Rural Funds Management Limited (RFM) have today released the Rural Funds Group (ASX: RFF) (the Group) Financial Statements for the half-year ended 31 December 2021 (HY22).
Financial highlights
-- Adjusted funds from operations (AFFO) of 5.8 cents per unit (cpu), in line with forecast.
-- Distributions per unit (DPU) of 5.87 cents, in line with forecast.
-- Earnings (total comprehensive income) of 10.36 cpu.
-- Adjusted net asset value (NAV) increase of 3% to $2.24 per unit.
-- Gearing of 33%, within the target range of 30-35%.
-- FY22 forecast distributions 11.73 cpu, a 4% increase on FY21.
Property revenue increased primarily due to income from the increased J&F Guarantee, acquisitions, capital expenditure and lease indexation. Adjusting for income received from the Mooral orchard in the prior corresponding period (sold December 2020), property revenue increased $3.8m, or 12%.
Earnings were largely driven by income generated by the Group and positive revaluations on cattle properties. The prior corresponding period included gain on sale of assets of $32.5m, primarily attributable to the Mooral almond orchard.
AFFO per unit is forecast to increase in 2H22 due to the contribution of additional income from the increased J&F Guarantee and acquisitions (detailed further below). FY22 forecast AFFO of 11.9 cpu and distributions of 11.73 cpu confirmed.
For more information, download the attached PDF.
Download this document
