NAVIGATOR GLOBAL INVESTMENTS LIMITED 2019 Interim Results Presentation
Sean McGould, CEO & Amber Stoney, CFO
14 February 2019
2019 Interim snapshot
Assets under management (AUM)
Net flows
US$14.7 billion
-ve US$1.4 billion
Highest EBITDA for a half recorded for H1 2019
Difficult December quarter saw negative impact on AUM from investment performance
5.39
$3.9bn of MAS transitioned assets as at 31 December 2018
MAS
MAS
Lighthouse
Lighthouse
-1.41
FY 2015
FY 2016
FY 2017
FY 2018
H1 2019
FY 2015
FY 2016
FY 2017
FY 2018
H1 2019
Management fee revenue
EBITDA
Total dividends per share
US$54.8 million
US$20.1 million
8.0 US cents
Up 45% on H2 2018
Up $2.0 million on H2 2018
Up 14% on prior year interim
FinalInterim
8.0
H1 2017
H2 2017
H1 2018
H2 2018
H1 2019
H1 2017
H2 2017
H1 2018
H2 2018
H1 2019
FY 2015
FY 2016
FY 2017
FY 2018
H1 2019
2
Summary of interim result
31 December 2018 | 31 December 2017 | % | |
USD millions | USD millions | Change | |
Management fee income | 54.798 | 37.777 | 45 % |
Performance fee income | 0.216 | 2.457 | (91%) |
Other income | 0.115 | - | - |
Distribution costs | (1.853) | (2.362) | 22% |
Net fee revenue | 53.276 | 37.872 | 41% |
Net operating expenses1 | (32.733) | (22.319) | (47%) |
Result from operating activities1 | 20.543 | 15.553 | 32% |
Net finance income/(costs), excluding interest | (0.418) | 0.941 | (144%) |
Share of loss of equity accounted investee | - | (0.378) | - |
EBITDA | 20.125 | 16.116 | 25% |
Net interest income | 0.069 | 0.093 | (26%) |
Depreciation and amortisation | (0.639) | (0.447) | (43%) |
Impairment losses | - | (1.132) | - |
Profit before income tax | 19.555 | 14.630 | 34% |
Income tax expense | (4.893) | (41.393) | 88% |
Statutory net profit/(loss) after income tax | 14.662 | (26.763) | 155% |
USD cents per share | USD cents per share | ||
Basic & diluted EPS | 9.04 | (16.51) | 155% |
EBITDA margin | 37% | 40% |
4
1
Refer to page 5 for a reconciliation of "Net operating expenses". Operating expenses also excludes net finance costs, interest, depreciation, amortisation, impairment losses and share of loss in equity accounted investees. These items have been excluded so as to present the expenses and results arising from the Group's core operating activities.
Reconciliation of net operating expenses on page 4
31 December 2018 | 31 December 2017 | % | |
USD millions | USD millions | Change | |
Employee expense | (24.508) | (16.463) | (49%) |
Professional and consulting expenses | (2.646) | (1.736) | (52%) |
Information technology expense | (1.961) | (0.889) | (121%) |
Occupancy expense | (1.953) | (1.688) | (16%) |
Travel expense | (0.863) | (0.700) | (23%) |
Other expense | (1.555) | (1.335) | (16%) |
Depreciation and amortisation expense | (0.639) | (0.448) | (43%) |
Reimbursable fund operating expenses | (2.738) | (1.350) | (103%) |
Distribution expense | (1.853) | (2.362) | 22% |
Total operating expenses per statutory financial statements | (38.716) | (26.971) | (44%) |
Less: Depreciation and amortisation expense | 0.639 | 0.448 | (43%) |
Less: Reimbursement of fund operating expenses | 2.738 | 1.350 | (103%) |
Less: Distribution expense | 1.853 | 2.362 | 22% |
Net of revenue from provision of office space and services | 0.753 | 0.492 | 53% |
Net operating expenses | (32.733) | (22.319) | (47%) |
5
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Disclaimer
Navigator Global Investments Limited published this content on 14 February 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 February 2019 22:16:09 UTC
