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Business Description: ALE Property Group (LEP) is a property investment and property fund management company which owns a property portfolio of 87 pubs across the five mainland states of Australia. ALE, the stapled entity, comprised one trust being Australian Leisure and Entertainment Property Trust and one company being Australian Leisure and Entertainment Property Management Limited, which also acts as the responsible entity of the trust.
Strategy Analysis: LEP is a passive owner and operator of pub properties. Each property is leased to Australian Leisure and Hospitality, a Woolworths subsidiary, for an initial term of 25 years to 2028 with four 10-year options to renew. Annual rent reviews are linked to CPI. LEP is seeking to acquire additional high quality properties that complement its existing portfolio. 2010 was a period of consolidation with 12 properties sold and debt reduced to more conservative levels.
ALE Property Group reported a net loss of $3.73m for the half-year ended 31 December 2012. Revenues from ordinary activities were $26.39m, up 2.9% from last year. Basic and Diluted EPS was (2.2) cents compared to 0.23 cents last year. Net operating cash flow was $18.14m compared to $10.68m last year. The interim dividend declared was 8 cents, compared with 8 cents last year.
The Age 18/05/2013 |
As Australia's major retailers increase their online sales channels, pouring millions into their websites, they could face new competition from China's booming e-commerce industry.
The Age 18/05/2013 |
Most of those who take a political approach to the budget assume that if it's in deficit, the way you get it back to surplus is to cut government spending or, if you're a really bad person, increase taxes. They forget it's the budget itself that's supposed to do the heavy lifting.
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