Slide 1: Financial Results Half Year Ended 31 December 2018
FINANCIAL RESULTS HALF YEAR ENDED 31 DECEMBER 2018 INVESTOR PRESENTATION May 2018 [ CVC Limited | 31 December 2018 | Investor Presentation ]
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: CVC Results Summary
CVC Results Summary 1 JULY 2018 – 31 DECEMBER 2018 ($6.38) $0.07 $1.58 $1.00 $30.3 $39.2 Million cents Million Million NPAT (loss) INTERIM STATUTORY UNRECOGNISED NET CASH REVENUE to shareholders DIVIDEND NTA NTA PRE-TAX (Undrawn debt facility 100% franked per share UPLIFT of $9.9 million) [ CVC Limi
Slide 4: CVC Overview
CVC Overview 1 July 2018 – 31 December 2018 CVC Limited (“CVC”) is an ASX listed diversified investment company, deploying capital across a variety of asset classes 300+ $307 investments million 30+ made across all industries at varying stages of development 21% Market Capitalisation2 13 investment
Slide 5: CVC Business Overview
CVC Business Overview Total reported assets at 31 December 2018 Private Equity Unallocated Investments in unlisted Cash and deposits 6% 12% businesses including pre-IPO, unlisted funds and relevant corporate assistance fees Funds Management 2% 13% Investments in fund managers of Commercial Debt and
Slide 6: CVC Results Summary
CVC Results Summary 1 July 2018 – 31 December 2018 • Underlying 1H FY 2019 NPAT loss of $4.9 million; • 150% growth in the commercial lending portfolio to $36.2 million; • Payment of a fully franked dividend of 8 cents per share during the period and • The commencement of the Eildon Debt Fund with $
Slide 7: About CVC – Listed Investments
About CVC – Listed Investments 1 JULY 2018 – 31 DECEMBER 2018 Half Year 2018 Investment Summary • Substantial positive contributions from PBP and IDT $90m ($12.4m) (8.6%) • Substantial negative contributions from BNO, INP, VLW, PRT and RZI Invested • During first 2 months of 2H FY 2019 CVC’s has ben
Slide 8: About CVC – Listed Investments
About CVC – Listed Investments 1 July 2018 – 31 December 2018 CVC Equity Portfolio includes the following significant investments, with holdings and values Creates value through active management of large strategic holdings that are as at 31 December 2018 identified as undervalued, counter-cyclical
Slide 9: About CVC – Direct Property Investments
About CVC – Direct Property Investments 1 JULY 2018 – 31 DECEMBER 2018 Half Year 2018 Investment Summary Advancement of major planning projects including: • $17.2 $5.6m 66 Marsden Park (Exhibition of PSP) m2 %1 • Donnybrook (PSP progressed) • East Bentleigh (VPA Strategic Site) Invested Profit Gross
Slide 10: About CVC – Direct Property Investments
About CVC – Direct Property Investments Investment Philosophy When taking a direct investment in property • Rockhampton – Equity – Development • Caboolture – Equity – Development assets, CVC seeks to capitalise from: • Maroochydore – Equity – Development • Partner capability • Woolloongabba – Equity
Slide 11: About CVC – Property Backed Lending
About CVC – Property Backed Lending 1 JULY 2018 – 31 DECEMBER 2018 Half Year 2018 Investment Summary • Transaction flow in this segment has been strong as major banks reduce / re-weight their portfolio from certain areas of the property segment and the $52.8m $3.6m 15%1 tightening of available credi
Slide 12: About CVC – Property Backed Lending
About CVC – Property Backed Lending 1 July 2017 – 30 June 2018 AUSTRALIAN COMMERCIAL PROPERTY LENDING PROPERTY DEVELOPMENT FUNDING PYRAMID ($bn) Major Bank Position Alternative Financier Opportunity Senior Bank Debt Mezzanine Debt 84% $ 26 bn 16% $ 30 bn 35% $ 56 bn 65% “Gap” financing opportunity P
Slide 13: About CVC – Property Backed Lending
About CVC – Property Backed Lending 1 JULY 2018 – 31 DECEMBER 2018 EXAMPLE KEY INVESTMENTS Palm Beach, QLD East Bentleigh, VIC • Stretch Senior Finance Facility • Mezzanine Finance Facility Subject Site • Peak Forecast LVR: 70% • Peak Forecast LVR: 70% • Forecast Investment IRR: 15% • Forecast Inves
Slide 14: About CVC – Private Equity Investments
About CVC – Private Equity Investments 1 JULY 2018 – 31 DECEMBER 2018 Half Year 2018 2019 Objectives (Cont.) • Divest from under performing / stagnant investments • $17.2m $0.1m 1%1 Execute synergistic acquisition of a portfolio of investments • Undertake IPO’s of a number of portfolio companies Inv
Slide 15: About CVC – Alternative Assets/Debt
About CVC – Alternative Assets/Debt 1 JULY 2018 – 31 DECEMBER 2018 Half Year 2018 Investment Summary • Transaction flow in this segment has been strong as major banks reduce their risk and tightening available credit as a result of the Hayne royal commission, $36.2m $1.6m 12%1 especially to the Smal
Slide 16: About CVC – Funds Management
About CVC – Funds Management 1 JULY 2018 – 31 DECEMBER 2018 Half Year 2018 Investment Summary • Growth of funds management businesses, including provision of growth capital books for Bigstone Finance $6.1m ($0.5m) (22%1) • Support by CVC of investment vehicles, including: Invested Profit Gross retur
Slide 17: CVC Outlook – Full Year
CVC Outlook – Full Year 1 July 2018 – 30 June 2019 • Total dividends for FY 2019 expected to be 15 cents per share • NPAT for FY 2019 will be dependent on the performance of the ASX listed segment in the second half • Targeting to increase funds under management by a further $100 million, including