Aspen Group Limited · ASX:APZ
Aspen — H1 FY2019 Earnings Presentation
21 slides from Aspen's earnings presentation, Feb 20, 2019
Slide 1: Aspen Group Limited Results Presentation 1H FY19
For personal use only ASPEN GROUP LIMITED Results Presentation 1H FY19 February 2019
Slide 2: Contents
Contents For personal use only 1 1H FY19 Highlights & Financial Results 2 Outlook 3 Portfolio & Acquisitions Update 4 Appendices Barlings Beach Holiday Park, NSW
Slide 3: 1H FY19 Highlights & Financial Results
BIG4 Tween Waters Holiday Park, NSW For personal use only BIG4 Koala Shores Holiday Park, NSW 1 1H FY19 Highlights & Financial Results 3
Slide 4: FY19 Progress Review – Key Developments
FY19 Progress Review – Key Developments 1.1 1H FY19 For personal use only 2H FY19 FY19 PLAN DELIVERED FOCUS • Targeting ~ $40 million in acquisitions and ✓ Acquisition of Highway 1 Tourist Park ($23m) - • AKV asset management developments at existing properties settled Oct 2018 • Complete onboarding
Slide 5: Key Financial Highlights
Key Financial Highlights 1.2 Financial performance driven by increased scale from acquisitions For personal use only 1H FY19 1H FY18 Change Revenue Metrics $m $m % • Increase primarily acquisition driven: Statutory revenue 13.7 9.3 47% – Full half contributions from 1H FY18 acquisitions (Darwin Free
Slide 6: Operating Performance
Operating Performance 1.3 Core portfolio of assets driving growth in business operating performance For personal use only Components of Operating Profit1 Reconciliation of statutory profit to 1H FY19 1H FY18 $m 1 operating profit $m $m 7.0 5.7 6.0 5.0 4.4 Statutory profit / (loss) after tax 0.4 (0.9
Slide 7: Core Operating Performance
Core Operating Performance 1.4 7.0 For personal use only Core Business Gross Profit1 Retirement $m • On a same site basis, Retirement gross profit declined 11% y.o.y. 5.7 Reduction due to lower development income (~$0.1m). 6.0 • Excluding development income, contribution flat - growth in stabilised
Slide 8: Financial Position and Capital Management
Financial Position and Capital Management 1.5 Balance Sheet provides capacity for further growth opportunities For personal use only 1H FY19 FY18 Change Accommodation assets $m $m $m • Highway 1 Tourist Park settled in Oct 2018 for $23m Accommodation assets1 130.4 106.4 24.0 • Four Lanterns site exp
Slide 9: Outlook
Barlings Beach Holiday Park, NSW For personal use only Barlings Beach Holiday Park, NSW 2 Outlook 9
Slide 10: FY19 Outlook
FY19 Outlook 2.1 For personal use only • Full year FY19 underlying earnings1 are expected to be in a range of 6.0 to 6.3 cps. This range anticipates: – regular build up to the northern dry season for Darwin; – the ramp up as anticipated of our Highway 1 acquisition; – corporate overheads are maintai
Slide 11: Portfolio & Acquisitions Update
Highway 1 Tourist Park, SA For personal use only Darwin FreeSpirit Resort, NT 3 Portfolio & Acquisitions Update 11
Slide 12: Accommodation Portfolio
Accommodation Portfolio 3.1 RETIREMENT TOURISM CORPORATE GROUP For personal use only Four Tomago Mandurah BIG4 Barlings BIG4 Adelaide Darwin Highway 1 Aspen Lanterns Village Gardens Total Tween Beach Koala Caravan FreeSpirit Tourist Total Karratha Holiday Estate Van Park3 Estate Waters Shores6 Park
Slide 13: Acquisition: Highway 1 Tourist Park
Acquisition: Highway 1 Tourist Park 3.2 Earnings growth targeted by leveraging group distribution capability and synergy benefits obtained from clustering with Adelaide Caravan Park For personal use only LOCATION INVENTORY LOCATION IMAGES COMPOSITION ❑ Port Wakefield Rd, Bolivar SA 5110 132 Highway
Slide 14: Development Pipeline: Four Lanterns Estate
Development Pipeline 3.3 Four Lanterns Estate (28 site expansion) Display Suite Display Suite For personal use only Development Progress • 5 full and 1 holding deposit received • Settlements anticipated to occur in March / April 2019, subject to the timing of final approval of electricity grid conne
Slide 15: Development Pipeline: Tomago Village Van Park
Development Pipeline 3.4 Tomago Village Van Park (52 site expansion) Existing tourist cabin Stage 2 development area For personal use only Development Progress • Revised designs for low cost affordable housing complete • Revised feasibility assumes the construction of 76 new residences including the
Slide 16: Appendices
For personal use only BIG4 Koala Shores Holiday Park, NSW 4 Appendices Mandurah Gardens Estate, WA 16
Slide 17: Operating Profit
Operating Profit1 4.1 1H FY19 1H FY18 For personal use only $m Cps $m Cps Profit from operations Accommodation 5.7 4.4 Non-core - 0.8 Gross profit 5.7 6.0 5.2 5.1 Central services (2.7) (2.6) Underlying EBITDA1 3.0 3.1 2.6 2.5 Depreciation and amortisation (1.1) (0.7) Net finance expense (0.3) (0.1)
Slide 18: Operating Profit by Sector
Operating Profit1 by Sector 4.2 For personal use only 1H FY19 Tourism / Retirement Corporate Group $m $m $m Revenue 9.4 4.2 13.7 Cost of sales (5.5) (2.5) (7.9) Gross profit 3.9 1.8 5.7 Central services - - (2.7) Underlying EBITDA1 3.9 1.8 3.0 Depreciation and amortisation (1.0) (0.2) (1.1) Net fina
Slide 19: Balance Sheet
Balance Sheet 4.3 1H FY19 FY18 For personal use only $m $m Cash 14.0 13.4 Accommodation Assets1 130.4 106.4 Other assets 8.4 8.1 Total Assets 152.8 127.9 Borrowings 30.3 4.7 Other liabilities 8.9 8.3 Total Liabilities 39.2 13.0 Net Assets 113.6 114.9 NAV per share 1.18 1.19 Gearing %2 11% - Note: Du
Slide 20: Distribution History
Distribution History 4.4 Aspen Group Ltd Aspen Property Trust1 For personal use only Period / Quarter Total Amount Paid Date Paid Distribution Type Tax Deferred / Ended cents Cps Cps Non assessable income Jan-17 28/02/2017 Ordinary - 2.1 - 2.1 Jun-17 29/08/2017 Ordinary - 2.5 - 2.5 Special Capital O
Slide 21: Disclaimer
Disclaimer This presentation has been prepared by Aspen Group (“Aspen”) and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, For personal use only purchase or sale of any security, and neither this document nor anyth