Cash flow Vicinity Centres

Equities

VCX

AU000000VCX7

Commercial REITs

Market Closed - Australian S.E. Other stock markets 12:10:51 2025-01-13 am EST			5-day change	1st Jan Change
2.100 ^AUD	-1.41%		-2.33%	0.00%

Dec. 20	Australian Shares End Week Lower Amid US Inflation Jitters; Wesfarmers Agrees to Sell Coregas to Nippon Sanso Unit	MT
Dec. 20	Vicinity Centres Fetches AU$457 Million via Asset Disposals in Fiscal 2025	MT

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Published financial data: VICINITY CENTRES

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2020	2021	2022	2023	2024
Rental Revenues	1.15B	1.12B	1.12B	1.21B	1.25B
Property Management Fee	60.8M	48.8M	56.6M	64.8M	67.8M
Interest and Investment Income, Total (Revenue Block)	3.7M	1.7M	2.6M	6.8M	9.1M
Other Revenues, Total	-124M	-34.2M	15.9M	-50.9M	-14.3M
Total Revenues	1.09B	1.14B	1.2B	1.23B	1.31B
Property Expenses	315M	299M	348M	350M	396M
Selling General & Admin Expenses, Total	3.7M	2.9M	6.1M	7.3M	7.6M
Depreciation & Amortization - (IS) - (Collected)	6.1M	6.1M	5.5M	4.9M	4.5M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Provision for Bad Debts	168M	88M	13.7M	-21.5M	-200K
Other Operating Expenses	99.2M	135M	141M	150M	148M
Total Operating Expenses	593M	531M	515M	490M	556M
Operating Income (REIT / Utility Template)	500M	604M	684M	740M	756M
Interest Expense, Total	-195M	-169M	-189M	-206M	-218M
Net Interest Expenses	-195M	-169M	-189M	-206M	-218M
Currency Exchange Gains (Loss)	-13.1M	77.5M	-10.3M	-140M	6.9M
Other Non Operating Income (Expenses)	64.8M	-117M	89.9M	67.7M	37.8M
EBT, Excl. Unusual Items	356M	396M	574M	462M	583M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-427M	-	-	-	-
Asset Writedown	-1.72B	-643M	633M	-196M	-38.9M
EBT, Incl. Unusual Items	-1.79B	-247M	1.21B	266M	544M
Income Tax Expense	12.1M	10.9M	-7.6M	-5.4M	-2.9M
Earnings From Continuing Operations	-1.8B	-258M	1.22B	272M	547M
Net Income to Company	-1.8B	-258M	1.22B	272M	547M
Net Income - (IS)	-1.8B	-258M	1.22B	272M	547M
Net Income to Common Incl Extra Items	-1.8B	-258M	1.22B	272M	547M
Net Income to Common Excl. Extra Items	-1.8B	-258M	1.22B	272M	547M
Per Share Items
Net EPS - Basic	-0.47	-0.06	0.27	0.06	0.12
Basic EPS - Continuing Operations	-0.47	-0.06	0.27	0.06	0.12
Basic Weighted Average Shares Outstanding	3.81B	4.55B	4.55B	4.55B	4.55B
Net EPS - Diluted	-0.47	-0.06	0.27	0.06	0.12
Diluted EPS - Continuing Operations	-0.47	-0.06	0.27	0.06	0.12
Diluted Weighted Average Shares Outstanding	3.82B	4.56B	4.56B	4.56B	4.56B
Normalized Basic EPS	0.06	0.05	0.08	0.06	0.08
Normalized Diluted EPS	0.06	0.05	0.08	0.06	0.08
Dividend Per Share	0.08	0.1	0.1	0.12	0.12
Payout Ratio	-32.72	-60	42.32	192.01	100.68
Supplemental Items
EBITDA	503M	610M	689M	745M	761M
EBITA	500M	604M	684M	740M	756M
EBIT	500M	604M	684M	740M	756M
EBITDAR	516M	624M	706M	763M	783M
Total Revenues (As Reported)	1.22B	1.17B	1.18B	1.28B	1.33B
Effective Tax Rate - (Ratio)	-0.68	-4.41	-0.63	-2.03	-0.53
Current Domestic Taxes	8.2M	9.1M	-	-	3.8M
Total Current Taxes	8.2M	9.1M	5.4M	3.6M	3.8M
Deferred Domestic Taxes	3.9M	1.8M	-	-	-6.7M
Total Deferred Taxes	3.9M	1.8M	-13M	-9M	-6.7M
Normalized Net Income	222M	247M	359M	289M	364M
Interest Capitalized	3.9M	400K	1.5M	3.4M	8.4M
Interest on Long-Term Debt	28.8M	33.3M	34.8M	34.8M	35.3M
Supplemental Operating Expense Items
Net Rental Expense, Total	12.5M	14.5M	16.4M	18.3M	21.9M
Imputed Operating Lease Interest Expense	4.24M	4.71M	6.25M	7.12M	8.73M
Imputed Operating Lease Depreciation	8.26M	9.79M	10.15M	11.18M	13.17M
Stock-Based Comp., SG&A Exp. (Total)	3.7M	2.9M	6.1M	7.3M	7.6M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	3.7M	2.9M	6.1M	7.3M	7.6M

Fiscal Period: June	2020	2021	2022	2023	2024
Assets
Net Property Plant And Equipment	13.84B	13.32B	14.4B	14.32B	14.8B
Total Real Estate Assets	13.84B	13.32B	14.4B	14.32B	14.8B
Cash And Equivalents	227M	47.2M	55.6M	193M	49.6M
Accounts Receivable, Total	49.6M	30M	60M	48.3M	32.1M
Other Receivables	32.7M	28.4M	6.5M	14.2M	8.2M
Investment In Debt and Equity Securities	5.7M	5.3M	135M	132M	107M
Goodwill	-	-	-	-	-
Other Intangibles, Total	164M	164M	164M	164M	164M
Other Current Assets, Total	51.2M	51M	50.6M	62M	269M
Trading Asset Securities, Total	-	-	300K	39.1M	39.5M
Deferred Tax Assets Long-Term (Collected)	72.6M	61.7M	69.3M	74.7M	77.6M
Other Long-Term Assets, Total	799M	586M	614M	541M	178M
Total Assets	15.24B	14.3B	15.55B	15.58B	15.73B
Liabilities
Current Portion of Long-Term Debt	152M	-	41M	323M	488M
Current Portion of Leases	29.3M	34.1M	27.7M	5.4M	6M
Long-Term Debt	4.03B	3.46B	3.72B	3.75B	3.74B
Long-Term Leases	288M	354M	361M	382M	386M
Accounts Payable, Total	72.9M	97.1M	117M	110M	127M
Accrued Expenses, Total	64M	93.7M	96.1M	99.1M	105M
Unearned Revenue, Current	12.2M	22.6M	21.6M	29.2M	20.2M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	26.1M	315M	43.2M	94.1M	111M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Other Non Current Liabilities	4.9M	42.8M	237M	153M	101M
Total Liabilities	4.68B	4.42B	4.67B	4.95B	5.09B
Common Stock, Total	9.07B	9.1B	9.1B	9.1B	9.1B
Retained Earnings	1.49B	776M	1.78B	1.53B	1.52B
Comprehensive Income and Other	900K	3.5M	6M	8.8M	13.3M
Total Common Equity	10.56B	9.88B	10.89B	10.64B	10.64B
Total Equity	10.56B	9.88B	10.89B	10.64B	10.64B
Total Liabilities And Equity	15.24B	14.3B	15.55B	15.58B	15.73B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4.55B	4.55B	4.55B	4.55B	4.55B
ECS Total Common Shares Outstanding	4.53B	4.55B	4.55B	4.55B	4.55B
Book Value / Share	2.33	2.17	2.39	2.34	2.34
Tangible Book Value	10.4B	9.72B	10.72B	10.47B	10.47B
Tangible Book Value Per Share	2.29	2.13	2.36	2.3	2.3
Total Debt	4.5B	3.85B	4.15B	4.46B	4.62B
Net Debt	4.27B	3.8B	4.1B	4.23B	4.53B
Debt Equivalent Oper. Leases	100M	116M	131M	146M	175M
Equity Method Investments, Total	528M	479M	514M	438M	91.8M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	1K	1.2K	1.27K	-	1.26K
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	170M	128M	75.4M	7.5M	6.2M

Fiscal Period: June	2020	2021	2022	2023	2024
Net Income	-1.8B	-258M	1.22B	272M	547M
Depreciation, Depletion & Amortization	6.1M	6.1M	5.5M	4.9M	4.5M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	6.1M	6.1M	5.5M	4.9M	4.5M
Amortization of Deferred Charges, Total	66M	64.7M	62.5M	68.8M	72.6M
Total Asset Writedown	2.14B	643M	-633M	196M	38.9M
(Income) Loss On Equity Investments - (CF)	146M	48.2M	-24M	50.9M	14.3M
Stock-Based Compensation (CF)	-	-	-	-	-
Change in Accounts Receivable	-34.1M	30.9M	-15M	26.2M	24.6M
Change in Other Net Operating Assets (Collected)	-16.9M	58.1M	35.3M	600K	13.1M
Other Operating Activities	-38.6M	54.1M	-56.7M	83.4M	-25M
Cash from Operations	472M	647M	590M	702M	690M
Acquisition of Real Estate Assets, Total	-405M	-163M	-636M	-335M	-337M
Sale of Real Estate Assets, Total	230M	37.2M	130M	134M	309M
Net Sale / Acquisition of Real Estate Assets	-175M	-126M	-505M	-200M	-27.7M
Cash Acquisitions	-	-	-	-	-325M
Divestitures	-	-	-	-	-
Purchase / Sale of Intangible Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-7M	-3M	-82.8M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-175M	-126M	-512M	-203M	-436M
Long-Term Debt Issued, Total	2.73B	406M	1.37B	840M	1.54B
Total Debt Issued	2.73B	406M	1.37B	840M	1.54B
Long-Term Debt Repaid, Total	-3.25B	-983M	-916M	-672M	-1.38B
Total Debt Repaid	-3.25B	-983M	-916M	-672M	-1.38B
Issuance of Common Stock	1.2B	32.6M	-	-	-
Repurchase of Common Stock	-122M	-300K	-4.1M	-5M	-3.2M
Common Dividends Paid	-589M	-155M	-514M	-521M	-551M
Common & Preferred Stock Dividends Paid	-589M	-155M	-514M	-521M	-551M
Other Financing Activities, Total	-74M	-1.8M	-1.6M	-3.5M	-6M
Cash from Financing	-104M	-702M	-68.8M	-362M	-398M
Net Change in Cash	192M	-180M	8.4M	137M	-143M
Supplemental Items
Cash Interest Paid	192M	161M	181M	194M	205M
Net Debt Issued / Repaid	-519M	-577M	451M	168M	162M
Levered Free Cash Flow	-100M	721M	124M	440M	266M
Unlevered Free Cash Flow	13.59M	821M	242M	569M	403M
Change In Net Working Capital	365M	-377M	258M	-26.4M	154M

Fiscal Period: June	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.94	2.55	2.86	2.97	3.02
Return on Total Capital	1.98	2.62	2.97	3.07	3.11
Return On Equity %	-16.26	-2.52	11.7	2.52	5.14
Return on Common Equity	-16.26	-2.52	11.7	2.52	5.14
Margin Analysis
Gross Profit Margin %	71.14	73.66	70.96	71.58	69.86
SG&A Margin	5.75	8.6	8.8	8.99	8.83
EBITDA Margin %	46.07	53.72	57.51	60.55	58
EBITA Margin %	45.73	53.18	57.05	60.15	57.65
EBIT Margin %	45.73	53.18	57.05	60.15	57.65
Income From Continuing Operations Margin %	-164.9	-22.73	101.41	22.06	41.7
Net Income Margin %	-164.9	-22.73	101.41	22.06	41.7
Net Avail. For Common Margin %	-164.9	-22.73	101.41	22.06	41.7
Normalized Net Income Margin	20.37	21.78	29.95	23.47	27.78
Levered Free Cash Flow Margin	-9.18	63.57	10.31	35.79	20.31
Unlevered Free Cash Flow Margin	1.24	72.3	20.17	46.25	30.7
Asset Turnover
Asset Turnover	0.07	0.08	0.08	0.08	0.08
Fixed Assets Turnover	0.07	0.08	0.09	0.09	0.09
Receivables Turnover (Average Receivables)	28.94	29.33	26.22	23.54	32.77
Short Term Liquidity
Current Ratio	1.01	0.28	0.5	0.54	0.47
Quick Ratio	0.87	0.19	0.35	0.45	0.15
Operating Cash Flow to Current Liabilities	1.32	1.15	1.7	1.06	0.81
Days Sales Outstanding (Average Receivables)	12.65	12.44	13.92	15.51	11.17
Average Days Payable Outstanding	82.04	103.76	112.33	118.47	109.66
Long Term Solvency
Total Debt/Equity	42.61	38.91	38.15	41.94	43.45
Total Debt / Total Capital	29.88	28.01	27.61	29.55	30.29
LT Debt/Equity	40.9	38.57	37.52	38.85	38.81
Long-Term Debt / Total Capital	28.68	27.76	27.16	27.37	27.06
Total Liabilities / Total Assets	30.71	30.89	30.01	31.74	32.35
EBIT / Interest Expense	2.56	3.57	3.62	3.59	3.47
EBITDA / Interest Expense	2.61	3.65	3.68	3.64	3.51
(EBITDA - Capex) / Interest Expense	2.6	3.64	3.67	3.64	3.51
Total Debt / EBITDA	8.84	6.24	5.98	5.95	6.04
Net Debt / EBITDA	8.39	6.17	5.9	5.64	5.92
Total Debt / (EBITDA - Capex)	8.86	6.26	5.99	5.96	6.04
Net Debt / (EBITDA - Capex)	8.41	6.18	5.91	5.65	5.93
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-16.34	3.92	5.58	2.69	6.62
Gross Profit, 1 Yr. Growth %	-18.73	7.59	1.71	3.59	4.05
EBITDA, 1 Yr. Growth %	-38.42	21.16	13.02	8.13	2.12
EBITA, 1 Yr. Growth %	-38.88	20.84	13.25	8.28	2.19
EBIT, 1 Yr. Growth %	-38.6	20.84	13.25	8.28	2.19
Earnings From Cont. Operations, 1 Yr. Growth %	-620.37	-85.67	-571.01	-77.66	101.51
Net Income, 1 Yr. Growth %	-620.37	-85.67	-571.01	-77.66	101.51
Diluted EPS Before Extra, 1 Yr. Growth %	-624.39	-88.01	-569.84	-77.67	101.51
Normalized Net Income, 1 Yr. Growth %	-38.96	11.12	45.17	-19.55	26.21
Net Property, Plant and Equip., 1 Yr. Growth %	-9.93	-3.71	8.05	-0.56	3.38
Accounts Receivable, 1 Yr. Growth %	45.03	-39.52	100	-19.5	-33.54
Total Assets, 1 Yr. Growth %	-10.32	-6.18	8.78	0.21	0.91
Common Equity, 1 Yr. Growth %	-8.88	-6.42	10.16	-2.27	0.01
Tangible Book Value, 1 Yr. Growth %	-5.48	-6.53	10.33	-2.3	0.01
Cash From Operations, 1 Yr. Growth %	-28.71	37.03	-8.86	19.12	-2.21
Capital Expenditures, 1 Yr. Growth %	-20	0	33.33	-43.75	-33.33
Levered Free Cash Flow, 1 Yr. Growth %	-124.69	-819.96	-82.74	205.63	-39.48
Unlevered Free Cash Flow, 1 Yr. Growth %	-97.4	5.94K	-70.59	117.1	-29.23
Dividend Per Share, 1 Yr. Growth %	-51.57	29.87	4	15.38	-2.08
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-10.45	-6.76	4.74	4.12	4.64
Gross Profit, 2 Yr. CAGR %	-12.7	-6.49	4.61	2.64	3.82
EBITDA, 2 Yr. CAGR %	-21.54	-13.62	17.02	10.55	5.08
EBITA, 2 Yr. CAGR %	-21.83	-14.06	16.99	10.74	5.19
EBIT, 2 Yr. CAGR %	-21.61	-13.86	16.99	10.74	5.19
Earnings From Cont. Operations, 2 Yr. CAGR %	21.56	-13.66	-17.86	2.58	-32.9
Net Income, 2 Yr. CAGR %