Full Year 2024 Charter Hall Group Earnings Call Transcript
Key Points
- Charter Hall Group (CTOUF) delivered operating earnings per security slightly ahead of guidance at $0.758 per security.
- The group's return on contributed equity remains one of the highest in the sector at 24.9% pretax and 19.4% post-tax.
- Annual growth in distributions continues at 6%, providing attractive franking credits to investors.
- Net operating expenses are down 5.2% year-on-year, demonstrating effective cost control.
- The balance sheet remains strong with 3% balance sheet gearing and nearly $700 million of investment capacity ready to deploy.
- Operating earnings per security (OEPS) for FY '24 is below FY '23, despite being slightly ahead of guidance.
- Group FUM has fallen from $87.4 billion to $80.9 billion, and property fund FUM has decreased from $71.9 billion to $65.5 billion.
- Financial year '24 experienced reduced transaction activity with $4.1 billion of gross transactions, reflecting subdued equity flows.
- Statutory earnings for FY '24 are negative at minus $222.1 million due to underlying portfolio valuation declines.
- Funds Management segment income reduced by 27.7% due to lower transaction volumes and continued expansion of cap rates.
Ladies and gentlemen, thank you for standing by, and welcome to the Charter Hall Group 2024 full year results briefing. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, the 21 August, 2024. I would now like to hand the conference over to your host, Mr. David Harrison, Managing Director; and Group Chief Executive Officer. Thank you, sir. Please go ahead.
Good morning, and welcome to the Charter Hall Group financial year 2024 results. I'm David Harrison, Managing Director and Group CEO of Charter Hall, presenting my 20th annual result presentation as CEO for the group post our inaugural results in financial year 2005. Presenting with me today is Sean McMahon, our Chief Investment Officer; and Anastasia Clarke, our Chief Financial Officer.
I'd like to commence today with an acknowledgment of country. Charter Hall acknowledges the traditional custodians of the lands on which we work and gather. We pay our respects
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