APN Industria REIT
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Quick analysis of APN Industria REIT (30 sec.)

1. Valuation of APN Industria REIT (5 min.)

Live pricePrice per share (EOD)

A$3.12

Book Value per Share

A$2.18

2. Growth of APN Industria REIT (5 min.)

Is APN Industria REIT growing?

	Current year	Previous year	Grow	Grow %
How rich?	$462.6m	$371.6m	$40.8m	9.9%

How much money is APN Industria REIT making?

	Current year	Previous year	Grow	Grow %
Making money	$29.2m	$8.5m	$20.7m	70.8%
Net Profit Margin	142.8%	83.1%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of APN Industria REIT (5 min.)

4. Comparing to competitors in the Real Estate industry (5 min.)

Industry Rankings (Real Estate)

Fundamentals of APN Industria REIT

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is less efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is very efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of APN Industria REIT.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit APN Industria REIT earns for each $1 of revenue.

Above 10% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
A Net Profit Margin of 245.1% means that $2.45 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of APN Industria REIT:

The MRQ is 245.1%. The company is making a huge profit. +2
The TTM is 142.8%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	245.1%	TTM	142.8%	+102.3%
TTM	142.8%	YOY	83.1%	+59.7%
TTM	142.8%	5Y	105.9%	+36.9%
5Y	105.9%	10Y	93.3%	+12.6%

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	245.1%	-19.4%	+264.5%
TTM	142.8%	85.9%	+56.9%
YOY	83.1%	-16.4%	+99.5%
5Y	105.9%	3.1%	+102.8%
10Y	93.3%	2.2%	+91.1%

Measures how much net profit APN Industria REIT earns for each $1 of revenue.

Revenue is the amount of profit APN Industria REIT generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit APN Industria REIT earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
Can be used to compare companies within the Real Estate industry.

You typically want a high profit margin. This means that for each $1 in sales, APN Industria REIT makes more profit. This shows the investor how efficiently APN Industria REIT is operating in general and compared to other companies in the same industry. APN Industria REIT operates in the Real Estate industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of APN Industria REIT. If profit margins remain low (compared to the Real Estate industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of APN Industria REIT is 2.45. This means that APN Industria REIT earned $2.45 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Real Estate industry is -19.4%.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare APN Industria REIT with other companies in the same industry (Real Estate).
Net profit margin should rise over the years.
Can be influenced when APN Industria REIT sells assets (profit will increase while costs remain the same).
It won’t show what part of APN Industria REIT is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of APN Industria REIT

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ APN Industria REIT = 87,347
Total revenue MRQ APN Industria REIT = 35,637
$87,347 / $35,637 = 2.45 or 245.1%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient APN Industria REIT is using its assets to generate profit.

Above 5% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
7.8% Return on Assets means that APN Industria REIT generated $0.08 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of APN Industria REIT:

The MRQ is 7.8%. Using its assets, the company is efficient in making profit. +1
The TTM is 4.2%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	7.8%	TTM	4.2%	+3.6%
TTM	4.2%	YOY	1.5%	+2.7%
TTM	4.2%	5Y	2.3%	+1.9%
5Y	2.3%	10Y	1.9%	+0.4%

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	7.8%	-2.6%	+10.4%
TTM	4.2%	5.2%	-1.0%
YOY	1.5%	-1.0%	+2.5%
5Y	2.3%	0.1%	+2.2%
10Y	1.9%	0.3%	+1.6%

Shows how efficient APN Industria REIT is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively APN Industria REIT is using its resources to generate profit. If the return on assets (7.8%) from APN Industria REIT are higher than the Real Estate mean (-2.6%) that means APN Industria REIT is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of APN Industria REIT is 7.8%. This means the company generated $0.08 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Real Estate industry is -2.6%.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example APN Industria REIT

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from APN Industria REIT = 87,347
Total assets MRQ (balance sheet) from APN Industria REIT = 1,113,559
87,347 / 1,113,559 = 0.08 or 7.8%

ROA is an important ratio as it will tell you how effectively APN Industria REIT is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient APN Industria REIT is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
12.6% Return on Equity means APN Industria REIT generated $0.13 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of APN Industria REIT:

The MRQ is 12.6%. Using its investors money, the company is less efficient in making profit.
The TTM is 6.7%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	12.6%	TTM	6.7%	+5.9%
TTM	6.7%	YOY	2.3%	+4.4%
TTM	6.7%	5Y	4.1%	+2.6%
5Y	4.1%	10Y	4.1%	+0.0%

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	12.6%	-9.3%	+21.9%
TTM	6.7%	7.6%	-0.9%
YOY	2.3%	-3.7%	+6.0%
5Y	4.1%	0.4%	+3.7%
10Y	4.1%	0.4%	+3.7%

Shows how efficient APN Industria REIT is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Real Estate industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of APN Industria REIT is 12.6%. This means APN Industria REIT generated $0.13 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Real Estate industry is -9.3%.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if APN Industria REIT existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of APN Industria REIT

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) APN Industria REIT = 87,347
Shareholders equity (balance sheet) MRQ APN Industria REIT = 695,421
87,347 / 695,421 = 0.13 or 12.6%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of APN Industria REIT.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient APN Industria REIT is operating .

Measures how much profit APN Industria REIT makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of APN Industria REIT:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.0%
TTM	-	YOY	-	0.0%
TTM	-	5Y	28.0%	-28.0%
5Y	28.0%	10Y	16.4%	+11.6%

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	-	0.5%	-0.5%
TTM	-	32.1%	-32.1%
YOY	-	9.4%	-9.4%
5Y	28.0%	30.0%	-2.0%
10Y	16.4%	24.7%	-8.3%

Measures how efficient APN Industria REIT is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit APN Industria REIT is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of APN Industria REIT is 0.0%. This means that APN Industria REIT earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Real Estate industry is 0.5%.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of APN Industria REIT

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ APN Industria REIT = 25,158
Total revenue MRQ APN Industria REIT = 35,637
$25,158 / $35,637 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient APN Industria REIT is keeping operating costs low.

Below 1 is considered healthy (always compare to Real Estate industry mean).
An Operation Ratio of 0.20 means that the operating costs are $0.20 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of APN Industria REIT:

The MRQ is 0.203. The company is very efficient in keeping operating costs low. +2
The TTM is 0.226. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.203	TTM	0.226	-0.023
TTM	0.226	YOY	0.294	-0.068
TTM	0.226	5Y	0.315	-0.089
5Y	0.315	10Y	0.320	-0.004

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	0.203	0.789	-0.586
TTM	0.226	0.693	-0.467
YOY	0.294	1.075	-0.781
5Y	0.315	0.864	-0.549
10Y	0.320	0.835	-0.515

Measures how efficient APN Industria REIT is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of APN Industria REIT is 20.3%. This means that APN Industria REIT earned $0.20 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Real Estate industry is 0.79.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example APN Industria REIT

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(7,241 +) \ 35,637 = 0.20

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of APN Industria REIT.

1.3. Liquidity

1.3.1. Current Ratio

Measures if APN Industria REIT is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Real Estate industry mean).
A Current Ratio of 0.18 means the company has $0.18 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of APN Industria REIT:

The MRQ is 0.180. The company is unable to pay all its short-term debts. -2
The TTM is 0.085. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.180	TTM	0.085	+0.094
TTM	0.085	YOY	0.264	-0.178
TTM	0.085	5Y	0.164	-0.078
5Y	0.164	10Y	0.186	-0.023

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	0.180	0.725	-0.545
TTM	0.085	0.563	-0.478
YOY	0.264	4.077	-3.813
5Y	0.164	2.724	-2.560
10Y	0.186	2.712	-2.526

Measures if APN Industria REIT is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Real Estate industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for APN Industria REIT if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of APN Industria REIT is 0.18. This means APN Industria REIT has $0.18 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Real Estate industry is 0.73.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example APN Industria REIT

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
23,166 \ 128,939) = 0.18

The current ratio measures if APN Industria REIT is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if APN Industria REIT is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then APN Industria REIT does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate APN Industria REIT is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if APN Industria REIT is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
A Quick Ratio of 0.26 means the company can pay off $0.26 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of APN Industria REIT:

The MRQ is 0.255. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.103. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.255	TTM	0.103	+0.152
TTM	0.103	YOY	0.244	-0.141
TTM	0.103	5Y	0.128	-0.025
5Y	0.128	10Y	0.094	+0.033

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	0.255	0.400	-0.145
TTM	0.103	0.207	-0.104
YOY	0.244	0.648	-0.404
5Y	0.128	0.703	-0.575
10Y	0.094	0.867	-0.773

Measures if APN Industria REIT is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast APN Industria REIT can pay off its short term debts. This shows if APN Industria REIT can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of APN Industria REIT is 0.26. This means that APN Industria REIT can pay off $0.26 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Real Estate industry is 0.40.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example APN Industria REIT

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio APN Industria REIT: (19,603 + 12,550 +764) / 128,939 = 0.26

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of APN Industria REIT.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of APN Industria REIT assets are financed with debt.

Below 1 (100%) is considered healthy but always compare APN Industria REIT to Real Estate industry mean.
A Debt to Asset Ratio of 0.38 means that APN Industria REIT assets are financed with 37.5% credit (debt) and the remaining percentage (100% - 37.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of APN Industria REIT:

The MRQ is 0.375. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.361. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.375	TTM	0.361	+0.014
TTM	0.361	YOY	0.352	+0.009
TTM	0.361	5Y	0.357	+0.004
5Y	0.357	10Y	0.342	+0.015

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	0.375	0.565	-0.190
TTM	0.361	0.519	-0.158
YOY	0.352	0.691	-0.339
5Y	0.357	0.608	-0.251
10Y	0.342	0.658	-0.316

Measures how much % of APN Industria REIT assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake APN Industria REIT than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare APN Industria REIT to Real Estate industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of APN Industria REIT is 0.38. This means means that APN Industria REIT is financed with 37.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Real Estate industry is 72.5%.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why APN Industria REIT has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example APN Industria REIT

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
418,138 \ 1,113,559 = 37.5% or 0.38.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if APN Industria REIT is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare APN Industria REIT to the Real Estate industry mean.
A Debt to Equity ratio of 60.1% means that company has $0.60 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of APN Industria REIT:

The MRQ is 0.601. The company is very able to pay all its debts with equity. +2
The TTM is 0.566. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.601	TTM	0.566	+0.035
TTM	0.566	YOY	0.544	+0.022
TTM	0.566	5Y	0.630	-0.064
5Y	0.630	10Y	0.673	-0.043

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	0.601	1.994	-1.393
TTM	0.566	1.446	-0.880
YOY	0.544	2.542	-1.998
5Y	0.630	1.658	-1.028
10Y	0.673	1.914	-1.241

Measures if APN Industria REIT is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of APN Industria REIT is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of APN Industria REIT is 0.60. This means that APN Industria REIT can pay off $0.60 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Real Estate industry is 1.99.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example APN Industria REIT

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
418,138 \ 695,421 = 0.60 or 60.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of APN Industria REIT

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings APN Industria REIT generates.

Above 15 is considered overpriced but always compare APN Industria REIT to the Real Estate industry mean.
A PE ratio of 12.13 means the investor is paying $12.13 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of APN Industria REIT:

The EOD is 11.400. Very good. +2
The MRQ is 12.131. Very good. +2
The TTM is 35.714. Good. +1

Trends

Current period		Compared to		+/-
EOD	11.400	MRQ	12.131	-0.731
MRQ	12.131	TTM	35.714	-23.583
TTM	35.714	YOY	41.053	-5.338
TTM	35.714	5Y	109.829	-74.115
5Y	109.829	10Y	99.320	+10.509

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
EOD	11.400	-5.947	+17.347
MRQ	12.131	-2.947	+15.078
TTM	35.714	-4.679	+40.393
YOY	41.053	-2.947	+44.000
5Y	109.829	10.353	+99.476
10Y	99.320	6.471	+92.849

Measures how much money you pay for each share for every $1 in earnings APN Industria REIT generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare APN Industria REIT to the Real Estate industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of APN Industria REIT is 12.13. This means the investor is paying $12.13 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Real Estate industry is -2.95.
What is the trend?
The trend is important because it shows you how APN Industria REIT is performing over time. The most recent quarter might be important if APN Industria REIT released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for APN Industria REIT up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example APN Industria REIT

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
87,347 \ 217,001 = EPS
PE ratio MRQ = 12.13

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of APN Industria REIT.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of APN Industria REIT:

The MRQ is 4.423. Seems overpriced? -1
The TTM is 32.070. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	4.423	TTM	32.070	-27.646
TTM	32.070	YOY	68.294	-36.224
TTM	32.070	5Y	338.275	-306.205
5Y	338.275	10Y	241.755	+96.520

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
MRQ	4.423	1.999	+2.424
TTM	32.070	13.673	+18.397
YOY	68.294	10.821	+57.473
5Y	338.275	9.471	+328.804
10Y	241.755	10.173	+231.582

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of APN Industria REIT is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Real Estate industry mean).
A PB ratio of 1.52 means the investor is paying $1.52 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of APN Industria REIT:

The EOD is 1.432. Good. +1
The MRQ is 1.524. Good. +1
The TTM is 1.520. Good. +1

Trends

Current period		Compared to		+/-
EOD	1.432	MRQ	1.524	-0.092
MRQ	1.524	TTM	1.520	+0.003
TTM	1.520	YOY	1.396	+0.124
TTM	1.520	5Y	1.740	-0.219
5Y	1.740	10Y	1.880	-0.140

Compared to industry (Real Estate)

Period	Company	Industry (mean)	+/-
EOD	1.432	1.289	+0.143
MRQ	1.524	0.848	+0.676
TTM	1.520	0.998	+0.522
YOY	1.396	0.785	+0.611
5Y	1.740	1.177	+0.563
10Y	1.880	1.194	+0.686

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of APN Industria REIT.

3.1. Funds holding APN Industria REIT

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2021-01-31	DFA Investment Dimensions-DFA Int'l Real Estate Securities	0.56	-	1209209	-	-
2021-01-31	Nuveen Real Asset Income Fd	0.53	-	1148280	-	-
2020-10-31	Vanguard Global ex U.S. Real Estate Index Fund	0.3	-	650202	-	-
2021-01-31	Nuveen Real Asset Income & Growth Fund	0.2	-	439085	-	-
2021-02-28	SPDR (R) Idx Shares-SPDR (R) S&P (R) International Small Cap ETF	0.04	-	87893	-	-
2021-02-28	IShares International Developed Property ETF	0.01	-	13079	-	-
2021-02-28	WT Mutual Fd-Wilmington Multi Mgr Funds/Wilmington Real Asset Fund	0.01	-	12124	-	-
Total		1.65	0	3559872	0	0.0%

4. Summary

4.1. Key Performance Indicators

The key performance indicators of APN Industria REIT compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.278	0.144	+94%	0.071	+292%	0.080	+248%	0.075	+270%
Book Value Growth	-	-	1.146	1.078	+6%	1.046	+10%	1.063	+8%	1.043	+10%
Book Value Per Share	-	-	2.179	1.943	+12%	1.750	+24%	1.501	+45%	1.154	+89%
Book Value Per Share Growth	-	-	1.146	1.078	+6%	1.046	+10%	1.063	+8%	1.043	+10%
Current Ratio	-	-	0.180	0.085	+110%	0.264	-32%	0.164	+10%	0.186	-3%
Debt To Asset Ratio	-	-	0.375	0.361	+4%	0.352	+7%	0.357	+5%	0.342	+10%
Debt To Equity Ratio	-	-	0.601	0.566	+6%	0.544	+10%	0.630	-5%	0.673	-11%
Dividend Per Share	-	-	0.109	0.062	+75%	0.026	+322%	0.030	+265%	0.022	+391%
Dividend Per Share Growth	-	-	2.081	1.703	+22%	1.064	+96%	1.171	+78%	1.187	+75%
Eps	-	-	0.274	0.138	+98%	0.071	+287%	0.070	+291%	0.050	+446%
Eps Growth	-	-	2.742	2.015	+36%	1.405	+95%	3.022	-9%	2.237	+23%
Free Cash Flow Per Share	-	-	0.144	0.076	+88%	0.030	+376%	0.033	+340%	0.023	+520%
Free Cash Flow Per Share Growth	-	-	2.615	1.812	+44%	1.063	+146%	1.215	+115%	1.386	+89%
Free Cash Flow To Equity Per Share	-	-	0.517	0.281	+84%	0.060	+757%	0.097	+430%	0.066	+685%
Free Cash Flow To Equity Per Share Growth	-	-	1.935	2.454	-21%	1.063	+82%	2.004	-3%	1.883	+3%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	25.131	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	7.874	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.626	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.282	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	3.323	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	1.291	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	7.759	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	2.779	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	2.451	1.428	+72%	0.831	+195%	1.059	+131%	0.933	+163%
Operating Margin	-	-	-	-	0%	-	0%	0.280	-100%	0.164	-100%
Operating Ratio	-	-	0.203	0.226	-10%	0.294	-31%	0.315	-36%	0.320	-36%
Pb Ratio	1.432	-6%	1.524	1.520	+0%	1.396	+9%	1.740	-12%	1.880	-19%
Pe Ratio	11.400	-6%	12.131	35.714	-66%	41.053	-70%	109.829	-89%	99.320	-88%
Peg Ratio	-	-	4.423	32.070	-86%	68.294	-94%	338.275	-99%	241.755	-98%
Price Per Share	3.120	-6%	3.320	2.953	+12%	2.443	+36%	2.558	+30%	2.250	+48%
Price To Total Gains Ratio	8.059	-6%	8.576	42.059	-80%	65.253	-87%	67.940	-87%	104.427	-92%
Profit Growth	-	-	2.742	2.073	+32%	1.253	+119%	2.294	+20%	1.795	+53%
Quick Ratio	-	-	0.255	0.103	+148%	0.244	+5%	0.128	+100%	0.094	+171%
Return On Assets	-	-	0.078	0.042	+85%	0.015	+426%	0.023	+240%	0.019	+306%
Return On Equity	-	-	0.126	0.067	+87%	0.023	+445%	0.041	+208%	0.041	+209%
Revenue Growth	-	-	1.121	1.392	-19%	1.040	+8%	1.101	+2%	1.056	+6%
Total Gains Per Share	-	-	0.387	0.206	+88%	0.097	+300%	0.110	+252%	0.097	+298%
Total Gains Per Share Growth	-	-	1.891	3.656	-48%	0.787	+140%	3.667	-48%	8.198	-77%
Usd Book Value	-	-	462663591.300	412478681.700	+12%	371629039.933	+24%	318644065.265	+45%	245136093.879	+89%
Usd Book Value Change Per Share	-	-	0.185	0.096	+94%	0.047	+292%	0.053	+248%	0.050	+270%
Usd Book Value Per Share	-	-	1.450	1.292	+12%	1.164	+24%	0.998	+45%	0.768	+89%
Usd Dividend Per Share	-	-	0.072	0.041	+75%	0.017	+322%	0.020	+265%	0.015	+391%
Usd Eps	-	-	0.182	0.092	+98%	0.047	+287%	0.047	+291%	0.033	+446%
Usd Free Cash Flow	-	-	30495356.100	16187026.208	+88%	6403013.525	+376%	6932621.676	+340%	4746003.580	+543%
Usd Free Cash Flow Per Share	-	-	0.096	0.051	+88%	0.020	+376%	0.022	+340%	0.015	+520%
Usd Free Cash Flow To Equity Per Share	-	-	0.344	0.187	+84%	0.040	+757%	0.065	+430%	0.044	+685%
Usd Price Per Share	2.076	-6%	2.209	1.965	+12%	1.626	+36%	1.702	+30%	1.497	+48%
Usd Profit	-	-	58111959.100	29286395.117	+98%	8557421.250	+579%	12180664.618	+377%	9059820.251	+541%
Usd Revenue	-	-	23709296.100	18381185.608	+29%	10291692.025	+130%	10465658.191	+127%	8720729.459	+172%
Usd Total Gains Per Share	-	-	0.258	0.137	+88%	0.064	+300%	0.073	+252%	0.065	+298%
	EOD	+3 -2	MRQ	TTM	+33 -8	YOY	+35 -6	5Y	+35 -7	10Y	+36 -6

4.2. Fundamental Score

Let's check the fundamental score of APN Industria REIT based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	11.400
Price to Book Ratio (EOD)	Between	0-1	1.432
Net Profit Margin (MRQ)	Greater than	0	2.451
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.255
Current Ratio (MRQ)	Greater than	1	0.180
Debt to Asset Ratio (MRQ)	Less than	1	0.375
Debt to Equity Ratio (MRQ)	Less than	1	0.601
Return on Equity (MRQ)	Greater than	0.15	0.126
Return on Assets (MRQ)	Greater than	0.05	0.078
Total			5/10 (50.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
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4.3. Technical Score

Let's check the technical score of APN Industria REIT based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	3.110
Total			0/1 (0.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
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Latest Balance Sheet

Balance Sheet of 2021-06-30. Currency in AUD. All numbers in thousands.

Summary

Total Assets	1,113,559
Total Liabilities	418,138
Total Stockholder Equity	695,421

	As reported
Total Liabilities	418,138
Total Stockholder Equity	+ 695,421
Total Assets	= 1,113,559

Assets

Total Assets	1,113,559
Total Current Assets	23,166
Long-term Assets	23,166

Total Current Assets

Total Current Assets (as reported)	23,166
Cash And Cash Equivalents	7,053
Short-term Investments	12,550
Net Receivables	764
Other Current Assets	2,799
Total Current Assets (calculated)	23,166
+/-	0

Long-term Assets

Long-term Assets (as reported)	1,090,393
Long-term Assets Other	1,090,393
Long-term Assets (calculated)	1,090,393
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	128,939
Long-term Liabilities	289,199
Total Stockholder Equity	695,421

Total Current Liabilities

Total Current Liabilities (as reported)	128,939
Short-term Debt	106,201
Short Long Term Debt	105,921
Accounts payable	1,043
Other Current Liabilities	21,695
Total Current Liabilities (calculated)	234,860
+/-	105,921

Long-term Liabilities

Long-term Liabilities (as reported)	289,199
Long term Debt	237,082
Capital Lease Obligations	38,455
Long-term Liabilities (calculated)	275,537
+/-	13,662

Total Stockholder Equity

Total Stockholder Equity (as reported)	695,421
Common Stock	453,238
Retained Earnings	242,183
Total Stockholder Equity (calculated)	695,421
+/-	0

Other

Cash and Short Term Investments	19,603
Common Stock Shares Outstanding	217,001
Liabilities and Stockholders Equity	1,113,559
Net Debt	374,405
Net Invested Capital	1,038,424
Net Working Capital	-105,773
Short Long Term Debt Total	381,458

Balance Sheet

Currency in AUD. All numbers in thousands.

Trend

2021-06-30

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-06-30

2019-03-31

2018-12-31

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

> Total Assets

0
0
0
0
0
410,219
410,219
404,895
404,895
406,356
406,356
424,933
424,933
421,990
421,846
558,196
558,196
639,936
639,936
645,552
645,552
663,987
663,987
697,870
0
743,584
867,737
0
852,678
0
951,664
1,113,559

1,113,559

951,664

852,678

867,737

743,584

697,870

663,987

645,552

639,936

558,196

421,846

421,990

424,933

406,356

404,895

410,219

> Total Current Assets

0
0
0
0
0
0
0
0
0
0
6,384
0
0
0
35,707
5,856
5,856
1,936
1,936
5,592
5,592
0
3,255
6,111
0
4,206
24,435
0
6,038
0
7,919
23,166

23,166

7,919

6,038

24,435

4,206

6,111

3,255

5,592

1,936

5,856

35,707

6,384

Cash And Cash Equivalents

0
0
0
0
0
2,570
2,570
1,545
1,545
1,873
1,873
2,134
2,134
1,607
1,607
2,818
2,818
435
435
2,483
2,483
1,659
1,659
5,125
0
2,435
22,283
0
4,928
0
4,988
7,053

7,053

4,988

4,928

22,283

2,435

5,125

1,659

2,483

435

2,818

1,607

2,134

1,873

1,545

2,570

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,550

12,550

Net Receivables

0
0
0
0
0
0
0
0
0
0
3,992
0
0
0
2,021
2,500
2,500
1,112
1,112
2,681
2,681
0
1,134
539
0
1,007
1,136
0
377
0
609
764

764

609

377

1,136

1,007

539

1,134

2,681

1,112

2,500

2,021

3,992

Other Current Assets

0
0
0
0
0
0
0
0
0
0
519
0
0
0
32,079
538
538
389
389
428
428
0
462
447
0
764
1,016
0
733
0
2,322
2,799

2,799

2,322

733

1,016

764

447

462

428

389

538

32,079

519

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
399,972
0
0
0
386,139
0
0
0
638,000
0
0
0
660,732
0
0
739,378
0
0
846,640
0
0
1,090,393

1,090,393

846,640

739,378

660,732

638,000

386,139

399,972

Property Plant Equipment

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
549,252
549,252
634,788
634,788
636,689
636,689
0
0
0
0
0
19,651
0
20,159
0
0
0

20,159

19,651

636,689

634,788

549,252

Other Assets

0
0
0
0
0
419
419
630
630
526
526
1,140
1,140
32,079
32,079
538
538
389
389
428
428
462
462
0
0
0
0
0
0
0
0
5

462

428

389

538

32,079

1,140

526

630

419

> Total Liabilities

0
0
0
0
0
160,095
160,095
154,020
154,020
156,518
156,518
165,322
165,322
160,833
160,689
219,126
219,126
220,576
220,576
226,449
226,449
224,033
224,033
257,177
0
253,562
308,825
0
294,736
0
345,060
418,138

418,138

345,060

294,736

308,825

253,562

257,177

224,033

226,449

220,576

219,126

160,689

160,833

165,322

156,518

154,020

160,095

> Total Current Liabilities

0
0
0
0
0
0
0
0
0
0
17,497
0
0
0
15,851
17,685
17,685
17,527
17,527
57,680
57,680
0
11,161
59,976
0
15,962
52,224
0
18,706
0
103,461
128,939

128,939

103,461

18,706

52,224

15,962

59,976

11,161

57,680

17,527

17,685

15,851

17,497

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
199,448
199,448
198,411
198,411
210,027
210,027
0
0
0
0
0
0
0
101
0
0
106,201

106,201

101

210,027

198,411

199,448

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
199,448
199,448
198,411
198,411
210,027
210,027
0
0
0
0
0
0
0
0
0
0
105,921

105,921

210,027

198,411

199,448

Accounts payable

0
0
0
0
0
80
80
0
0
65
65
0
0
108
108
0
0
197
197
0
0
412
412
0
0
445
0
0
515
0
0
1,043

1,043

515

445

412

197

108

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
17,432
0
0
0
15,743
16,603
16,603
13,200
17,330
10,490
10,490
0
10,749
0
0
15,517
0
0
18,090
0
0
21,695

21,695

18,090

15,517

10,749

10,490

17,330

13,200

16,603

15,743

17,432

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
139,021
0
0
0
144,838
0
0
0
203,049
0
0
0
212,872
0
0
237,600
0
0
276,030
0
0
289,199

289,199

276,030

237,600

212,872

203,049

144,838

139,021

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
162,037
0
205,871
188,927
0
224,251
243,046
0
261,158
0
225,687
0

225,687

261,158

243,046

224,251

188,927

205,871

162,037

Other Liabilities

0
0
0
0
0
23,572
23,572
21,512
21,512
21,784
21,784
25,792
25,792
21,462
21,318
22,058
22,058
24,047
24,047
18,162
18,162
17,750
17,750
0
0
0
0
0
0
0
0
0

17,750

18,162

24,047

22,058

21,318

21,462

25,792

21,784

21,512

23,572

> Total Stockholder Equity

0
0
0
138,141
0
164,874
164,874
166,154
166,154
165,290
249,838
173,080
173,080
176,018
261,157
228,143
228,143
296,200
419,360
298,763
419,103
318,704
439,954
440,693
0
490,022
558,912
0
557,942
0
606,604
695,421

695,421

606,604

557,942

558,912

490,022

440,693

439,954

318,704

419,103

298,763

419,360

296,200

228,143

261,157

176,018

173,080

249,838

165,290

166,154

164,874

138,141

Common Stock

0
0
0
0
0
167,659
167,659
167,659
167,659
165,674
221,692
165,096
165,096
165,096
220,818
220,635
220,635
220,635
220,635
220,154
220,154
220,152
302,792
302,792
0
352,078
398,260
0
398,570
0
432,896
453,238

453,238

432,896

398,570

398,260

352,078

302,792

220,152

220,154

220,635

220,818

165,096

221,692

165,674

167,659

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Other Stockholders Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
123,160
0
120,340
0
0
0
0
0
0
0
0
0
0
0

120,340

123,160

Balance Sheet

Currency in AUD. All numbers in thousands.

	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30
Accounts Payable	1,043	515	445	412	197	108	65	80	-
Capital Lease Obligations	38,455	19,245	-	-	-	-	-	-	-
Cash	7,053	4,928	2,435	1,659	435	1,607	1,873	2,570	3,800
Cash And Short Term Investments	19,603	4,928	2,435	1,659	435	1,607	1,873	2,570	3,800
Common Stock	453,238	398,570	352,078	302,792	220,635	220,818	221,692	252,909	223,900
Common Stock Shares Outstanding	164,405	194,230	167,655	166,133	154,320	123,324	125,199	114,952	125,234
Common Stock Total Equity	-	398,570	352,078	302,792	220,635	220,818	221,692	252,909	223,900
Deferred Long Term Liab	-	-	-	-	-	-	89	88	-
Inventory	-	-	-	3,327	3,212	3,088	3,483	4,621	-
Liabilities And Stockholders Equity	1,113,559	852,678	743,584	663,987	639,936	421,846	406,356	410,219	385,400
Long Term Debt	237,082	242,014	224,251	205,871	196,332	139,263	134,669	136,443	-
Long Term Debt Total	-	261,158	224,251	205,871	196,332	139,263	134,669	-	-
Net Debt	374,405	256,331	221,816	204,212	195,897	137,656	132,796	133,873	127,600
Net Invested Capital	1,038,424	799,956	714,273	645,825	492,532	-	-	-	-
Net Receivables	764	377	1,007	1,134	1,112	2,021	3,992	2,959	800
Net Tangible Assets	-	-	-	-	296,200	176,018	165,290	164,874	-
Net Working Capital	-105,773	-12,668	-11,756	-7,906	-15,591	-	-	-	-
Non Current Assets Total	1,090,393	846,640	739,378	660,732	638,000	386,139	399,972	404,059	380,500
Non Current Liabilities Total	289,199	276,030	237,600	212,872	203,049	144,838	139,021	139,690	135,200
Non Currrent Assets Other	1,090,393	846,640	739,378	660,732	638,000	386,139	399,972	404,059	380,500
Other Assets	5	-	-	462	389	32,079	89	419	-
Other Current Assets	2,799	733	764	462	389	32,079	519	631	400
Other Current Liab	21,695	18,090	15,517	10,749	17,330	15,743	17,432	20,325	100
Other Liab	-	-	-	12,406	18,750	19,249	19,481	21,191	-
Other Stockholder Equity	-	-	-	-	123,160	-	-	-	-
Property Plant Equipment	-	20,159	-	-	634,788	383,051	396,400	399,350	-
Retained Earnings	242,183	159,372	137,944	137,162	75,565	40,339	28,146	-2,785	18,100
Short Long Term Debt	105,921	-	-	-	198,411	143,571	137,754	137,752	-
Short Long Term Debt Total	381,458	261,259	224,251	205,871	196,332	139,263	134,669	136,443	131,400
Short Term Debt	106,201	101	-	-	198,411	143,571	137,754	137,752	-
Short Term Investments	12,550	-	-	-	-	-	-	-	-
Total Assets	1,113,559	852,678	743,584	663,987	639,936	421,846	406,356	410,219	385,500
Total Current Assets	23,166	6,038	4,206	3,255	1,936	35,707	6,384	6,160	5,000
Total Current Liabilities	128,939	18,706	15,962	11,161	17,527	15,851	17,497	20,405	8,200
Total Liab	418,138	294,736	253,562	224,033	220,576	160,689	156,518	160,095	143,400
Total Stockholder Equity	695,421	557,942	490,022	439,954	419,360	261,157	249,838	250,124	242,000

	2021-06-30	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31
Accounts Payable	1,043	-	-	515	-	-	445	-	-	412	412	-	-	197	197	-	-	108	108	-	-	65	65	-	-	80	80	-	-	-	-	-
Capital Lease Obligations	38,455	-	-	19,245	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	7,053	4,988	-	4,928	-	22,283	2,435	-	5,125	1,659	1,659	2,483	2,483	435	435	2,818	2,818	1,607	1,607	2,134	2,134	1,873	1,873	1,545	1,545	2,570	2,570	-	-	-	-	-
Cash And Short Term Investments	19,603	4,988	-	4,928	-	22,283	2,435	-	5,125	1,659	-	2,483	-	435	-	-	-	1,607	-	-	-	1,873	-	-	-	-	-	-	-	-	-	-
Common Stock	453,238	432,896	-	398,570	-	398,260	352,078	-	302,792	302,792	220,152	220,154	220,154	220,635	220,635	220,635	220,635	220,818	165,096	165,096	165,096	221,692	165,674	167,659	167,659	167,659	167,659	-	-	-	-	-
Common Stock Shares Outstanding	217,001	199,063	164,405	164,405	164,405	164,405	164,405	164,405	164,405	162,913	162,913	162,913	-	154,320	154,320	154,320	-	123,324	123,324	123,324	125,199	125,199	125,199	125,199	114,952	114,952	114,952	114,952	125,234	125,234	125,234	125,234
Common Stock Total Equity	-	-	-	398,570	-	-	352,078	-	-	302,792	-	-	-	220,635	-	-	-	220,818	-	-	-	221,692	-	-	-	-	-	-	-	-	-	-
Inventory	-	-	-	-	-	-	-	-	-	3,327	3,327	3,271	3,271	3,212	3,212	3,088	3,088	3,088	3,088	3,681	3,681	3,483	3,483	4,385	4,385	4,621	4,621	-	-	-	-	-
Liabilities And Stockholders Equity	1,113,559	-	-	852,678	-	-	743,584	-	-	663,987	-	-	-	639,936	-	-	-	421,846	-	-	-	406,356	-	-	-	-	-	-	-	-	-	-
Long Term Debt	237,082	206,605	-	242,014	-	223,711	224,251	-	188,927	205,871	205,871	162,037	162,037	196,332	196,332	197,068	197,068	139,263	139,263	139,530	139,530	134,669	134,669	132,508	132,508	136,443	136,443	-	-	-	-	-
Long Term Debt Total	-	225,687	-	261,158	-	243,046	224,251	-	188,927	205,871	-	162,037	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	374,405	-	-	256,331	-	-	221,816	-	-	204,212	-	-	-	195,897	-	-	-	137,656	-	-	-	132,796	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	1,038,424	-	-	799,956	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	764	609	-	377	-	1,136	1,007	-	539	1,134	-	2,681	2,681	1,112	1,112	2,500	2,500	2,021	-	-	-	3,992	-	-	-	-	-	-	-	-	-	-
Net Tangible Assets	-	-	-	-	-	-	-	-	-	-	-	298,763	298,763	296,200	296,200	228,143	228,143	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	-105,773	-	-	-12,668	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	1,090,393	-	-	846,640	-	-	739,378	-	-	660,732	-	-	-	638,000	-	-	-	386,139	-	-	-	399,972	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	289,199	-	-	276,030	-	-	237,600	-	-	212,872	-	-	-	203,049	-	-	-	144,838	-	-	-	139,021	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	1,090,393	-	-	846,640	-	-	739,378	-	-	660,732	-	-	-	638,000	-	-	-	386,139	-	-	-	399,972	-	-	-	-	-	-	-	-	-	-
Other Assets	5	-	-	-	-	-	-	-	-	462	462	428	428	389	389	538	538	32,079	32,079	1,140	1,140	526	526	630	630	419	419	-	-	-	-	-
Other Current Assets	2,799	2,322	-	733	-	1,016	764	-	447	462	-	428	428	389	389	538	538	32,079	-	-	-	519	-	-	-	-	-	-	-	-	-	-
Other Current Liab	21,695	-	-	18,090	-	-	15,517	-	-	10,749	-	10,490	10,490	17,330	13,200	16,603	16,603	15,743	-	-	-	17,432	-	-	-	-	-	-	-	-	-	-
Other Liab	-	-	-	-	-	-	-	-	-	17,750	17,750	18,162	18,162	24,047	24,047	22,058	22,058	21,318	21,462	25,792	25,792	21,784	21,784	21,512	21,512	23,572	23,572	-	-	-	-	-
Other Stockholder Equity	-	-	-	-	-	-	-	-	-	-	-	120,340	-	123,160	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	-	-	-	20,159	-	19,651	-	-	-	-	-	636,689	636,689	634,788	634,788	549,252	549,252	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retained Earnings	242,183	173,708	-	159,372	-	160,652	137,944	-	137,901	137,162	-	78,609	78,609	75,565	75,565	7,508	7,508	40,339	-	-	-	28,146	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt	105,921	-	-	-	-	-	-	-	-	-	-	210,027	210,027	198,411	198,411	199,448	199,448	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	381,458	225,687	-	261,259	-	243,046	224,251	-	188,927	205,871	-	-	-	196,332	-	-	-	139,263	-	-	-	134,669	-	-	-	-	-	-	-	-	-	-
Short Term Debt	106,201	-	-	101	-	-	-	-	-	-	-	210,027	210,027	198,411	198,411	199,448	199,448	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Term Investments	12,550	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Assets	1,113,559	951,664	-	852,678	-	867,737	743,584	-	697,870	663,987	663,987	645,552	645,552	639,936	639,936	558,196	558,196	421,846	421,990	424,933	424,933	406,356	406,356	404,895	404,895	410,219	410,219	-	-	-	-	-
Total Current Assets	23,166	7,919	-	6,038	-	24,435	4,206	-	6,111	3,255	-	5,592	5,592	1,936	1,936	5,856	5,856	35,707	-	-	-	6,384	-	-	-	-	-	-	-	-	-	-
Total Current Liabilities	128,939	103,461	-	18,706	-	52,224	15,962	-	59,976	11,161	-	57,680	57,680	17,527	17,527	17,685	17,685	15,851	-	-	-	17,497	-	-	-	-	-	-	-	-	-	-
Total Liab	418,138	345,060	-	294,736	-	308,825	253,562	-	257,177	224,033	224,033	226,449	226,449	220,576	220,576	219,126	219,126	160,689	160,833	165,322	165,322	156,518	156,518	154,020	154,020	160,095	160,095	-	-	-	-	-
Total Stockholder Equity	695,421	606,604	-	557,942	-	558,912	490,022	-	440,693	439,954	318,704	419,103	298,763	419,360	296,200	228,143	228,143	261,157	176,018	173,080	173,080	249,838	165,290	166,154	166,154	164,874	164,874	-	138,141	-	-	-

Cash Flow

Currency in AUD. All numbers in thousands.

	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30
Begin Period Cash Flow	4,928	2,435	1,659	435	1,607	1,873	2,570	1,594	-
Capital Expenditures	0	0	0	0	0	0	0	0	0
Change In Cash	2,125	2,493	776	1,224	-1,172	-266	-697	976	-
Change In Working Capital	22	27	50	41	56	28	-	-	-
Change To Account Receivables	-	-	-	-	409	-820	-72	4,283	-
Change To Liabilities	-	-	-	-	3,334	-234	-78	350	-
Change To Netincome	-	-	-	-	-57,574	-5,063	3,729	-11,446	-
Change To Operating Activities	-	-	-	-	565	-1,723	-1,904	-14,885	-
Dividends Paid	34,740	32,907	27,602	33,090	22,891	18,907	22,375	6,801	-
End Period Cash Flow	7,053	4,928	2,435	1,659	435	1,607	1,873	2,570	1,594
Free Cash Flow	45,837	38,497	32,395	28,814	26,017	15,099	16,326	2,080	-
Investments	-162,752	-66,328	-71,346	-3,021	-143,747	-134	-	-	-
Net Borrowings	-	-	-	-	56,897	4,550	-1,940	-28,385	-
Net Income	106,210	51,450	29,243	48,158	101,643	31,261	22,772	30,773	18,600
Other Cashflows From Financing Activities	99,553	16,773	18,074	9,205	56,897	4,550	16,326	2,080	-
Other Cashflows From Investing Activities	-162,752	-66,328	-71,346	-3,021	-143,747	-134	10,219	-	-
Other Non Cash Items	-106,210	-51,450	-29,243	-48,158	-101,643	-31,261	-22,772	-30,773	-
Sale Purchase Of Stock	-771	-996	-741	-684	82,552	-874	-2,927	-8,120	-
Total Cash From Financing Activities	119,040	30,324	39,727	-24,569	116,558	-15,231	-27,242	5,956	-
Total Cash From Operating Activities	45,837	38,497	32,395	28,814	26,017	15,099	16,326	2,080	-
Total Cashflows From Investing Activities	-162,752	-66,328	-71,346	-3,021	-143,747	-134	10,219	-7,060	-

	2021-06-30	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30
Begin Period Cash Flow	-	1,232	609	609	609	609	415	415	415	109	109	109	109	402	402	402	402	468	468	468	643	643	643	643	399	399	399	399	-
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,000	2,000	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	2,125	60	623	623	623	623	194	194	194	306	306	306	1,024	-293	-293	-293	606	-67	-67	-67	-174	-174	-174	-174	244	244	244	244	-
Change In Working Capital	22	10	-	27	-	16	50	-	23	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	205	205	205	205	-	-	-	-	-	-	-	-	-	-	-	-
Change To Liabilities	-	-	-	-	-	-	-	-	-	-	-	0	0	1,667	1,667	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	-	-	-	-	-	-	-	-	-	-	-	1,367	1,367	-32,967	-32,967	4,180	4,180	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	-	-	-	-	-	-	-	-	-	-	-	-	-	283	283	283	283	-	-	-	-	-	-	-	-	-	-	-	-
Dividends Paid	34,740	16,692	8,227	8,227	8,227	8,227	6,901	6,901	6,901	8,273	8,273	8,273	9,869	5,723	5,723	5,723	4,921	4,727	4,727	4,727	5,594	5,594	5,594	5,594	1,700	1,700	1,700	1,700	-
End Period Cash Flow	-	-	1,232	1,232	1,232	1,232	609	609	609	415	415	415	109	109	109	109	402	402	402	402	468	468	468	468	643	643	643	643	399
Free Cash Flow	-	-	9,624	9,624	9,624	9,624	8,099	8,099	8,099	7,204	7,204	7,204	-	6,504	6,504	6,504	-	3,775	3,775	3,775	4,082	4,082	4,082	4,082	520	520	520	520	-
Net Borrowings	-	-	-	-	-	-	-	-	-	-	-	5,894	5,894	-451	-451	28,899	28,899	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-	-	12,863	12,863	12,863	12,863	7,311	7,311	7,311	12,040	12,040	12,040	5,022	25,411	25,411	25,411	1,293	7,815	7,815	7,815	5,693	5,693	5,693	5,693	7,693	7,693	7,693	7,693	6,676
Other Cashflows From Financing Activities	-771	-708	6,237	6,237	6,237	6,237	2,686	2,686	2,686	15,647	15,647	15,647	-100	-8,411	-8,411	-8,411	-70,121	8,720	8,720	8,720	10,892	10,892	10,892	10,892	-969	-969	-969	-969	-
Other Cashflows From Investing Activities	-162,752	-85,133	-	-66,328	-	-62,411	-71,346	-	-29,239	-3,021	-	-2,099	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Non Cash Items	-	-	-12,863	-12,863	-12,863	-12,863	-7,311	-7,311	-7,311	-12,040	-12,040	-12,040	-	-25,411	-25,411	-25,411	-	-7,815	-7,815	-7,815	-5,693	-5,693	-5,693	-5,693	-7,693	-7,693	-7,693	-7,693	-
Sale Purchase Of Stock	54,998	35,000	-249	-249	-249	-249	-185	-185	-185	-171	-171	-171	-	-	-	41,276	41,276	-219	-219	-219	-732	-732	-732	-732	-2,030	-2,030	-2,030	-2,030	-
Total Cash From Financing Activities	119,040	67,663	9,624	9,624	9,624	9,624	8,099	8,099	8,099	7,204	7,204	7,204	-4,316	6,504	6,504	6,504	65,254	3,775	3,775	3,775	4,082	4,082	4,082	4,082	520	520	520	520	-
Total Cash From Operating Activities	45,837	17,530	-	38,497	-	16,335	32,395	-	17,555	28,814	-	12,778	6,389	7,536	7,536	5,473	5,473	-	-	-	-	-	-	-	-	-	-	-	-
Total Cashflows From Investing Activities	-162,752	-85,133	-	-66,328	-	-62,411	-71,346	-	-29,239	-3,021	-	-2,099	-1,050	-1,753	-1,753	-70,121	-70,121	-	-	-	-	-	-	-	-	-	-	-	-

Income Statement

Currency in AUD. All numbers in thousands.

	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30	2012-06-30	2011-06-30
Cost Of Revenue	17,918	17,308	15,537	13,461	13,320	11,159	11,692	9,104	-	-	-
Ebit	-	62,881	40,361	55,284	111,770	37,067	26,881	22,842	-	-	-
Ebitda	116,170	59,495	40,361	55,284	111,770	37,067	29,030	36,286	-	-	-
Gross Profit	49,476	44,569	39,765	38,216	35,163	26,797	27,425	24,221	-	-	-
Income Before Tax	121,182	54,860	32,090	48,205	104,977	31,027	22,768	31,206	19,700	19,400	18,700
Income Tax Expense	1,985	24	2,847	47	3,334	-234	-4	433	1,100	1,100	1,100
Interest Expense	0	0	0	0	0	0	0	0	0	0	0
Interest Income	72,847	11,154	6,552	10,991	70,954	5,035	4,458	-	-	-	-
Minority Interest	-12,987	-3,386	-8,826	7,832	23,000	6,455	8,444	7,155	-	-	-
Net Income	106,210	51,450	29,243	48,158	101,643	31,261	22,772	30,773	18,600	-	-
Net Income Applicable To Common Shares	119,197	54,836	29,243	48,158	101,643	31,261	22,772	23,618	18,600	-	-
Net Income From Continuing Ops	119,197	54,836	29,243	48,158	101,643	31,261	22,772	30,773	-	-	-
Net Interest Income	-7,953	-7,994	-8,221	-7,037	-6,737	-6,013	-	-	-	-	-
Operating Income	48,313	43,679	38,898	37,506	34,291	26,194	26,834	19,000	25,900	25,100	24,500
Other Operating Expenses	-	-	-	-	872	603	603	603	-	-	-
Selling General Administrative	4,897	4,387	3,837	3,680	2,875	2,318	2,219	339	-	-	-
Tax Provision	1,985	24	2,847	47	3,334	-234	-4	-	-	-	-
Total Operating Expenses	1,163	890	867	710	872	603	591	5,221	-	-	-
Total Other Income Expense Net	-72,869	-11,181	6,808	-10,699	-70,686	-4,833	4,066	-12,206	-	-	-
Total Revenue	67,394	61,877	55,302	51,677	48,483	37,956	39,117	33,325	28,600	27,600	27,000

	2021-06-30	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30
Cost Of Revenue	7,241	5,780	4,327	4,327	4,327	4,327	3,884	3,884	3,884	3,365	3,365	3,365	3,238	3,330	3,330	3,330	3,014	2,790	2,790	2,790	2,923	2,923	2,923	2,923	2,276	2,276	2,276	2,276	-
Ebit	-	-	-	-	-	-	-	-	-	-	-	9,480	9,480	9,257	9,257	9,032	9,032	-	-	-	-	-	-	-	-	-	-	-	-
Ebitda	-	-	14,874	14,874	14,874	14,874	10,090	10,090	10,090	13,821	13,821	13,821	-	27,943	27,943	27,943	-	9,267	9,267	9,267	7,258	7,258	7,258	7,258	9,072	9,072	9,072	9,072	-
Gross Profit	28,396	25,999	11,142	11,142	11,142	11,142	9,941	9,941	9,941	9,554	9,554	9,554	9,657	8,791	8,791	8,791	9,203	6,699	6,699	6,699	6,856	6,856	6,856	6,856	6,055	6,055	6,055	6,055	-
Income Before Tax	87,742	33,440	13,715	13,715	13,715	13,715	8,023	8,023	8,023	12,051	12,051	12,051	7,049	26,244	26,244	26,244	4,587	7,757	7,757	7,757	5,692	5,692	5,692	5,692	7,802	7,802	7,802	7,802	6,850
Income Tax Expense	-	-	6	6	6	6	712	712	712	12	12	12	155	834	834	834	435	-59	-59	-59	-1	-1	-1	-1	108	108	108	108	-
Interest Expense	-	-	2,005	2,005	2,005	2,005	2,068	2,068	2,068	1,770	1,770	1,770	1,753	1,698	1,698	1,698	1,545	1,510	1,510	1,510	1,566	1,566	1,566	1,566	1,270	1,270	1,270	1,270	1,119
Interest Income	62,370	10,263	-	6,653	-	17,807	2,993	-	3,559	13,823	-	4,523	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	-	-	-	-	-	-	-	-	-	2,044	2,044	1,872	1,872	8,641	8,641	2,859	2,859	975	975	2,253	2,253	2,262	2,262	1,961	1,961	3,299	3,299	279	279
Net Income	87,347	31,850	12,863	12,863	12,863	12,863	7,311	7,311	7,311	12,040	12,040	12,040	5,022	25,411	25,411	25,411	1,293	7,815	7,815	7,815	5,693	5,693	5,693	5,693	7,693	7,693	7,693	7,693	-
Net Income Applicable To Common Shares	87,347	31,850	-	15,565	-	39,271	14,662	-	14,581	34,370	-	13,788	5,022	38,029	38,029	1,293	1,293	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	-	-	-	-	-	-	-	-	-	-	-	6,894	6,894	46,670	46,670	4,152	4,152	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	25,158	23,177	10,920	10,920	10,920	10,920	9,725	9,725	9,725	9,377	9,377	9,377	9,480	8,573	8,573	8,573	9,032	6,549	6,549	6,549	6,709	6,709	6,709	6,709	4,750	4,750	4,750	4,750	-
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	177	177	436	436	436	436	-	-	-	-	-	-	-	-	-	-	-	-
Selling General Administrative	2,578	2,319	-	2,258	-	2,129	1,929	-	1,998	1,900	-	1,850	-	172	172	172	172	-	-	-	-	-	-	-	-	-	-	-	-
Tax Provision	395	1,590	-	-199	-	223	2,020	-	827	-262	-	309	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	-	-	223	223	223	223	217	217	217	178	178	178	3,415	218	218	218	3,185	151	151	151	148	148	148	148	1,305	1,305	1,305	1,305	-
Total Other Income Expense Net	-	-	-2,795	-2,795	-2,795	-2,795	1,702	1,702	1,702	-2,675	-2,675	-2,675	-2,431	-17,672	-17,672	-17,672	-4,445	-1,208	-1,208	-1,208	1,017	1,017	1,017	1,017	-3,052	-3,052	-3,052	-3,052	-
Total Revenue	35,637	31,779	15,469	15,469	15,469	15,469	13,826	13,826	13,826	12,919	12,919	12,919	12,217	12,121	12,121	12,121	9,317	9,489	9,489	9,489	9,779	9,779	9,779	9,779	8,331	8,331	8,331	8,331	11,800

Latest Income Statement (annual, 2021-06-30)

Gross Profit (+$)
totalRevenue	67,394
Cost of Revenue	-17,918
Gross Profit	49,476	49,476

Operating Income (+$)
Gross Profit	49,476
Operating Expense	-1,163
Operating Income	48,313	48,313

Operating Expense (+$)
Research Development	-
Selling General Administrative	4,897
Selling And Marketing Expenses	-
Operating Expense	1,163	4,897

Net Interest Income (+$)
Interest Income	72,847
Interest Expense	-0
Other Finance Cost	-80,800
Net Interest Income	-7,953

Pretax Income (+$)
Operating Income	48,313
Net Interest Income	-7,953
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	121,182	121,182 EBIT - interestExpense = 0 108,195 106,210
Interest Expense	0
Earnings Before Interest and Taxes (EBIT)	-	121,182
Earnings Before Interest and Taxes (EBITDA)	116,170

After tax Income (+$)
Income Before Tax	121,182
Tax Provision	-1,985
Net Income From Continuing Ops	119,197	119,197
Net Income	106,210
Net Income Applicable To Common Shares	119,197

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-72,869	7,953

Technicals of APN Industria REIT

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

APN Industria REIT Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of APN Industria REIT:

APN Industria REIT Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of APN Industria REIT:

The ADX is .

APN Industria REIT Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is lower than the price. The current trend is up. +2

APN Industria REIT Daily Parabolic SAR Chart

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1
The RSI is below 30 and oversold. +2

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.