Ann: First Quarter FY23 Operational Update, page-2

Wow another weak market release!!!

- Firstly, I wish the company would stop harping on about pre-sale revenue!! Its all about net profit!! You could sell $1 billion worth of property but if you only achieve $1,000 in profit - your $1bil in revenue means nothing!!!!!
- Sales down 44% - ouch ouch ouch!!!!!
- "the high quality infill nature of Cedars site are expected to outperform the market" - then why can they not develop the site at Woolloowin in over 7 years!!!!!!!??????
- the gearing of mid-high 20's - is again smoke and mirrors. Tell me a development company that works on bank debt to total tangible assets. It should be bank debt against valuation of assets

****The Company’s outlook is subject to market and construction sector conditions. The Company’s expectation for FY23
full year earnings takes into account current conditions, although there remains residual risk that some forecast Q4
FY23 stage completions, and hence revenue, may move into early FY24.

WOWOWOWOWOW - again they are preparing you for settlements to fall into FY24. They are not confident in the short term. And the disclaimer is the outlook is subject to "market and construction sector conditions".

To me that all reads - blood is on the wall. Get ready for some bad results in the next couple of years!

I think the company should undertake a full revaluation of all of their projects to 'truly' update their book value of assets. I personally believe this will reduce as valuations will come in below their book value!!

Overall more smoke and mirrors and very generalised statements which does not give any confidence to actually achieving strong year after year net profits and future direction of the company!!