I'd now like to hand the conference over to Mr. Glenn Willis, CEO. Please go ahead. Thank you. Welcome to the annual results presentation for Elanor Investors Group for the 2021 financial year. Thank you for your interest in the group. On the call today, I'm joined by the executive leadership team of Elanor. I and my colleagues look forward to taking questions at the end of this call. During the presentation, we'll be referring to the results presentation pack that was released to the ASX this morning. Today, I'm pleased to provide an overview of Elanor and more particularly an update on the progress we've made in executing on our key strategic objectives for the group over the year. That key strategic objective being to build Elanor into a major and independent real estate funds management business. A funds management business known for delivering superior investment returns and critically, a funds management business and organization that does business in a sustainable and socially positive manner, which we call at Elanor, doing business the right way. That is growing our business, growing the group, and being acutely conscious of all whom we interact with and affect in operating our business. I'd like to commence by making an obvious comment, that is that these times continue to present challenges for a great many across our country and within our economy. Whilst the COVID pandemic has been a boon for some sectors, it has and is causing harm and often great harm to many sectors. Indeed, we've confronted challenging market conditions for some sectors of our business over the period of this pandemic. Our hotels, tourism, and leisure funds, and some of our retail funds in particular have been affected. Despite some of the significant challenges across the group in these sectors, our funds management business achieved strong growth over the year. Indeed, I'm pleased with the growth that we've achieved in FY21 and the broader performance of the group over the year. Before I go into detail here, I'd like to at this juncture provide an overview of the group, particularly those who are new to Elanor. I'd ask that you now turn to page 4 of the presentation. As a real estate funds manager, we deliver market-leading investment returns. The average return or IRR that we've realized for investors in our funds was just under 10% for the year. It is this investment performance, this track record, that we are acutely focused on. We prioritize investment performance over growth. This approach and track record is resulting in exponential growth in our investor base and our capital partners in our funds, that is our wholesale private capital partners and our institutional capital partners. The growth we've achieved in our investor base particularly over the last year is and will be a key contributor to the growth in the foreseeable future. This slide here highlights our key real estate sectors of focus. Our AUD 10.1 billion funds management business at 30 June 2021 is currently focused on four key real estate sectors: office real estate, healthcare real estate, retail repositioning and mixed use, and the hotels, tourism, and leisure sector. Indeed, all investment divisions achieved growth over the year with some achieving significant growth. Importantly, we have a strong pipeline across our sectors and in some sectors, retail and healthcare, we have strong and mature pipelines. Furthermore, as we say here, we have a highly scalable investment management platform. A funds management platform we firmly believe will enable us to deliver strong growth for security holders for years going forward. I can now turn to page 6 or slide 6 of the presentation pack for the results highlights. As I said, despite some market challenges and significant market challenges over the year, our funds management business achieved strong growth over the period. Funds under management increased by 23% to over AUD 3.07 billion over FY21. Funds management income increased by over 38%. Most pleasingly, recurring funds management income increased by over 40% over the year. This is a key objective that we have for our business. 2021 was the first year that Elanor invested where we could not generate transactional income, that is gains on sales of investments. As such, in spite of that strong growth in funds management income, core earnings were actually at AUD 10.15 million. An important correction here is that our DPS is 18% higher at AUD 0.1127 for the year. Pleasingly, core earnings increased by over 200% on a post-transactional income basis over the year. This being the key highlight for the year and as I said, a key objective for our business. As you may be aware that 2022 has started off well with transactional income again being a significant contributor to earnings with the establishment of the Elanor Hotel Accommodation Fund. NTA increased 11% over the period, substantially as a result of the positive revaluations on our current investments. Importantly, the group has substantial capital available to grow funds under management. At 30 June, we had approximately AUD 38 million of available growth capital, and upon completion of the Elanor Hotel Accommodation Fund, a further AUD 25 million will be available. As we stated, we will be selling down our current investment in our Elanor Hotel Accommodation Fund to 15%, which will result in us having approximately AUD 120 million of available capital to facilitate funds management growth. I'd like to now hand over to Paul Siviour to continue the presentation, including the Chief Operating Officer of Elanor Investors Group. Thank you, Glenn, can I just encourage listeners on the conference call to turn to page 8 of the investor presentation that we released earlier today? This slide shows very clearly what the composition of our core earnings is. It comprises three key components. The first is the EBITDA that we generate from our funds management business. The second is the co-investment earnings that we enjoy from our co-investment in our managed funds. The third is our transactional income that Glenn has already referred to. You'll see that in respect of the year FY 2021, our funds management EBITDA was AUD 10.7 million. This EBITDA is after allocation of all corporate costs of the business against our funds management income. Glenn's already referred to the growth in that funds management income in FY 2021 of 38%. Our funds management EBITDA has grown in excess of 100% from FY 2020, and our margin, our funds management margin, has increased to 36% from 25% in FY 2020. As we continue to grow our funds management business, we can see the jaws of our margin and also, of course, the amount of EBITDA generated from the business increasing. In respect of co-investment income, a significant increase in FY 2021 from FY 2020 to AUD 11.1 million. However, this level of co-investment income, which I'll just remind everybody, reflects the distributions that we actually receive from the funds that we're co-invested in. In other words, it's cash or receivables. That level of co-investment income still is impacted in certain areas, particularly the hotels and the wildlife park, by COVID-19. We can expect, as some of those restrictions continue to be relaxed, we look forward to some improved income, but income's subject, of course, to future conditions. Transactional income, Glenn mentioned, was not a component of our FY21 result. The three components add to AUD 22 million of core earnings. The difference between that AUD 22 million and the AUD 15 million of core earnings that Glenn mentioned is interest expense and tax. Quite a simple, compelling result for people to understand the contributions that make it up. Can I ask you to turn to page 12 of the pack, where we set out both the growth and also the components of our funds management income. The funds management income grew from AUD 21.5 million to AUD 29.7 million throughout FY21. From FY19, over the last two years, we've enjoyed a 100% increase in our funds management income. This income is very substantially of a recurring nature. The key components of management fees and leasing and development fees, we expect to both continue and grow. The leasing and development fee income flows from our core strategy, particularly within our retail real estate sector, of repositioning real estate, and that generates for us leasing and development fees from taking certain real estate and repositioning it to a higher and better use with an alternate tenant mix. Acquisition fees of AUD 6 million reflects simply the fees we generate on the AUD 374 million of increased FUM generated during the year. You'll see that there's a very modest contribution in this current year's funds management income from performance fees. Can I ask you to turn to page 14, where I'll just make one or two comments on key events that have occurred since the 3rd of June. In respect of our office real estate sector, listeners are probably alert to the fact that our listed multi-asset commercial office fund, ECF, acquired 50 Cavill Avenue for AUD 113 million. In relation to our hotels, tourism, and leisure division, the group made an announcement on the 19th of August that announced the establishment of the Elanor Hotel Accommodation Fund. This brings together the group's 14 hotels that focus on the luxury and the regional hotel sub-segments. In respect of that fund, which has a starting gross asset value of AUD 346 million, the group will enjoy acquisition fees of AUD 3.9 million. I would just make a note, we don't provide guidance. I would just make a note that our acquisition fees in respect of FY 2021, the entire year, was AUD 6.1 million. We've also referred a number of times to the fact that FY21 did not include the results that would have included any transactional income. As announced on the 19th of August, the establishment of the Elanor Hotel Accommodation Fund will mean that the group will book AUD 10.5 million of transactional gains. These gains reflect the uplift in values of the Elanor Luxury Hotel Fund that was sold into the Elanor Metro and Prime Regional Hotel Fund. Turning briefly to our preliminary results, our core earnings is set out on page 19 of the investor presentation. We've touched on a number of the key points already in the presentation, including the strong growth in our funds management income to AUD 29.7 million. Our distributions, I've already mentioned from our co-investments, did increase significantly to AUD 11.1 million. As I mentioned, still some impact on those distributions from COVID, there's more information for readers of our results on page 17 of our investor presentation. That provides a breakdown of the co-investments received from each individual fund and our co-investment level in those funds. We've mentioned, of course, no transaction fees come in FY21. In respect of our balance sheet, page 20. The group has net assets of AUD 173.8 million and an NTA per security of AUD 1.44. That's an 11% increase from the prior year, that reflects the growth in the underlying real estate properties within our managed funds that Elanor is invested in. We have cash and undrawn debt facilities of AUD 37.9 million at 30th June. That will be further bolstered by the capital release of AUD 25 million from the establishment of the Elanor Hotel Accommodation Fund announced in August. The gearing of the group at 30th of June 2021 is 21%, a modest level of gearing. After adjusting that level of gearing on a pro forma basis for that capital release of AUD 25 million that will flow to us from the Elanor Hotel Accommodation Fund launch, results in our gearing being reduced on a pro forma basis to 11%. I'll hand back to Glenn for some closing remarks. Thanks, Paul. I'm just going to turn to page 22, prospects and outlook comments now. Despite the ongoing challenging market conditions in some sectors, we're very conscious of the conditions in which we operate in. Having said that, we're firmly of the view that we're well-positioned for further strong growth in funds under management and therefore to deliver growth in security holder value. Our strong market position in the sectors in which we focus on, combined with the pipeline of funds management opportunities that we have across the business, we believe positions us well for both this half and for the year. As I mentioned, we've achieved significant growth in our capital partner base over the year in both our private wholesale capital partners and institutional capital partners, substantially due to the market-leading investment products that we've delivered for our investors over a long period of time now. This growing investor base, I believe, will be a key contributor to growth in our funds management business. In summary, we're looking forward to delivering further strong growth in funds under management in what we call a capital light manner, and the group indeed has significant growth capital to facilitate growth in funds under management and as a result, grow value for EIG and security holders. Thank you for listening in on this presentation, and we look forward to receiving questions now. Thank you. If you wish to ask a question please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request please press star two. If you are on a speaker phone please pick up your handset to ask your question. Your first question comes from Ed Day of MA Financial. Please go ahead. Good morning, Glenn and Paul. I'll just ask a couple of quick ones. Firstly, just wondering if you could talk to the potential opportunities for performance fees in FY20 or even FY 2023 that you have visibility over? Ed, I'll take that question. As I said before, we don't manage performance fees. I mean, performance fees are a function of realizing on assets when we believe the time is optimal to invest those assets and realize returns for our investors. Suffice to say that as we grow our business and grow our funds under management and grow our funds, our performance fees will continue to occur as a matter of course. We don't manage performance fees. We manage for performance. I think I'll leave it at that. Thank you. Sure. Then just on the combined hotel vehicle, can you perhaps dive into how the assets are performing at this point? I mean, clearly there will be some impact from COVID, but just sort of what your expectations there are around recovery as well. Yes, I might get Marianne to add to my comments here, but a number of the hotels have been impacted by the government closures and the government restrictions that are in place at the moment, and as assets across the country that are being impacted to varying degrees. As occurred when things opened up last time, we saw hotels come back strongly to very strongly. In terms of the hotels across the country, they're being impacted to varying degrees. Marianne, maybe just give some color on the varying degrees of impact across the country, if you don't mind. Yeah, absolutely. With the New South Wales, we've got a couple hotels that were contemplated there, generally open compared to New South Wales and the ACT have been the most heavily impacted through this current period. South Australia is open, and all of those hotels are trading at the moment and open to other states. We've got Tasmania that's open at the moment to other states, and Queensland also. Also Cradle Mountain Lodge in Tasmania is continuing to trade. Fortunately, we do have five hotels in our portfolio, which make up quite a large percentage of the overall portfolio, almost 60%. Fortunately, we can leverage those to take another fund. We're able to tap into the markets that are open to us. We are seeing and hearing that there is potential demand across the industry more generally, and certainly preparing ourselves for that when borders continue to open. Thanks, Marianne, and thanks, Glenn. Thanks very much, indeed. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Aiden Bradley of Shaw and Partners. Please go ahead. Hi, guys. Congrats on the result. Hopefully you can hear me okay. I just had a question on the hotels as well, obviously early doors, but in terms of your expectations around how these hotels can perform towards that 10% distribution yield. Obviously, there's been no change. It's early. At what point does FY 2022 and the 8% yield there potentially become not an issue, but something that I know you've underpinned that number with the group broadly, but at what stage in FY 2022 does that become something to think about? Thanks, Aiden. We're thinking about it all the time, Aiden. Yeah, I was struggling with the phrasing of that one. Yeah, it's okay. Look, these conditions are obviously out of our control. What do we know? We know that our assets perform well to very well when conditions open, and we would believe that we'll benefit significantly in our assets upon the reopening of borders and when the market comes out of its freezes. We can't predict when that will be. We'd expect the second half to be strong as we back into the reopening. That's obviously something we can't predict. We do know that they will perform very well, and there will be a significant increase in activity upon reopening, and we trust to go a substantial way towards compensating for the lost business that is occurring at the moment with borders being closed. Yep. Thanks. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. I will now pause for a moment to allow for question registration. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I'll now hand back to Glenn Willis for closing remarks. Thank you all for attending today's presentation. We do sincerely appreciate your interest in the group, and I'd like to take this opportunity to thank all of my colleagues across the group, our investment and quality team, and all the team members across the group's assets across the country. We are particularly thankful for all their efforts and particularly in some sectors where there's been challenging trading conditions. Thank you again, and have a good day. That does conclude our conference for today. Thank you for participating. You may now disconnect.
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