Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF Bentham — H1 FY2017 Earnings Presentation
15 slides from Omni Bridgeway's earnings presentation, February 2017
Slide 1: FY2017 Half Year Results Investor Presentation
FY2017 Half Year Results February 2017 Investor Presentation
Slide 2: Summary
SUMMARY Relatively strong first half financial performance resulting from a small number of completions. Delivered on key strategic objectives in relation to capital management and geographic expansion. Half-way through three year transition phase and as a consequence will continue to experien
Slide 3: Overview of IMF Bentham Limited
OVERVIEW OF IMF BENTHAM LIMITED IMF has delivered a global MOIC of 1.55x (including withdrawals) since listing. IMF is continuing to execute its growth strategy including international expansion, diversification and capital management. IMF Fast Facts Detail A leading global litigation Listed on AS
Slide 4: Consistent Risk Management
CONSISTENT RISK MANAGEMENT IMF’s risk management process includes Case selection, Investment Committee review, and Case Management. Case selection must meet minimum legal, factual and commercial criteria before recommendation to the Investment Committee. Rigorous Investment Committee process t
Slide 5: Result Overview and Highlights
RESULT OVERVIEW and HIGHLIGHTS HY2017 HY2016 FY2016 HY2017 V HY2016 Contract Income $66.6M $26.2M $99.7M 154% Litigation Expenses $(35.6)M $(17.0)M $(46.8)M 109% Net Income (from cases) $35.0M $11.8M $53.0M 197% Total Revenue $36.4M $13.1M $56.4M 178% Operating Expenses $(15.1)M $(12.5)M $(2
Slide 6: Investment Portfolio at 31 December 2016
INVESTMENT PORTFOLIO AT 31 DECEMBER 2016 IMF has generated average gross revenue in excess of 15% of the estimated portfolio value of a case at the time the case is completed. Possible Possible Possible Estimated Proportion Number of completion completion completion Portfolio value range portfolio v
Slide 7: Investment Portfolio at 31 December 2016
INVESTMENT PORTFOLIO AT 31 DECEMBER 2016 Notes to the Group’s Case Investment Portfolio a) Past performance indicates that the Group has generated average gross revenue in excess of 15% of the Estimated Portfolio Value (EPV) of a case at the time it is completed (Long Term Conversion Rate). Past per
Slide 8: Investment Portfolio at 31 December 2016
INVESTMENT PORTFOLIO AT 31 DECEMBER 2016 In addition to the above portfolio, IMF has also announced conditional funding of the following eight cases: GST class action (19 September 2016) Hastie Group Limited class action (19 September 2016) UGL Limited class action (28 September 2016) Oakey
Slide 9: Balance Sheet Strength
BALANCE SHEET STRENGTH Cash Investments1 Net Assets $M $M $M 2 $166.14 $208.65 $161.86 $207.63 $145.63 3 $142.53 $134.40 $201.39 $130.11 $124.34 $99.48 $93.61 $185.90 $79.14 $179.08 HY15 FY15 HY16 FY16 HY17 HY15 FY15 HY16 FY16 HY17 HY15 FY15 HY16 FY16 HY17 1 Investments includes capitalised overhead
Slide 10: IMF's track record to 31 December 2016
FUNDING TRACK RECORD EXCLUDING WITHDRAWALS IMF’s track record to 31 December 2016 157 cases commenced and completed since listing MOIC of 1.6x (excluding withdrawals) Average investment period of 2.6 years 90% success rate 128 Revenue Summary Settlements Revenue to funded claimants $1,258M 6
Slide 11: Growth Strategy
GROWTH STRATEGY The Company has previously announced its focus for FY2017 included the following objectives: OBJECTIVE ACHIEVEMENT Further geographic expansion requiring the IMF has recently announced the opening of its assessment of additional offices in the US. fourth US office in Houston. Possi
Slide 12: Growth Strategy - Capital Management
GROWTH STRATEGY - CAPITAL MANAGEMENT One of key priorities for FY2017 was the implementation of a capital management plan to fund US investments. IMF has recently announced the launch of its first investment vehicle, Bentham IMF 1 LLC. A special purpose vehicle funded, advised and managed by a
Slide 13: Summary of Key Terms of Bentham IMF US Investment Vehicle
SUMMARY OF KEY TERMS OF BENTHAM IMF US INVESTMENT VEHICLE Up to US$200 million of capital. Draw down of capital over a three-year period, with minimum annual tranches applying. IMF to be managed by a board of managers appointed by IMF. IMF’s US operating subsidiary, Bentham Capital LLC to pr
Slide 14: Benefits of Bentham IMF US Investment Vehicle
BENEFITS OF BENTHAM IMF US INVESTMENT VEHICLE By leveraging its investments in the US, IMF is aiming to generate a return from the capital it invests in the Bentham IMF Funding Vehicle that is far superior to the return it would expect to achieve by investing the same amount directly into litigati
Slide 15: Strategic Objectives
STRATEGIC OBJECTIVES IMF will aim to continue to deliver on its growth and diversification strategy through the balance of FY 2017. Alternative product offerings will continue to be evaluated. Explore capital management strategies for non-US investments. Consider re-entry into Europe after t