**ann in february******************

25 February 2005
The Manager
Company Announcement
Australian Stock Exchange
SUNLAND HALF YEAR RESULTS ON TRACK TO ACHIEVE YEAR END ABOVE $72M
The Directors of Sunland Group Limited are pleased to announce their half year result with a net
operating profit (after tax) of 24.09 million for the period ended 31 December, 2004.
Revenue rose by 6.7% to $175.1m from $164.1 million.
While the $24.09 million earnings represents a slight decrease of 4% on the previous year (of $25.17m)
it is primarily due to the timing of some projects. This included the later release of land subdivisions
Bushland Beach in Townsville, Jardin in Victoria and Avalon - a high rise project on the Gold Coast – all
of which were launched just prior to December 2004.
Results from these projects along with the strong profit emanating from Q1, Circle on Cavill, and Yve
will flow through to the Group’s second half year – placing Sunland well on track to achieve its recently
upgraded profit announcement for the full year of in excess of $72m – and taking Sunland to its highest
profit level ever in the Group’s history.
The June 30 2005 result will be further enhanced by the sale of management rights to the Sunland/City
Pacific joint venture with the creation of the new publicly listed entity Sunleisure – to be listed during
April.
In preparation for the expanded management rights activities, Sunland has spent the first six months of
the financial year firmly establishing pre-opening operations for Q1, the observation deck and the Q1
Store – scheduled for August/September 2005. The Group also continued with the establishment of
operations in its child care division, and the Sydney division as the Group acquired more sites in the
first half year – these included land subdivisions in Forster, and housing projects in Castle Hill,
Blacktown and Cammeray.
The Group today declared its interim dividend of 5 cents fully franked to be paid on March 23, 2005.
Based on the strong earnings to date, it is the current intention of the Directors to pay a final dividend of
5 cents fully franked in August 2005.
Net tangible asset backing per security was 92 cents, up from 66.8 cents for the same period last year.
In mid February, Sunland raised $72.7 million through a placement to institutions and investors. This
fundraising will be used to reduce the group’s gearing with some 75% of the funds allocated to debt
reduction, and 25% allocated to acquiring opportunities in land and housing to feed the future pipeline.
Directors are extremely confident that the Group’s profit for the full year will achieve in excess of $72m.
Yours faithfully,
SUNLAND GROUP LIMITED
Anne Jamieson
General Manager