Global Data Centre Group (GDC) H2 2024 earnings summary

Executive summary

• Achieved significant improvement in unit price, up 104% year-over-year to $3.36, driven by asset realisations and strong execution of divestment strategy.

• Asset realisation strategy advanced with major disposals underway, including Etix Everywhere and Perth Data Centre.

• Focus on returning value to unitholders through asset sales and distributions.

• Completed Malaga Data Centre sale for $39M, netting $14M cash; ETIX Everywhere sale contract executed with $175M proceeds expected in September, representing ~2x MOIC.

• AirTrunk sale process is well progressed, but timing and quantum remain uncertain.

Financial highlights

• Audited statutory NAV increased 22% to $2.59 per unit at June 2024; net assets attributable to securityholders rose 21.6% to $200.2M.

• Statutory profit after tax was $40.8M, up from a $1.0M loss in FY23; statutory EPS rose to 52.0 cps from (0.1) cps.

• Total revenue and other income increased 124% year-over-year to $27.5M, driven by a $24.1M fair value uplift on AirTrunk.

• Net profit from discontinued operations (Etix) was $29.5M, reflecting gain on deconsolidation.

• Cash on hand totaled $27.9 million at period end, bolstered by Malaga sale.

Outlook and guidance

• Proceeds from ETIX and Malaga divestments forecast at $1.80–$2.00 per unit, expected to be distributed in late H1FY25.

• No clear timetable for potential AirTrunk proceeds; further steps depend on realisation process and regulatory considerations.

• Ongoing work with administrators and ASX to determine next steps for the listed vehicle.