Announcement PDF DEVELOPING BETTER LIFESTYLES SINCE 1995 ANNUAL REPORT 1 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Contents 3 9 Chairman’s Report Key Financial Metrics 5 14 Managing Director’s Report Project History 15 Finbar Milestones 2 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t 17 22 32 19 Modern Amenities 26 Projects Under Construction 37 21 30 40 Our Finbar ESG at Finbar Completed Projects New to Market Future Projects Investment Properties Financial Report Finbar and Perth rising together. For 28 years, the Finbar story has grown with the people of Perth. With every new address, every new apartment, every new innovation, we’re rewriting the narrative on what it means to call this beautiful city home – and our best is yet to come. 3 Chairman’s Report 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t “ Finbar was holding $18.2 million in cash which combined with the cash commitments from joint venture partners for our joint venture projects, means we are adequately capitalised to fulfil all working capital commitments and contingency provisions for all the projects we currently have under construction. JOHN CHAN Dear Shareholder, It is my privilege to present Finbar Group’s Annual Report for the 2023 financial year. Finbar has reported a net profit after tax of $2.78 million for the 12 months to June 30 2023, compared with $10.98 million the previous year. Revenue of $34 million was well down on the previous year, as Finbar focused on the completion of the AT238 project in Perth’s CBD and the continuing construction activities at Civic Heart in South Perth, Aurora in Applecross and The Point in Rivervale. Finbar has successfully sold the limited remaining stock at the Dianella Apartments development, which was completed in the 2022 financial year, and settled $46.8 million in sales at the AT238 complex during the 2023 financial year. Sales at AT238 have been steady in the early stages of this financial year and Finbar has adjusted prices at the project to mitigate the impact of higher than forecast construction costs. Finbar also recorded a $3 million impairment on its Fairlanes commercial property brought about by pressure on commercial property capitalisation. However, Finbar’s Pelago development continues to hold value, receiving a $1.68 million increase in valuation. ” development during this difficult cycle. The Board is investigating the best options for returning capital to our patient shareholders upon completion and settlement of the current major apartment projects. Finbar has good working relationships with its joint venture partners and I wish to thank them for their support and for the trust they have given Finbar. In almost 30 years as a listed development company, Finbar has experienced a range of different trading conditions, but I think none have ever been as challenging as the years following the COVID pandemic. The Board has made the decision to suspend dividend payments to shareholders to help protect the balance sheet strength that has enabled Finbar to continue to fund construction and Rapidly rising costs of construction materials, coupled with a tight labour market and disrupted supply chains has meant project costs have soared. At June 30, Finbar was holding $18.2 million in cash which combined with the cash commitments from joint venture partners for our joint venture projects, means we are adequately capitalised to fulfil all working capital commitments and contingency provisions for all the projects we currently have under construction. We also do not hold any balance sheet debt relating to our development/pipeline land. 4 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t Finbar is in a position where it will be able to deliver new stock to the market later this financial year and into the 2025 financial year. Civic Heart Despite record low vacancy rates in the rental market, growing immigration and a chronic lack of new supply of apartments, prices of new apartments have not risen commensurately. numerous construction firms have failed, Hanssen has consistently worked with Finbar to facilitate the delivery of quality accommodation to Western Australia. Finbar has taken the decision to continue to develop projects through the current cycle, despite the challenges faced with increasing construction costs, operating costs, and continued monetary policy tightening. This symbiotic relationship has served both companies well and has enabled Finbar to continue to develop major apartment towers at a time when many of its competitors have been unable, or unwilling, to commit to commencing construction of their own projects. For many years, Finbar has exclusively partnered with construction company Hanssen to build its apartment developments. At a time when I would like to thank Gerry Hanssen for his continued support and for his ongoing relationship with Finbar. As a result, Finbar is in a position where it will be able to deliver new stock to the market later this financial year and into the 2025 financial year. With interest rates stabilising and a shortage of new residential stock, and with increasing population, low unemployment and a strong local economy, I feel that residential prices in Perth and Western Australia must increase. Finally, I would like to inform shareholders that Non-Executive Director, Lee Verios, has advised me of his intention to retire later this year and as such will be retiring as Director of the Company at the close of the Company’s annual general meeting in October. I am personally grateful for Lee’s contribution to the Board since his appointment in 2011 and extend thanks on behalf of all shareholders for this, and wish him the very best in his retirement. In closing, I would like to take the opportunity to acknowledge our Executive team and Finbar staff for their hard work and efforts during the year. I would also like to give thanks to all of our shareholders for their ongoing support. John Chan Chairman 5 Managing Director’s Report 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t “ Finbar has sales of $226 million at Civic Heart and – based on current pricing – approximately $202 million remaining for the market. DARREN PATEMAN Finbar has reported a net profit after tax for the 2023 financial year of $2.78 million as residential development companies continue to face challenging trading conditions. The Company had limited completed residential lots available for sale during the year with the Dianella Apartments project being sold out and revenue for the sold apartments in the AT238 development occurring in the second half of the financial year. The 50/50 joint venture with Ventrade Australia was completed in April and provided a timely boost to Finbar’s completed stock available for sale, with the remainder of settlements expected in the current financial year. The profit was also impacted by a decrease in the holding value of its Fairlanes commercial investment by $3 million due to pressure on commercial property capitalisation rates caused by the higher cost of funds in the commercial sector. Finbar’s other investment property, the Pelago apartment complex in Karratha, continues to perform well. It is 98% per cent occupied and generated rental income in FY2023 of $6.0 million. Karratha is at the epicentre of WA’s mineral resources and energy sectors, and the Pelago apartments are considered to be the town’s highest quality accommodation, with little or no likelihood of being replicated in the near future given the current construction cost environment and the challenges of building in regional towns. Finbar has approximately $680 million in project value under construction, which we expect to complete and deliver to the market later this financial year and in the first half of FY2025. We remain well capitalised to meet our funding commitments for all projects currently under construction. The company continues to face challenging trading conditions, primarily due to construction cost impacts in the building sector which are finally stabilising but not expected to reduce significantly. Additionally, the current environment of a rapid upward movement ” in interest rates have dampened sales activity as anticipated, although there are indications that interest rates are at, or very near, their expected highs based on recent encouraging inflation numbers. I want to acknowledge and thank Finbar’s joint venture partners for their contributions, Commonwealth Bank for its support of the Civic Heart Project and Westpac for its support at The Point and Aurora projects. It is only with the support and confidence of our investment and funding partners that we have been in a position to commence and progress major projects at a time when many other developers in Perth and across Australia have delayed and cancelled their proposed developments. Our company will be conducting a capital management review on the completion of Civic Heart and Aurora with a view to returning profits to our valued and patient shareholders through the most appropriate means. It is also important to note that we continue to work closely with building firm Hanssen to ensure ongoing viability of construction at our future projects. 6 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t Our company will be conducting a capital management review on the completion of Civic Heart and Aurora with a view to returning profits to our valued and patient shareholders through the most appropriate means. Aurora In the current economic and business environment of increased material costs, a tight labour market, and with some lingering supply chain constraints, the practice of fixed price construction agreements has all but disappeared and developers will need to work closely with a reduced pool of builders to share risk and ensure the ongoing viability of projects through these unusual construction environment times. Finbar has worked with Hanssen to mitigate the risks of rising construction costs where possible, but also to ensure that these major projects are able to proceed, and be completed in a timely manner and acceptable rates of return. Construction at our biggest and most complex development Civic Heart, in South Perth, remains on track for structural completion by Christmas with practical completion and settlements on track to occur in the second half of this financial year. Finbar has sales of $226 million at Civic Heart and – based on current pricing – approximately $202 million remaining for the market. Aurora in Applecross, is also due to be completed in the second half of FY2024. Sales of $55 million have been completed with a further $91 million in value remaining for sale. all tiers of government on the issues of affordability and supply of housing and apartments. The WA Government in particular has looked to streamline development approval processes and has offered stamp duty relief to buyers who have pre-purchased apartments off the plan ahead of construction. Although apartment prices have not risen significantly in Western Australia in recent years, we are confident that these two completed projects will be well received by the market, with the chronic shortage of accommodation in Perth, combined with population growth and interest rate stability expected to drive demand and, inevitably, sustainable increases in prices for new apartments. I will close by thanking my management team and staff for their continued hard work and support. Additionally, we are encouraged by the current recognition and focus from We are looking forward to a more typical 12-18 months for Finbar as we focus on the most important completion of new apartment stock being delivered later in the second half and into the following financial year. Darren Pateman Managing Director 7 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Finbar has been a shining light in the Perth property scene for decades. Reliable. Steadfast. Dependable. We’re proud to have led the way, staying the course when we could have rushed, pushing boundaries when we could have played it safe. Through it all, our commitment has never wavered, and never will – high quality residences, built in Perth’s best locations. Over 6,000 new apartments says it all, an enviable track record that will continue to drive our financial strength and stability as we reward investors for their confidence in us. $679.3m of apartments under construction. 204 $176m apartments sold during the year with a total value of Finbar has this year delivered a net profit after tax of $2.78m 8 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t 100% 6,776 76 delivery on apartments over Over 70% of buyers say the reputation of the developer is critical when choosing an apartment. Our reputation is everything to us. 84% of our customers rated buying ‘off the plan’ easy. landmark developments. Consistently achieving 8-star NatHERS rating 89% of customers would recommend Finbar to a friend. Word of mouth is our strongest asset. 28 years on the ASX 9 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Key Financial Metrics SOURCE OF EARNINGS TOTAL EARNINGS Development income 77% Rental Income 16% $176m FY23 Sales Other 7% $2.78m after tax profit AT238 49% DEVELOPMENT INCOME Dianella Apartments 42% Reva 5% Vue Tower 2% One Kennedy 2% $12.2m average sales of off-the-plan apartments per month RENTAL INCOME Pelago 67% Fairlaines 29% Other 4% $2.72m average sales of completed apartments per month 10 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t Key Financial Metrics (continued) NET PROFIT AFTER TAX $MILLION $13.8 $11.4 $8.1 $7.1 $5.1 $8.9 $11.0 $2.8 2016 2017 2018 2019 2020 2021 2022 2023 FULLY FRANKED DIVIDEND CENTS Interim Dividend Final Dividend 0.07 0.06 0.06 0.06 0.04 0.04 0.03 0.00 2016 2017 2018 2019 2020 2021 2022 2023 PROJECT PIPELINE VALUE $2.2 $2.0 $BILLION $1.8 $1.2 2016 2017 2018 2019 $1.3 2020 $1.4 2021 $1.5 $1.4 2022 2023 Finbar maintains a robust Project Pipeline of $1.4 BILLION to ensure that the company can capitalise on changing market conditions and bring new product to the market as quickly and efficiently as possible to maximise shareholder returns. 11 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Key Financial Metrics (continued) EARNINGS PER SHARE $ PER SHARE $0.06 $0.04 $0.04 $0.02 $0.02 $0.03 $0.04 $0.01 2016 2017 2018 2019 2020 2021 2022 2023 PRESALES BOOK VALUE $453.8 $MILLION $349.0 $250.7 $257.5 $194.5 $175.2 $122.6 $45.6 2016 2017 2018 2019 2020 2021 2022 2023 Sales achieved at Civic Heart, Aurora, The Point and Garden Towers has increased FY2023 presales to $453.8 MILLION. TOTAL DEVELOPED UNITS UNITS 4923 2016 5293 2017 5675 2018 5984 2019 6402 6527 6655 6776 2020 2021 2022 2023 Total Developed Units reached 6,776 by the end of FY2023 with the addition of 121 units from the completion of AT238. Finbar continues to position itself as the largest residential apartment developer in Western Australia. 12 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t Key Financial Metrics (continued) 400 700 $334 $329 350 $282 $284 $277 500 $214 $198 200 $86 $45 0 $0 $4 $6 1 15 24 1996 1997 1998 $17 $17 $94 $95 200 $37 100 178 54 50 100 230 245 309 591 305 211 138 321 184 338 547 403 430 266 235 406 264 200 464 432 204 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Number Of Sales 1.8 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $700 1.6 1.5 $600 AVERAGE SALES PER DAY 1.4 1.2 1.3 0.8 0.8 0.6 $500 1.1 0.9 0.9 0.8 $400 0.7 0.7 0.7 0.6 0.6 $300 0.5 0.5 0.5 0.6 1.2 1.2 1.1 1 0.5 $200 0.4 0.3 0.4 0.1 0.2 0 0 2023 Total Value 1.6 Sales 300 $110 100 50 $148 $140 $134 $133 150 $176 $167 $158 $143 400 $195 Thousands Millions 250 Units 300 600 $304 TOTAL SALES AND VALUE 0.0 1 15 1996 1997 0.1 0.1 $100 24 178 54 50 100 230 245 309 591 305 211 138 321 184 338 547 403 430 266 235 406 264 200 464 432 204 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Number Of Sales 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $- 2023 Average Sales Per Day $800 700 $863 AVERAGE SALES VALUE $600 600 $730 $629 $557 Thousands $500 $686 $678 $617 $706 $626 $611 $577 $658 $526 $519 500 $607 $598 $559 $549 400 $462 $400 $365 $372 $300 $330 $319 $299 $232 $389 300 $333 $255 200 $200 100 $100 $- 1 15 24 178 54 50 100 230 245 309 591 305 211 138 321 184 338 547 403 430 266 235 406 264 200 464 432 204 1996 1997 1998 2000 2001 1999 2002 2003 2004 2005 2006 2007 2008 Number Of Sales 2009 2010 2011 2012 2013 2014 Average Sales 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 Units $700 13 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Key Financial Metrics (continued) FOREIGN BUYER SALES 120 112 100 Sales 80 74 60 40 20 43 25 28 FY10 FY11 46 62 52 44 47 20 25 FY20 FY21 34 39 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Following a rapid decline in FY20, after introduction of the foreign buyer surcharge tax by the state government, some foreign buyers are returning to the market. FY23 - SALES ACROSS AGE GROUP 20% 10% 18-24 14% 25-34 35-39 10% 23% 40-49 50-59 60+ 23% FY23 - LOCATION OF BUYER FROM THE DEVELOPMENTS 2.5km or less 2.6-5km 18% 19% 6-10km 5% 7% 9% 11-20km 21-30km 31-40km 14% 16% 6% 6% Regional WA Interstate Overseas FY22 FY23 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t Project History 2023 121 AT238 Perth 2021 128 DIANELLA APARTMENTS Dianella 125 RIVERENA Rivervale 2020 123 ONE KENNEDY Maylands 167 SABINA Applecross 2019 128 PALMYRA APARTMENTS EAST Palmyra 59 REVA SOUTH PERTH South Perth 250 VUE TOWER East Perth 2018 244 AIRE WEST PERTH West Perth 138 AURELIA South Perth 2017 227 CONCERTO East Perth 143 MOTIVE West Leederville 2016 116 LINQ Northbridge 169 UNISON ON TENTH Maylands 2015 154 63 47 264 ARBOR NORTH Rivervale NORWOOD PERTH Perth TOCCATA East Perth SUBI STRAND Subiaco 2014 188 8 98 194 SPRING VIEW TOWERS Rivervale 52 MILL POINT RD South Perth ECCO APARTMENTS Perth AU APARTMENTS East Perth 2013 188 131 115 43 PELAGO EAST Pegs Creek (Karratha) ST MARKS Highgate ADAGIO East Perth KNIGHTSGATE Currambine 2012 111 114 128 31 LIME Victoria Park PELAGO WEST Pegs Creek (Karratha) FAIRLANES PERTH East Perth 18 ON PLAIN East Perth 2011 202 X2 APARTMENTS East Perth 2010 75 THE EDGE Victoria Park 85 THE SAINT East Perth 2009 34 50 62 197 71 71 VERVE Perth HORIZON CENTRAL Maylands HORIZON SIXTH Maylands ROYALE Perth REFLECTIONS EAST East Perth REFLECTIONS WEST East Perth 14 28 YEARS 76 LANDMARK DEVELOPMENTS 6,776 UNITS COMPLETED 2009 21 CIRCLE EAST Northbridge 16 CIRCLE WEST Northbridge 114 CODE Perth 2008 113 111 123 81 49 CERESA Rivervale INFINITY East Perth ALTAIR East Perth DOMUS Perth DEL MAR Mandurah 2007 80 76 60 104 SOHO East Perth AVENA Rivervale SOL APARTMENTS West Perth ONE28 East Perth 2005 54 43 98 64 14 ARUM Rivervale SAMPHIRE Rivervale WESTRALIAN East Perth COSMOPOLITAN East Perth RIVERSTONE South Perth 2004 94 51 25 45 MARKETRISE West Perth 175 HAY East Perth BLUE 2 South Perth KINGSTON West Perth 2003 30 ST THOMAS SQUARE Subiaco 47 MONTEREY BAY Port Mandurah 2001 54 47 11 25 2000 68 THE RISE East Perth 76 WELLINGTON PLACE East Perth 1 ALBANY HIGHWAY MEDICAL CENTRE Victoria Park 1999 1 CORFIELD STREET MEDICAL CENTRE Gosnells 12 MATILDA BAY APARTMENTS Crawley 1998 78 PADDINGTON PLACE West Perth 1997 5 167 MELVILLE PARADE South Perth 15 SEVILLE ON THE POINT South Perth 1996 3 THE LINKS South Perth 5 19 RENWICK STREET South Perth BLUEWATER South Perth CHELSEA GARDENS West Perth 85 MILL POINT ROAD South Perth THE 10TH TEE The Vines 15 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Finbar Milestones 28 years on the ASX Our reputation is everything to us. Since we listed Finbar on the ASX 28 years ago, we have built our name on the back of an uninterrupted run of successful developments, from our first project, Seville on the Point, to Westralian, Pelago, Fairlanes, Subi Strand, Concerto and our award-winning Sabina Applecross. With Garden Towers and our landmark Civic Heart project on the way, Finbar continues to prove why it is WA’s leading and most trusted residential apartment developer. 1990s 1995 Lists on ASX as Property Development Company operating out of a 2 bedroom Como apartment Commenced 1st Development Seville on the Point, South Perth 1997 Completed 1st Development Seville on the Point, South Perth 1998 $1m net profit milestone Maiden net profit $0.7m 2010s 2010 Secured first Pilbara project, Pelago West, Karratha $20m net profit milestone 2012 3000 apartments milestone Pelago West awarded Judge’s and UDIA High Density Development Completed company’s first Pilbara project 2013 Relocated to Fairlanes building, East Perth (13 staff) Fairlanes awarded winner UDIA High Density Development 2020s 2013 $30m net profit milestone 2012 2020 25th Year on the ASX 2021 Launched internal sales division – Finbar Sales Sabina awarded Property Council WA Best Residential Development and UDIA Judges Commendation in the High Density Development Category 2021 FINALIST 2022 Work continues to progress on the construction of four projects, a collective total of 753 units - AT238, Aurora, Civic Heart, and The Point. The total value of sales resulting from these combined projects exceeds $780 million 16 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t 2000s 2001 Relocated to first corporate office, Preston Street South Perth (4 staff) 2014 St. Mark’s awarded winner UDIA High Density Development and Urban Renewal 2014 4000 apartments milestone 2005 Completed Westralian, first luxury project on Terrace Road, East Perth 2015 2006 2008 2009 $100m market capitalization $10m Inclusion in All Ordinaries Index 1000 net profit milestone 2000 apartments milestone 2017 apartments milestone 2019 Record launch at Aurelia, with $66m of sales in the 1st month Completed WA’s tallest residential apartment development to date, Concerto Launched Property management division – Finbar to Rent Completed Finbar’s largest development to date, Subi Strand Concerto awarded winner UDIA High Density Development 6000 Launched the Finbar Loyalty Club. An exclusive rewards program for all Finbar buyers, past & present Spring View Towers awarded winner UDIA High Density Development 2015 2017 Completed over $3b worth of developments since 1995 5000 apartments milestone apartments milestone 17 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Our Finbar JOHN CHAN DARREN PATEMAN RONALD CHAN Executive Chairman 28 years Managing Director 28 years Executive Director 19 years We’ve come a long way since the dream started as 3 people working out of a makeshift office in Como. Now a 29-strong team led by experienced and long serving management, we’re in prime position to push the boundaries at the forefront of Western Australia’s lifestyle property market. OUR PEOPLE - A team of 19 staff in Finbar’s head office - A team of 7 staff in Finbar to Rent - A team of 3 staff in Finbar Sales - Led by an experienced and long serving management team, with strong leadership skills and an excellent track record OUR BUSINESS - Retains a strong brand and a highly regarded reputation in WA - Operates on a low cost base providing attractive profit margins and shareholder returns - Maintains exemplary relationships with suppliers and stakeholders - Manages a pipeline of projects to ensure economies of scale and future growth OUR COMMITMENT - Our commitment to our customers, shareholders, state and local government and the environment has seen Finbar remain WA’s largest and most trusted apartment developer 18 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t ELDON WAN LEE VERIOS TERENCE PEH Non-Executive Director Non-Executive Director Non-Executive Director Finbar continues to elevate the quality of inner city living in Perth, delivering prestigious, well-appointed lifestyle apartments that artfully fuse office and public spaces in progressive and innovative designs. OUR PROJECTS - Represent some of Perth’s most prestigious and well-appointed lifestyle apartments - Remain committed to creating progressive and innovative designs which represent value for money - Offer a successful fusion of residential, office and public space OUR INVESTMENT PROPERTIES - Include the Fairlanes and Pelago buildings leased to reputable and proven businesses and individuals - Provide consistent annual revenue from investments - Ensure these additional revenue streams contribute to and smooth annual earnings OUR FUTURE - Our vision is to remain WA’s leading medium to high density apartment developer - Continue to focus development efforts in and around inner city Perth - Sustain and enhance the quality of inner city living for current and future generations 19 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t Modern Amenities INSPIRED BY MODERN LIFESTYLES At Finbar, we’re forever evolving to treat residents to the most thoughtful amenities in sync with how they like to live. From working out to working from home, accomodating guests to treating pets like family, each development is customised to the needs of its residents to ensure we continue to offer the most relevant and responsive inner-city lifestyles. IMMERSIVE EXPERIENCES Finbar developments understand resident needs to a tee. Garden Towers’ state-of-the-art virtual golf driving range offers an immersive experience where players can finetune their swing in the comfort of their own home, while putting greens at Civic Heart and Aurora offer the chance to work on your short game at anytime. WORKS FOR YOU Working from home has become the new normal in a postpandemic world. As thought leaders in this space, Finbar is innovating ahead of the trend with dedicated ‘WFH’ spaces in Civic Heart, Aurora, AT238 and Garden Towers, from business centres, to meeting rooms and zoom pods that make staying connected seamless. PLAYTIME IN THE CITY No longer the exclusive domain of couples and professionals, inner city apartments are growing in demand from young families seeking low-care minimalist living close to entertainment precincts. Civic Heart and Garden Towers raise the energy with exciting kids’ playrooms and outdoor playgrounds, while AT238’s gaming zone complete with an arcade machine and PS5 mean it’s on for young and old. 2 0 2 3 F i n bar G r oup L i m i t e d A nnua l Re p or t STAY A LITTLE LONGER Our residents said they wanted the flexibility of having family and friends visit, without having to send them away to stay at a hotel – and we listened. Following the overwhelming success at Sabina Applecross, Civic Heart and Aurora have incorporated Finbar’s guest apartment concept, allowing residents to book a suite to accommodate their loved ones while visiting. BEST FRIENDS WELCOME Dog ownership in Australia is increasing — and so is inner-city apartment living. Finbar brings the two worlds together thoughtfully and naturally, with pet wash facilities and pet play areas at Civic Heart, Garden Towers and AT238 inviting residents to embrace all the physical and emotional benefits that come from sharing an active city life with your four-legged friend. 20 21 2 0 2 3 F i n ba r G r oup L i m i t e d A nnua l Re p or t ESG at Finbar As WA’s largest and most trusted apartment developer, Finbar is committed to operating in a manner that shows the highest levels of environmental, social and governance standards. From its very early days, Finbar’s success has been guided by an ethos to have positive environmental and social impacts and to be ethical and transparent in its approach to meeting and exceeding all regulations that govern how it operates. The company’s ethos is to develop better lifestyles for people and this guides the approach to ESG. Finbar strives to be a leader in WA, to be a trusted and respected joint venture partner, employer and neighbour to its stakeholders across the community. Environment Social – Using innovative, contemporary, and light-weight construction techniques to reduce carbon emissions – Providing affordable & diverse housing options across the Perth metro area – Optimising design and material selection to reduce energy usage after handover – Aiming to achieve high energy efficiency and thermal comfort ratings for each project – Reducing waste through compaction and building management of diverse waste streams – Reducing land clearing through offering affordable and diverse infill housing options – Promoting adoption of EV through providing backbone infrastructure to catalyse the future installation of chargers – Providing a wide range of amenities in each project with a focus on health and wellness – Supporting local community organisations – Importance of employee diversity & wellbeing – Ensuring all our contractors and suppliers comply with the modern slavery initiatives and requirements. – Providing positive policy outcomes through membership and committee input into the Property Council of Australia (WA) & the Urban Development Institute of Australia (WA) – Broadening the rate base of local governments, supporting the delivery of services they provide to the local community Governance – Corporate Governance Statement – Materiality assessment and identification of key ESG issues – Long serving and experienced management and leadership t