Finbar Group (FRI) AGM 2024 Presentation summary

Financial performance and profitability

• Total comprehensive income rose by $13.6m to $16.4m, marking the 28th consecutive year of profitability.

• Completion of Civic Heart in June 2024 was the largest contributor to FY24 earnings.

• Fully franked dividend of $0.08 per share paid in October, with 128.5c per share paid since inception.

• FY end cash position was $220.1m, with $173.5m used to repay Civic Heart construction debt in July.

• Core property development business contributed 90% of turnover, with Civic Heart and AT238 as major contributors.

Project and sales activity

• Civic Heart, AT238, and The Point were key completed projects, with Civic Heart winning a 2024 UDIA award.

• $381m in current pre-sale book value, with strong off-the-plan sales and a spike from the Bel-Air project launch.

• Average $8m/month in completed stock sales over the last year, rising to $18m/month in the last 3 months.

• 50% of recent sales to investors, supported by Perth's strong rental market and new project mix.

• Foreign buyer sales remain subdued after a 7% surcharge tax introduced in 2019.

Debt, investment property, and pipeline

• All debt remains project-specific, with no corporate line or parent company charge; Civic Heart facility repaid in July.

• Investment property book value at $104.7m, with a 40.4% loan-to-value ratio and $62.4m in net equity.

• Pelago and Fairlanes are key investment properties, with Pelago seeing a $4.9m book value increase and Fairlanes a $1.5m impairment.

• Pelago residential occupancy at 89% and commercial at 66%; Fairlanes office occupancy at 56%.

• Current development pipeline valued at ~$890m, with $428m under construction and $113m next to commence.