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December Half 2009 Summary Loss for half year of $39m NTA 50 cents - - PDF document
December Half 2009 Summary Loss for half year of $39m NTA 50 cents - - PDF document
December Half 2009 Summary Loss for half year of $39m NTA 50 cents per share Bank debt repayments ahead of schedule Operating environment remains uncertain 2 Profitability Dec Half Dec Half 2009 2008 $m $m Income 14.5
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Profitability
(39.2) NPAT (13.6) Income Tax (17.9) Impairments (11.5) Foreign Exchange 3.8 Pre Tax Operating Profit (2.7) Operating Costs (8.0) Borrowing Costs 14.5 Income Dec Half 2009 $m 1.3 (0.5) (25.2) 3.3 23.7 (2.3) (8.7) 34.7 Dec Half 2008 $m
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Balance Sheet
122 86 SHF (227) (189) Liabilities 15
- Deferred Tax Asset
10 7 Cash 324 268 Investments June 2009 $m Dec 2009 $m
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Corporate Debt
June ‘09 $218m Borrowings Dec ‘09
$20m Repayments $2m IRS
$189m $9m IRS $182m* Borrowings
$7m IRS
* $17m of further repayments post December $16m FX
$227m
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Corporate Debt
$70.5m $60.5m $35.5m $30.5m $20.0m $7.0m 10 20 30 40 50 60 70 80 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Required Repayments
- Expected to be met
by end Feb ‘10
$25m $10m
- $m
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Investments
June ‘09 $324m Dec ‘09 $268m(2)
$18m
Impairments
$24m
FX $10m(1) Increments
$24m
Repayments
(1) Income accruals plus top-ups of existing investments
(2 ) $16m of further repayments received post December
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Investments
Infrastructure 8% Property 11% Lending 15% Shipping 14% Aviation 52%
31 Dec ’09 $268m
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Investments
Total book value $29 million Mainly mezzanine loans secured by developments in Australia & US 7 remaining investments Affected by slowdown in sales activity & falls in market prices Repayments of approx. $1m in half year
Property
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Investments
Total book value $140 million Preferred equity & mezzanine loans secured by passenger jet aircraft 5 remaining investments, with one repaid in Jan ‘10 Affected by falls in secondary market prices, reduced airline profitability & constrained bank lending One investment repayment: $10m in Jan ‘10
Aviation
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Investments
Total book value $36 million Ordinary & preferred equity investments in cargo- carrying vessels 4 remaining investments Affected by falls in both charter rates & secondary market prices; LVRs have been breached No realisations in half year
Shipping
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Investments
Total book value $22 million Equity investments in wind & solar facilities in Europe 2 remaining investments Affected by falls in secondary market prices $19m of realisations in half year
Infrastructure
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Investments
Total book value $41 million Senior & subordinated loans across variety of industries 6 remaining investments Half the investments regularly pay cash interest $5m of repayments in half year, plus $6m in Feb ‘10
Lending
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Management
Important to retain & motivate management team of six executives In formulating incentive arrangements, Board’s objective was to reduce cash component
⇒ Approx. 50% of incentive payments to be in shares
Over 2010 & 2011, up to 10.2m shares would be issued if key performance criteria satisfied
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Outlook
Not making new investments Priority is to repay debt Objectives
Keep opex as low as practicable Bring forward realisations where possible Where this is not practicable, preserve as much value as possible
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Contacts
- Mark Phillips:
Managing Director (02) 9321 9000 mphillips@keybridge.com.au
- Karen Penrose: Chief Financial Officer