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SCI 6 Month Results Dec 2019 JSE Final

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SCI 6 Month Results Dec 2019 JSE Final Quarterly Report AS AT DECEMBER 31, 2019 Sygnus Credit Investments Limited Unaudited Results for the 6 Months Ended December 31, 2019 Castries, St Lucia | Thursday, February 13, 20202019 The Board of Directors of Sygnus Credit Investments Ltd (“SCI” or ‘the Company”) is pleased to report its unaudited financial results for the six months ended DecemBer 31, 2019, along with the Management Discussion and Analysis. The Management Discussion and Analysis should Be read in conjunction with the unaudited financial statements for the 6 Months Ended DecemBer 31, 2019. MANAGEMENT DISCUSSION AND ANALYSIS Results of Operations Sygnus Credit Investments Limited reported record six-month net profit, core revenues and core earnings for the period ended DecemBer 31, 2019. These results were driven By a near doubling of private credit investments (“PCI”) in Portfolio Companies across the Caribbean region to a record US$54.3 million. This rapid growth in PCI was in keeping with SCI’s 2X Growth Strategy: to be the leading source of private credit financing for Caribbean middle-market companies. This strategy was outlined at SCI’s annual general meeting in November 2019. SCI’s core revenues, or total investment income, grew by 58.2% or US$869.5 thousand to a record US$2.36 million, in the six months ending DecemBer 31, 2019 (“6 Month 2019”). This compares with US$1.49 million for the six months ended December 31, 2018 (“6 Month 2018”). For the second quarter ended DecemBer 31, 2019 (“Q2 2019”), total investment income grew by 45.6% or US$397.4 thousand to a record US$1.27 million. This compares with US$872.2 thousand reported for the second quarter ended DecemBer 31, 2018 (“Q2 2018”). SCI’s core earnings, or net investment income, grew by 69.8% or US$720.4 thousand to a record US$1.75 million for 6 Month 2019, vs US$1.03 million for 6 Month 2018. For Q2 2019, net investment income grew by 49.9% or US$315.0 thousand to a record US$945.9 thousand, vs US$630.9 SCI Total Investment Income (US$) thousand for Q2 2018. 2,500,000 2,362,327 Net profit attriButaBle to shareholders 2,000,000 increased By 70.8% or US$676.4 thousand to a 1,492,830 1,500,000 record US$1.63 million for 6 Month 2019, vs 1,269,602 US$955.6 thousand for 6 Month 2018. For Q2 1,000,000 872,155 2019, net profit fell by 15.5% or US$202.1 500,567 thousand to US$1.10 million vs US$1.31 million 500,000 328,237 in Q2 Dec 2018. A suBstantially larger net - foreign exchange gain of US$683.1K in Q2 2018 2017 2018 2019 vs US$201.2K in Q2 2019 was the main driver of Q2 Dec 6 Mth Dec the higher Q2 Dec 2018 net profit. Earnings per share (EPS) was a record 0.47 US cents for 6 Month 2019 vs 0.27 US cents for 6 Month 2018, and 0.32 US cents for Q2 2019 vs 0.37 US cents for Q2 2018. Net investment income per share (NIIPS) was a record 0.50 US cents for 6 Month 2019 vs 0.29 US cents for 6 Month 2018, and a record 0.27 US cents for Q2 2019 vs 0.18 US cents for Q2 2018. Q2 Dec 2019 Q2 Dec 2018 6 Mth Dec 2019 6 Mth Dec 2018 FY Jun 2019 Summary Results of Operations US$ US$ US$ US$ US$ Total Investment Income 1,269,602 872,155 2,362,327 1,492,828 3,218,991 Total Operating Expenses 323,676 241,278 609,223 460,144 1,010,133 Net Investment Income 945,926 630,877 1,753,104 1,032,684 2,208,858 Fair Value Gains 107,185 19,034 305,191 33,904 135,429 Net Foreign ExcHange Gain (Loss) 201,249 683,088 (303,865) (60,509) (219,011) Provision for Expected Credit Losses (150,309) (26,885) (122,456) (50,495) (74,645) Profit Attributable to Shareholders 1,104,051 1,306,114 1,631,974 955,584 2,050,631 Earnings Per Share 0.32¢ 0.37¢ 0.47¢ 0.27¢ 0.59¢ Net Investment Income Per Share 0.27¢ 0.18¢ 0.50¢ 0.29¢ 0.63¢ Page 1 Sygnus Credit Investments Limited Unaudited Results for the 6 Months Ended December 31, 2019 Total Operating Expenses Total operating expenses increased to US$609.2 thousand for 6 Month 2019 vs US$460.1 thousand for 6 Month 2018, and US$323.7 thousand for Q2 2019 vs US$241.3 thousand for Q2 2018. The 6 Month 2019 and Q2 2019 reported numbers were 32.4% and 34.2% higher than 6 Month 2018 and Q2 2018 respectively, driven primarily by higher management fees from a near doubling of assets under management. Management fees were 71.3% and 72.2% of 6 Month 2019 and Q2 2019 operating expenses respectively. Excluding management fees, SCI’s 6 Month 2019 operating expenses were US$174.9 thousand, an increase of 57.8% or US$64.0 thousand over 6 Month 2018. Q2 2019 was US$90.0 thousand, an increase of 37.2% or US$24.4 thousand over Q2 2018. These increases were primarily driven by one-off commitment fees relating to the establishment of bank credit lines and higher accounting fees from reorganization of accounting functions. Fair Value Gains Fair value gains of US$305.2 thousand for 6 Month 2019 was higher than the US$33.9 thousand for 6 Month 2018, driven by the addition of 1 new Portfolio Company with a profit-sharing component, along with movement in local and international interest rates. Similarly, Q2 2019 reported fair value gains of US$107.2 thousand vs US$19.0 thousand for Q2 2018. Net Foreign Exchange Gain / Loss Net foreign exchange losses of US$303.9 thousand for 6 Month 2019 was higher than the losses of US$60.5 thousand reported for 6 Month 2018. For Q2 2019, SCI reported gains of US$201.2 thousand vs gains of US$683.1 thousand for Q2 2018. The movement in foreign exchange gains and losses reflected SCI’s exposure to Jamaican dollar assets, which fluctuate based on movements in the JMD/USD exchange rate. SCI does not have a foreign currency trading business. Provision for Expected Credit Losses (ECL) / Impairment Allowance on Financial Assets The ECL for 6 Month 2019 was US$122.5 thousand vs US$50.5 thousand for 6 Month 2018, and US$150.3 thousand for Q2 2019 vs US$26.9 for Q2 2018. The higher ECL for 6 Month 2019 and Q2 2019 respectively, were driven by the record increase in new private credit investments made during Q2 2019. There were no impaired or non-performing private credit investments. Total Revenues and Total Expenses SCI’s total revenues are comprised of core revenues, or total investment income (interest income plus participation fees), plus the non-core revenue items of fair value gains and net foreign exchange gains. Total revenues were US$2.67 million and US$1.58 million for 6 Month 2019 and Q2 2019 respectively, vs US$1.53 million and US$1.57 million for 6 Month 2018 and Q2 2018 respectively. Similarly, SCI’s total expenses were comprised of core operating expenses, plus the non-core items of net foreign exchange losses and ECL. Total expenses were US$1.04 million and US$474.0 thousand for 6 Month 2019 and Q2 2019 respectively, vs US$571.2 thousand and US$268.2 thousand for 6 Month 2018 and Q2 2018 respectively. Non-core revenues and non-core expenses may fluctuate significantly from time to time based on market conditions. Efficiency Ratio SCI’s core activities generated an efficiency ratio of 25.5% for Q2 2019, measured by total operating expenses to total investment income, the lowest outturn in 8 quarters. Private Credit Investment (PCI) Activity SCI had a record quarter of investment origination activity. At the end of Q2 2019, SCI’s investment in Portfolio Companies grew by 94.5% to a record US$54.35 million vs US$27.95 million in Q2 2018. The number of Portfolio Company investments increased to a record 23 in Q2 2019 from 16 in Q2 2018, despite 3 Portfolio Company exits. Note: finance lease receivable on the balance sheet represents PCI activity in Portfolio Companies and is included in all investment origination activity. Page 2 Sygnus Credit Investments Limited Unaudited Results for the 6 Months Ended December 31, 2019 Q2 Dec 2019 Q2 Dec 2018 Summary of Investment Activity Fair Value of Investment in Portfolio Companies 54,346,778 27,948,599 Net Portfolio Company Commitments During Period 25,679,097 8,924,429 Dry Powder to be Deployed 5,476,999 9,359,128 Number of Portfolio Company Investments (#) 23 16 Average Investment per Portfolio Company 2,362,903 1,746,787 Weighted Average Term of Portfolio Company Investments (years) 2.9 2.3 Weighted Average Fair Value Yield on Portfolio Companies (%) 12.5% 11.8% Non-performing Portfolio Company Investments Nil Nil Portfolio Company Investment Commitments SCI made net new investment commitments valued at a record US$25.68 million during Q2 2019, which exceeded the US$8.92 million for Q2 2018, and the US$18.23 million for the entire financial year ended June 2019. Investments were mainly originated in the Infrastructure and Hospitality industries, in leading firms with strong growth prospects and free cash flow generation.
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