ALE PROPERTY TST Appendix 4D
Half-year Report
Six Months Ended 31 December 2020
ALE PROPERTY GROUP
Australian Leisure and Entertainment Property Management Limited ABN 45 105 275 278 and Australian Leisure and Entertainment Property Trust ARSN 106 063 049
Half yearly | Preliminary | Half-Year ended ('current period'): | ||||||||||
(tick) | final (tick) | |||||||||||
| 31 December 2020 | |||||||||||
(previous corresponding period 31 December 2019) | ||||||||||||
Results for announcement to the market | ||||||||||||
6 months to | 6 months to | |||||||||||
31 December | 31 December | |||||||||||
2020 | 2019 | Variance | ||||||||||
A$'000 | A$'000 | % | ||||||||||
Rental revenue | 31,353 | 30,689 | 2.2% | |||||||||
Total income | 83,012 | 39,697 | 109.1% | |||||||||
Profit / (Loss) from ordinary activities after income | ||||||||||||
tax, attributable to security holders | 68,081 | 20,498 | 232.1% | |||||||||
Profit before income tax, fair value adjustments, | ||||||||||||
amortisation of prepaid costs and other non-cash | 17,946 | 15,635 | ||||||||||
items (Distributable profit) | 14.8% | |||||||||||
Distribution payable for the half-year | 21,265 | 20,458 | 3.9% | |||||||||
Available and under/(over) distributed at the half- | ||||||||||||
year (paid from distributable profit and capital)) | (3,319) | (4,823) | (31.2%) | |||||||||
Dividends (distributions) | ||||||||||||
6 months to | 6 months to | |||||||||||
31 December | 31 December | |||||||||||
2020 | 2019 | |||||||||||
Cents | Cents | Variance | ||||||||||
% | ||||||||||||
December half-year interim distribution per | 10.75 | 10.45 | 2.9% | |||||||||
security | ||||||||||||
Franked amount per share | 0.00 | 0.00 | - | |||||||||
Record date for distribution entitlement | 31 December 2020 | |||||||||||
Interim distribution will be paid | 5 March 2021 | |||||||||||
Net tangible assets per security
6 months to | 6 months to | ||||||
31 December | 31 December | Variance % | |||||
2020 | 2019 | ||||||
Net tangible assets per security | $3.24 | $3.09 | 4.9% | ||||
Explanation of results
Brief explanation of results
- Rental revenue increased by 2.2%. During the period Rent Determinations on 43 properties for CY2018 were received. The increase represents the aggregate impact of the rent determinations , CPI increase in rent for the determined properties for November 2019 and a CPI increase for all properties in November 2020.
- Total income has increased by 109.1% as there was a fair value increment to properties of $51.6 million in the current period ($8.8 million increment in December 2019).
- Profit after income tax for the period increased by $47.6 million due to:
- Increment to property valuations of $51.6 million compared to an increment of $8.8 million in the prior period as property yields decreased from 5.08% to 4.94%;
- Decrement to derivatives of $0.9 million in the current period compared to a decrement of $2.5 million in the prior period as the decrease in long term interest rates was not as significant then as they were in the current period; and
- Management costs increased in the current period, due to costs associated with litigation commenced in the Victorian Supreme Court challenging the validity of 19 Victorian rent determinations, costs associated with the CEO transition and increases in insurance costs.
- The distribution of 10.75 cents per security was 2.9% higher than the previous comparable period.
Reconciliation of profit after tax to total available for distribution
A$'000 | |
Profit after income tax for half-year | $68,081 |
Plus / (Less) | |
Fair value adjustments to investment properties | (51,590) |
Fair value adjustments to derivatives | 858 |
Employee security based payments | 125 |
Finance costs - non cash | 484 |
Income tax expense / (benefit) | (12) |
Total available for distribution | 17,946 |
Distribution payable | 21,265 |
Available and under/(over) distributed at the half-year | (3,319) |
Review Status
Independent auditor KPMG has completed a review of the accounts on which this report is based and provided an unqualified opinion.
A copy of the ALE Property Group 31 December 2020 Half-Year Financial Report with KPMG review opinion is attached.
ALE Property Group
Comprising Australian Leisure and Entertainment Property Trust and its
controlled entities
ABN 92 648 441 429
Half-Year Report 31 December 2020
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ALE Property Group published this content on 10 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2021 22:28:09 UTC.