- CNI acquired a Mackay property as part of a newly launched fund
- GDF disposed of the abovementioned Mackay property for $35.5M
- CSR announced Adam Tindall was appointed to the board as a non-executive director
Today we saw quarterly results from James Hardie, a Mackay property go from GDF to CNI, and an appointment to CSR’s board.
The broader market
The ASX200 closed today at 6,958.90 points, up 25.20 points or 0.36%.
The market was led by the resources sector, with Mineral Resources (ASX: MIN) leading the gains with a + 4.789% change. Other resources companies in the top five were Pilbara Minerals (ASX: PLS), and Core Lithium (ASX: CXO). A2 Milk was second after Mineral Resources for gains, moving up 4.355%, and Lottery Corporation (ASX: TLC) was third with a 4.302% rise.
The movement
James Hardie Industries plc (ASX: JHX) announced results for its second quarter fiscal year 2023, the three-month period ending 30 September 2022.
Highlights, as appearing in the latest James Hardie release, are as follows:
Half year ended 30 September 2022
| Key Information | Half Year Ended 30 September | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FY 2023 US$M | FY 2022 US$M | Movement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales From Ordinary Activities | 1,998.5 | 1,746.5 | Up | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit From Ordinary Activities After Tax Attributable to Shareholders | 330.5 | 271.5 | Up | 22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Profit Attributable to Shareholders | 330.5 | 271.5 | Up | 22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Tangible Assets per Ordinary Share | US$2.58 | US$2.12 | Up | 22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: James Hardie Industries Announces Second Quarter Fiscal Year 2023 Results.
Key financial information
| Q2 FY23 | Q2 FY22 | Change | 6 Months FY23 | 6 Months FY22 | Change | |
| Group (US$ millions) | ||||||
| Net Sales | 997.6 | 903.2 | 10% | 1,998.5 | 1,746.5 | 14% |
| Adjusted EBIT | 218.5 | 205.7 | 6% | 426.9 | 386.2 | 11% |
| Adjusted EBIT Margin (%) | 21.9 | 22.8 | -0.9 pts | 21.4 | 22.1 | -0.7 pts |
| Adjusted Net Income | 175.8 | 154.9 | 13% | 330.1 | 289.1 | 14% |
| Operating Cash Flow | 264.6 | 357.5 | (26%) | |||
| North America Fiber Cement (US$ millions) | ||||||
| Net Sales | 750.6 | 635.3 | 18% | 1,490.7 | 1,212.4 | 23% |
| EBIT | 212.8 | 182.5 | 17% | 404.6 | 351.8 | 15% |
| EBIT Margin (%) | 28.4 | 28.7 | -0.3 pts | 27.1 | 29.0 | -1.9 pts |
| Asia Pacific Fiber Cement (A$ millions) | ||||||
| Net Sales | 211.1 | 196.6 | 7% | 411.2 | 380.7 | 8% |
| EBIT | 56.1 | 60.6 | (7%) | 107.4 | 111.0 | (3%) |
| EBIT Margin (%) | 26.6 | 30.8 | -4.2 pts | 26.1 | 29.2 | -3.1 pts |
| Europe Building Products (€ millions) | ||||||
| Net Sales | 102.0 | 104.6 | (2%) | 212.8 | 207.9 | 2% |
| EBIT | 4.4 | 14.2 | (69%) | 15.8 | 27.7 | (43%) |
| EBIT Margin (%) | 4.3 | 13.6 | -9.3 pts | 7.4 | 13.3 | -5.9 pts |
Source: James Hardie Industries Announces Second Quarter Fiscal Year 2023 Results.
Centuria Capital Group (ASX: CNI) launched a new unlisted fund, with a $35.5 million Mackay industrial facility to be part of the single-asset closed-ended fund.
Currently leased to a Wesfarmers subsidiary, the property is located at 69-79 Diesel Drive, Paget, Mackay, Queensland.
Read more here.
GARDA (ASX: GDF) announced the disposal of an industrial property at 69 Diesel Drive in Mackay for $35.5 million to a wholly owned subsidiary of Centuria Capital Group (ASX: CNI) at a 9.4% ($3.7 million discount to current book value of $39.2 million.
Completion is currently scheduled for 8 December 2022 with the net sale proceeds to be applied to reduce drawn debt to $235 million.
GARDA also announced independent valuations for three office assets located at Box Hill, Cairns, and Hawthorn East Cairns, for 31 December 2022 financial reporting.
The Box Hill property is a 5,702 square metre single tenant property with an 8.4 year WALE. It was valued at a capitalisation rate of 4.75% for $47 million, an increase of 3.3% or $1.5 million
GARDA’s Cairns property is a circa 15,000 square metre office property with a 4.1 year WALE. The property was valued at $87.75 million, a decrease of 2.4% or $2.25 million.
Finally, the Hawthorn East property is currently being valued and final valuation is expected in early December 2022.
All other assets are due to be valued by April and May 2023.
Finally for today, CSR Limited (ASX: CSR) announced that Adam Tindall has been appointed to the board as a non-executive director, effective 16 January 2023.
That’s the latest in ASX listed real estate companies.
