Stockland Corp Ltd (ASX:SGP)
A$ 4.58 0.01 (0.22%) Market Cap: 10.93 Bil Enterprise Value: 15.61 Bil PE Ratio: 45.80 PB Ratio: 1.08 GF Score: 74/100
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Half Year 2020 Stockland Corporation Ltd Earnings Call Transcript

Feb 19, 2020 / 12:30AM GMT
Release Date Price: A$5.19 (+1.76%)
Mark Andrew Steinert
Stockland - MD, CEO & Executive Director

Good morning, everyone. It's Mark Steinert, CEO for Stockland, speaking, and I welcome you to our First Half 2020 Results Call.

I'd like to begin by acknowledging the traditional owners and custodians of the land in which we meet, the Gadigal people of the Eora Nation and pay my respect to their elders, past and present.

The format for today is Tiernan, Louise, Andrew and I will present the key elements of the results, and we'll then open up to questions.

I'm pleased to present first half results, which are in line with our full year guidance. The results reflect a significant second half skew in residential due to lower Sydney and Melbourne high-margin settlements in the first half and the settlement of the final Grove stage and Merrylands in the second half. Retirement Living is also expected to reflect a second half skew due to mix and noncore village sales. Combined, this has largely driven the funds from operations per security change of minus 4.2% on first half '19. Importantly, residential sales are up

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