Full Year 2024 Growthpoint Properties Ltd Earnings Call Transcript
Key Points
- Strong operational performance across all business units, with key metrics in South Africa showing improvement.
- Successful international investments, particularly in Growthpoint Australia and the V&A Waterfront, which continue to perform well.
- Significant progress in reducing arrears and improving the cost-to-income ratio, nearing pre-COVID levels.
- Innovative initiatives such as the power purchase agreement for renewable energy, enhancing ESG credentials and attracting tenants.
- Continued development and investment in logistics and industrial properties, with strong demand and rental levels.
- Distributable income per share and dividend per share both down by 10%, primarily due to high interest rates.
- Increased finance costs, with a 16% rise in interest expenses impacting overall financial performance.
- Higher loan-to-value ratio, particularly in the Australian business, due to asset value write-downs.
- Negative reversions in the office portfolio, with significant vacancies and challenges in retaining tenants.
- Decline in net asset value per share by 6.1%, driven by asset value write-downs and increased debt levels.
Good morning, everybody. Morning, everyone. This is sound check, here we go. Everybody settle down. Please take your seats. We do have a case of number of people online as well, people are time bound, very much time bound now a days. So, we never where very good at keeping to that, but we are going to try our best today.
So welcome to everybody . Special welcome to the teachers and pupils from the Riversdale High school, [long of high] school from Riversdale. Guests of one of our Non-executive Directors, [Meltem And so], thank you. Welcome, and hopefully you enjoy the experience.
For the rest, just -- , this is obviously the results for the 12 month period financial year ended 30 June, 2024. If I look at the agenda very briefly, we're going to touch on a little slide which tries to simplify growth would give you just a little on one slide a picture of what we're all about.
We have received a number of comments over the years, that's Growthpoint Properties story is a bit complicated. So we certainly
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