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2020 Annual Report

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2020 Annual Report Investors Group Annual Report For the year ended 30 June 2020 200 Adelaide St, Brisbane, QLD 3 Contents Meeting of Securityholders 04 — Highlights 21 October 2020 06 — Message from the Chairman 10:30am (Sydney time) 08 — CEO’s Message Computershare Level 3, 60 Carrington Street, 11 — Financial Report Sydney NSW 2000 12 — Directors’ Report 43 — Auditor’s Independence Declaration 44 — Financial Statements 51 — Notes to the Financial Statements 129 — Directors’ Declaration 130 — Independent Auditor’s Report 136 — Corporate Governance 137 — Securityholder Analysis 139 — Corporate Directory Financial Calendar 21 October 2020 OCT Meeting of Securityholders December 20203 DEC Estimated interim distribution announcement and securities trade ex-distribution February 2021 FEB Interim results announcement March 2021 MAR Interim distribution payment June 2021 JUN Estimated final distribution announcement and securities trade ex-distribution August 2021 AUG Full-year results announcement September 2021 SEP Final distribution payment September 2021 SEP Annual tax statements Responsible Entity Elanor Funds Management Limited (ABN 39 125 903 031). AFSL 398196. Elanor Investors Group comprises Elanor Investors Limited (ABN 33 169 308 187) and Elanor Investment Fund (ARSN 169 450 926). 4 Highlights The Group’s assets are located in metropolitan and prime regional locations across Australia and New Zealand Darwin NT QLD WA Brisbane SA Perth NSW Auckland Sydney Adelaide Canberra Wellington VIC Melbourne Assets: Hotels, Tourism & Leisure TAS Commercial Hobart Retail Healthcare Funds Under ASX listed Funds Core Management Funds Under Management Earnings as at 30 June 2020 Management Income for the financial as at 30 June 2020 for the financial year 2020 year 2020 $1,692m $709m $21.5m $15.4m > > > > 22% 108% 43% 12% Elanor Investors Group | Annual Report 2020 5 Diversified FUM Across Elanor’s Investment Sectors of Focus Commercial $415m Healthcare $128m ASX: Elanor Commercial Elanor Healthcare $382m Property Fund $128m Real Estate Fund $33m Stirling Street Syndicate 2019 2019 $300m $Nil Hotels, Tourism Retail and Leisure $384m $765m ASX: Elanor Retail $328m Property Fund $169m Elanor Luxury Hotel Fund $175m Waverley Gardens Syndicate Elanor Metro and 5 Fairfield Centre Syndicate $163m Prime Regional Hotel Fund $94m Hunters Plaza Syndicate $52m Elanor Wildlife Park Fund $60m $56m Belconnen Markets Syndicate Bluewater Square Syndicate 2019 $52m 2019 $318m $769m Distributions Securities Net Asset Value Gearing (per security) on Issue (per security) as at 30 June 2020 for the financial as at 30 June 2020 as at 30 June 2020 year 2020 9.51c $119.6m $1.30 29.7% 40.8% decrease on FY19 (1HFY20 distribution 50.5% > > > 19.8% increase on 1HFY19) 18.2% from 28.4% 6 Message from the Chairman On behalf of the Board, I am pleased to present Elanor Investors Group’s Annual Report, including its Financial Statements for the year ended 30 June 2020. The year ended 30 June 2020 From a strategic perspective, the • Elanor Healthcare Real Estate was clearly one of two distinct Group’s managed funds platform Fund was established in March periods, created as a result of the remains well positioned to grow 2020, seeded with two high unforeseen and uncontrollable in its core sectors of focus, being; investment quality healthcare impacts of the COVID-19 commercial office real estate, properties with a combined pandemic. The Group’s business healthcare real estate, hotels, asset value of $123.3 million has been adversely affected by the tourism and leisure, and retail • Elanor Wildlife Park Fund was pandemic. Pleasingly, the impact real estate. established in November 2019. of the pandemic on the Group and Results and Achievements The fund acquired the Mogo Zoo its managed funds has been well in Mogo, NSW and Featherdale managed, with the performance The results for the year ended Wildlife Park in Sydney, NSW of the Group’s assets showing 30 June 2020 demonstrate the (Featherdale Wildlife Park was resilience in what were challenging continued enhancement of our previously owned by the Group). market and operating conditions. funds management platform. Funds The fund had a gross asset The safety of our staff and management earnings grew 43%, value of $52.2 million as at customers has been of paramount with revenue for the year of $21.5 30 June 2020 importance during this period. My million. Furthermore, recurring compliments go to management funds management fees grew Further details and commentary in for the seamless and safe 54.4% to $15.5 million over the regard to the 2020 annual result, management of these risks across year. Growing Elanor’s recurring the Group’s achievements and the business. management fees is a major focus strategies, can be found in the CEO’s Message that follows. Despite the impacts of the of the business. pandemic during the second half The key achievement of the Group COVID-19 of the financial year, the Group over the year was the increase The COVID-19 pandemic has and achieved Core Earnings of $15.4m in funds under management to continues to present challenging for the year (down 12% on FY19) $1.69 billion as at 30 June 2020. operating and market conditions. – Core Earnings of $3 million in the This has been achieved in a year While the Group has been impacted second half of 2020 was well down where market conditions were by the effects of the COVID-19 on the previous year due to the unpredictably impacted by the pandemic, we are pleased with pandemic. Positively, funds under COVID-19 pandemic. The growth in the resilient performance of the management (FUM) grew 22% over Elanor’s funds under management Group’s assets over the period, with the year to $1.69 billion. has been primarily achieved as valuations in aggregate across all Elanor’s strong growth in FUM a result of the execution of the funds at 30 June 2020 being stable has been driven by a clear focus following initiatives: compared to 31 December 2019. on our strategy to grow funds • The Group listed the Elanor under management by identifying Commercial Property Fund and originating investments that (ECF) in December 2019. ECF deliver strong performance for then acquired the Garema Court both Elanor’s funds management property in Canberra, ACT for capital and investment partners and $71.5 million, in February 2020. Elanor’s securityholders. The Fund’s portfolio of office properties was valued at $374 million at 30 June 2020 Elanor Investors Group | Annual Report 2020 7 “The key achievement of the Group over the year was the increase in funds under management to $1.69 billion as at 30 June 2020.” Governance The Board continues to strengthen the Group’s corporate governance structure and processes consistent with Elanor’s strategic intent and operating activities. This includes the further development of the Group’s Risk Management Framework and Work, Health and Safety regimes, which have become even more important in these COVID-19 impacted times. Acknowledgements 34 Corporate Drive, Cannon Hill, QLD Thank you to my fellow Board members, the executive 7 management team led by the CEO and all the hard-working staff across the Group, for their dedicated contributions in this challenging year. Most importantly, thank you to our securityholders and the Group’s investors in our managed funds for your continuing support and confidence in these times. I look forward to discussing the business further at our Annual General Meeting in Sydney on Peppers Cradle Mountain Lodge, Cradle Mountain, TAS 21 October 2020. Yours sincerely, Paul Bedbrook Chairman Mayfair Hotel, Adelaide, SA 8 CEO’s Message I am pleased to present Elanor Investors Group’s Annual Report for the year ended 30 June 2020. Despite the impacts of the significant growth in funds under Key Results COVID-19 pandemic on financial management. We remain confident • Core Earnings for the period and market conditions across the that our funds management of $15.4 million, 13.1 cents per Australian economy during the platform will continue to deliver stapled security year, Elanor increased its assets strong performance for both Elanor under management from $1,550.1 securityholders and the Group’s • Growth in funds under million to $1,895.2 million and its capital partners. management of $305 million to $1.69 billion co-investments and balance sheet The Group has a strong pipeline investments from $163.1 million to of opportunities across all of our • Funds management income of $203.2 million. Furthermore, the investment sectors; commercial $21.5 million for the year, an Group listed the Elanor Commercial office and healthcare real estate, increase of 43%; annualised Property Fund (ASX: ECF) on the hotels, tourism & leisure, and retail recurring management fees Australian Securities Exchange on real estate. Furthermore, we are increased 27.4% to $14.4 million 6 December 2019, and established actively pursuing opportunities in • Listing of the Elanor Commercial two multi-asset unlisted managed new real estate sectors in addition Property Fund (ASX: ECF) with funds during the year. to exploring strategic opportunities a portfolio of office properties We are pleased with the 22% to realise our growth objectives. valued at $374 million at growth in our funds under Elanor is well positioned to grow its 30 June 2020 management and the 43% growth funds under management. • Establishment of the Elanor in our funds management income Strategy and Investment Healthcare Real Estate Fund over the year. Annualised recurring seeded with two high investment Approach funds management revenue grew quality healthcare properties by over 27.4% during the year as a The key strategic objective of with a combined asset value of result of an increase in funds under the Group is to grow funds under $123.3 million management to $1.69 billion as at management and deliver strong 30 June 2020.
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