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VGI PARTNERS VGI Partners Limited ABN 33 129 188 450 39 Phillip Street Sydney NSW 2000 Australia T. +61 2 9237 8900 www.vgipartners.com AFSL No. 321789 | SEC Registered 24 August 2021 ASX Market Announcements ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 BY ELECTRONIC LODGEMENT 1H21 Results for the Half Year Ended 30 June 2021 VGI Partners Limited ( " VGI Partners " or the " Company " , ASX : VGI ) today released its results for the six months ended 30 June 2021 ( 1H21 ) . As previously announced to the ASX on 21 July 2021 , Funds Under Management ( FUM ) was $ 3.2 billion at 30 June 2021. This represents an increase of 10 % on $ 2.9 billion of FUM at the end of the prior corresponding period ( pcp ) , whilst average FUM over the periods remained largely unchanged . Statutory Net Profit After Tax ( NPAT ) for 1H21 was $ 43.0 million and normalised NPAT was $ 42.9 million . Normalised NPAT is calculated by deducting unrealised fair value gains on VGI Partners ' investments and adding back contra - revenue relating to amortisation of VG8 and VG1 IPO costs¹ . Profits have increased on pcp , boosted by performance fees earnt during the half as a result of strong investment performance . Net management fees were $ 22.2 million 1 for the 1H21 period and broadly steady on 1H20 . This reflected both average FUM and the revenue margin being similar in both periods . 1H21 performance fees were $ 50.4 million , consistent with VGI Partners ' announcement on 21 July 2021. This reflects strong portfolio performance during the year and compares with $ 0.1 million in 1H20 . Normalised operating costs of $ 11.1 million ( excluding depreciation and amortisation ) were up $ 3.2 million on 1H20 , though the prior period was tightly constrained due to the uncertainty surrounding the initial stages of the COVID - 19 pandemic and market volatility . 1H21 costs were similar to the half - years in 2019 and 2H20 . The Board has declared an interim dividend of 31.0 cents per share ( fully franked at 30 % ) . This will be paid on 10 September 2021 to all shareholders who are on the register at the record date of 31 August 2021 . The dividend implies a 50 % payout ratio on normalised Net Profit After Tax ( NPAT ) for 1H21 . This is consistent with VGI Partners ' intention to target a dividend payout ratio of between 50 % and 75 % of normalised NPAT , as well as its prior commentary that the payout ratio may be lower when performance fees are higher than average . 1 More details on the calculation of normalised earnings can be found on slide 10 and in Appendix C of VGI Partners ' 1H21 Investor Briefing presentation ( released to the ASX on 24 August 2021 ) . Management fees have been normalised for the amortisation of VG1 / VG8 IPO costs and the operating costs of VGI Partners ' funds . All normalisation adjustments have been tax - effected at 30 % except for amortisation of VG8 Initial Public Offer alignment share costs ( which are not tax deductible and hence no tax impact is applied ) . The method that was used to normalise earnings in 1H21 has also been used to normalise the pcp .