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    SCG   AU000000SCG8

SCENTRE GROUP

(SCG)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 09/17
2.99 AUD   0.00%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Scentre Slumps to A$3.61 Billion Half-Year Loss

08/24/2020 | 04:59pm EDT

By David Winning

SYDNEY--Scentre Group reported a deep first-half loss, as the coronavirus pandemic deterred many shoppers from visiting its malls and weighed on valuations of retail property assets.

Scentre, which owns and operates nearly 40 Westfield branded shopping centers, reported a net loss of 3.61 billion Australian dollars (US$2.59 billion) in the six months through June. That was down from A$740.0 million at the same stage of the previous year.

Scentre said the valuation of its property portfolio fell by A$4.08 billion at the end of June. Management had signaled an around 10% decline was likely earlier this month.

Funds from operations--a smoothed measure of operating cash flow that excludes depreciation, amortization and gains on asset sales--fell by 46% to A$361.9 million in the six-month period. Scentre said its funds from operations was dragged down by an expected credit charge of A$232.1 million related to the impact of the pandemic.

Scentre said it was able to collect 70% of rent during the half-year period as the pandemic caused many tenants to seek assistance after restrictions imposed to suppress the coronavirus meant they weren't able to open their doors for several weeks. For the months of June and July, gross rental billings collections were more than 80%.

"As customers are returning to our centers, more than 93% of retail stores are open across the portfolio (excluding our Victorian centers)," said Chief Executive Peter Allen. "Portfolio occupancy was 98.8% at the end of June."

The impact of the pandemic risks stretching Scentre's balance sheet, despite A$4.4 billion of available liquidity at the end of June. Many analyst had considered the company's finances to be stretched even before the pandemic and had urged the sale of some assets, which may now be hard to do given dark clouds over the retail sector.

Scentre said its gearing--a measure of debt relative to equity--was 38.4% at the end of June. That's within its target range, but Macquarie noted this month that Moody's Investors Service threshold is 45% for a downgrade of its A2 credit rating.

On Tuesday, Scentre confirmed it wouldn't provide earnings or distribution guidance.

 

Write to David Winning at david.winning@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ABCAM PLC -1.00% 1485 Delayed Quote.-4.19%
CLINIGEN GROUP PLC 3.72% 614 Delayed Quote.-9.04%
MACQUARIE GROUP LIMITED 0.17% 180.17 End-of-day quote.30.11%
SCENTRE GROUP 0.00% 2.99 End-of-day quote.7.55%
UNIBAIL-RODAMCO-WESTFIELD SE -0.62% 66.01 Real-time Quote.2.21%
All news about SCENTRE GROUP
09/01FTSE 100 Rises, Fresh Brexit Concerns Could Lift Euro Vs Pound
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08/24MORGAN STANLEY : rates SCG as Equal-weight
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08/23Scentre Maintains Distribution Outlook, Assumes Restrictions Ease Within Mont..
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08/13SCENTRE GROUP : Ex-dividend day for interim dividend
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08/03FTSE 100 Closes Higher After Positive Corporate Earnings
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More news
Analyst Recommendations on SCENTRE GROUP
More recommendations
Financials
Sales 2021 2 224 M 1 616 M 1 616 M
Net income 2021 857 M 623 M 623 M
Net Debt 2021 13 594 M 9 876 M 9 876 M
P/E ratio 2021 18,8x
Yield 2021 4,59%
Capitalization 15 501 M 11 273 M 11 261 M
EV / Sales 2021 13,1x
EV / Sales 2022 12,2x
Nbr of Employees 2 427
Free-Float 95,5%
Chart SCENTRE GROUP
Duration : Period :
Scentre Group Technical Analysis Chart | SCG | AU000000SCG8 | MarketScreener
Technical analysis trends SCENTRE GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Last Close Price 2,99 AUD
Average target price 2,92 AUD
Spread / Average Target -2,23%
EPS Revisions
Managers and Directors
Peter Kenneth Allen Chief Executive Officer & Executive Director
Elliott Chaim Aaron Rusanow Chief Financial Officer
Brian Martin Schwartz Independent Non-Executive Chairman
Richard Webby Technology Director
Maureen Therese McGrath Co-Secretary, Compliance Officer & General Counsel
Sector and Competitors
1st jan.Capi. (M$)
SCENTRE GROUP7.55%11 273
AEON MALL CO., LTD.0.06%3 526
ARABIAN CENTRES COMPANY-0.20%3 167
VINCOM RETAIL JOINT STOCK COMPANY-7.01%2 908
ATRIUM LJUNGBERG AB (PUBL)11.52%2 807
PLAZA S.A.-14.61%2 359