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INGENIA COMMUNITIES GROUP — Capital/Financing Update 2020
Jan 6, 2020
65125_rns_2020-01-06_c2ec4ae0-72c5-4cd7-b034-8d92b01698c0.pdf
Capital/Financing Update
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7 January 2020
Update on bush fire activity and FY20 guidance
Ingenia Communities Group (ASX: INA) provides the following update on the Group’s communities located on the NSW South Coast, and the impact of recent bush fire activity.
None of the Group’s tourism parks or those owned by Ingenia’s managed funds have suffered substantial fire damage, however two resident owned homes were lost at Ingenia Lifestyle Lake Conjola.
Across the three communities owned by Ingenia and the five communities owned by the Group’s managed funds, management teams worked tirelessly to ensure the safety of residents and guests. As a result of these efforts, and those of the Rural Fire Service and other emergency services, there were no serious health issues reported and property losses were mitigated.
Business across the tourism parks has been impacted as tourists and residents were asked to leave the region.
Given the lack of services (including telecommunications, power and road access) and uncertainty over future conditions, it is not yet known when the tourism parks will return to normal trading conditions.
Ingenia is continuing to work with emergency services and to monitor conditions at each of the parks. Teams are expected to be on site to undertake a more detailed assessment of damage this week, as access is more readily available.
At this stage tourism revenue across Ingenia’s three South Coast tourism parks is anticipated to be negatively impacted by at least $2 million. Ingenia has insurance for property loss and loss of gross profits. Subject to assessment, insurance is expected to mitigate the Group’s losses.
Based on the expectation that home sales at Ingenia Lifestyle Lake Conjola will be materially impacted (27 settlements forecast for 2H20), Ingenia expects the FY20 result to be at the lower end of the Group’s guidance range (EBIT growth of 15-20% and underlying EPS growth of 5-10%).
A further update will be provided with the Group’s half year results, to be announced on 18 February 2020.
ENDS
Level 9, 115 Pitt St, Sydney NSW 2000, Australia
T 1300 132 946 E [email protected]
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Authorised for lodgement by the Chairman.
For further information please contact:
Donna Byrne General Manager Investor Relations P 02 8263 0507 M 0401 711 542
Ingenia Communities Holdings Limited (ACN 154 444 925), Ingenia Communities Fund (ASRN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410). The Responsible Entity for each scheme is Ingenia Communities RE Limited (ACN 154 464 990)
(AFSL415862).
Level 9, 115 Pitt St, Sydney NSW 2000, Australia
T 1300 132 946 E [email protected]
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