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The property developer company, Finbar Group Limited (ASX:FRI) published its presentation and project update on 14 March 2019.
According to the companyâs presentation, in H1 FY19, the net profit of the company stood around $1.9m compared to net profit of $13.8m in FY18. The full-year net profit guidance of the company in FY19, ranges from $15m to $17m. The net profit results have demonstrated 23rd consecutive year of profitability for the company. The company declared, fully-franked interim dividend of $0.03 per share attributable to half-year, which is 23rd consecutive years of dividends. During the H1 period, the company completed Reva Apartments, with an end retail value of $49.2m.
Finbar continues to cement its position as Western Australiaâs largest apartment developer, with the total number of completed units reaching 5,746. The company reported a strong half-year end cash position of $34m. It is well- positioned to fund working capital requirements, and equity contributions for project commencements. There is no debt on the residual stock with settlement cash flow, to bolster working capital for redeployment into core development activity.
Current Projects
- Completed construction work on Reva Apartments (Presales: more than $20m, Project revenue: $49.1 m).
- Under-construction work on Vue Tower (Presales: more than $80m, Project revenue: $147.9 m).
- Under-construction work on Palmyra Apartments East (Presales: Around $20m, Project revenue: $51.8 m).
- Under-construction work on Sabina Applecross (Presales: Around $40m, Project revenue: around $121 m).
There is a strong pre-sales coverage on remaining project facilities, and all debt is project specific. There is no corporate line and no fixed and floating charge over the parent.
Investment Properties:
- FIRâs wholly owned Fairlanes, East Perth (7,586 sqm of office building) that is leased to Broadspectrum, Finbarâs corporate office, and smaller office and food tenancies. It has a 45% occupancy rate.
- FIRâs wholly owned Pelago (101 apartments & 21 commercial lots) that is leased to small business and predominantly corporate residential tenants. It has an 83% occupancy rate.
Completed Projects with Stock for Sale:
- Linq (completed in FY16) is wholly owned by FRI through a subsidiary (includes 112 one- and two-bedroom apartments with 4 commercial lots) with average price of $521,621 and Project Value of $60.5 million.
- Concerto is 50% Joint Venture project with the landowner (includes 226 Studio, 1, 2- and 3-bedroom apartments and 1 commercial unit). Concerto is East Perthâs tallest residential building at 38 storeys. It has an average price of $840,856 and Project Value of $187.9 million.
- Motive is 50% Joint Venture project with the landowner (includes 143 one- and two-bedroom apartments), with an average price of $513,580 and Project Value of $74 million.
- Aurelia is 50%, Joint Venture with the landowner (includes 118 one, two- and three-bedroom apartments plus 6 commercial units and 14 office spaces). It has an average price of $ 979,308 and Project Value of $133.7 million.
- Aire West Perth is 50% Joint Venture via SPV (includes 178 one, two- and three- bedroom apartments plus 64 serviced apartments as well as 2 ground floor commercial units). The average price is of circa $423,454 and Project Value of $104.1 million.
The company has total unsold completed stock of $86.6m with Finbar contributing $52.3m. The total Off-the-Plan Unsold Stock that is (currently being marketed) includes $238.7m with Finbar Proportion includes $119.3m.
FRIâs projects under construction are Vue Tower, Palmyra East and Sabina. Construction has commenced on One Kennedy. The companyâs projects in marketing are Riverena Apartments, which was relaunched on the 23 February 2019.
The development approval had been received for Canning Highway Applecross apartments, the Point apartments, Palmyra Apartments West and 61 Waverley Street Apartments.
The Projects in Planning and Design are Civic Heart Apartments, 239 Great Eastern Highway residential project, 2 Homelea Court, Lot 1000, Lot 888 The Springs and Harmony.
On companyâs sales activity front, the cumulative units developed: 5746 units developed till date, and an Additional 2592 units are in a secured pipeline.
On the Residential Sales Contracts Activity front, in FY19 till 12th Mar 2019, the company had achieved 221 sales worth of $124.3m being an average of 0.61 sales / $0.48m per day average.
The stock of the company last traded on 13 March 2019 at A$0.830.
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