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Business Description: ALE Property Group Limited (LEP) is Australia's largest listed freehold owner of pubs. ALE owns a property portfolio of around 90 pubs across the five mainland states of Australia. All of the pubs in the portfolio are leased to members of Australian Leisure and Hospitality Group Limited for an average initial term of around 17 years.
Strategy Analysis: LEP is a passive owner and operator of pub properties. Each property is leased to Australian Leisure and Hospitality, a Woolworths subsidiary, for an initial term of 25 years to 2028 with four 10-year options to renew. Annual rent reviews are linked to CPI. LEP is seeking to acquire additional high quality properties that complement its existing portfolio. 2010 was a period of consolidation with 12 properties sold and debt reduced to more conservative levels.
ALE Property Group reported NPAT of $50.87m for the year ended 30 June 2011. Revenues from ordinary activities were $57.54m, down 2.4% from last year. Diluted EPS was 32.49 cents compared to (10.94) cents last year. Net operating cash flow was $32.84m compared to $30.53m last year. The final dividend declared was 9.75 cents, taking the full year dividend to 19.75 cents compared with 24 cents last year.
The Age 7/02/2012 | ISRAEL'S Foreign Minister was headed for Washington overnight amid signs that the US and its Middle East ally hold diverging views on how best to resolve the standoff over Iran's disputed nuclear program.
Sydney Morning Herald 7/02/2012 | There will be fewer love hearts and boxes of chocolates this Valentine's Day for the short-lived chief executive of Perpetual Limited, Chris Ryan.
Sydney Morning Herald 7/02/2012 | HOTEL owners and operators are preparing for a busy year of openings and renovations as demand increases from domestic travellers.
The Age 6/02/2012 | AUSTRALIA has a reputation for embracing technological developments quickly. We had a record take-up of VHS, DVD and widescreen television, and it is widely claimed that the Land of Oz has more home theatres per head of population than anywhere else in the world.
Sun Herald 5/02/2012 | INVESTORS cheered during the week, perhaps convinced that the latest rearrangement of deckchairs on the good ship euro will do the trick and right the heavily listing vessel.
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