Rising Leverage And Debt LoadThe increase in absolute debt and higher leverage reduces financial flexibility and raises refinancing and interest‑service risk. In a property downturn or tighter funding environment, elevated leverage can amplify losses, constrain acquisitions and force asset disposals, impacting long‑term strategy.
Volatile And Negative Cash Flow ConversionLarge swings to negative OCF and FCF reflect inventory and working‑capital timing typical in development but raise persistent funding needs. Reliance on external capital increases financing costs and execution risk for renovations, weakening resilience during periods of lower sales velocity.
Cyclical, Uneven Revenue GrowthHistoric unevenness and periods of negative growth highlight sensitivity to the residential resale cycle. This cyclicality undermines predictability of turnover, profits and capital needs, complicating inventory planning and potentially widening margin volatility over the medium term.