360 CAPITAL GROUP LIMITED only360 CAPITAL INVESTMENT TRUST
Interim Financial Report
For the half year ended 31 December 2021
useComprising 360 Capital Investment Trust ARSN 104 552 598 and its controlled entities.
Contents
Directors' report
Auditor's independence declaration
personalConsolidated interim statement of profit or loss and other comprehensive income Consolidated interim statement of financial position
Consolidated interim statement of changes in equity
Consolidated interim statement of cash flows
Notes to the interim financial statements
Directors' declaration
Independent auditor's report
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This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report of 360 Capital Investment Trust for the year ended 30 June 2021 and any public announcements made by 360 Capital Group during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
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360 Capital Investment Trust Directors' report
For the half year ended 31 December 2021
The Directors of 360 Capital FM Limited (CFML) (ABN 15 090 664 396) (AFSL No 221474), the Responsible Entity of 360 Capital Investment Trust (Trust) present their report, together with the financial report of 360 Capital Investment Trust and its controlled entities (consolidated entity) for the half year ended 31 December 2021.
onlyThe consolidated entity forms part of the stapled entity, 360 Capital Group (Stapled Group or Group) (ASX: TGP) comprising 360
Capital Group Limited (Company) and its controlled entities and 360 Capital Investment Trust and its controlled entities.
Directors
The following persons were Directors of 360 Capital FM Limited during the half year and up to the date of this report unless otherwise stated:
David van Aanholt (Chairman)
Tony Robert Pitt
William John Ballhausen
Andrew Graeme Moffat usePrincipal activities
The Group is a diversified investment and funds management business whose purpose is to be a leading Australian investor and fund manager of alternative assets, partnering with stakeholders to identify, invest and realise on opportunities. The Group's investment strategies which make up its alternative assets management and investment strategy are:
• | Real Assets |
• | Private Equity |
personalFor | Credit |
• |
Operating and financial review
The key financial highlights for the half year ended 31 December 2021 include:
• Statutory net loss attributable to unitholders of $-1.0 million (December 2020 net profit: $0.7 million)
• Operating loss1 of $-0.3 million (December 2020 Operating profit1: $0.8 million)
• Statutory Earnings per Unit (EPU) of -0.5 cpu (December 2020: 0.3 cpu)
• Distributions per Unit (DPU) of nil cpu (December 2020: 2.0 cpu)
The key operating achievements for the half year ended 31 December 2021 include:
•
•
1 Operating profit is a financial measure which is not prescribed by Australian Accounting Standards (AAS) and represents the profit under AAS adjusted for specific non-operating items. The Responsible Entity considers operating profit to reflect the core earnings of the Trust and it is used as a guide to assess the Trust's ability to pay distributions to unitholders. The operating profit has not been subject to any specific audit procedures by the Trust's auditor but has been extracted from Note 1: Segment reporting.
360 Capital Investment Trust Directors' report
For the half year ended 31 December 2021
Operating and financial review (continued)
Impact of COVID-19 on the consolidated entity
onlysignificantly to deal with COVID-19 through various measures such as vaccinations, social distancing, quarantining, travel restrictions, and economic stimulus, the future social, medical and economic impacts worldwide are unknown as the pandemic situation continues to evolve.
The World Health Organization declared a global pandemic in March 2020 as a result of the novel coronavirus (COVID-19). The Trust has considered the impact of COVID-19 in preparing its financial report for the half-year. Although society has already adapted
The immediate financial impact of COVID-19 on the Trust's holdings has been limited. The Trust considers risks associated with COVID-19 as part of its due diligence process and ongoing loan assessment program.
Summary and Outlook
useThe Group is an investor and fund manager of alternative assets which partners with its stakeholders to identify, invest and realise on opportunities. The Group intends to continue to execute on its strategy across its four segments representing real assets, private equity and credit.
Distributions
There were no distributions declared by 360 Capital Investment Trust during the half year. Distributions declared by 360 Capital Investment Trust directly to unitholders during the prior half year were as follows:
31 December | 31 December | ||
personaloperations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial | |||
2021 | 2020 | ||
$'000 | $'000 | ||
1.0 cent per unit paid on 27 October 2020 | - | 2,295 | |
1.0 cent per unit paid on 27 January 2021 | - | 2,295 | |
Total | - | 4,590 |
Significant changes in state of affairs
In the opinion of the Directors, there were no significant changes in the state of affairs of the consolidated entity that occurred during the half year under review other than those listed above or elsewhere in the Directors' report.
Likely developments and expected results of operations
The Group will continue to focus on implementing its strategy of managing and investing in alternative assets.
Events subsequent to balance date
No other circumstances have arisen since the end of the half year which have significantly affected or may significantly affect the years.
ForBuy back arrangement
The consolidated entity is not under any obligation to buy back, purchase or redeem units from unitholders. During the half year, the consolidated entity cancelled 11,050,000 units related to the Group's 2017 employee share plan at an average price of $0.77 (December 2020: 1,350,000 at an average price of $1.01).
Auditor's independence declaration
The auditor's independence declaration required under Section 307C of the Corporations Act 2001 is set out on page 5 and forms part of the Directors' report for the half year ended 31 December 2021.
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360 Capital Investment Trust Directors' report
For the half year ended 31 December 2021
Rounding of amounts
The Trust is an entity of the kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 | |
issued by the Australian Securities and Investments Commission (ASIC). In accordance with that Instrument, amounts in the interim | |
only | |
financial report and Directors' report have been rounded to the nearest thousand dollars, unless otherwise stated. | |
This report is made in accordance with a resolution of the Directors. | |
David van Aanholt | Tony Robert Pitt |
Chairman | Managing Director |
Sydney | |
24 February 2022 | |
For personaluse |
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For personal use only
Ernst & Young | Tel: +61 2 9248 5555 |
200 George Street | Fax: +61 2 9248 5959 |
Sydney NSW 2000 Australia | ey.com/au |
GPO Box 2646 Sydney NSW 2001 |
Auditor's Independence Declaration to the Directors of 360 Capital FM Limited as Responsible Entity for 360 Capital Investment Trust
As lead auditor for the review of the half-year financial report of 360 Capital Investment Trust for the half- year ended 31 December 2021, I declare to the best of my knowledge and belief, there have been:
- No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review;
- No contraventions of any applicable code of professional conduct in relation to the review; and
- No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.
This declaration is in respect of 360 Capital Investment Trust and the entities it controlled during the financial period.
Ernst & Young
Douglas Bain
Partner
24 February 2022
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
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360 Capital Group Ltd. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 06:01:05 UTC.
