360 Capital 1H19 Results & Expands Credit Business
360 Capital Group announced their financial results for the half year ended 31 December 2018.
Asia Pacific Data Centre Group
During the 6 months to 31 December 2018, the Group sold its major investment in Asia Pacific Data Centre Group for $154.8 million plus a special distribution of $1.55 million. The Group achieved a net return of $19.2 million on its investment (after all costs) from distributions and capital gains, equivalent to a 14.4% IRR return on equity during TGP’s investment period. .
Statutory net profit of $0.8m down as a result of lower unrealised gains;
Operating profit of $3.2m down by $2.9m pcp due to reduced investments and high cash balances;
Statutory earnings per security (EPS) of 0.4cps;
Operating EPS of 1.4cps; • Distributions per security (DPS) of 2.0cps;
NTA per security of $0.96 comprising $0.80 cps cash and receivables, $0.09 cps into TOT
Increase in ASX trading price from $1.015 to $1.05, a total shareholder return of 5.5% for the 6 months.
With the sale of the Group’s stake in AJD, the Group repaid all its borrowings and is now debt free. As at 31 December 2018, the Group had $143.2 million in cash.
Furthermore, post 31 December 2018, Centuria exercised and settled $19.6 million in Retail Fund units, increasing the Group’s cash to over $160 million. The Group is scheduled to receive a further $20.3 million from Centuria by June 2019.
The Group, continues to build out its real estate credit activities, investing further capital into 360 Capital Total Return Fund, supporting TOT’s expansion in real estate credit investing, expanding the origination capability and growing AMF’s market as a non-bank originator. The Group has launched two new unlisted private credit funds which will provide AMF Finance with establishment fees as well as management fees for TGP;
360 Capital Construction Credit Fund for Construction funding
360 Capital Residual Stock Credit Fund
The Group currently has excess franking credits and will undertake a special 3.0 cps fully franked dividend in March 2019 to enable these franking credits to be placed in the hands of our security holders in anticipation of a change of franking credit rules in 2019.
TGP Trading Chart vs ASX200 AREITs
Blue - TGP
Purple - ASX200 AREITs