ALE Property : Half Year Results to 31 December 2020 - PresentationOpens in a new Window

Group Highlights

• 2018 rental determinations received; litigation begun in Victoria
• Portfolio assessed by valuers as 33% under-rented*
• FY21 distribution guidance of 21.5cps, up 3%
• Property valuations up 4.4%, NTA $3.24ps
• Gearing decreased to 39.7%
• Portfolio highly resilient during COVID 19
  - all pub rent paid when due

*Refer our ASX announcement of 16 November 2020 for more details

Statutory Profit and Distributable Profit

Half Year to 31 December 2020

Millions	Dec 20	Dec 19
Total Revenue	$31.4	$30.9
Total Other Income (Including fair value increments)	$51.6	$8.8
Total Expenses (Including fair value decrements)	($14.9)	($19.2)
Income tax expense	($0.0)	($0.0)
Statutory Profit after income tax (IFRS)	$68.1	$20.5
Add back non cash items:
Fair value decrement/(increments) to investment properties	($51.6)	$(8.8)
Fair value decrements to derivatives	$0.8	$2.5
Employee share based payments	$0.1	$0.1
Non-cash finance costs	$0.5	$1.3
Income tax expense	$0.0	$0.0
Distributable Profit*	$17.9	$15.6
Distribution paid	$21.3	$20.4

Distributable Profit is a non-IFRS measure and has not been audited. Rounding differences may arise in the above table.

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Results analysis

Half Year to 31 December 2020

	Millions	Dec 20	Dec 19	Comments
	Revenue from properties	$31.4	$30.7	 Impact of CPI increases and rental determinations
	Other revenue	$0.0	$0.2	 Lower cash balances and lower interest rates
	Borrowing expense	$8.4	$11.0	 Fixed interest rates on 100% of debt
	Management expense	$3.4	$2.6	 Increase in insurance costs, CEO transition costs and legal costs
	Land tax expense	$1.7	$1.7		QLD properties only
	Distributable Profit 1	$17.9	$15.6
	Distribution (cps)	10.75c	10.45c		Reflects FY2021 guidance

1. Distributable Profit excludes non-cash accounting items - see full reconciliation to IFRS Net Profit.
2. Rounding differences may arise
3. Note: ALE did not receive any government COVID-19 relief payments

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