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Positive Expectancy
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The Annual report released today for Year Ending 31 December 2012 is worth a read. The Key points are listed below. They seem fairly confident going ahead, forecasting 2013 EPS growth of at least 5%.
KEY HIGHLIGHTS
FINANCIAL:
Net profit after tax of $594.5 million for the year ended 31 December 2012, up 141.5 per cent on 31
December 2011. The result reflects strong operational performance and an uplift in underlying
property values.
Realised operating income (ROI) 1 of $456.4 million 2, up 4.0 per cent on 31 December 2011 3.
ROI per ordinary security of 24.2 cents, up 8.0 per cent on 31 December 2011.
Cash distribution of 19.3 cents per ordinary security up 8.4 per cent on 31 December 2011.
Total Return of 9.5 per cent and Total Securityholder Return (TSR) of 26.9 per cent 4.
Net tangible assets (NTA) per security increased by 3.9 per cent to $3.73.
Continued active capital management, including:
- Diversification of debt sources with $430 million in bond issues over the past year;
- Reduction in average cost of debt by 100 basis points on the previous year; and
- Low gearing of 21.7 per cent.
OPERATIONAL:
Total return for the investment assets of 9.3 per cent with comparable income growth of 3.2 per cent.
Continued focus on operational efficiency with expenses declining 6.8 per cent.
High occupancy and long lease expiry profile maintained.
Completed development of 111 Eagle Street, Brisbane, and 5 Murray Rose Avenue, Sydney Olympic
Park.
STRATEGIC:
Actively managing the portfolio, with progress made on moving to a more balanced sector weighting.
Significant review of cost base and structure completed, which will deliver a recurring $10 million after
tax earnings benefit in 2013.
Progress made on all four growth platforms to further accelerate performance: funds management,
development, new profit sources and asset acquisitions.
Investing in developing GPT’s strategic direction for the next five years with the goal of being
Australia’s best performing property company.
GUIDANCE:
2013 forecast EPS 5 growth of at least 5 per cent.
Payout ratio of 80 per cent of ROI.
Notes to the above:
1 Before payment of distribution on exchangeable securities.
2 Statutory profit adjusted for changes in fair value of assets of $221.3m, loss on disposals of ($3.1m), financial instruments marked to market value movements and net foreign exchange losses of ($40.4m), and other items of ($39.7m).
3 ROI growth was lower than growth in ROI per security because of the impact of the Group’s security buy back.
4 Total return is defined as DPS plus change in NTA. TSR is defined as distributions paid plus change in security price.
5 EPS defined as Realised Operating Income per ordinary security.
Has ther been any further updates on the proposed takeover of ALZ?
KEY HIGHLIGHTS
FINANCIAL:
Net profit after tax of $594.5 million for the year ended 31 December 2012, up 141.5 per cent on 31
December 2011. The result reflects strong operational performance and an uplift in underlying
property values.
Realised operating income (ROI) 1 of $456.4 million 2, up 4.0 per cent on 31 December 2011 3.
ROI per ordinary security of 24.2 cents, up 8.0 per cent on 31 December 2011.
Cash distribution of 19.3 cents per ordinary security up 8.4 per cent on 31 December 2011.
Total Return of 9.5 per cent and Total Securityholder Return (TSR) of 26.9 per cent 4.
Net tangible assets (NTA) per security increased by 3.9 per cent to $3.73.
Continued active capital management, including:
- Diversification of debt sources with $430 million in bond issues over the past year;
- Reduction in average cost of debt by 100 basis points on the previous year; and
- Low gearing of 21.7 per cent.
OPERATIONAL:
Total return for the investment assets of 9.3 per cent with comparable income growth of 3.2 per cent.
Continued focus on operational efficiency with expenses declining 6.8 per cent.
High occupancy and long lease expiry profile maintained.
Completed development of 111 Eagle Street, Brisbane, and 5 Murray Rose Avenue, Sydney Olympic
Park.
STRATEGIC:
Actively managing the portfolio, with progress made on moving to a more balanced sector weighting.
Significant review of cost base and structure completed, which will deliver a recurring $10 million after
tax earnings benefit in 2013.
Progress made on all four growth platforms to further accelerate performance: funds management,
development, new profit sources and asset acquisitions.
Investing in developing GPT’s strategic direction for the next five years with the goal of being
Australia’s best performing property company.
GUIDANCE:
2013 forecast EPS 5 growth of at least 5 per cent.
Payout ratio of 80 per cent of ROI.
Notes to the above:
1 Before payment of distribution on exchangeable securities.
2 Statutory profit adjusted for changes in fair value of assets of $221.3m, loss on disposals of ($3.1m), financial instruments marked to market value movements and net foreign exchange losses of ($40.4m), and other items of ($39.7m).
3 ROI growth was lower than growth in ROI per security because of the impact of the Group’s security buy back.
4 Total return is defined as DPS plus change in NTA. TSR is defined as distributions paid plus change in security price.
5 EPS defined as Realised Operating Income per ordinary security.
Has ther been any further updates on the proposed takeover of ALZ?
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