WOW is this presentation groundhog day?!?! - Same first 10 slides as the last 4 years..
Few things of concern.
- Still harping on about strategy to 'grow' their porfolio. What have you bought in the last 2 years of substance?
- 83% staff satisfaction. This means almost 1 in 5 employees are not satisfied or do not believe in the company.
- Return on equity 8.9% - this is low and going lower over the next few financial years...
- Net bank debt to equity has increased from 28.3% to 47.2% - gearing has increased substantially
- Low sales volume in Q4 22 & into FY23 - affecting future profits
- Wooloowin project cancelled indefinitely. - Although on PDF page 17 - it mentions 'apartments and townhouses especially expected to perform'. Given Wooloowin is a townhouse and apartment project - why isnt it proceeding then??? Very contradictory !!!
- Potential settlement risks for VIC with 50% of presales
- 40% of portfolio in apartments and townhouses with high construction costs and continually increasing
AIMO
Ann: FY22 Full Year Results Presentation, page-2
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