Slide 1: Welcome
Welcome. My name is Nicholas Bolton, Keybridge’s Managing Director, and I am pleased to present to you the Company’s financial results for the six months ended 31 December 2014. This presentation addresses the present status of the Company’s financial position, its portfolio of assets, and the outlo
Slide 2: Today's results mark a successful milestone
Today’s results mark a successful milestone in the renovation of Keybridge which has been ongoing for the past 6 years. We are pleased to report a net profit after tax for the half-year to 31 December 2014 of $0.731 million (compared with a loss of $1.303 million in the prior period), along with our
Slide 3: Income and operating expense
Income Total investment and interest income for the six months to 31 December 2014 of $0.918 million was achieved in the period with all new and retained investments contributing either accrued or cash interest income. The Company incurred net unrealised mark-to-market losses of $0.275 million on th
Slide 4: Interest income received from cash on deposit
• Interest income received from cash on deposit $0.17 million and $0.70 million from new and retained investments. • Overall cash decreased from June 2014 as a result of the new investments in the insurance and listed equity segments. • Investment recovery-associated costs are non-recurring. They in
Slide 5: Quoted shares on issue and net tangible assets
• With 158.6* million quoted shares on issue as at 31 December 2014, shareholders’ funds equated to Net Tangible Assets of approximately 23.5 cents per share *(excludes 15.0 million unquoted shares issued under the Executive Share Scheme (ESS) and the matching ESS loan). • Of Keybridge’s total net a
Slide 6: Total book value of the Company's assets
• At 31 December 2014, the total book value of the Company’s assets, was $37.48 million. The largest asset class is cash representing 32% of total assets. • Cash 32%, Infrastructure 18%, Private Equity 16%, Listed Equity 16%, Insurance 10% Property 7%, and Lending represents 1%. 6
Slide 7: Infrastructure: Total book value $6.8 million
Total book value $6.8 million. In March 2008, Keybridge invested EUR9.6 million for the development, construction and ownership of a 1.05MWp twin-axis tracking solar photovoltaic (PV) park in the Murcia region in southern Spain, named Totana. Upon completion, the park was registered under Royal Decr
Slide 8: Listed equity: Total book value $6.2 million
Total book value $6.2 million. Keybridge holds 3 substantial shareholdings in other ASX listed companies (PTB, AFV, MPO), along with a number of smaller liquid holdings in listed companies that are held for strategic or solely return purposes. Keybridge has been active in the period with regard to e
Slide 9: Private equity: Total book value $6.1 million
Total book value $6.1 million. Keybridge holds a limited recourse loan to RPE1 Investor LLC, a Colorado USA limited liability company, which holds units in a Private Equity Fund. This loan accrues interest at 14.5% per annum and has a maturity date of 31 December 2017. Keybridge’s loan of USD5.0 mil
Slide 10: Property: Total book value $2.4 million
Total book value $2.4 million. In September 2014, the Company took direct control of the last two loans that were held in a fund run by Ashe Morgan, which invested in first ranking mortgage loans over commercial properties. The loans are secured by properties in the Melbourne suburb of Prahran and a
Slide 11: Insurance: Total book value $3.7 million
Total book value $3.7 million. • Insurance portfolio performing. • Return of capital of approximately NZD0.3 million expected March 2015. 11
Slide 12: Lending: Total book value $0.1 million
Total book value $0.1 million. During the half-year, the Liquidator of PR Finance Group Limited (PRFG) contracted to sell the AMX business to Ridgway Capital Limited (Ridgway). The sale of the AMX business allowed the Liquidator to distribute to Keybridge, as secured creditor, sufficient monies to b
Slide 13: Keybridge's parent company now has a full time staff of four
Keybridge’s parent company now has a full time staff of four (including the Managing Director), and a Board of four directors (Managing Director, Executive Director and three non-executive directors). Transaction management is handled by the Managing Director and Executive Director, with the other t
Slide 14: Now turning to the outlook for Keybridge
Now turning to the outlook for Keybridge. During the half year, Keybridge announced the acquisition of Aurora Funds Management (AFM) for $4.3 million ($3.5 million at Completion and $0.8 million deferred for 12 months) plus an adjustment for any net cash or liabilities to be assigned as at the date
Slide 15: Thank you for your time today
Thank you for your time today. If you have any follow-up questions, please contact me directly. 15