Investor Presentation October 2020
Operating Expenditure
FY 2020
FY 2019
$m
$m
As per Profit and Loss Statement
Finance costs
(1.4)
(0.1)
Depreciation expense
(2.9)
(0.7)
Employee benefits expense
(50.3)
(28.5)
Corporate and office expense
(20.0)
(12.8)
Other expenses
(21.1)
(11.3)
(95.7)
(53.4)
Include: Capitalised items
Employee costs
(10.4)
(7.3)
Borrowing costs
Overheads
Deduct: Non-cash items & one-offs
LTIP
STIP-accrued and unpaid
NCI contribution to Fund 6 costs
(10.4)
(10.1)
(0.5)
(1.2)
(21.3)
(18.6)
OMNI
BRIDGEWAY
Actual cash costs have increased 20% from the prior year, however they have
decreased as a percentage of net assets, investments and EPV, reflecting an
improvement in operational efficiency.
In the current period, there are a number of expenses associated with the Omni
Bridgeway merger that will not be repeated in subsequent periods.
Headcount has increased by 61% in FY20 whilst employee costs (excluding STIP
which was not paid in FY19) increased by 43%. Omni Bridgeway's EMEA team
joined in November 2019 and as such only represent a part-year expense.
Impairment charges increased from FY19 by 79% largely represented by two
investments in US Fund 1 and one on the balance sheet. During the same
period our portfolio of investments (intangibles and other investments)
increased by 47%.
9.1
7.0
Operational Cash Expenditure
9.6
80
27%
4.5
26%
30%
70
Transaction costs - purchase of Omni Bridgeway Holding BV Group
4.8
25%
Professional advisors
0.3
1.6
60
24%
68.6
20%
Depreciation expense
2.9
0.7
50
17%
57.4
Net foreign exchange (gain) / loss
(4.3)
20%
40
13%
15%
44.3
11%
Impairment
17.2
9.6
30
35.1
15%
10%
48.4
14.6
20
27.8
11%
Operational cash expenditure
(68.6)
(57.4)
9%
5%
10
% of net assets
8.9%
11.1%
0
0%
% of investments
10.9%
13.4%
FY16
FY17
FY18
FY19
FY20
% of EPV
0.4%
0.6%
Headcount
Number of offices.
163
101
Operational Cash Expenditure
% of net assets
% of investments
18
14
INVESTOR PRESENTATION | OCTOBER 2020
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