Aveo Group FY2015 Results Presentation

Company Presentations

by Carolyn Herbert

Commenting on the results, Aveo Group(ASX:AOG) Chief Executive Officer Geoff Grady said: “Our strong financial results in FY15 and record retirement business performance are a direct consequence of the pure retirement strategy that we launched in mid-2013.
 
Our non-retirement asset sales are progressing well and acquisitions continue to expand the retirement development pipeline. We are on track to achieve our stated FY16 and FY18 return on retirement assets targets
of 6.0% - 6.5% and 7.5% - 8.0% respectively.”
 
“Heading into FY16, we have strong retirement sales momentum, a pipeline of 182 new units scheduled for delivery during the year and increasing care and support services across the entire retirement portfolio. As a consequence, we are providing FY16 underlying profit after tax guidance of over $80 million, a 45% increase on our FY15 result, and a full year distribution of 8 cents per security, representing a 60% increase on the FY15 distribution of 5 cents per security.”
 
Key financial highlights for the year were: 
Total Retirement contribution of $53.0 million, up 18% on the previous financial year; 
Underlying earnings per security of 10.9 cents, up 15%; 
Funds from operations up 88% to $73.9 million / per security of 14.8 cents, up 66%; 
Distribution of five cents per security, up 25% on FY14; 
Net assets of $1.5 billion, up 5%; 
Net tangible assets per security of $2.85, up 3%; and 
Gearing of 13.8%, down 2% on FY14 and at the lower end of Aveo’s target range.

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