Elanor Investors Group (ENN) H2 2024 earnings summary

Executive summary

• Recurring funds management income rose 45% to $49.4m, with core earnings up 2% to $12.8m year-over-year.

• Funds management income reached $56.2m, up 13.5% on FY23, driven by increased AUM and new fund launches.

• Net statutory loss after tax was $157.8m (vs. $30.7m loss in FY23), mainly due to asset revaluations and impairments.

• NTA per security fell to $0.32 from $1.23, and gearing increased to 66.9% from 31.7% year-over-year.

• A voluntary suspension of securities was enacted in August 2024 to address balance sheet and refinancing challenges.

Financial highlights

• Revenue from operating activities was $142.1m, up from $139.1m in FY23.

• Core earnings per stapled security were 8.55 cents (down from 10.15 cents in FY23).

• Distributions paid totaled 4.90 cents per stapled security, down from 9.13 cents in FY23.

• Cash on hand at year-end was $17.6m, down from $25.3m in FY23.

• Net assets declined to $204.4m from $352.3m year-over-year.

Outlook and guidance

• The Rockworth Capital Partners alliance, pending approval, will inject up to $125m to recapitalise and stabilise the balance sheet.

• Strategic focus is on core sectors (retail, office, healthcare, industrial, leisure) and Pan-Asian growth.

• Board remains confident that strategic actions will stabilise and position the group for future growth.