FINBAR GROUP LIMITED — Management Reports 2023

Feb 23, 2023

1

DEVELOPMENT SALES ACTIVITY UPDATE

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GARDEN TOWERS
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2

TOTAL NUMBER OF SALES PER MONTH

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90
80 77
74
70
60 57
54
52
50 50
50 43 43
45 45
43
42 42 42
40
40 38 37 37 37 38
36
35
34
33 TO-DATE
32 32 32 32
31 30 24 FEB 23
29 29 26 29 29 29
30 28 28 28 27 27 27 28 27
22 26 26
25
23 23 20 24 24
22 22 22 22
17 20 20 20 21 20 21 20 17
20 19 15 13 18 18 17 17 17 19 19 16 13
16 16 16 16
15 15
14 14
13 13 13
12 12
11
10 10
10 8
5
4
0
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23
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TOTAL SALES NO. Off-the-plan Completed

3

AVERAGE SALES PER DAY (FINANCIAL YEAR)

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1.8 700
1.6
1.6 1.5
600
1.4
1.3
1.2 1.2 500
1.2 1.1 1.1
0.9 400
1
0.9
0.8 0.8
0.7 0.7
0.8
0.7 300
0.6 0.6
0.6 0.6
0.5
0.6 0.5 0.5
200
0.4
0.4
0.3
0.1 0.1 100
0.2
0.1
0.0
1 15 24 178 54 50 100 230 245 309 591 305 211 138 321 184 338 547 403 430 266 235 406 264 200 464 437 138
0 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
NUMBER OF SALES AVERAGE SALES PER DAY
FY TO DATE
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4

AVERAGE SALES VALUE (PER UNIT) - FINANCIAL YEAR

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$900 $844 700
$800
$730 600
$706
$686
$678
$661
$700
$629 $626
$617 $611 $607
$598 500
$577
$557 $559
$600 $549
$519 $526
$462 400
$500
$389
$365 $372
$400
$330 $333 300
$319
$299
$300 $255
$232
200
$200
100
$100
15 24
1 178 54 50 100 230 245 309 591 305 211 138 321 184 338 547 403 430 266 235 406 264 200 464 437 138
$- 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
NUMBER OF SALES AVERAGE SALES (,000)
Thousands
FY TO DATE
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5

COMPLETED STOCK SELL DOWN

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COMPLETION
COMPLETION
$200 COMPLETION
$180 $172
$158 $163
$160 $153
$147 $147
$144 COMPLETION
$138 $138
$140
$125
$120
$107
$96
$100 $91 $94
$89
$80
$80
$68 $69
$62
$59 $57
$60 $54 $53
$50
$42 $42
$38
$40 $34 $32 $31 $29 $28 $26 $16
$21 $20 $19 $18
$20
$-
Millions
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6

TOTAL OFF-THE-PLAN PRESALES HELD (VALUE)

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$600 $500 SUBI STRAND & TOCCATA $461 m NORWOOD AURELIA & AIRE ARBOR NORTH CONCERTO VUE UNISON ON TENTH $400 PALMYRA EAST LINQ MOTIVE REVA SABINA DIANELLA ONE KENNEDY $300 RIVERENA $200 $100 $-

7

PROJECT COMPLETION & SETTLEMENT

INVESTOR SALES VS OWNER OCCUPIER PER CALENDAR QTR

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140 90.0%
80.0%
120 68%
67%
70.0%
60%
100
57.5%
60.0%
80
50.0%
40.0%
60
43%
40.0%
30.0%
33.3%
40
32.0%
20.0%
20
10.0%
0 0.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Sales Investor Sales Owner Sales % Proportion of Investors Sales % Proportion of Owner Sales
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8

YEARLY FIRB SALES

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100
90
80
70
60
50
40
30
20
10 6
34 54 34 89 77 44 65 86 21 28 20 40
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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FOREIGN BUYER SURCHARGE TAX INTRODUCED TO WA IN JAN 2019

9

PROJECT UPDATE

COMPLETED PROJECTS

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10 DIANELLA APARTMENTS

DIANELLA APARTMENTS

36 CHESTER AVENUE, DIANELLA

Project: Dianella Apartments consists of 128 one, two, and three bedroom apartments.

• Status: Completed August 2021

• Ownership: Wholly owned through subsidiary

• Value: ~$62.6 million

• Completed: FY22

• Average price : $483,484

• Sales:

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FOR FOR
No. Units SALE, 11 $ Value SALE,
$6.0m
SETTLED, SETTLED,
UNDER
111 $53.4m
UNDER CONTRACT,
CONTRACT, $3.2m
6
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11

REVA SOUTH PERTH

5 HARPER TERRACE, SOUTH PERTH

Project: Reva consists of 41 luxury apartments plus 18 commercial lots of ground floor retail and level one office space.

• Status: Completed January 2019

• Ownership: Wholly owned through subsidiary

• Value: ~$47.0 million

• Completed: FY19

• Average price : $797,038

• Sales:

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UNDER
FOR No. Units UNDER FOR $ Value CONTRACT,
SALE, 4 CONTRACT, 0 $2.8mSALE, $0.0m
SETTLED, SETTLED,
55 $43.8m
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12

Development Activity Update

PROJECTS UNDER CONSTRUCTION

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13

AT238 PERTH

238 ADELAIDE TERRACE, PERTH

Project: AT238 will consist of 119 one, two, and three bedroom apartments plus 2 ground floor commercial on 1,697m2 land over 31 levels.

• Status: Under Construction

• Ownership: 50% JV through SPV

• Value: ~$100.6 million

• Est. Completion: FY23

• Sales:

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No. Units $ Value
UNDER
CONTRACT,
UNDER
65
CONTRACT,
$45.6m
FOR
SALE,
FOR $55.0m
SALE, 56
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14

AT238

CONSTRUCTION PROGRESS

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15
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15

CIVIC HEART

1 MENDS STREET, SOUTH PERTH

Project: Civic Heart will consist of 309 one, two, and three bed apartments plus 2,750m2 of commercial space.

• Status: Under Construction

• Ownership: 52.5% JV with landowner

• Value: ~$427.4 million

• Est. Completion: FY24

• Sales:

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$ Value
UNDER
CONTRACT,
$204.0m
FOR
SALE,
$223.4m
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No. Units
UNDER
CONTRACT,
207
FOR
SALE,
128
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16

CIVIC HEART

CONSTRUCTION PROGRESS

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17
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17

AURORA

3 KINTAIL ROAD, APPLECROSS

Project: Aurora will consist of 118 one, two, and three bed apartments plus three ground floor commercial units.

• Status: Under Construction

• Ownership: 50% JV with landowner

• Value: ~$145.8 million

• Est. Completion: FY24

• Sales:

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No. Units
UNDER
CONTRACT,
55
FOR
SALE, 66
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$ Value
UNDER
CONTRACT,
$48.9m
FOR SALE,
$96.9m
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18

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AURORA
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CONSTRUCTION PROGRESS

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19
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19

THE POINT

31 ROWE AVENUE, RIVERVALE

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Project: The Point will consist of 167 one, two, and three bedroom apartments plus nine ground floor commercial units.

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• Status: Under Construction

• Ownership: 65% JV with landowner

• Value: ~$104 million

• Est. Completion: FY24

• Sales:

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No. Units $ Value
FOR FOR
UNDER
SALE, 45 SALE,
UNDER CONTRACT, $32.5m
$71.4m
CONTRACT,
131
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20

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CONSTRUCTION PROGRESS

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21
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21

PROJECTS BEING MARKETED OFF-THE-PLAN

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22

GARDEN TOWERS

LOT 101 HAY STREET, EAST PERTH

Project: Garden Towers East Perth will consist of 331 one, two, and three bed apartments, plus 13 commercial lots.

• Status: Pre-Sales

• Ownership: 50% JV through SPV

• Value: ~$249.1 million

• Est. Completion: TBC

• Sales:

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No. Units
UNDER
CONTRACT,
122
FOR SALE,
222
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$ Value
UNDER
CONTRACT,
$85.6m
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FOR SALE,
$163.5m
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23

DEVELOPMENT APPROVAL RECEIVED

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24

ROMEO

912 CANNING HIGHWAY, APPLECROSS

Project: Romeo will consist of approximately 152 one, two, and three bed apartments, and three ground floor commercial lots.

• Status: Development Approval Received

• Ownership: 50% JV with landowner

• Value: ~$121 million

• Est. Completion: TBC

• Sales:

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$ Value
FUTURE
RELEASE,
$121m
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No. Units
FUTURE
RELEASE,
155
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STAGE 3
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25

• Indicative lots and project values only

BEL-AIR

239 GREAT EASTERN HIGHWAY, BELMONT

Project: Bel-Air has an approved DA for 194 one and two bedroom apartments plus 154m2 of ground floor commercial

• Status: Development Approval Received

• Ownership: Wholly owned through subsidiary

• Value: ~$100 million

• Est. Completion: TBC

• Sales:

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No. Units
FUTURE
RELEASE,
194
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$ Value
FUTURE
RELEASE,
$100m
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• Indicative lots and project values only

26

PALMYRA WEST

47 MCGREGOR ROAD, PALMYRA

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Project: Palmyra West will consist of approximately 130 one, two, and three bedroom apartments.

• Status: Development Approval Received

• Ownership: 50% JV with landowner

• Value: ~$52 million

• Est. Completion: TBC

• Sales:

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No. Units $ Value
FUTURE
FUTURE RELEASE,
RELEASE, $52.0m
130
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• Indicative lots and project values only

27

IN PLANNING, APPROVAL PROCESS, OR DESIGN

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28

LOT 1000

32 RIVERSDALE ROAD, RIVERVALE

Project: Lot 1000 comprises 4,069m2 of absolute waterfront land with expansive views of the Swan River, Stadium Precinct, and Perth CBD. Will consist of approximately 144 residential apartments.

• Status: Pending development approval

• Ownership: 50% JV with land owner

• Value: ~$96 million

• Est. Completion: TBC

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29

ABC HERITAGE BUILDING

187 ADELAIDE TERRACE, EAST PERTH

Project: Harmony comprises the former ABC Radio Studios heritage building with a GFA of 3,711m2 over 3 levels.

• Status: Land bank for future use

• Ownership: Wholly owned through subsidiary

• Value: TBC

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30

2 HOMELEA COURT

CNR ROWE AVENUE AND HOMELEA COURT, RIVERVALE

Project: 2 Homelea Court will consist of approximately 120 apartments and two ground floor commercial units within an 18 level building. The site is comprised of four vacant blocks totaling 3,770m2.

• Status: Planning and Design

• Ownership: Wholly owned through subsidiary

• Value: ~$82.8 million

• Est. Completion: TBC

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31

LOT 888

LOT 888 ROWE AVENUE, RIVERVALE

Project: Lot 888 comprises of 2370m2 of land within The Springs, Rivervale Precinct.

• Status: Development Approval received for 6,459m2 NLA

• commercial office building

• Ownership: 50% JV through SPV

• Value: TBC

• Est. Completion: TBC

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32

CURRENT PIPELINE

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$1.52b RESIDUAL PIPELINE

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$777m UNDER CONSTRUCTION
450
400
350
300
250
200
150
100
50
0
Reva Dianella Civic Heart AT238 Aurora The Point Garden Romeo Palmyra West Harmony 2 Homelea Bel-Air Lot 1000 Lot 888
Apartments Towers Court
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Remaining Stock Value $m Sold Stock Value $m

33

UNITS DEVELOPED TO DATE & PIPELINE

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1844
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9000
8000
6655
7000
6000
5000
4000
3000
2000
1000
0
96 97 98 99 00 01 03 04 05 07 08 09 10 11 12 13 14 15 16 17 18 19 20 22
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8499

Completed Future Pipeline

34

Future performance and forward looking statements

This announcement contains certain forward looking statements with respect to the financial condition, results of operations, projects and business of Finbar and certain plans and objectives of Finbar. Forward looking statements can generally be identified by the use of forward looking words such as 'expect', 'anticipate', 'likely', 'intend', 'propose', 'should', 'could', 'may', ‘will’, 'predict', 'plan', 'believe', 'forecast', 'estimate', 'target', ‘continue’, ‘objectives’, ‘outlook’, ‘guidance’ and other similar expressions. The forward looking statements, opinions and estimates contained in this announcement are based on Finbar’s intent, belief or current expectations, assumptions and contingencies which are subject to change without notice, as are any statements about market and industry trends, which are based on interpretations of current market conditions. They involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Finbar and its officers, employees, agents and associates, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Any forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Readers are cautioned not to place undue reliance on forward-looking statements. There can be no assurance that actual outcomes will not differ materially from these forward looking statements. A number of important factors could cause actual results or performance to differ materially from the forward looking statements. Investors should consider the forward looking statements contained in this announcement in light of those disclosures. Neither Finbar, nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward looking statement will occur. To the maximum extent permitted by law, Finbar, the Group, other persons referred to in this announcement and each of their respective advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility and undertake no obligation for the accuracy or completeness of any forward looking statements whether as a result of new information, future events or results or otherwise. Finbar disclaims any responsibility to update or revise any forward looking statements to reflect any change in Finbar’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based except as required by Australian law.