Abacus Property Group – Securityholder Review 2017

Underlying profit
($ million)
Underlying earnings per
security (cents)
Distribution per security
(cents)
200
150
100
50
$186.8
$124
$128.3
$101.3
$83.8
35
30
25
20
15
32.7c
22.4c
24.5c
20.8c
18.8c
18
17
17.50c
17.00c 17.00c
16.75c
16.50c
0
FY17 FY16 FY15 FY14 FY13
10
FY17 FY16 FY15 FY14 FY13
16
FY17 FY16 FY15 FY14 FY13
2017 Financial highlights
2017 2016 2015 2014 2013
Consolidated statutory net profit 1 $285.1m $185.9m $133.5m $108.3m $61.1m
Underlying profit 2 $186.8m $124.0m $128.3m $101.3m $83.8m
Cashflow from operations $168.5m $85.7m $119.3m $90.3m $105.7m
Underlying profit per security 32.7c 22.4c 24.5c 20.8c 18.8c
Distributions per security 3 17.50c 17.00c 17.00c 16.75c 16.50c
Interest cover ratio 4 7.4x 4.2x 5.1x 4.8x 3.3x
2017 Balance sheet metrics
2017 2016 2015 2014 2013
Total assets $2.4bn $2.3bn $2.0bn $1.9bn $1.8bn
Net tangible assets 5 $1.7bn $1.5bn $1.4bn $1.2bn $1.0bn
NTA per security $3.02 $2.66 $2.49 $2.38 $2.32
Gearing 6 20.5% 25.8% 18.2% 23.4% 28.4%
Look through gearing 7 25.1% 30.3% 22.6% 25.4% 30.3%
Total debt drawn $514m $629m $388m $500m $565m
Debt term to maturity 3.4yrs 3.5yrs 4.3yrs 4.6yrs 2.1yrs
Average cost of debt 8 5.2% 5.4% 6.1% 5.4% 6.1%
1 Excludes non controlling interests.
2 Calculated in accordance with the AICD/Finsia principles for reporting underlying profit.
3 Includes distributions declared post period end (1 July 2017, 1 July 2016, 1 July 2015, 1 July 2014 and 1 July 2013).
4 Calculated as underlying EBITDA divided by interest expense.
5 Excludes external non-controlling interests of $48.5 million (2016: $43.3 million, 2015: $31.0 million, 2014: $36.8 million, 2013: $43.8 million).
6 Bank debt minus cash divided by total assets minus cash.
7 Includes joint venture and fund assets and debt consolidated proportionately with Abacus’ equity interest.
8 Weighted average base rate plus margin on drawn amount plus facility line fees.
ABACUS PROPERTY GROUP | SECURITYHOLDER REVIEW 2017