY11 FY12 FY13 FY14 Note Pre-sales revenue is recognised 0 0 0 0 when project constructi
Slide 48: Pre-Sales & Project Debt Cover
For personal use only Pre- Sales & Project Debt Cover The following slides detail company projects that have been secured, and are at various levels of progress including projects currently being marketed for sale, or pending development approvals from relevant authorities. 48
Slide 49: Pre-sales
Pre-sales $268 million pre-sales on $1.35 billion project pipeline For personal use only Settled Pre-sold Code Available Verve Future Launch Saint Edge X2 Fairlanes Gateway 18 on Plain Adagio Concerto Tocatta Harmony St Marks East Vic Park Palago West Palago East Knightsgate 208 Adelaide 0 50 100 15
Slide 50: Company Debt
Company Debt All Finbar debt is project specific with development funding For personal use only provided by Australian major banks. Project Specific Debt No Parent Debenture Project debt is limited to security There is no fixed and floating charge provided by the SPV and 1st held over the parent com
Slide 51: Project Debt Levels
Project Debt Levels All project facilities have pre-sale coverage in excess of use only 100% of debt. 150 Facility Drawn 146 Facility Available Sales For personal 112.5 Projected Sales 94 96 $ Million 75 78 74 54 37.5 45 45.45 48 40 28 0 7 Edge X2 Fairlanes (Resi & Office) 51
Slide 52: Other
For personal use only Other Finbar is Western Australia's respected leader in market share, positioning, and development innovation. 52
Slide 53: Market Positioning
Market Positioning 6% of all new Finbar projects are sold to previous Finbar For personal use only customers. 53
Slide 54: Innovation
Innovation Pioneered use of Biaxial Hollow Slab ('Bubbledeck') in For personal use only Australia Gateway - First Project in Australia to use Bubbledeck Finbar's Gateway office building is the 1st building in Australia to use the Bubbledeck system. Bubbledeck eliminates up to 35% of concrete in susp
Slide 55: Further Information
Further Information Please visit www.finbar.com.au For personal use only 55