Elanor Investors Group · ASX:ENN
Elanor Investors — H1 FY2020 Earnings Presentation
25 slides from Elanor Investors's earnings presentation, Feb 17, 2020
Slide 1: ASX cover letter: Authority and Contact Details
17 February 2020 Company Announcements Office ASX Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam Attached is the Elanor Investors Group (ASX:ENN) 1HFY20 Results Presentation. Yours sincerely, Symon Simmons Company Secretary Elanor Funds Management Limited Authority
Slide 2: Elanor Investors Group 1HFY20 Results Presentation
ELANOR INVESTORS GROUP 1HFY20 Results Presentation 17 February 2020
Slide 3: Contents
Contents Section Page No. 1 1HFY20 Results Overview 3 2 Strategy and Business Overview 5 3 Financial Results 14 4 Segment Performance 17 5 Strategy and Outlook 22 [2]
Slide 4: 1HFY20 Results Overview
Nanot® 1HFY20 Results Overview
Slide 5: 1HFY20 Results Highlights
1HFY20 Results Highlights • Established two new managed funds in 1HFY20 with a combined gross Funds Under $1,679m asset value of $176.8m as at 31 December 2019 Management 46.1% increase on 1HYF19 • Listed Elanor Commercial Property Fund on the ASX and acquired two new assets increasing gross asset v
Slide 6: Strategy and Business Overview
Strategy and Business Overview
Slide 7: Elanor Investors Group – 'Pure Play' Real Estate Funds Manager
Elanor Investors Group – ‘Pure Play’ Real Estate Funds Manager • $1.7bn of FUM • ASX Listed FUM of $0.73bn Real Estate Funds Manager • Annualised recurring Funds Management fees of $13.8m and growing ‘ True Play’ Real Estate Funds • Balance Sheet comprises cash, short term receivables and Co-investm
Slide 8: Funds Management Strategy
Funds Management Strategy • Grow funds under management Strategic Objective • Deliver strong returns for Elanor capital partners and security holders • ‘Capital-lite’ business model Provide superior investment results to deliver on strategic objective Commercial Office Retail Hotels, Tourism Other S
Slide 9: Growth In Funds Under Management
Growth In Funds Under Management GROWTH IN FUNDS UNDER MANAGEMENT SINCE IPO1 2,000 1,800 1,600 1,400 1,200 $’000 $1,679m 1,000 $1,387m 800 $1,149m $1,083m 600 $864m $682m $646m 400 $390m $485m $346m 200 $252 $$87m $210m $118 $124m $128 $159m $176m $145m $159m $163m $86 $104 $107m 0 At IPO in July-14
Slide 10: Growth in Funds Management Income
Growth in Funds Management Income FUNDS MANAGEMENT INCOME ANALYSIS (HALF YEAR PERIODS) 10,000 9,000 8,000 7,000 6,000 $' 000 5,000 4,000 3,000 2,000 1,000 - 31-Dec-14 30-Jun-15 31-Dec-15 30-Jun-16 31-Dec-16 30-Jun-17 31-Dec-17 30-Jun-18 31-Dec-18 30-Jun-19 31-Dec-19 Performance Fees 320 570 2,219 49
Slide 11: Growth In Recurring Funds Management Income
Growth In Recurring Funds Management Income FUNDS MANAGEMENT RECURRING INCOME ANALYSIS 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 $' 000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 31-Dec-15 30-Jun-16 31-Dec-17 30-Jun-18 30-Jun-19 Annualised Run-Rate Management Fees 1,687 5,137 7,324 9,37
Slide 12: The Group Generates Consistent Transactional Income
The Group Generates Consistent Transactional Income As an active Fund Manager and investor, the Group continues to generate consistent and growing levels of transactional cash earnings from: • Performance fees • Gains on the sale of Co-investments in the Group’s Managed Funds • Gains on the sale of
Slide 13: Funds Under Management and Investment Portfolio
Funds Under Management and Investment Portfolio MANAGED FUNDS INVESTMENT PORTFOLIO Hotel Ibis Stirling Street Elanor 1834 Styles Albany Elanor Fairfield Syndicate Wildlife Park Centre Waverley Hospitality Wildlife Park Gardens Fund Elanor Commercial Hunters Property Fund Plaza Syndicate Elanor Comme
Slide 14: The Group has Significant Capital to Facilitate Future Growth
The Group has Significant Capital to Facilitate Future Growth Existing Capital Available to Facilitate Future Growth ($m) Cash and receivables 32 Capital management: recycling Co-investment capital (anticipated to be recycled to cash in calendar 2020) 65 Less: Estimated Co-investments committed (20)
Slide 15: Financial Results
Nanot® Financial Results
Slide 16: Adjusted Profit and Loss
Adjusted Profit and Loss1 1HFY20 1HFY20 Segment Revenue and EBITDA Revenue EBITDA • Adjusted net loss after tax of $8.5m reflecting an equity $000 $000 accounted loss on Co-investments of $5.1m compared to Funds Management 8,325 6,730 distributions received of $4.3m Hotels, Tourism and Leisure 1,871
Slide 17: Adjusted Balance Sheet
Adjusted Balance Sheet1 Balance Sheet as at 31 December 2019 $’000 • Net assets of $177.2m as at 31 December 2019 ($159.1m as at Assets 30 June 2019) Cash 25,591 • Financial assets include the remaining $5.8m of vendor finance Receivables 23,441 on the Merrylands property sale due for settlement in
Slide 18: Segment Performance
Nanot® Segment Performance
Slide 19: Segment Performance
Segment Performance • The Group measures the performance of its co-investments based on distributions received / receivable, consistent with the treatment within Core Earnings. Adjusted Segment EBITDA, to reflect distributions received / receivable from co-investments rather than the equity accounte
Slide 20: Funds Management
Funds Management Gross asset 1HFY20 1HFY19 Variance Managed Funds Performance value ($m) ($m) ($m) (%) Elanor Commercial Property Fund (ASX: ECF) 387.0 Elanor Healthcare Real Estate Fund 123.3 Revenue 8.3 7.5 11 Elanor Metro and Prime Regional Hotel Fund 165.0 Elanor Retail Property Fund (ASX: ERF)
Slide 21: Hotels, Tourism and Leisure
Hotels, Tourism and Leisure 1HFY20 1HFY19 Variance Carrying Value Performance Assets ($m) ($m) (%) ($m) Adjusted Revenue 7.6 9.0 (16) Hotel Ibis Styles Albany 5.3 Elanor Luxury Hotel Fund 48.7 Expenses 5.0 5.8 (14) Elanor Metro and Prime Regional Hotel Fund 48.9 EBITDA contribution to 2.6 3.2 (19) C
Slide 22: Real Estate
Real Estate Carrying Value 1HFY20 1HFY19 Variance Assets Performance ($m) ($m) ($m) (%) Elanor Commercial Property Fund 38.1 Adjusted Revenue ($m) 2.8 2.1 33 Elanor Retail Property Fund 35.5 Belconnen Markets Syndicate 0.6 Expenses ($m) 1.7 1.0 70 Bluewater Square Syndicate 7.1 EBITDA contribution t
Slide 23: Strategy and Outlook
Nanot® Strategy and Outlook
Slide 24: Strategy and Outlook
Strategy and Outlook STRATEGIC OBJECTIVES Growing funds under management • Acquire high investment quality assets with quality income and capital growth potential • Growing listed public market capital base • Growing institutional and private capital partner base Actively managing investment portfol
Slide 25: Disclaimer
Disclaimer This presentation has been authorised for release by the Elanor Investors Group Board of Directors. This presentation has been prepared by Elanor Investors Limited (ACN 169 308 187) and Elanor Funds Management Limited (ACN 125 903 031, AFSL 398196), as responsible entity of Elanor Investm
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