Announcement PDF Appendix 4D For the Six Months Ended 31 December 2024 1. Details of the reporting period This report details the consolidated results of Finbar Group Limited and its controlled entities for the six months ended 31 December 2024. Comparatives are for the six months ended 31 December 2023. 2. Results for announcement to the market 2.1 Revenue from ordinary activities 31-Dec-24 31-Dec-23 Change % 218,288,000 6,494,000 3261.38% 2.2 Profit from ordinary activities after tax attributable to members 9,374,000 1,485,000 531.25% 2.3 Net Profit for the period attributable to members 9,374,000 1,309,000 616.12% 2.4 Final 2024 Dividend per share, fully franked 8.0 cents 0.0 cents 100.00% 0.0 cents 0.0 cents 0% 3.44 0.55 531.30% Declared Interim 2025 Dividend per share, fully franked Earnings per Share (Cents per Share) 2.5 Record date for dividend Not Applicable 2.6 Explanation Refer to Company Announcement 3. Net tangible assets per share 31-Dec-24 Net tangible assets per share (Cents per Share) 4. Details of entities over which control has been gained or lost during the period Not Applicable. 5. Details of dividends No dividend has been proposed after balance date. 89.70 31-Dec-23 88.70 Appendix 4D (continued) For the Six Months Ended 31 December 2024 6. Details of subsidiaries Ownership 1 Mends Street Pty Ltd 100% 2 Homelea Court Springs Pty Ltd 100% 31 Rowe Avenue Pty Ltd 100% 32 Riversdale Road Pty Ltd 100% 36 Chester Avenue Pty Ltd 100% 43 McGregor Road Pty Ltd 100% 5-7 Harper Terrace Pty Ltd 100% 63 Adelaide Terrace Pty Ltd 100% 88 Terrace Road Pty Ltd 100% 175 Adelaide Terrace Pty Ltd 100% 239 Great Eastern Highway Pty Ltd 100% 241 Railway Parade Pty Ltd 100% Finbar Applecross Pty Ltd 100% Finbar Finance Pty Ltd 100% Finbar Fund Pty Ltd 100% Finbar Karratha Pty Ltd 100% Finbar Port Hedland Pty Ltd 100% Finbar Project Management Pty Ltd 100% Finbar Sub 104 Pty Ltd 100% Finbar To Rent Pty Ltd 100% Finbar Executive Rentals Pty Ltd 100% Finbar Commercial Pty Ltd 100% Finbar Sales Pty Ltd 100% 7. Details of equity accounted investees Ownership 240 Adelaide Terrace Pty Ltd 50% Finbar Sub 5050 Pty Ltd 50% Lot 1001 - 1003 Rowe Avenue Pty Ltd 50% Rowe Avenue Pty Ltd 50% Garden Towers East Perth Pty Ltd 50% 8. Foreign entities Not Applicable. 9. Auditor’s review report No dispute or qualification exists in the auditor’s review report. FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES INTERIM FINANCIAL REPORT For the Six Months Ended 31 December 2024 ABN 97 009 113 473 ACN 009 113 473 INTERIM FINANCIAL REPORT For the Six Months Ended 31 December 2024 FINBAR GROUP LIMITED AND ITS CONTROLLED ENTITIES CONTENTS PAGE Directors’ Report 2 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 5 Condensed Consolidated Interim Statement of Changes in Equity 6 Condensed Consolidated Interim Statement of Financial Position 7 Condensed Consolidated Interim Statement of Cash Flows 8 Notes to the Condensed Consolidated Interim Financial Statements 9 Directors’ Declaration 15 Independent Auditor’s Review Report of Condensed Consolidated Interim Financial Report 16 Lead Auditors’ Independence Declaration 18 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 1 DIRECTORS’ REPORT For the Six Months Ended 31 December 2024 1. Directors The Directors present their report together with the consolidated financial report of Finbar Group Limited (‘the Company’) for the six months ended 31 December 2024 and the auditor’s review report thereon. The Directors of the Company at any time during or since the end of the six months ended 31 December 2024: Executive Director and Chairman Director since 27 April 1995 Chairman since 15 July 2010 John CHAN - BSc, MBA, MAICD Managing Director Darren John PATEMAN - EMBA, GradDipACG, ACSA, AGIA, MAICD Director since 6 November 2008 Managing Director since 15 July 2010 Executive Director and Chief Operations Officer Ronald CHAN Director since 24 February 2017 Non-executive Directors Terence Siong Woon PEH - B.Comm, M.Comm Director since 24 April 2018 Eldon WAN - B Acc, FCA Director since 31 January 2023 2. Company Secretary Edward Guy BANK - B Bus, ASCPA Company Secretary since 2 December 2016 to 16 October 2024 Jennifer LIM - B Comm, CA, GrapDipACG Company Secretary since 16 October 2024 3. Principal Activities The principal activities of the consolidated group during the course of the six months ended 31 December 2024 continued to be property development and investment. The Group’s focus is the development of medium to high-density residential buildings and commercial developments in Western Australia by way of direct ownership, ownership through fully owned Subsidiaries or by equity accounted investees (through companies registered specifically to conduct the development). The Group holds rental property in East Perth, South Perth and Karratha. There were no significant changes in the nature of the activities of the Group during the financial half-year. 4. Operating Results Total comprehensive profit attributable to owners of the group amounted to $9,374,000 (2023: $1,309,000). 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 2 DIRECTORS’ REPORT (Continued) For the Six Months Ended 31 December 2024 5. Review of Operations Completed Projects Reva - 5 Harper Terrace, South Perth: No commercial units have settled in the reporting period. 3 commercial units remain for sale in the 59 unit development. AT238 - 238 Adelaide Terrace, Perth: 16 units have settled in the reporting period and 3 units settled post the reporting period. The 121 unit development is now fully sold. Civic Heart - 1 Mends Street, South Perth: 81 units have settled in the reporting period and 6 units settled post the reporting period. 38 units remain for sale in the 334 unit development. The Point - 31 Rowe Avenue, Rivervale: 126 units have settled in the reporting period and 1 unit settled post the reporting period. 44 units remain for sale in the 176 unit development. Aurora Applecross - 3 Kintail Road, Applecross (Stage 2): 75 units have settled in the reporting period and 6 units settled post the reporting period. 35 units remain for sale in the 121 unit development. Currently Under Construction Garden Towers East Perth - 101 Hay Street, East Perth: Marketing of the Garden Towers project continues to progress well, with construction commenced in April 2024 and completion expected during financial year ending 30 June 2026. To date 222 residential sales and 6 commercial sales have been achieved in the development of 331 residential and 13 commercial units. Bel-Air - 239 Great Eastern Highway, Belmont: Marketing of the Bel-Air project continues to progress, with construction commenced in December 2024. To date 126 residential sales and 2 commercial sales have been achieved in the development of 194 residential and 2 commercial units. Future Projects Romeo - 912 Canning Highway, Applecross (Stage 3): Development approval in place for 152 residential and 3 commercial units. Palmyra West Apartments - 43 McGregor Road, Palmyra (Stage 2): Development approval in place for 130 residential units. Lot 1000 - 32 Riversdale Road, Rivervale: Development approval in place for 143 residential units. 2 Homelea Court, Rivervale: Development approval in place for 171 residential units. Lot 888 - 2 Hawksburn Road, Rivervale: Development options are currently being explored. Former ABC Studio - 187 Adelaide Terrace, East Perth: Development options are currently being explored. Investment Property Fairlanes - 175 Adelaide Terrace, East Perth: The Fairlanes property has been valued during the reporting period. The valuation resulted in a $2,911,000 decrease to the value of the property. The Company continues to benefit from the investment income generated from the leased property. The property is currently 53% leased. The Company continues to actively market the remaining tenancies for rental. Pelago Commercial - 23 & 26 Sharpe Avenue, Karratha: The Pelago commercial property has been revalued during the reporting period. The valuation resulted in a $395,000 increase to the value of the property. The Company continues to benefit from the investment income generated from the leased property. The property is currently 66% leased. The Company continues to actively market the remaining tenancies for rental. Pelago Residential - 23 & 26 Sharpe Avenue, Karratha: The Pelago residential property has been revalued during the reporting period. The valuation resulted in a $2,633,000 decrease to the value of the property. The Company continues to benefit from the investment income generated from the leased property. The property is currently 95% leased. The Company continues to actively market tenancies for rental. Vue Tower Commercial - 63 Adelaide Terrace, East Perth: Lot 2 at Vue Tower is being marketed for rental. Lot 4 at Vue Tower continues to be leased to a non-profit organisation at $1 per annum until 13 June 2029. Aurelia Commercial - 96 Mill Point Road, South Perth: The Directors confirm that there is no change to the valuation undertaken in June 2024 for the current reporting period. The Company continues to benefit from the investment income generated from the leased property. The Company continues to actively market the remaining tenancies for rental. 3 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t DIRECTORS’ REPORT (Continued) For the Six Months Ended 31 December 2024 6. Dividends Dividends paid or declared by the Company to members since the end of the previous financial year were: Cents per Share Total Amount $’000 Franked / Unfranked Date of Payment 8.00 21,770 Franked 10 October 2024 Note $’000 12 21,770 Dividend Paid During the six months ended 31 December 2024 Final 2024 ordinary Total Dividends Paid 21,770 Franked dividends declared or paid during the year were franked at the rate of 30%. Dealt with in the financial report as - Dividends Dividend Reinvestment Plan In accordance with Rule 13 of the Company’s Dividend Reinvestment Plan (DRP), the Directors have elected to suspend the DRP in the 2025 financial year until further notice. 7. Events Subsequent to Reporting Date There has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. 8. Lead Auditor’s Independence Declaration The Lead Auditor’s Independence Declaration is set out on Page 18 and forms part of the Directors’ Report for the six months ended 31 December 2024. Signed in accordance with a resolution of the Board of Directors: Darren Pateman Managing Director Dated at Perth this 25th day of February 2025. 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 4 CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Six Months Ended 31 December 2024 Note Revenue 8 31-Dec-24 $’000 31-Dec-23 $’000 218,288 6,494 Cost of sales (192,906) (694) Gross Profit 25,382 5,800 Other income 2,657 154 Administrative expenses (6,176) (3,884) Advertising expenses (124) (26) Revaluation (decrease)/increase of investment property (5,149) 3,627 Revaluation (decrease)/increase of property, plant and equipment (514) 135 Rental expenses (2,271) (2,316) (4) (61) 13,801 3,429 Loss on disposal of investment properties Results from Operating Activities Finance income 735 557 Finance costs (1,504) (1,580) Net Finance Cost (769) (1,023) Share of profit/(loss) of Equity Accounted Investees (net of income tax) 142 (151) 13,174 2,255 (3,800) (770) 9,374 1,485 Revaluation of property, plant and equipment - (252) Income tax relating to components of other comprehensive loss - 76 Other comprehensive loss for the period, net of income tax - (176) 9,374 1,309 Basic earnings per share (cents per share) 3.44 0.55 Diluted earnings per share (cents per share) 3.44 0.55 8.00 - Profit before Income Tax Income tax expense 9 Profit for the period Other comprehensive loss Items which will not be reclassified to profit or loss: Total comprehensive income for the period Earnings per Share: Dividends per share (cents per share) 12 The condensed notes on pages 9 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 5 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY For the Six Months Ended 31 December 2024 Note Balance as at 1 July 2023 Share Capital $’000 Asset Revaluation Reserve Total Equity $’000 $’000 Retained Earnings $’000 194,484 45,412 176 240,072 Profit - 1,485 - 1,485 Other comprehensive loss - - (176) (176) - - - - Balance as at 31 December 2023 194,484 46,897 - 241,381 Balance as at 1 July 2024 194,484 62,015 - 256,499 - 9,374 - 9,374 - (21,770) - (21,770) 194,484 49,619 - 244,103 Total comprehensive income for the period Transactions with owners, recognised directly in equity Dividends to shareholders 12 Total comprehensive income for the period Profit Transactions with owners, recognised directly in equity Dividends to shareholders Balance as at 31 December 2024 12 Amounts are stated net of tax The condensed notes on pages 9 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 6 CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As at 31 December 2024 Note 31-Dec-24 $’000 30-Jun-24 $’000 28,740 220,138 Current Assets Cash and cash equivalents Trade and other receivables Inventories 10 8,274 21,465 169,432 304,960 - 334 829 8 Prepayments Investments in equity accounted investees Investment property 11 745 - 51 48 208,071 546,953 28,233 11,875 Other assets Total Current Assets Non-current Assets Trade and other receivables Inventories 10 28,536 26,806 Investment property 11 95,772 102,316 Investments in equity accounted investees 917 1,595 Property, plant and equipment 8,574 9,176 Deferred tax assets 5,797 5,725 Other assets 106 88 Total Non-current Assets 167,935 157,581 Total Assets 376,006 704,534 50,246 48,973 27,992 346,447 Current tax payable 4,939 2,554 Employee benefits 700 899 83,877 398,873 42,319 42,319 5,665 6,793 42 50 Total Non-current Liabilities 48,026 49,162 Total Liabilities 131,903 448,035 Net Assets 244,103 256,499 Share capital 194,484 194,484 Retained earnings 49,619 62,015 Total Equity 244,103 256,499 Current Liabilities Trade and other payables Loans and borrowings 13 Total Current Liabilities Non-current Liabilities Loans and borrowings 13 Deferred tax liabilities Employee benefits Equity The condensed notes on pages 9 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 7 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the Six Months Ended 31 December 2024 31-Dec-24 $’000 31-Dec-23 $’000 Cash Flows from Operating Activities Cash receipts from customers 228,633 6,746 Cash paid to suppliers and employees (63,605) (104,064) Cash generated from/(used in) Operating Activities before tax and interest paid 165,028 (97,318) Interest paid (4,234) (3,640) Income tax paid (2,614) (1,945) Net Cash generated from/(used in) Operating Activities 158,180 (102,903) Proceeds from sales of investments 635 1,054 Interest received 801 423 Acquisition of property, plant and equipment (34) (31) - 14 Cash Flows from Investing Activities Proceeds from sale of property, plant and equipment Proceeds from repayment of loans to associates 3,000 - (17,036) (2,581) 2,479 2,034 (10,155) 913 Proceeds from borrowings 35,875 106,774 Repayment of borrowings (353,528) (1,976) Loans to equity accounted investees Proceeds from repayment of loans to equity accounted investees Net Cash (used in)/provided by Investing Activities Cash Flows from Financing Activities Dividends paid (21,770) - Net Cash (used in)/generated from Financing Activities (339,423) 104,798 Net (decrease)/increase in cash and cash equivalents (191,398) 2,808 Cash and cash equivalents at 1 July 220,138 18,176 Cash and Cash Equivalents at 31 December 28,740 20,984 The condensed notes on pages 9 to 14 are an integral part of these Condensed Consolidated Interim Financial Statements. 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 8 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Six Months Ended 31 December 2024 1. Reporting Entity Finbar Group Limited (the ‘Company’) is a public company domiciled in Australia. These condensed consolidated interim financial statements of the Group as at and for the six months ended 31 December 2024 comprise the Company and its subsidiaries (together referred to as the ‘Group’) and the Group’s interest in equity accounted investees. The Group is primarily involved in property development and investment. The consolidated annual financial statements of the Group as at and for the year ended 30 June 2024 are available on request from the Company’s registered office at Level 6, 181 Adelaide Terrace, East Perth WA 6004 or can be downloaded from the Company’s website at www.finbar.com.au. 2. Basis of Preparation The condensed consolidated interim financial statements have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001, and with IAS 34 Interim Financial Reporting. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements as at and for the year ended 30 June 2024. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Group as at and for the year ended 30 June 2024. The condensed consolidated interim financial statements were approved by the Board of Directors on 25th day of February 2025. 3. Material Accounting Policies The accounting policies applied by the Group in these condensed interim financial statements are the same as those applied by the Group in its financial statements as at and for the year ended 30 June 2024. A number of new standards are effective from 1 July 2024 but they do not have a material effect on the Group’s financial statements. 4. Judgements and Estimates In preparing these condensed interim financial statements management make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 30 June 2024. 5. Financial Risk Management The Group’s financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended 30 June 2024. 6. Changes in Accounting Policies The Group’s accounting policies are consistent with those disclosed in the financial statements as at and for the year ended 30 June 2024, except as follows: The Group applied Classification of Liabilities as Current or Non-Current (Amendments to AASB 101) and Non-current Liabilities with Covenants (Amendments to AASB 101) for the first time in the current period. The amendments clarify certain requirements for determining whether a liability is classified as current or non-current and introduce new disclosures for non-current loan liabilities that are subject to covenants within 12 months after the end of the reporting period. Adopting the amendments resulted in a change in the accounting policy for classifying liabilities that are subject to covenants. Despite the change in policy, there is no impact on the statement of financial position, as the Group has satisified loan covenant requirements. 7. Operating Segments The Group operates predominantly in the property development sector and has identified four reportable segments, as described below, which are the Group’s three strategic business units, as well as the Corporate office. The strategic business units offer different products, and are managed separately because they require different technology, marketing strategies and have different types of customers. For each of the strategic business units, the Chief Operating Decision Maker (CODM) reviews internal management reports on a regular basis. 9 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) For the Six Months Ended 31 December 2024 7. Operating Segments (Continued) The following describes the operations in each of the Group’s reportable segments: - Residential apartment development in Western Australia; - Commercial office/retail development in Western Australia; - Rental of property in Western Australia; and - Corporate and overheads represents Finbar Group Limited (parent entity) and business units which generates project management fees, property management fees and sales commission. This also includes net assets attributable to the corporate offices and other administrative expenses. Residential Apartment Development $’000 Commercial Office/Retail Development $’000 External Revenues - Company and Subsidiaries 199,036 13,202 4,937 3,770 220,945 External Revenues - Equity Accounted Investees 8,266 - - - 8,266 207,302 13,202 4,937 3,770 229,211 Reportable Segment Profit before Income Tax - Company and Subsidiaries 8,038 5,065 (3,802) 3,731 13,032 Reportable Segment Profit before Income Tax - Equity Accounted Investees 200 (3) - 6 203 Reportable Segment Profit before Income Tax - Total 8,238 5,062 (3,802) 3,737 13,235 Reportable Segment Assets - Company and Subsidiaries 163,622 19,572 97,196 37,065 317,455 Reportable Segment Assets - Equity Accounted Investees 31,126 3,525 - - 34,651 Reportable Segment Liabilities - Company and Subsidiaries 68,904 6,908 38,931 6,555 121,298 Reportable Segment Liabilities - Equity Accounted Investees* 21,865 1,125 - 2 22,992 - - - 34 34 Information about Reportable Segments For the Six Months ended 31 December 2024 External Revenues - Total Corporate and Overheads $’000 Rental of Property $’000 Total $’000 Information about Reportable Segments as at 31 December 2024 Capital Expenditure Residential Apartment Development $’000 Commercial Office/Retail Development $’000 External Revenues - Company and Subsidiaries 1,017 2 4,701 928 6,648 External Revenues - Equity Accounted Investees 5,346 - - - 5,346 External Revenues - Total 6,363 2 4,701 928 11,994 Reportable Segment Profit before Income Tax - Company and Subsidiaries 152 (83) 4,670 (2,333) 2,406 Reportable Segment Profit before Income Tax - Equity Accounted Investees (255) (3) - 42 (216) Reportable Segment Profit before Income Tax - Total (103) (86) 4,670 (2,291) 2,190 27,173 507,802 Information about Reportable Segments For the Six Months ended 31 December 2023 Corporate and Overheads $’000 Rental of Property $’000 Total $’000 Information about Reportable Segments as at 31 December 2023 Reportable Segment Assets - Company and Subsidiaries 348,506 28,114 Reportable Segment Assets - Equity Accounted Investees 27,858 2,707 - Reportable Segment Liabilities - Company and Subsidiaries 236,627 15,376 39,967 Reportable Segment Liabilities - Equity Accounted Investees* 23,843 665 - - Capital Expenditure 104,009 - 30,565 11,034 303,004 - 2 24,510 - 31 31 * Excludes liabilities payable to Finbar Group. The Group’s share of revenues from equity accounted investees are reported in this table as they are managed by Finbar and reported to the CODM. Revenues from equity accounted investees are not reported in the statement of profit or loss and other comprehensive income. 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 10 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) For the Six Months Ended 31 December 2024 7. Operating Segments (Continued) 31-Dec-24 $’000 31-Dec-23 $’000 Reconciliation of Reportable Segment Revenues, Profit or Loss, Assets and Liabilities Revenues including Other Income Total revenue for development reportable segments 212,238 1,019 Total revenue for rental segments 4,937 4,701 Total revenue for other reportable segments 3,770 928 Consolidated Revenue including Other Income 220,945 6,648 Total revenue for development reportable segments - Equity Accounted Investees 8,266 5,346 229,211 11,994 13,235 2,190 (61) 65 13,174 2,255 31-Dec-24 $’000 30-June-24 $’000 Total assets for reportable segments 317,455 469,351 Cash and cash equivalents 28,740 220,138 Total Reportable Segments Revenue including Other Income Profit or Loss Total profit or loss for reportable segments Income tax applicable to share of profit of equity accounted investees Consolidated Profit before Income Tax Assets Investments in equity accounted investees 1,746 1,603 Other assets* 28,065 13,442 Consolidated Total Assets 376,006 704,534 Total liabilities for reportable segments 121,298 438,689 Other liabilities 10,605 9,346 Consolidated Total Liabilities 131,903 448,035 31-Dec-24 $’000 31-Dec-23 $’000 212,238 1,019 Rental income 4,937 4,701 Management fees 1,113 774 218,288 6,494 Liabilities * Includes receivables due to Finbar Group Limited from equity accounted investees. Geographical Segments The Group operates predominantly in the one geographical segment of Western Australia. 8. Revenue Property development sales Total Revenue 9. Income Tax Expense The Group’s consolidated effective tax rate in respect of continuing operations (excluding equity accounted investees) for the six months ended 31 December 2024 was 29.2% (2023: 32.2%). After adjusting for the write off of previously recognised tax assets, non deductible expenses, non recoverable amounts and amounts over provided in prior years, the underlying tax rate is 30.0% (2023: 29.9%). 11 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) For the Six Months Ended 31 December 2024 31-Dec-24 $’000 10. Inventories 31-Jun-24 $’000 Current Work in progress - 163,109 Completed stock 169,432 141,851 Total Current Inventories 169,432 304,960 Work in progress 28,536 26,806 Total Non-current Inventories 28,536 26,806 Non-current 11. Investment Property In accordance with the Company’s policy, independent valuations were undertaken in December 2024 on Pelago in Karratha and Fairlanes in East Perth and in June 2024 for Aurelia in South Perth. The valuation of selected investment properties by the external independent valuation company at 31 December 2024 indicated that there was a decrease in the fair value of the investment property. The movement of $5,149,000 was expensed in the profit or loss in the six months-ended 31 December 2024. All investment properties of the Group have been categorised on a Level 3 fair value basis under AASB 13 Fair Value Measurement, as some of the inputs required to value the properties are not based on ‘’observable market data’’. The updated significant unobservable inputs for the discounted cash flow and capitalisation of income valuation techniques as at 31 December 2024 are detailed below. Discounted cash flows: - Expected market rental growth 2.50% - 3.75%, weighted average 3.22%; - Void periods (average 9.0 months after the end of each lease); - Occupancy Rate 71.32%; - Risk-adjusted discounted rates (weighted average 8.50%). Capitalisation of income valuation: - Capitalisation Rate 8.50% - 12.00%; - Occupancy Rate 53.04% - 94.90%; - Rent free period 28.50 months. Commercial investment property at Aurelia worth $745,000 has been contracted for sale with settlement pending, hence, classified as current assets. 2 0 2 5 F i n ba r G r oup Int e r i m F i na nci a l Re p or t 12 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) For the Six Months Ended 31 December 2024 Company Ordinary shares 12. Capital and Reserves 31-Dec-24 31-Dec-23 On issue at 1 July 272,123,142 272,123,142 On Issue at 31 December - Fully Paid 272,123,142 272,123,142 Share Capital Dividends The following dividends were declared and paid by the Group: Cents per Share Total Amount $’000 Franked / Unfranked Date of Payment 21,770 Franked 10 October 2024 Dividend Paid During the six months ended 31 December 2024 8.00 Final 2024 ordinary 21,770 Total Amount There were no dividends paid or declared by the Company to members during the six months ended 31 December 2023. 13. Loans and Borrowings Terms and debt repayment schedule Terms and conditions of outstanding loans are as follows: 31-Dec-24 30-Jun-24 Carrying Amount $’000 Carrying Amount $’000 Nominal Interest