Elanor Investors Group · ASX:ENN
Elanor Investors — H1 FY2019 Earnings Presentation
22 slides from Elanor Investors's earnings presentation, Feb 18, 2019
Slide 1: 1HFY19 Results Presentation
ELANOR INVESTORS GROUP 1HFY19 Results Presentation 18 February 2019
Slide 2: Contents
Contents Section Page No. 1 1HFY19 Results Overview 3 2 Strategy and Business Overview 5 3 Financial Results 12 4 Segment Performance 15 5 Strategy and Outlook 20 [2]
Slide 3: 1HFY19 Results Overview
Nanot® 1HFY19 Results Overview
Slide 4: 1HFY19 Results Highlights
1HFY19 Results Highlights • Established three new managed funds in 1HFY19: Waverley Gardens Funds Under $1,149m Fund, Auburn Office Syndicate and Stirling Street Syndicate with a combined gross asset value of $212.8m as at 31 December 2018 Management 32.9% increase on 1HFY18 • Waverley Gardens Fund
Slide 5: Strategy and Business Overview
Strategy and Business Overview
Slide 6: Funds Management Strategy
Funds Management Strategy • Grow funds Strategic Objective under management • Deliver strong returns for Elanor capital partners and security holders Provide superior investment results to deliver on strategic objective Retail Commercial Hotels, Tourism Other Sectors Real • Active asset Office and L
Slide 7: Focused Execution of Funds Management Strategy
Focused Execution of Funds Management Strategy • Key successes in executing the funds management strategy during the period include: – Established new, growth focused, institutional capital partner relationships including: • Joint venture with Heitman, a global real estate investment management firm
Slide 8: Growth In Funds Management
Growth In Funds Management • ENN’s key strategic objective is to grow funds under management by identifying and originating real estate investments that deliver strong returns for both Elanor’s funds management capital partners and Elanor security holders • Funds under management of $1,149m as at 31
Slide 9: Growth in Funds Management (cont’d)
Growth in Funds Management (cont’d) • Funds Management fees, excluding performance fees, have increased from $5.6m in 1HFY18 to $7.5m in 1HFY19, an increase of $1.9m or 33% • Recurring Funds Management fees in 1HFY19 of $4.8m reflect the acquisitions of Waverley Gardens on 21 December 2018 and Aubur
Slide 10: Investments and Funds Under Management
Investments and Funds Under Management MANAGED FUNDS INVESTMENTS WorkZone West WorkZone West Syndicate Waverley Gardens Syndicate Syndicate Elanor Commercial Hunters Plaza Property Fund Syndicate Bluewater Square 128 Syndicate 15 0 137 Belconnen Markets 1 Syndicate 10 Featherdale Wildlife Auburn Off
Slide 11: The Group has Significant Capital to Facilitate Future Growth
The Group has Significant Capital to Facilitate Future Growth • ENN currently has funds under management of $1,149m. The Group has an active pipeline in its key investment sector focusses of retail real estate, commercial office real estate and the accommodation hotels, tourism and leisure sectors •
Slide 12: Financial Results
Nanot® Financial Results
Slide 13: Adjusted Profit and Loss
Adjusted Profit and Loss1 1HFY19 1HFY19 • Statutory net profit after tax of $9.48m Segment Revenue and EBITDA Revenue EBITDA $000 $000 • Adjusted net profit after tax of $11.07m on the basis that the Funds Management 7,507 6,206 co-investments in Bluewater Square Syndicate, Elanor Metro Hotels, Tour
Slide 14: Adjusted Balance Sheet
Adjusted Balance Sheet1 Balance Sheet as at 31 December 2018 $’000 • Net assets of $149m as at 31 December 2018 Assets • Financial assets include vendor finance on the Merrylands Cash 8,857 property sale Receivables 13,534 Inventories 595 • Hotels, Tourism and Leisure properties are accounted for in
Slide 15: Segment Performance
Nanot® Segment Performance
Slide 16: Segment Performance
Segment Performance • The Group measures the performance of its co-investments based on distributions received/receivable, consistent with the treatment within Core Earnings. Adjusted EBITDA, to reflect distributions received/receivable from co-investments rather than the equity accounted result, is
Slide 17: Funds Management
Funds Management 1HFY19 1HFY18 Variance Gross asset Performance Managed Funds ($m) ($m) (%) value ($m) Elanor Commercial Property Fund 136.6 Revenue 7.5 5.6 33 Elanor Metro and Prime Regional Hotel Fund 195.0 Elanor Retail Property Fund (ASX: ERF) 322.1 Auburn Office Syndicate 4.8 Expenses 1.3 1.3 (
Slide 18: Hotels, Tourism and Leisure
Hotels, Tourism and Leisure 1HFY19 1HFY18 Variance Carrying Value Performance Assets ($m) ($m) (%) ($m) Adjusted Revenue 9.0 12.3 (27) Featherdale Wildlife Park 39.0 Expenses 5.8 8.0 (27) Hotel Ibis Styles Albany 5.2 EBITDA contribution to 3.2 4.3 (26) Core Earnings1 Elanor Metro and Prime Regional
Slide 19: Real Estate
Real Estate Carrying Value 1HFY19 1HFY18 Variance Assets Performance ($m) ($m) ($m) (%) Elanor Commercial Property Fund 13.1 Adjusted Revenue ($m) 2.1 1.5 39 Elanor Retail Property Fund 33.3 Auburn Office Syndicate 4.8 Expenses ($m) 1.0 0.7 51 Belconnen Markets Syndicate 0.5 EBITDA contribution to 1
Slide 20: Strategy and Outlook
Nanot® Strategy and Outlook
Slide 21: Strategy and Outlook
Strategy and Outlook STRATEGIC OBJECTIVES Growing funds under management • Originating high investment quality assets • Growing institutional and private capital partner base • Seed new managed funds with ENN owned investments Actively managing investment portfolio • Grow earnings from co-investment
Slide 22: Disclaimer
Disclaimer This presentation has been prepared by Elanor Investors Limited (ACN 169 308 187) and Elanor Funds Management Limited (ACN 125 903 031, AFSL 398196), as responsible entity of Elanor Investment Fund, and their controlled entities (collectively, ‘Elanor Investors Group’, ‘the Group’ or ‘ENN
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