1H23 Results
1H23 RESULTS | 23 FEBRUARY 2023
Investment income
$m
Investment income
Investments completed in 1H23
Investments completed in prior periods
Ongoing investments
Total income recognised in 1H23
4
51
6
7
Funds
Balance
sheet
1
2&3
30.5
0.4
9.7
4.1
―
<1
-
4.0
4.4
19.9
13.1
4.1
34.5
4.4
20.3
22.8
884
<1
0.2
6.0
6.2
Binding conditional settlements
14.0
Successful judgments
Executed settlements
Agreed in principle settlements
Total income yet to be recognised² at 31-Dec-22
14.0
Ing
| | | | |
| | | | |
22.5
0.6
0.6
22.5
Income recognised in 1H23 and yet to be recognised at
31-Dec-22
18.1
34.5
4.4
20.3
23.4
28.7
| ||
1
| | |
OMNI
BRIDGEWAY
Total
40.6
4.3
47.4
92.3
14.0
22.5
0.6
37.1
129.4
$129.4m investment income (recognised and yet to be
recognised) comprising:
$98.5m attributable to providers of third-party capital,
with ~$40m of this relating to our first-generation funds
third party capital - this in turn will accelerate returns
for OBL shareholders under the relevant waterfall
structures
$30.9m provisional distribution attributable to OBL
shareholders
Recognised investment income of $92.3m comprises:
$40.6m recognised from 13 fully completed
investments which had an EPV of $1.02bn
$51.7m recognised from partial completions and
completions in previous periods
$37.1m income yet to be recognised (IYTBR) at 31-Dec-22
relates to substantially completed investments with
conditional settlements or judgments on appeal which may
be recognised in future periods - the corresponding EPV of
these investments is $121m, all of which have an estimated
completion period of FY23. The defendant's appeal relating
to a Fund 1 investment, previously reported as a successful
judgment in our 2Q23 Investment Portfolio Report on 30-
Jan-23 with $27.2m IYTBR, has resulted in the summary
judgment being vacated and the case remanded back to
the first instance court. As such the IYTBR has been
removed but the investment's EPV remains in our portfolio
assumptions with a possible completion period of FY23.
Provisional distribution of income recognised and yet to be recognised³
- provisional distribution attributable to OBL shareholders
- Provisional distribution attributable to NCI
18.1
4.1
6.9
1.8
30.9
34.5
4.4
16.2
16.5
26.9
98.5
Distribution waterfall of income recognised in 1H23 and
yet to be recognised at 31-Dec-22
18.1
34.5
4.4
20.3
23.4
28.7
129.4
Income conversion rate
EPV of investments completed in 1H234
487
Life to date income of fully completed investments in 1H23
Income conversion rate for 1H23
31
n/a
6%
n/a
1. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Here, Fund 5 is presented at 100%.
2. Subject to change and may be recognised in FY23 or later.
TA
<1
535
<1
1,023
10
<1
41
2%
28%
4%
3. Represents indicative cashflows anticipated to flow out of the Funds due to the income generation included in the table above. It represents the aggregate estimate of the cash distributed and yet to be distributed under the various distribution waterfalls of the Funds assuming the income is equivalent
to gross cash proceeds and disregarding the tax status of the relevant Fund. The Fund's capital status and waterfalls operate on a cash collection and distribution basis and do not align with the accounting treatment. Accordingly, the NCI attribution disclosed in OBL's Consolidated Financial Statements
will not necessarily match this.
4. Includes investments that fully completed in the period and the total income recognised over the investments' life and excludes partial completions in the period.
15
Highlights
Financial results
Annexure
Portfolio performance
StrategyView entire presentation