- Cash reserves have increased by $5.32 million during the Dec 21 quarter
- Development costs were spent for the Charter Hall-owned South Australian Emergency Services State Command Centre
- For net financing outflows, $17.309 million was the return of capital payment to shareholders
This morning, property developer and investment fund manager Axiom Properties (ASX: AXI) released its cash flow report for the quarter of December 2021.
It revealed that the cash reserves increased by $5.32 million during the quarter resulting in total held cash reserves of $12.732 million.
During the quarter, development costs were spent for the construction of the Emergency Services State Command Centre in Adelaide, with an adjoining multi-deck carpark, costing $9.814 million.
However, landowner Charter Hall, funded the development costs.
As announced on 3 December, the centre achieved practical completion and received the final development fee from Charter Hall of $15.906 million. This included circa $5.555 million of costs yet to be paid to both the builder and State Government.
As of this mornings announcement, $1.848 million of these costs remains outstanding, with payment due upon independent certification, likely to occur during the March 2022 quarter.
Net investing cash inflows for the December quarter were $0.032 million due to timing differences of payments made by Axiom for its Glenlea Estate project.
Net financing outflows of $17.411 million were recorded with $17.309 million being for the return of capital payment to shareholders. $0.102 million relates to the right of use liability of Axiom’s offices in Sydney and Adelaide, along with a motor vehicle.
“The Board and its executives continue to monitor operating and overhead costs to ensure the Company remains in a strong financial position. There were no substantive changes to business activities during the quarter,” the company added in a statement.
