"Financial Performance Audited Underlying EBITDA from continuing operations of $63.5m for the year ended 31 May 2020 was in line with the prior corresponding period. This was pleasing considering the loss of the final quarter of retirement village unit sales due to the Government lockdown, which occurred in our peak sales season, and also increased costs that were incurred in aged care due to COVID-19. Once restrictions were lifted by the Government in Alert Level Two, we experienced a strong increase in enquiries and have taken a greater number of applications over late May and June than we recorded last year. Audited Reported Net Loss after Tax of$13.6m included an unrealised decrease of $21.7m in the valuation of Investment Property, predominantly driven by changes to key valuation assumptions made in response to COVID-19, including lower unit price growth rates. Operating cashflow increased 11.3% to$99.4m as a result of the sales proceeds from recently completed developments."
Alot of the preso seems devoted to justifying/explaining what they are doing is what they said they would do in previous statements - just the top and bottom lines haven't delivered like it was implied at the time of those statements... hmm
But the justifications/explanations are good at strengthening the story - that the big top and bottom line increases are just around the corner now (the big borrowing is certainly already here - borrowings and finance costs have doubled from just 2 years ago)... Equity down... hmm
Average resale gain per unit/care suite the lowest in 5 years... hmm
There is a few too many hmm's in these results
Last edited by trader_jackson; 23-07-2020 at 09:09 AM.
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Originally Posted by trader_jackson
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