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  1. #6051
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    Happy with result overall. Disappointed that they are not increasing build rate - to do with less new sales compared to fy16?

    Good that's margin has held up, expecting some pull back next year.

  2. #6052
    Handsome Member
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    Quote Originally Posted by Raz View Post
    Yeah, half decent..lets see what it does to the SP.
    Hard man to please

    Great result in my opinion. All looks good going forward, will top up when the dust settles.

  3. #6053
    Legend minimoke's Avatar
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    Here are the highlights
    FY17 net profit after tax (NZ IFRS) of $223.4m, up 54% on FY16

     FY17 underlying profit of $81.7m, up 44% on FY16 – record full year profit

     Tracked ahead of our $77.0m to $79.0m guidance with better than expected resale settlements, stronger than expected margins on both new and resale settlements, and positive year-end valuation impacts relating to retail bonds

     382 new sales with delivery of 171 retirement units in 1H17 and 279 retirement units in 2H17 for a total of 450 new retirement units in FY17

     Record development margin of 27.3%, up from 22.2% in FY16

     300 resales, a full year record, up from 244 in FY16

     Resale gain of 21.7%, up from 18.6% in FY16

     Final dividend of 7.1 cents per share declared, amounting to $15.9m

     Total dividends for the 2017 year (interim and final) of 11.0 cents per share, amounting to $24.6m

     Operating cash flow of $207.7m, and gearing ratio down to 30.7%

     Total assets now over $2.2b, up 30% on FY16

  4. #6054
    ShareTrader Legend Beagle's Avatar
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    http://nzx-prod-s7fsd7f98s.s3-websit...609/275030.pdf
    Very good result and nice beat on recent guidance. Highly credible that they raised the development margin so significantly in what is arguably an extremely tough construction market (look no further than FBU and their sub contractor problems for an example of how tough it is out there).

    Interesting snippets from the investor presentation.
    Embedded value per unit now $152K up from $114k last year, augers well for future profit growth.
    Underlying profit has grown on average 47% per year for the six years since they listed, (struggling to think of any company that has anything like that record ?)
    For those that like the headline IFRS metric Net profit after tax has grown on average at a whopping 93% per annum since they listed.

    My thoughts are that this is an outstanding company for people to build wealth over time. Very happy long term holder.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  5. #6055
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    Quote Originally Posted by allfromacell View Post
    Today is the day the famous RYM/SUM price ratio is broken for good
    Only temporarily, possibly,don't forget the RYM result late May which will soon keep the ratio intact.

  6. #6056
    Speedy Az winner69's Avatar
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    Good lot of extras for the staff

    Only fair we expect them to work bloody hard for it ....after all if we work them too hard and they die the family won’t need to front up for the funeral.


    Joshua says if I put those silly things in you’ll forgive me for being cynical / unsympathetic or whatever. So take post seriously.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #6057
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    Good lot of extras for the staff

    Only fair we expect them to work bloody hard for it ....after all if we work them too hard and they die the family won’t need to front up for the funeral.


    Joshua says if I put those silly things in you’ll forgive me for being cynical / unsympathetic or whatever. So take post seriously.
    LOL mate, sometimes less is more

    Nice to see the SP at an all time high and finally starting to recognize the six year track record of very strong growth this company has proven they're capable of. I think this is one company on the NZX that could see its multiple expand after a pretty tough 18 months, (was $5.60 all the way back in Sep 2016 and there's been huge EPS growth since then)
    Last edited by Beagle; 23-02-2018 at 10:18 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  8. #6058
    Legend minimoke's Avatar
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    Quote Originally Posted by winner69 View Post
    Good lot of extras for the staff

    Only fair we expect them to work bloody hard for it ....after all if we work them too hard and they die the family won’t need to front up for the funeral.


    Joshua says if I put those silly things in you’ll forgive me for being cynical / unsympathetic or whatever. So take post seriously.
    $10000!. I burried 2 people for less than that

  9. #6059
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    Quote Originally Posted by minimoke View Post
    $10000!. I burried 2 people for less than that
    hopefully you used IVC(ASX)

  10. #6060
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    My investment in this great company keeps me happy. But I heard through talk back there were some retirement villages that only let their patients shower twice a week and get a sponge down for the remainder even if they soil themselves? Any idea why people can’t have a shower more than twice a week?

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