Goodman Group delivered an operating profit of A$266 million (€210 million) in the half year ended 31 December 2012 (Australian financial year). This is up 16% on the same period last year.
In a difficult economic environment Europe remains a standout market for Goodman, with over 820,000 sqm of new development projects delivered during 2012.
Goodman’s Group Chief Executive officer, Greg Goodman said, “We are pleased to announce the Group’s half year operating profit, which represents a 16% increase on the same period last year. It demonstrates the significant competitive advantage provided by Goodman’s size and scale, global platform, industrial property expertise, and our extensive customer and capital partner relationships.”
The key financial indicators show that Goodman has maintained its sound balance sheet over the half year period.
Robust property fundamentals were maintained across the core investment portfolio with a high occupancy rate of 96% and a weighted average lease expiry of 4.7 years. Gearing is reduced to
21%, consistent with the same period last year.
Available liquidity is currently A$1.6 billion (€12. 6 billion) and the Group has a weighted average debt maturity of 5.5 years.
As at 31 December 2012 the Group’s development work in progress was A$2 billion (€1.6 billion), with A$1.1 billion (€870 million) of newcommitments across 34 projects in eight countries. 77% of new projects are pre-committed and 78% are pre-sold to Goodman’s managed funds or third parties.
The strength and diversity of Goodman’s global platform will continue to grow as its North American and Brazilian operations begin contributing to the Group’s results and overall performance.
Goodman’s ability to attract third party capital into its managed fund platform has been a key driver of its success, and is underpinned by the contemporary fund management structures it has adopted to ensure the alignment of investors’ interests.
“Our platform now operates in key logistics markets and provides us with greater diversity and access to a broad range of growth opportunities. We are well positioned in all markets, particularly in China, Europe and Australia, where the pace of growth in our businesses is accelerating. With improving economic sentiment emerging, we expect to benefit from ongoing growth in China and Australia, and from the stabilising market conditions in Europe. With the US market continuing to recover and our platform fully operational, together with the launch of our Brazil joint venture, both markets will soon begin contributing to our development book”, said Goodman.
The high demand for prime industrial property is expected to see continued strong capital flows into the Group’s key operating markets globally and in turn drive earnings in the second half of the Financial Year 2013.
For further information, please contact Goodman:
+32 2 263 40 00
Goodman is an integrated property group that owns, develops and manages logistics and business space across Continental Europe, the United Kingdom, the Asia-Pacific region, North America and Brazil. The Group invests in business parks, office parks, industrial estates and warehouse and distribution centres.
Goodman also offers a range of listed and unlisted property funds, giving investors access to a range of specialist services and property assets, and is working continually to build value in industrial property and fund management, with innovative new developments, and business and investment offerings.
With total assets under management of €16.5 billionand over 400 properties under management, Goodman is the largest industrial listed property group on the Australian Stock Exchange, and one of the largest listed specialist fund managers globally. Its market insight and dedicated local teams create sound investment opportunities and develop properties and environments that meet each client’s individual requirements.
With more than 970 staff and 36 offices in 18 countries, Goodman has the global reach to meet customers’ needs as their businesses expand or evolve. In Europe, Goodman has offices in Germany, the Netherlands, Belgium, Luxembourg, France, Spain, Italy, Poland, Czech Republic, Hungary, Slovakia Sweden and the UK.