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ABACUS GROUP — Management Reports 2024
Aug 22, 2024
64280_rns_2024-08-22_5e04b100-b031-460b-8f57-6eb72741522d.pdf
Management Reports
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FY24 PROPERTY BOOK
23 AUGUST 2024
201 Elizabeth Street, Sydney NSW 201 Elizabeth Street, Sydney NSW
CONTENTS
COMMERCIAL PORTFOLIO SLIDE 03 OFFICE NSW SLIDE 05 VIC SLIDE 11 QLD SLIDE 16 SA SLIDE 20 ACT SLIDE 22 RETAIL QLD SLIDE 25 VIC SLIDE 28 2 King Street, Fortitude Valley QLD
COMMERCIAL PORTFOLIO
$2.0bn portfolio, 96% exposed to the Eastern Seaboard
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19
QLD
5
Assets
SA
1
NSW
7
ACT
1
VIC
4% SA
5
$82 million
Office 1 $82m Office assets
Retail assets
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| NSW 7 |
NSW 7 |
23% QLD | 23% QLD | 23% QLD | ||
|---|---|---|---|---|---|---|
| $464 million | ||||||
| Office 3 $236m |
||||||
| Retail 2 $228m |
||||||
| 42% NSW | ||||||
| $866 million | ||||||
| Office 5 $788m |
||||||
| Other1 2 $78m |
||||||
| 3% ACT | ||||||
| $57 | million | |||||
| Off | i 1 $57 |
|||||
| Office assets Retail assets |
28 |
% VIC ce m |
||||
| $56 | 3 million ice 4 $347m |
|||||
| e assets l assets |
Off |
ic |
||||
| Ret | ai | l 1 $216m |
||||
- Riverlands NSW and Camellia NSW.
OFFICE PORTFOLIO NUMBER OF ASSETS: 14 FY24 CARRYING VALUE: $1.5 BILLION[1]
NOTE: BOOK VALUES REPORTED ARE ON AN ABG OWNERSHIP BASIS, WHILE NLA IS REPORTED ON A TOTAL BUILDING BASIS
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
14 Martin Place, Sydney NSW
NSW NUMBER OF ASSETS: 5 FY24 CARRYING VALUE: $788 MILLION[1]
99 Walker Street, North Sydney NSW
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
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99 WALKER STREET, NORTH SYDNEY NSW
Property Overview
A modern Commercial building in the heart of North Sydney, with its quality amenities the building provides a professional environment in a sought after location.
The building features End of Trip facilities, a wellness room, flex space, a refurbished lobby and cafe. The tower also has a breakout and event space for all customers on level 21 and is located near the Victoria Cross Metro Station.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 100% |
| ABG book value* | $237 million |
| Cap rate* | 6.65% |
| NLA (sqm) | 18,917 |
| Occupancy (by NLA) | 94.3% |
| WALE | 4.1 years |
| Latest refurbishment | 2022 |
| NABERS Energy | 5 |
| NABERS Water | 4.5 |
Major Customers Jemena Coles Supermarkets Australia Storage King Services
*Includes small adjacent building.
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77 CASTLEREAGH STREET, SYDNEY NSW
Property Overview
An 11 floor Office building positioned above Sydney’s leading Retail precinct in a prime CBD location. The Office tower is surrounded by a vibrant mix of Retail outlets, cafes, restaurants and cultural attractions in the heart of Sydney’s CBD. Recently completed End of Trip facilities offer the latest in customer amenity.
The building has ~1,200sqm floorplates and is internally connected to the Westfield & Pitt Street mall. 77 Castlereagh Street is a prestigious address further enhanced by the numerous transport options nearby, including rail, light rail and buses.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 100% |
| ABG book value | $203 million |
| Cap rate | 6.00% |
| NLA (sqm) | 13,104 |
| Occupancy (by NLA) | 95% |
| WALE | 4.5 years |
| Latest refurbishment | 2024 |
| NABERS Energy | 5.5 |
| NABERS Water | 4.5 |
Major Customers Dentons Lawyers Bomas Services Columbus Capital
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201 ELIZABETH STREET, SYDNEY NSW
Property Overview
Prominently located on the corner of Park and Elizabeth Street, 201 Elizabeth Street provides 38 levels of Sydney CBD Office space with views over Sydney Harbour, Hyde Park and the iconic St Mary’s Cathedral. Ideally situated directly opposite the new Gadigal Station.
On-floor amenity and lobby upgrades have been undertaken contributing to the regeneration of the asset into a vibrant and sophisticated experience for our customers.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 32% |
| ABG book value | $198 million |
| Cap rate | 6.13% |
| NLA (sqm) | 38,317 |
| Occupancy (by NLA) | 54.6% |
| WALE | 4.7 years |
| Latest refurbishment | 2006 |
| NABERS Energy | 3.5 |
| NABERS Water | 3.5 |
Major Customers State Government of NSW Estee Lauder Gucci Australia
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14 MARTIN PLACE, SYDNEY NSW
Property Overview
A prominent and historically significant building in the heart of Sydney CBD that serves as a multipurpose space housing Commercial Offices, Retail areas and a flex working space, with an eightlevel heritage façade (built in circa 1892) fronting Martin Place and an interconnecting 19 level office tower (constructed ~1970s) fronting Pitt Street, providing high quality space in a core Sydney CBD location at a competitive price point.
Completed refurbishment of End of Trip facilities in 2024, offering the latest in customer amenity.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $105 million |
| Cap rate | 5.88% |
| NLA (sqm) | 13,152 |
| Occupancy (by NLA) | 94.7% |
| WALE | 3.5 years |
| Latest refurbishment | 2024 |
| NABERS Energy | 4.5 |
| NABERS Water | 1.5 |
Major Customers International Finance Corporation Ngs Super Long Chim
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11 BOWDEN STREET, SYDNEY NSW
Property Overview
A modern, versatile and light filled four level Commercial building. Situated in the heart of Alexandria, the property is surrounded by a vibrant mix of shops, cafes, restaurants and other businesses.
The building features a contemporary architectural design, with a clean and professional exterior. Floor to ceiling glass windows provide excellent natural light and views of the surrounding area.
11 Bowden Street provides quick access to Sydney Airport and Sydney CBD, with modern amenities and facilities, including recently completed End of Trip facilities, on site cafes and a large carpark.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 100% |
| ABG book value | $45 million |
| Cap rate | 6.63% |
| NLA (sqm) | 5,519 |
| Occupancy (by NLA) | 92% |
| WALE | 5.3 years |
| Latest refurbishment | 2023 |
| NABERS Energy | 5.5 |
| NABERS Water | 3 |
Major Customers William Angliss Institute Alquemie Group Zonda Operations
VIC
NUMBER OF ASSETS: 4 FY24 CARRYING VALUE: $347 MILLION[1]
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
710 Collins Street, Melbourne VIC
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452-484 JOHNSTON ABBOTSFORD VIC Property Overview Recently refurbished heritage A-Grade space provi market. The building comprises two levels of Office s gym, meeting rooms and internal winter garden green s It is ideal for businesses looking for city-fringe space lifestyle amenity. |
|---|---|
| Property information (as at Jun 24) | |
| Ownership interest 100% |
|
| ABG book value $123 million |
|
| Cap rate 6.50% |
|
| NLA (sqm) 15,436 |
|
| Occupancy (by NLA) 85.2% |
|
| WALE 5.9 years |
|
| Latest refurbishment 2022 |
|
| NABERS Energy 4 |
|
| NABERS Water 5 |
|
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452-484 JOHNSTON STREET, ABBOTSFORD VIC
Recently refurbished heritage A-Grade space providing market leading amenity to the fringe market. The building comprises two levels of Office space, 485 car spaces, End of Trip facilities, gym, meeting rooms and internal winter garden green space.
It is ideal for businesses looking for city-fringe space with easy CBD access and mixed mode and lifestyle amenity.
Major Customers Computershare Investor Services Spark NEL DC JV Weta FX
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INDUSTRY LANES, 459-471 CHURCH STREET, RICHMON ~~D~~
Property Overview
A recently developed high-quality, mixed use A-grade Commercial Office complex located in the Richmond-Cremorne precinct, conveniently located three kms from the Melbourne CBD and is Melbourne’s leading innovative and creative precinct.
Three buildings brought together by a common plane, featuring a mix of large and small inbetween spaces including Retail, communal amenities, vibrant open-air courtyards and shared work zones.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $96 million |
| Cap rate | 5.88% |
| NLA (sqm) | 19,512 |
| Occupancy (by NLA) | 98% |
| WALE | 4.7 years |
| Latest refurbishment | 2022 |
| NABERS Energy | Expected in 2025 |
| NABERS Water | Expected in 2025 |
Major Customers
Arrotex Pharmaceuticals Endeavour Group Icon Corporate Services
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VIRGINIA PARK, BENTLEIGH EAST VIC
Property Overview
Situated predominately in a residential location in Bentleigh East approximately 13km south east of Melbourne, Virginia Park provides a mixture of industrial and Office buildings as well as supporting facilities including gymnasium, swim centre, child care centre, children’s play centre, café, yoga centre and martial arts centre.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $84 million |
| Cap rate | 5.50% |
| NLA (sqm) | 63,905 |
| Occupancy (by NLA) | 85.3% |
| WALE | 2.9 years |
| Latest refurbishment | n/a |
| NABERS Energy | n/a |
| NABERS Water | n/a |
Major Customers Bentleigh Fitness Centre Xtralis Guardian Community Early Learning Centre
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710 COLLINS STREET, MELBOURNE VIC
Property Overview
710 Collins Street, also referred to as the Good Sheds North, is a heritage, character Office conversion offering high quality, A-grade Commercial Office space located in the eastern end of the Docklands precinct, only moments from Spencer Street Station.
A 6-star Green Star (Office Design) and 5-star NABERS energy and water ratings mean the building performs to upper tier sustainability standards.
The building provides light filled, large floorplates offering efficient & character Office space. Nearby trams and rail provide excellent connectivity.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $44 million |
| Cap rate | 6.13% |
| NLA (sqm) | 11,344 |
| Occupancy (by NLA) | 98.6% |
| WALE | 0.8 years |
| Latest refurbishment | 2010 |
| NABERS Energy | 5 |
| NABERS Water | 5 |
Major Customers
State Government of Victoria Victorian Building Authority Platform 28 Bar & Restaurant
QLD NUMBER OF ASSETS: 3 FY24 CARRYING VALUE: $236 MILLION[1]
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
324 Queen Street, Brisbane QLD
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324 QUEEN STREET, BRISBANE QLD
Property Overview
A striking ‘B-Grade’ 26 floor 106 metre tall Commercial Office building in the heart of the Brisbane CBD ‘Golden Triangle’ financial precinct, located on the prime corner of Queen and Creek Street.
It was extensively refurbished in 2016 including reconfigured ground floor lobby to provide high quality finishes as well as further refurbishment works to the lobby and End Of Trip facilities in 2018 and 2020 respectively, further enhancing the customer experience for the asset, with bike racks, lockers and towel services available.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 100% |
| ABG book value | $143 million |
| Cap rate | 7.25% |
| NLA (sqm) | 19,351 |
| Occupancy (by NLA) | 96.5% |
| WALE | 3.2 years |
| Latest refurbishment | 2020 |
| NABERS Energy | 4.5 |
| NABERS Water | 4 |
Major Customers Allianz Australia ANZ Group Australian College of Rural and Remote Medicine
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2 KING STREET, FORTITUDE VALLEY QLD
Property Overview
Kingsgate is a dynamic ‘A-Grade’ Commercial Office tower designed by leading architects Francis Jones Morehen Thorp and completed in 2015. The 6-Star Green Star building comprises 16,587sqm of quality Office accommodation encompassing two levels of basement car parking for 94 vehicles, lobby and ground level Retail and nine levels of modern Office accommodation with 1,824sqm floor plates.
The building stands at the gateway to King Street’s vibrant café and restaurant precinct and the iconic Brisbane Showgrounds as part of Lendlease’s urban renewal project and Brisbane’s premier inner city fringe mixed-use precinct.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $75 million |
| Cap rate | 6.75% |
| NLA (sqm) | 16,246 |
| Occupancy (by NLA) | 91.2% |
| WALE | 2.7 years |
| Latest refurbishment | N/A |
| NABERS Energy | 6 |
| NABERS Water | 4.5 |
Major Customers Lendlease Management Services SMEC Australia Ezidebit
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241 ADELAIDE STRE BRISBANE QLD Property Overview 241 Adelaide Street is a ‘B-Grade’ 21 level semi mo situated adjacent to Post Office Square on Adelaide precinct of the Brisbane CBD, in close proximity to th The building is also known as the ‘Brisbane Club Tower’ Retail accommodation, level one (Post Office Square upper levels of Office floors with a typical floor plate parks. It is located within close proximity to public tra few minutes walk. |
|---|---|
| Property information (as at Jun 24) | |
| Ownership interest 50% |
|
| ABG book value $18 million |
|
| Cap rate 7.75% |
|
| NLA (sqm) 10,099 |
|
| Occupancy (by NLA) 90.9% |
|
| WALE 2.2 years |
|
| Latest refurbishment 2023 |
|
| NABERS Energy 3.5 |
|
| NABERS Water 3 |
|
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241 ADELAIDE STREET, BRISBANE QLD
241 Adelaide Street is a ‘B-Grade’ 21 level semi modern Office tower constructed circa 1988, situated adjacent to Post Office Square on Adelaide Street alignment within the Golden Triangle precinct of the Brisbane CBD, in close proximity to the Brisbane GPO.
The building is also known as the ‘Brisbane Club Tower’ and provides ground floor (Adelaide Street) Retail accommodation, level one (Post Office Square Level) Retail and Office accommodation, 19 upper levels of Office floors with a typical floor plate of 538sqm and includes 85 basement car parks. It is located within close proximity to public transport including Central Train Station only a few minutes walk.
Major Customers The Brisbane Club Safe Places Community Services Australian Unity Group Services
SA
NUMBER OF ASSETS: 1 FY24 CARRYING VALUE: $82 MILLION[1]
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
91 King William Street, Adelaide SA
91 KING WILLIAM STREET, ADELAIDE SA
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Property Overview
91 King William Street is an iconic ‘A-Grade’ Commercial Office tower widely regarded as Adelaide’s premier CBD Office building. It incorporates a circa 29,000sqm main Office tower with 31 levels of central core design incorporating 360 degree views, column free floor space with large floor plates in excess of 1,000sqm.
The building includes high quality finishes and a premium End Of Trip facility, 54 basement car bays, and underwent a significant internal lobby refurbishment in 2021 now providing café/ wine bar amenities to occupants and activated seating/ working areas within the main building lobby, further positioning 91 King William St as the CBD’s preferred modern workplace environment.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $82 million |
| Cap rate | 7.25% |
| NLA (sqm) | 31,081 |
| Occupancy (by NLA) | 87.4% |
| WALE | 3.5 years |
| Latest refurbishment | 2021 |
| NABERS Energy | 4 |
| NABERS Water | 3.5 |
Major Customers Commonwealth of Australia Royal Automobile Association of South Australia Incorporated SA Government
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ACT NUMBER OF ASSETS: 1 FY24 CARRYING VALUE: $57 MILLION
51 Allara Street, Canberra ACT
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51 ALLARA STREET, CANBERRA ACT
Property Overview
Located in the heart of Canberra's Civic precinct, 51 Allara Street provides high-quality, A-grade Office space.
Recently completed End of Trip facilities, a large basement car park, onsite child-care and nearby Retail and cafes offer building occupants excellent onsite and nearby amenity.
The building offers impressive sustainability credentials including a 5-star NABERS energy rating, a carbon neutral certificate and a 99kw solar array.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 100% |
| ABG book value | $57 million |
| Cap rate | 7.25% |
| NLA (sqm) | 12,432 |
| Occupancy (by NLA) | 100% |
| WALE | 2 years |
| Latest refurbishment | 2018 |
| NABERS Energy | 5 |
| NABERS Water | 4 |
Major Customers Commonwealth of Australia (DCCEEW) Commonwealth of Australia (DFAT) Balanced Investment Group
RETAIL PORTFOLIO NUMBER OF ASSETS: 3 FY24 CARRYING VALUE: $444 MILLION[1]
NOTE: BOOK VALUES REPORTED ARE ON AN ABG OWNERSHIP BASIS, WHILE NLA IS REPORTED ON A TOTAL BUILDING BASIS
The Oasis, Broadbeach, Gold Coast QLD
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
QLD
NUMBER OF ASSETS: 2 FY24 CARRYING VALUE: $228 MILLION[1]
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
Market Central, Lutwyche, QLD
THE OASIS, BROADBEACH, GOLD COAST QLD
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Property Overview
A mixed used asset with significant Office offering including flex workspaces. Convenience based shopping centre located within the Gold Coast Metropolitan area. Over 80 specialty stores located across two levels, anchored by Woolworths supermarket and a number of long established restaurants.
A number of staged refurbishments have been completed, which has well positioned The Oasis to capitalise on strong population growth and the expanding tourist market in the Gold Coast catchment area.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 100% |
| ABG book value | $170 million |
| Cap rate | 7.25% |
| GLA (sqm) | 25,516 |
| Occupancy (by NLA) | 94.4% |
| WALE (by income) | 4.6 years |
| Latest refurbishment | 2023 |
| NABERS Energy | 3.5 |
| NABERS Water | 1.5 |
Major Customers The Broadbeach Woolworths Superannuation Advice Australia
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MARKET CENTRAL, LUTWYCHE, QLD[1]
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Property Overview
Market Central offers a diverse range of retailers, dining options and essential services all under one roof and just 5km north of the Brisbane CBD.
Market Central is well located with exposure to major transport corridors and has ample parking. The centre has also become an Office hub dominated by government funded customers that require flexibility and convenience outside of the Brisbane CBD.
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| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $58 million |
| Cap rate | 6.75% |
| GLA (sqm) | 22,083 |
| Occupancy (by NLA) | 92.9% |
| WALE (by income) | 5.1 years |
| Latest refurbishment | 2020 |
| NABERS Energy | 4.0 |
| NABERS Water | 4.0 |
Major Customers Woolworths Coles Aldi
- Exchanged on the divestment of Market Central, Lutwyche QLD post balance date. Settlement is expected to occur in HY25.
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VIC NUMBER OF ASSETS: 1 FY24 CARRYING VALUE: $216 MILLION[1]
- ABG’s share of assets in the case of Joint Ventures and Tenants in Common.
Myer Bourke Street, Melbourne, VIC
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MYER BOURKE STREET, MELBOURNE VIC
Property Overview
Positioned in the Retail heart of Melbourne’s CBD, occupying one of Melbourne’s most highly visible locations, with public transport immediately adjacent to the property.
The flagship Myer department store dating back to 1914 consists of nine levels with a variety of offerings and an events hall.
Multilevel walkways connecting to Emporium Melbourne.
| Property information (as at Jun 24) | Property information (as at Jun 24) |
|---|---|
| Ownership interest | 50% |
| ABG book value | $216 million |
| Cap rate | 6.00% |
| GLA (sqm) | 39,923 |
| Occupancy (by NLA) | 100% |
| WALE (by income) | 7.5 years |
| Latest refurbishment | 2011 |
| NABERS Energy | n/a |
| NABERS Water | n/a |
Major Customer
Myer
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IMPORTANT INFORMATION
The information provided in this document is general, and may not be suitable for the specific purpose of any user of this document. It is not financial advice or a recommendation to acquire Abacus Group securities (ASX:ABG). Abacus Group believes that the information in this document is correct (although not complete or comprehensive) and does not make any specific representations regarding its suitability for any purpose. Users of this document should obtain independent professional advice before relying on this document as the basis for making any investment decision and should also refer to Abacus Group’s financial statements lodged with the ASX for the period to which this document relates. This document contains non-AIFRS financial information that Abacus Group uses to assess performance and distribution levels. That information is not audited.
Indications of, and guidance on, future earnings and financial position and performance are “forward-looking statements”. Due care and attention has been used in the preparation of forward looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Abacus Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.