APN Property Group announces strong FY2018 results at the top of guidance range
- Operating Earnings1 up 12% to $8.2 million (FY17: $7.3 million), with 97% of earnings generated from recurring sources
- Operating Earnings 2.63 cents per share (cps), at the top end of guidance range
- Statutory net profit after tax up 27% to $13.6 million (FY17: $10.7 million)
- Funds under Management (FuM) up $308 million or 12% to $2.8 billion2
- Successful IPO of Convenience Retail REIT and subsequent acquisitions, with $343 million in FuM
- Strong and flexible balance sheet with net assets of $118.1 million, including cash of $15.0 million
- Final dividend (fully franked) increased 0.25 cents to 1.00 cps, ahead of guidance and taking FY2018 dividends to 2.25 cps in total (fully franked)
Proposal to establish stapled structure. For full details of the results, please click on the following:
1. Operating earnings is an unaudited after tax metric used by management as the key measurement of underlying performance of the Group. It adjusts statutory profit for certain non-operating items recorded in the income statement including minority interest, discontinued operations, business development expenses and realised / unrealised fair value movements on the Group’s co-investments and investment properties.
2. 12% increase based on 30 June 2017 FUM of $2.5 billion excluding pro-forma adjustment. Increase of 7% on 30 June 2017 Pro-Forma FUM of $2.6 billion, refer to FY2017 result announcement for further information.