Centuria Capital Group · ASX:CNI
Centuria Capital — H1 FY2014 Earnings Presentation
20 slides from Centuria Capital's earnings presentation, Feb 21, 2014
Slide 1: Results Announcement for the half year ending 31 December 2013
For personal use only Results Announcement for the half year ending 31 December 2013 Centuria Capital Limited Presentation to Investors and Analysts
Slide 2: Half year summary
For personal use only Half year summary • First half year performance in line with expectations • Underlying NPAT for half year to December 2013 - $2.9m • Interim dividend of 1.25cps (franked to 100%) • Unlisted property records $99.6m acquisitions ($247m over calendar year) • Major offshore mandate
Slide 3: Half year financial results in review
31 December 2013 – Half year financial results in review For personal use only Underlying Net Profit After Tax (NPAT) Financial Summary ($m) 6 Underlying NPAT 31 Dec 2013: $2.9m (31 Dec 2012: $2.9m) 5 2nd Half Result Underlying EPS: 3.67c 4 2.405 (31 Dec 2012: 3.66c) $'m 3 3.579 Direct Property Fund
Slide 4: Underlying Results
Underlying Results Half Year Ended 31 December 2013 2012 Commentary for major movements For personal use only Underlying profit/(loss) before tax by segment $’000 $’000 - Centuria Property Funds 2,463 1,793 $100 mill acquisitions, revenue up 22% this half - Centuria Life (excluding Friendly Society
Slide 5: Property Division Revenue Sources
31 December 2013 – Property Division Revenue Sources For personal use only Property Division Revenue Sources ($m) 10 9 Other 8 7 Acquisition fees Leasing fees $'m 6 5 Property Mgt & Caretaking 4 Management fees 3 Development fees 2 1 Sales fees - 1HY2012 2HY2012 1HY2013 2HY2013 1HY2014 • Revenue up
Slide 6: Property Division: Unlisted Property Funds
31 December 2013 – Property Division Unlisted Property Funds For personal use only • $100m of direct property acquisitions during 1HY14 Unlisted Property Funds Under Management ($bn) • Singapore office introduces $32m institutional investor 1.20 1.06 1.03 1.05 to latest Centuria fund 1.00 1.00 0.80
Slide 7: Property Funds Management Strategy
Property Funds Management Strategy For personal use only Centuria’s three tiered capital strategy will allow the acquisition of a wider range of assets as well as giving investors more choice of fund type – ultimately securing greater recurring fee income. Centuria is well progressed towards offerin
Slide 8: Property Funds Management Strategy - continued
Property Funds Management Strategy - continued For personal use only 2. Asian hub strategy • Centuria is committed to its Asian hub strategy and established its Singapore office in 2012 and is one of few Australian managers with local representation • Continue to create bespoke Australian offers for
Slide 9: Financial Services: Centuria Life
31 December 2013 – Financial Services Centuria Life For personal use only • APRA approves benefit fund rules for Centuria Private Bond • First mandated tax effective private bond launch April 2014 • Private Bond structure offers a unique tax effective solution for HNWs and provides flexibility, inve
Slide 10: Financial Services: Insurance agency
31 December 2013 – Financial Services For personal use only Insurance agency • 22,151 policies as at Dec 13 • Policyholder renewals continue to track at 90.4% for calendar year • Total premiums $4.1m over half year • Commissions $553,520 over half year • Homeowners/householders premiums 61.5% of gro
Slide 11: Financial Services: Reverse Mortgage Book
31 December 2013 – Financial Services (continued) Reverse Mortgage Book For personal use only • Value of book at Dec 13 - $166m (Jun 13: $172m) secured by $626m of residential property (33.7% weighted average LVR) • Non-recourse warehouse loan at Dec 13 - $126m (Jun 13: $135m) • Loan facility maturi
Slide 12: Delivering on Strategy
Corporate Update Delivering on Strategy For personal use only • First half year performance in line with expectations • Unlisted property records $99.6m acquisitions • Record $247m property acquisitions over calendar year • Major offshore mandate secured via Singapore office • Implementation of tax
Slide 13: Appendices: Statutory Account Reconciliations
Appendices Statutory Account Reconciliations For personal use only General comment on statutory accounts reconciliation • The “Statutory Accounts” show the consolidated corporate entities including the Benefit Funds which Centuria is required to consolidate under AIFRS • The “Benefit Funds” reflect
Slide 14: Appendix 1: Income Statement
Appendix 1: Income Statement for year ended 31 December 2013 Statutory Benefit Statutory Accounts excluding For personal use only Accounts Funds Benefit Funds $’000 $’000 $’000 Property Division Revenue 7,691 - 7,691 Reverse Mortgage Book interest income 6,745 - 6,745 Centuria Life revenue 5,437 - 5
Slide 15: Appendix 2: Balance Sheet
Appendix 2: Balance Sheet as at 31 December 2013 Statutory Benefit Statutory Accounts excluding For personal use only Accounts Funds Benefit Funds $’000 $’000 $’000 Assets Cash and cash equivalents (Note 1) 13,590 - 13,590 Trade and other receivables (Note 2) 12,302 - 12,302 Financial Assets at fair
Slide 16: Appendix 2: Balance Sheet (continued)
Appendix 2: Balance Sheet as at 31 December 2013 (continued) Statutory Benefit Statutory Accounts excluding For personal use only Accounts Funds Benefit Funds $’000 $’000 $’000 Liabilities Trade and other payables 11,442 - 11,442 Corporate debt 12,000 - 12,000 Borrowings - Reverse Mortgage Book 125,
Slide 17: Appendix 3: Cash Flow Statement
Appendix 3: Cash Flow Statement for year ended 31 December 2013 Statutory Benefit Statutory Accounts excluding For personal use only Accounts Funds Benefit Funds $’000 $’000 $’000 Cash flows from operating activities Interest received 222 - 222 Management fees received (Note 1) 13,971 - 13,971 Rent,
Slide 18: Appendix 3: Cash Flow Statement (continued)
Appendix 3: Cash Flow Statement for year ended 31 December 2013 (continued) Statutory Benefit Statutory Accounts excluding For personal use only Accounts Funds Benefit Funds $’000 $’000 $’000 Cash flows from financing activities Loans (payment)/receipts (354) - (354) Benefit funds receipts - - - Rep
Slide 19: Appendix 4: Reverse Mortgage Book
Appendix 4: Reverse Mortgage Book For personal use only Actual Forecast Source: Rice Warner 31 December 2013 * The above projection is subject to variables including run-off rate, interest rates, regular refinancing and projection given as a guide only Information in this presentation is general inf
Slide 20: Disclaimer
Disclaimer For personal use only This document has been issued by Centuria Capital Limited ABN 22 095 454 336 and contains general information about Centuria Capital Limited and its related bodies corporate (“Centuria”) which is current as at 21 February 2014. The information in this document is in
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