Slide 1: Annual Results Presentation
ASX:CVC Annual Results Presentation FINANCIAL YEAR ENDED 30 JUNE 2024 22 AUGUST | 2024
Slide 2: Disclaimer
DISCLAIMER IMPORTANT NOTICE FINANCIAL AMOUNTS This Presentation (as amended) (Presentation) has been prepared and issued by CVC Limited ACN 002 700 361 All dollar values are in Australian Dollars (A$) and financial data is presented as at the date of this presentation (CVC). unless stated otherwise.
Slide 3: Table of Contents
CVC LIMITED Table of Contents 1. About CVC 2. Financial Summary 3. Capital Management 4. Direct Property Portfolio 5. Selected Investments 6. Board & Management Team CVC LIMITED 3
Slide 4: About CVC
About CVC 4
Slide 5: About CVC
ABOUT CVC CVC Limited is an ASX-listed investment company deploying capital into high conviction real estate opportunities Capital Protection with Superior Returns Investment approach Property focus Highly experienced Capital and risk • CVC seeks to invest in property • Deep understanding of propert
Slide 6: About CVC
ABOUT CVC Direct Property • Relates to direct property exposure, including in ordinary equity, preference equity, joint ventures and options to acquire an interest in direct property subject to planning outcome 75.4% • Significant uplift is present when considering independent third party valuations
Slide 7: About CVC: Focus on Property
ABOUT CVC Focus on Property Jun 24 Jun 24 Jun 23 Segment Investment Allocation Adjusted* Statutory Statutory • Over the past 4 years the business has rationalised its investment portfolio such that it is % % % concentrated to property positions Property Investment 50.4 85.2 67.1 • Significant value
Slide 8: Financial Summary
Financial Summary 8
Slide 9: CVC Limited – 30 June 2024
CVC LIMITED – 30 JUNE 2024 • Net loss after tax attributable to shareholders $2.5m (FY23: profit of $13.4m) • As inventory is not revalued in accounts, in the absence of asset sales (and settlements), profit was impacted in FY24 • Net Assets $1.49 per share as at 30 June 2024. This excludes non stat
Slide 10: Share Price and NTA
CVC LIMITED – SHARE PRICE AND NTA Asset Values CVC Share Price and NTA • Large component of CVC balance sheet investment is recognised at the lower of cost and net realisable value due to accounting 3.00 standards • In May 2022 valuations of three major investments were undertaken 2.50 to provide an
Slide 11: Outlook
CVC LIMITED – OUTLOOK Objectives Direct Property Investment The real value of CVC lies in its • Formalise rezoning outcomes on two major planning projects in New South Wales – Liverpool and direct property portfolio which Marsden Park North (expected FY25) • Achieve formal rezoning for Officer South
Slide 12: Capital Management
CAPITAL MANAGEMENT 12
Slide 13: Capital Management
CVC LIMITED – CAPITAL MANAGEMENT CVC NOTE OTHER CAPITAL MANAGEMENT FOCUS ACTIONS • CVC Note 2 – ASX: CVCHA – Issued in April 2023 raising $31m – Interest rate – 4.75% over BBSW • Given the investment portfolio of – Quarterly interest payments • Refinance of Marsden Park North project direct property
Slide 14: Direct Property Portfolio
Direct Property Portfolio 14
Slide 15: Property Portfolio
CVC LIMITED – PROPERTY PORTFOLIO CVC has a unique array of investments in property across New Diversified Across Sector and Geography South Wales, Queensland and Victoria Location Breakdown Asset Sector Breakdown 5% 5% 7% Investments cover industrial, retail 25% 29% and residential projects. There i
Slide 16: Direct Property Positions
CVC LIMITED – DIRECT PROPERTY POSITIONS Segment Summary KEY INVESTMENT POSITIONS STATUTORY EQUITY VALUE IMPACT OF VALUATION (Jun 24) ASSESSMENT* • Accounts for in excess of 90% of the value of the CVC business (using market assessed values) Lake Orr Drive, Burleigh Waters, QLD (60%) $56.9m • Statuto
Slide 17: Selected Investments
Selected Investments 17
Slide 18: Selected Investments – Heathcote Road, Liverpool, NSW
CVC LIMITED – PROPERTY INVESTMENTS Selected Investments – Direct Property Investments Heathcote Road, Liverpool, NSW • One of Australia’s largest urban renewal precinct • Option to acquire 16.7Ha site in Liverpool, NSW, entered into in 2016 (CVC ownership 66.7% in partnership with Leamac Property Gr
Slide 19: Selected Investments – Park Road, Marsden Park, NSW
CVC LIMITED – PROPERTY INVESTMENTS Selected Investments – Direct Property Investments Park Road, Marsden Park, NSW • Purchased in 2013 in partnership with Leamac Property Group for $9.0m (CVC ownership 66%) • Since 2015 the property was in a government process to rezone to residential masterplanned
Slide 20: Selected Investments – Donnybrook Road, Donnybrook, VIC
CVC LIMITED – PROPERTY INVESTMENTS Selected Investments – Direct Property Investments Donnybrook Road, Donnybrook, VIC • Purchased two properties in 2015 and 2016 in joint venture with Villa World Limited (now Avid Property Group) for $22.8m (CVC ownership 49%) • Achieved rezoning in January 2022 wi
Slide 21: Selected Investments – Logan Road, Woolloongabba, QLD
CVC LIMITED – PROPERTY INVESTMENTS Selected Investments – Direct Property Investments Logan Road, Woolloongabba, QLD • Invested in project in 2016, CVC ownership is 52.5% • Site totals 9,361sqm and is currently approved for mixed use development of over 600 apartments • Planning submission has been
Slide 22: Selected Investments – Lake Orr Drive, Burleigh Waters, QLD
CVC LIMITED – PROPERTY INVESTMENTS Selected Investments – Direct Property Investments Lake Orr Drive, Burleigh Waters, QLD • Contracted to purchase 5.4Ha of development land in Gold Coast for $45m (CVC 50% in partnership with private developer) in March 2022 • Extremely flexible development approval
Slide 23: Board and Management Team
Board and Management Team 23
Slide 24: Board & Management
CVC LIMITED – BOARD & MANAGEMENT Experienced and well credentialled Board and Management Team Craig Treasure Mark Avery John Leaver Ian Campbell Executive Chairman Managing Director Executive Director Independent Director Craig has over 35 years’ experience Mark is an experienced property John found
Slide 25: Board & Management
CVC LIMITED – BOARD & MANAGEMENT Experienced and well credentialled Board and Management Team Joanna Jiang Erika Pawley Rachel Harrison Kelli Thomas Financial Controller Planning | New South Wales Planning | New South Wales Planning | Queensland Joanna is a highly skilled accounting Erika is one of
Slide 26: Suite 40.04
Suite 40.04 Level 40 Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 P (02) 9087 8000 W www.cvc.com.au