Keybridge Capital Limited · ASX:KBC
Keybridge Capital — H1 FY2014 Earnings Presentation
17 slides from Keybridge Capital's earnings presentation, February 2014
Slide 1: Welcome
Welcome. My name is Nicholas Bolton, Keybridge’s Executive Director, and I am pleased to present to you the Company’s financial results for the six months ended 31 December 2013. This presentation addresses the present status of the Company’s financial position, its portfolio of assets, and the outl
Slide 2: Net loss after tax for the half-year
The Group’s net loss after tax attributable to ordinary equity holders for the half-year to 31 December 2013 was $1.3 million, compared with a loss of $2.5 million in the prior period. Basic and diluted loss in the last six months was 0.66 cents per share compared with 1.46 cents in the prior period
Slide 3: Income statement notes (1)-(6)
(1) Income (excluding shipping) is recognised on two assets, one of which is paying quarterly disbursements with the next payment due in March 2014. The balance of income is interest earned at an average rate of 4.11% per annum on average cash on deposit of $16.2 million for the six months to 31 Dec
Slide 4: Income statement notes (deconsolidated)
(1) Income (excluding shipping) is recognised on two assets, one of which is paying quarterly disbursements with the next payment due in March 2014. The balance of income is interest earned at an average rate of 4.11% per annum on average cash on deposit of $16.2 million for the six months to 31 Dec
Slide 5: Generating cash income continues to be a key focus
Generating cash income continues to be a key focus. Interest income received from cash on deposit $0.33 million and Totana of $0.32 million. Overall cash increased from June 2013 as a result of the realisation of PRFG loan for $10.5 million, also repayments from Totana $0.25 million and AMW $0.28 mi
Slide 6: Shareholders' funds and net tangible assets
The Group’s shareholders’ funds were $41.26 million as at 31 December 2013, with net tangible assets (NTA) of 23.6 cents per share. This represents an NTA reduction of 0.8 cents per share at 30 June 2013 arising from impact of the consolidation of Oceanic Shipping. It is noted that at the time of th
Slide 7: Movement in investment portfolio value
Over the course of the last six months, the value of Keybridge’s investments portfolio increased from $30 million to $42 million. This was as a result of: − Investment repayments of $11 million; − New investments of $3 million; − Accrued income and Net foreign exchange positive movements of $2 milli
Slide 8: Total book value of assets by class
At 31 December 2013, the total book value of the Company’s assets, excluding Oceanic Shipping was $42.64 million. The largest asset class is cash representing 47% of total assets. Infrastructure 17%, Private Equity 13%, Property 12%, Listed Equity 7%, Lending represents 3% and shipping 1% I will now
Slide 9: Infrastructure
Infrastructure: Total book value $7 million. In March 2008, Keybridge developed a 1.05MW solar photovoltaic electricity facility in southern Spain. Previously this plant had some production issues that have now been rectified under warranty and it is now functioning in accordance with the original c
Slide 10: Private Equity
Private Equity: Total book value $5.4 million. Keybridge has a limited recourse loan to RPE1 Investor LLC, a Colorado USA limited liability company which holds units in a Private Equity Fund. This loan accrues interest at 14.5% per annum and has a maturity date of 31 December 2017. Keybridge’s loan
Slide 11: Property
Property: Total book value $5.2 million. In 2007 and 2008, Keybridge invested $5.95 million in mezzanine loans against a residential and retail property development located in an inner Sydney suburb. The project involves the progressive development of four lots. Three out of the four lots have compl
Slide 12: Listed Equity
Listed Equity: Total book value $2.9 million. Keybridge holds an 18.5% investment in ASX-listed PTB Group Limited (PTB), which is a turbo-prop aircraft parts and services supply organisation with operations in Queensland and New South Wales. This investment is marked-to-market at each balance date,
Slide 13: Lending
Lending: Total book value $1.5 million. Keybridge has two lending investments being a loan outstanding to PR Finance Group Limited (PRFG) and a loan to Carbon Polymers Ltd (CBP). In June 2007 Keybridge provided a $15 million interest-only mezzanine loan to PRFG to assist in financing its portfolio o
Slide 14: Shipping
Shipping: Total asset value $24.5 million. At 30 June 2013, Keybridge held junior non-recourse loans for financing of three ships owned by Oceanic Shipping. Recent independent valuations indicated that the market value of these ships was less than the outstanding debt balances. Keybridge has been ca
Slide 15: Staff and board of Keybridge
Keybridge’s parent company now only has a full time staff of three (including the Executive Director), and a Board of four directors (the ED and three non-executive directors). Transaction management is handled by the Executive Director, with the other two staff assisting in day-to-day financial man
Slide 16: Outlook for Keybridge
Now turning to the outlook for Keybridge. Having largely completed the difficult program of complex asset realisations and workouts over the last few years, the Company is now in a position to initiate new investments. The Company recently invested $1.1 million to acquire 16% of Aurora Funds Ltd (AS
Slide 17: Thank you for your time today
Thank you for your time today. If you have any follow-up questions, please contact me directly. 17