Pengana Capital Group Ltd. · ASX:PCG
Pengana Capital — H1 FY2021 Earnings Presentation
15 slides from Pengana Capital's earnings presentation, February 2021
Slide 1: Pengana Capital Group Results for the Period Ended 31 December 2020
PENGANA CAPITAL GROUP RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2020 “Strong Yield with Exceptional Growth Prospects” Russel Pillemer Katrina Glendinning Chief Executive Officer Chief Financial Officer
Slide 2: Table of Contents
TABLE OF CONTENTS 1. Business Overview 2. H1 FY 2021 Results
Slide 3: Business Overview
SECTION 1 fa PENGANA CAPITAL, BUSINESS OVERVIEW
Slide 4: Performance in H1 FY2021
PERFORMANCE IN H1 FY2021 • Fund under Management up 15% in 6 months to 31 December 2020 • Underlying Profit Before Tax Profit after tax up 17.1% • EPS on underlying profit after normalised tax at 30% up 13% • Interim dividend of 5 cents per share up 25% • Strong investment performance, with all stra
Slide 5: Funds Under Management
FUNDS UNDER MANAGEMENT 1 FUM growth to historically high levels, due to strong Historical Growth in FUM ($m)2 $4,000 investment performance and based on higher margin $3,593 $3,586 $3,519 products $3,500 $3,272 $3,127 $3,129 $2,879 $3,000 FUM increased by 15% in 6 months to Dec 2020: $2,528 $2,500 •
Slide 6: Funds Under Management
FUNDS UNDER MANAGEMENT 1 31 December 20 Australian multi- 16% caps • Growth in Australian FUM is limited due to market 28% 8% dynamics and capacity constraints of our funds Australian small-caps 1% • Major strategic aim has been to increase exposure to international assets; 32% at 6/2017 to 53% at 1
Slide 7: Diversified Range of Funds
DIVERSIFIED RANGE OF FUNDS 1 Primary Fund Name Strategy Strategy FUM Management Fee; Performance Fee at 31/01/21 ($m) (Primary Fund) 2 Pengana Australian Equities Australian Multi Caps 923 1.0%; 10% Pengana Emerging Companies Australian Small Caps 717 1.3%; 20% above ASX Small Ords Lizard Global Sma
Slide 8: Annual Fee Margin FY 2015 to FY 2021 (H1)
ANNUAL FEE MARGIN FY 2015 to FY 2021 (H1) 3.5% 3.23% 3.0% 2.5% 2.20% 2.0% 1.87% 1.69% 1.56% 1.5% 1.35% 1.44% 1.0% 1.18% 1.15% 1.12% 1.15% 1.17% 1.21% 1.15% 0.5% FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 H1 Mgmt fee/avg FUM Perf fee/avg FUM Total fee/avg FUM, 6.5 year avg Total fee/avg
Slide 9: Key Developments in FY 2021 – H1
KEY DEVELOPMENTS IN FY 2021 – H1 Strategic Initiatives: • Significant expansion of distribution and marketing team and capabilities • PE1 rights issue raises $94m • Acquisition of controlling stake in Lizard International LLC • Launch of Lizard International long-only strategy: now managing ~$170m •
Slide 10: H1 FY 2021 Results
SECTION 3 fa PENGANA CAPITAL, H1 FY 2021 RESULTS
Slide 11: Underlying Profit After Tax
UNDERLYING PROFIT AFTER TAX1 Increase/ Increase/ Pengana Capital Group Operating Dec 2020 Dec 2019 (Decrease) (Decrease) Comment EBITDA $’000 $’000 $’000 % Benefit of higher FUM at period Management fee revenue 19,714 19,412 302 1.6% end will be reflected in H2 Performance fee revenue 10,345 5,477 4
Slide 12: Statutory Profit After Tax
STATUTORY PROFIT AFTER TAX Pengana Capital Group Operating EBITDA ($’000) Dec 2020 Dec 2019 Underlying profit before tax1 9,195 7,851 Add: Items excluded from underlying profit before tax Non-cash amortisation and impairment (2,139) (1,446) Product development (518) (277) Other non-operating items (
Slide 13: Balance Sheet
BALANCE SHEET1 Pengana Capital Group Balance Sheet ($’000) 30 Dec 2020 30 June 2020 Cash net of AFSL cash requirements 13,358 12,209 Net short-term operating assets and liabilities 1,381 (743) Net working capital 14,739 11,466 Investments less associated liabilities and liquid asset requirements 7,1
Slide 14: Disclaimer
DISCLAIMER This presentation has been prepared by Pengana Capital Group Limited (ABN 43 059 300 426) (PCG). The information in this presentation is current as at 28 August 2020. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with respec
Slide 15: Pengana Capital Group Limited
PENGANA CAPITAL GROUP LIMITED ABN 43 059 300 426 Levels 1, 2 & 3 60 Martin Place Sydney T: +61 2 8524 9917 E: clientservice@Pengana.com PENGANA.COM
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