Aveo operating profit $119.5 million for 2009
With 10,200 ILUs and 2214 beds, Aveo has announced it has made an operating profit before tax of $119.5 million. This equates to $9,600 per ILU/bed. This was 5% down on the previous year but not bad given 9 months of the worst sales climate in...
With 10,200 ILUs and 2214 beds, Aveo has announced it has made an operating profit before tax of $119.5 million. This equates to $9,600 per ILU/bed. This was 5% down on the previous year but not bad given 9 months of the worst sales climate in memory. They did write down their property values by $130 million on a book value of $1.8 billion or 7%. The interesting facts revealed include:
Average ILU resale price growth of 6%
No new development work planned
2nd Half sales up 17% in volume and 37% in dollars
Portfolio turnover: 10%pa
Average DMF rate: 29%
Average Capital Gain: 50%
Average resident age: 82 years
Valuation discount rate: 12.5%
Average tenure:
ILUs: 11.4 years
SAs: 5.4 years
Portfolio tenure given current age mix
ILUs: 6.3 years
SAs: 3.2 years
Unsold development stock: 2.2% or 224 ILUs
Parent company FKP announced an operating profit after tax of $78.6 million but a loss of $324 million after property value write downs. Their share price has risen from $0.23 in March to $0.65 this week an increase of 183% in 5 months.
