Sunland : Half Year Results Presentation

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HALF YEAR RESULTS 2022

(TO BE READ IN CONJUNCTION WITH THE GROUP'S INTERIM FINANCIAL REPORT)

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GROUP STRATEGIC PLAN

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PROGRAM FOR REALISING NET ASSET VALUE

FINANCIAL PERIOD SEES THE CONTINUATION OF THE STRATEGIC PLAN

The Strategy* implemented is to:

• Sell certain inventory not currently under development
• Complete development of certain other projects
• Convert assets to cash and repay all liabilities
• Return net assets to Shareholders by way of dividends and capital distributions
• Dividends to be fully franked to the extent franking credits are available

SUBJECT TO MARKET CONDITIONS, SATISFACTION OF FINANCIERS, REGULATORY AND LEGISLATIVE REQUIREMENTS.

* GROUP STRATEGIC PLAN

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GROUP RESULTS AND OPERATION HIGHLIGHTS

GROUP RESULTS AND OPERATIONAL HIGHLIGHTS

SETTLEMENTS OF COMPLETED PROJECTS COMBINED WITH SALE OF UNDEVELOPED PROJECTS CONTRIBUTED TO RESULTS

only	 Statutory Net Profit After Tax of $35.9 million (1H21 17.4 million).
 Earnings per share 27 cents [1] (1H21: 13 cents)
 Total value of fully franked dividends 22cps (1H21: 30cps) including special dividends
 213 settlements for value $145.2 million (1H21: 313 settlements for value $170.5
million)
 Contracted unconditional lots in hand total $429.1 million
 Group consolidated Net Tangible Assets per share of $2.30 (2021: $2.34) 1
CAPITAL RETAINED TO COMPLETE PROJECTS
use	 Debt lines are progressively reduced as projects are completed and settled.
	 An appropriate amount of capital will be retained to fund the delivery of
	active projects
	 Intention is to return surplus capital in accordance with the Strategy, subject to
	maintaining sufficient liquidity to manage operational and delivery requirements
	 Value of future dividends will depend on cash generated from the delivery of projects
	under construction and continued asset sales as scheduled
[1] BASED ON CONSOLIDATED ISSUED SHARES AS AT BALANCE DATE
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KEY OPERATIONAL HIGHLIGHTS FOR PERIOD ENDING 31 DECEMBER 2021

	UNIT	1H22	1H21 (a)	% CHANGE
STATUTORY NPAT	$M	35.9	17.4	+106
EARNINGS PER SHARE	CENTS	26	13	+102
ORDINARY DIVIDENDS PER SHARE	CENTS	12	8
SPECIAL DIVIDENDS PER SHARE	CENTS	10	22
INTEREST BEARING DEBT	$M	165.0	168.9
TOTAL ASSETS	$M	511.5	522.3
EQUITY	$M	306.7	311.7
NET TANGIBLE ASSETS PER SHARE 1	$	2.30	2.34
GEARING [DEBT TO TOTAL ASSETS]	%	32	32
GEARING [DEBT TO EQUITY]	%	54	54
SALES
VALUE	$M	134.8	248.9	-46
VOLUME	#	168	380	-56
AVERAGE PRICE	$K	802	655
SETTLEMENTS (b)
VALUE	$M	145.2	170.5	-15
VOLUME	#	213	313	-32
AVERAGE PRICE	$K	682	545

1. Balance sheet comparatives relate to 30 June 2021.
2. Settlements figures do not include the sale of non-development assets.