LDR Capital Property Fund · ASX:LED
LDR Capital Property Fund — Elanor Investors Group — H1 FY2016 Earnings Presentation
26 slides from LDR Capital Property Fund's earnings presentation, Feb 25, 2016
Slide 1: Elanor Investors Group FY16 First Half Results Presentation
Elanor Investors Group FY16 First Half Results Presentation 25 February 2016
Slide 2: Agenda
Agenda Section Page no. 1 FY16 First Half Results Overview 3 2 Business Overview 7 3 Financial Results 10 4 Segment Performance 14 5 Strategy and Outlook 19 6 Appendices 21 [2]
Slide 3: FY16 First Half Results Overview
FY16 First Half Results Overview
Slide 4: Highlights for the period ended December 2015
Highlights for the period ended 31 December 2015 Financial Results • Statutory net profit after tax for the period of $6.27 million • Core Earnings for the period of $5.74 million, or 8.12 cents per security reflecting a 22.8% 1 increase on 1HY15 • Distributions for the period of $5.16 million, or 7
Slide 5: Key metrics
Key metrics Core Earnings per security 8.1c + 22.8% Distributions per security 7.3c + 40.5% Net asset value per security $1.42 + 2.7% Funds under management $390m + $44m Group funds under management and balance $514m + $10.8% sheet investments [5]
Slide 6: Growth in Funds Management
Growth in Funds Management • ENN’s key strategic objective is to grow its funds management business by identifying and originating investments that deliver strong performance for both ENN and its capital partners • Since 30 June 2015, ENN has increased funds under management by $44 million to $390 m
Slide 7: Business Overview
Nanot® Business Overview
Slide 8: Business overview
Business overview Elanor Investors Group Funds Management ($390m FUM) Investments ($124m) Managed Funds Investment Portfolio & Co-investments • 193 Clarence Hotel Syndicate • Super A-Mart Auburn • Peppers Cradle Mountain • Merrylands Property • Bell City Syndicates (4) Syndicate Lodge • Co-investmen
Slide 9: Assets and funds under management
Assets and funds under management MANAGED FUNDS - $390m1 INVESTMENTS - $124m1 Peppers Cradle Mountain Lodge Featherdale Wildlife Super A-Mart Auburn Park Syndicate Hotel Ibis Styles $34 $21 $1 $3 $1 Canberra Eaglehawk $12 John Cootes Diversified Property Fund $12 Mantra Wollongong $24 Hotel $1 $37 $
Slide 10: Financial Results
Nanot® Financial Results
Slide 11: Profit and Loss for the period ended Dec 2015
Profit and Loss for the period ended 31 Dec 2015 Revenue ($’000) EBITDA ($’000) Segment Revenue and EBITDA • Statutory net profit after tax of $6.3 million Funds Management 5,110 4,115 • Core Earnings of $5.7 million, or 8.12 cents Hotels, Tourism and Leisure 18,036 5,147 per security reflecting an
Slide 12: Balance Sheet as at December 2015
Balance Sheet as at 31 December 2015 Balance Sheet as at 31 December 2015 ($’000) Assets • Increase in net asset value per security from $1.38 at Cash 9,161 30 June 2015 to $1.42 at 31 December 2015 Receivables 5,976 • Hotels, Tourism and Leisure properties are Inventories 4,161 accounted for in Pro
Slide 13: Property valuations
Property valuations • ENN’s Board of Directors determined not to obtain updated external independent valuations for the Hotels, Tourism and Leisure properties as at 31 December 2015 given that external independent valuations were prepared for Peppers Cradle Mountain Lodge, Ibis Styles Canberra Eagle
Slide 14: Segment Performance
Nanot® Segment Performance
Slide 15: Funds Management
Funds Management Overview Performance • Management of investment funds on behalf of third 1HY16 ($m) 1HY15 ($m) Variance (%) party investors ― Approximately $390 million funds under Revenue ($m) 5.1 2.1 + 242.8% management Expenses ($m) 1.0 0.2 + 500.0% • ENN earns acquisition fees, ongoing base man
Slide 16: Hotels, Tourism and Leisure
Hotels, Tourism and Leisure Overview Performance • Portfolio of hotels, tourism and leisure assets 1HY16 ($m) 1HY15 ($m) Variance (%) ― Direct operating exposure ― High yielding Revenue ($m) 18.0 15.4 + 16.9% ― Real estate backed Expenses ($m) 12.9 11.5 +12.1% • Strong sector of focus for ENN given
Slide 17: Special Situations Investments
Special Situations Investments Overview Performance • Target investment opportunities which demonstrate 1HY16 ($m) 1HY15 ($m) Variance (%) attractive operating cashflows with a high level of real estate asset backing Revenue ($m) 14.7 9.7 +152.0% • Seek to create value by improving business and unlo
Slide 18: Merrylands Property - update
Merrylands Property - update • In December 2015 Parramatta City Council approved a planning proposal in relation to the Merrylands Property including rezoning the site to B4 mixed use, increasing the maximum height of building control to 31 metres (9 storeys) and increasing the maximum floor space r
Slide 19: Strategy and Outlook
Nanot® Strategy and Outlook
Slide 20: Strategy and outlook
Strategy and outlook • ENN is well positioned to continue to grow earnings and value for its securityholders • ENN’s core strategy is focused on: ― Growing its funds management business by ― Increasing income from funds management ― Seeding new managed funds with ENN owned investments ― Co-investing
Slide 21: Appendices
Appendices
Slide 22: Hotels, Tourism and Leisure assets summary
Hotels, Tourism and Leisure assets summary Peppers Cradle Featherdale Wildlife Hotel Ibis Styles Mantra Wollongong Hotel Ibis Styles Mountain Lodge Park Canberra Eagle Hawk Hotel Albany Asset Type • Hotel • Wildlife park • Hotel • Hotel • Hotel Location • Cradle Mountain • Doonside, Western • Sutton
Slide 23: Managed Funds summary
Managed Funds summary 193 Clarence Hotel Super A-Mart Auburn JCF Property Syndicate Bell City Syndicates (4) Syndicate • Two retail showrooms • Hotel, budget Asset type • Retail warehouse and one retail • Hotel accommodation and warehouse commercial complex Location • 311 Parramatta Road, • Penrith,
Slide 24: Managed Funds summary
Managed Funds summary Auburn Central Syndicate Elanor Retail Property Fund Limestone Street Centre Syndicate Asset type • Sub-regional shopping centre • Sub-regional shopping centres • Commercial building • Cnr Harrow Road and Queen Street, • 81 Manning Street, Taree, NSW Location Auburn NSW and Mai
Slide 25: Special Situations & Managed Co-Investments
Special Situations & Managed Co-Investments Special Situations Investments Asset Location Type of business Value ($m) Operates from 9 sites; Merrylands, Penrith, Yennora, Tuggerah, John Cootes Furniture Campbelltown, Bathurst, Taree, Furniture retailer 7.0 Fyshwick and Warners Bay (as of 25 January
Slide 26: Disclaimer
Disclaimer 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 Investment Fund, and their controlled entities (collectively, ‘Elanor Investors Group’, ‘the Group’ or ‘ENN
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