FY16 May Update 12 May 2016
|
|
- Roy McCormick
- 7 years ago
- Views:
Transcription
1 FY16 May Update 12 May 2016 Thomas Beregi, CEO Michael Eadie, CFO
2 Competitive leadership in the credit-impaired consumer segment FY16 May Update 2
3 Core business leadership and diversification for sustained growth Debt Buying (Core) Australia / NZ Consumer Lending USA Debt Buying Operational superiority - Highest asset turnover (1.6x p.a. 1 ) - Lowest cost to collect (35% 2 ) Analytical superiority - Largest database - History of pricing accuracy Compelling client proposition - No adverse orders or undertakings - Lowest complaint rate Largest and longest established Strong returns and financial structure - ROE > 18% - Gearing < 40% 5 The sustainable alternative for consumers with impaired credit records Regulatory upside - No payday loans - No SACCs - No MACCs - No consumer leases APRs well below legislated caps Served 100,000 customers since 2012 Strong book and earnings growth Book size $130m 3 FY16 NPAT $5.8m 4 Large market - > 10x AUS / NZ Improved operations on track for breakeven mid FY17 Early signs that adverse pricing conditions may be easing Sizeable operation (120 FTE) ready to scale to take advantage of any improvement in conditions 1 Forecast FY16 ratio of cash collections from PDLs to average PDL carrying value 2 Forecast FY16 ratio of cash costs of the Debt Ledger Purchasing segment to collections 3 Apr-16 consumer loan book gross of expected loss provisions per unaudited management accounts 4 Midpoint of Consumer lending segment NPAT implicit in FY16 guidance 5 Net borrowings as a proportion of PDL and consumer loan book value FY16 May Update 3
4 to build on our track record of strong financial performance Cents per share ROE % 17% EPS CAGR 21% 23% 22% DPS EPS 58 ROE FY10 FY11 FY12 FY13 FY14 FY15 FY16 * * FY16 midpoint of most recent market guidance FY16 May Update 4
5 Increased opportunity to invest at our target rate of return Jan 16 Expectation May 16 Update PDL acquisitions $185m - $195m Existing forward flow contracts renewed Continued US purchasing Attractive one-off purchases Purchasing now on track for $225m - $230m Net lending volume of $30m - $40m Volumes maintained Referral channels in place Expected net lending now $45m - $50m NPAT $44m - $45m On track Strong consumer lending result Improved growth outlook for FY17 FY16 May Update 5
6 and the financial capacity to seize opportunities across all markets Significant covenant capacity $400m $350m $300m $250m PDL Carrying Value $200m $150m Net Consumer Loans Carrying Value Covenant capacity $100m Borrowings $50m - FY15 1H FY16 Apr 16 FY16 May Update 6
7 Operational metrics maintained - pricing discipline and accuracy Cumulative Collections $m 2,000 1,500 Actual cash collections 1,000 Initial projections Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Apr 16 FY16 May Update 7
8 Operational metrics maintained - collection life-cycle PDL collections by date of purchase $m 90 On track for record collections (1) 11% % 23% 13% 13% 18% 16% 23% 13% 16% 24% 12% 17% 25% 28% 26% 12% 11% 12% 19% 20% 22% 29% 31% 32% 13% 14% 15% 25% 23% 22% 30% 32% 32% 17% 17% 15% 19% 15% 15% >3 years 2-3 years 1-2 years <1 year % 48% 48% 47% 44% 43% 38% 33% 32% 31% 34% 36% 38% - Q3 Mar 13 Q4 Jun 13 Q1 Sep 13 Q2 Dec 13 Q3 Mar 14 Q4 Jun 14 Q1 Sep 14 Q2 Dec 14 Q3 Mar 15 Q4 Jun 15 Q1 Sep 15 Q2 Dec 15 4 mths Apr 16 * * Pro-rated to a quarterly average (1) 11% growth based on p.c.p. (Apr 16 YTD vs. Apr 15 YTD) FY16 May Update 8
9 Operational metrics maintained - productivity Debt purchase productivity (direct collection staff only) PDL collections per hour ($) YTD Apr-16: $205 FY15: $ / / Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY16 May Update 9
10 Operational metrics maintained - payment arrangement book Total Portfolio Jun 14 Dec 14 Jun 15 Dec 15 Apr 16 Face value $4.7bn $4.8bn $4.9bn $5.1bn $5.3bn Number of accounts 744, , , , ,000 Payment Arrangements Face value $909m $963m $1,044m $1,099m $1,133m Number of accounts 120, , , , ,000 % of PDL collections 73% 73% 75% 76% 76% FY16 May Update 10
11 Favourable opportunities seized to produce record PDL investment Continued renewal of forward flows Attractive one-off purchases FY16 Purchasing Guide: $225m - $230m $184m $220m Apr 16 FY16 Purchasing Pipeline Domestic US $136m $136m $9m $7m FY14 Actual * As at April 2016 FY15 Actual $36m FY16 Guidance $70m FY17 Committed Pipeline * FY16 May Update 11
12 Continued consumer loan book growth Gross loan book excluding provisions $130m $121m $100m $63m $72m $56m Gross loan book (excluding provisions) Annualised revenue $35m $6m $11m $19m Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Apr 16 FY16 May Update 12
13 Consumer lending volumes maintained Gross lending volumes remain strong - Transition to longer duration products - Wallet Wizard brand recall driving volume - Net lending market guidance increased Strategies for continued growth - Leveraging our uniquely sustainable offering to establish referral channels - SACC review panel recommendations may impact competitive dynamics to Credit Corp s advantage - Product refinements in pilot FY16 May Update 13
14 Earnings and return growth on track Profitability and returns are improving as book increases in size On track to achieve pro-forma returns in coming periods Average net book size $m (1) 120 ROA % 10% NPAT $m % % % (5.0) 20 - FY14 FY15 1H FY16 2H FY16 (3) -10% FY14 FY 15 1H FY16 2H FY16 (2) (3) (10.0) (1) Net of provisions (2) ROA based on annualised NPAT (3) Forecasts for Consumer Lending segment implicit in the midpoint of FY16 guidance FY16 May Update 14
15 In the US we are making the best of challenging conditions Supply conditions unchanged - Proposed rules from federal regulator continue to be delayed - Major issuers have not returned to debt sale - Consent orders with large debt buyers provide a form of rule-making Operational improvements mean recent purchases are on track for modest returns - Improved results have facilitated increased investment in FY16 - Continued purchasing at current pricing will drive the business to monthly breakeven from mid FY17 - An easing of prices will accelerate profitability FY16 May Update 15
16 and there are some signs of more favourable pricing conditions Despite unchanged supply conditions, major debt buyers recently reporting rational pricing and improving returns Purchase price multiple on current year purchases (1) FY14 Q4 FY15 Portfolio Recovery Associates (PRAA) 2.04x 2.09x SquareTwo 1.53x 1.71x - Presently we re seeing 15% higher returns from these portfolios [current US forward flows] based on the moderated pricing and continuing improvement in liquidations (Ken Vecchione, CEO) (2) - We see market pricing starting to decrease slightly across all aged segments in the US from fresh paper to non-fresh paper we re seeing pricing running along the same levels as 2014 which is very encouraging to us. So pricing is coming down a little bit which is good (Ken Vecchione, CEO) (2) - I think there is better pricing discipline in the market. And I think buyers are willing to hold to their prices more. And I think issuers have readjusted some of their expectations (Ken Vecchione, CEO) (2) Credit Corp is well-positioned to capitalise on any improvement (1) Derived from PRAA and SquareTwo Form 10-K and Form 10-Q reports (2) Encore Capital Group (ECPG) Q and Q earnings calls FY16 May Update 16
17 Updated FY16 Guidance Issued Jan 16 Updated May 16 PDL acquisitions $185m - $195m $225m - $230m Net lending $30m - $40m $45m - $50m NPAT $44m - $45m $44m - $45m EPS (basic) cents cents FY16 May Update 17
18 Questions FY16 May Update 18
Interim Results H1 of FY2014
Interim Results H1 of FY2014 30 January 2014 Thomas Beregi Chief Executive Officer Michael Eadie Chief Financial Officer Leveraging our leadership in the credit-impaired consumer segment Core Australian
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationWestpac Banking Corporation
Westpac Banking Corporation Philip Coffey Chief Financial Officer 31 March 2006 Westpac at a glance Established 1817 Top 40 bank globally 1 Core markets - Australia, New Zealand and near Pacific Total
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationAPPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7
APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015
More informationMMS Group FY15 Results Presentation. August 2015
August 2015 Group Overview 2 Overview MMS generated a record financial result in FY15 o EBITDA up 20%, NPAT up 23%, EPS up 18% MMS has entered a new stage in its evolution o Step change in scale, competitiveness
More informationInvestor Discussion Pack Business Banking July 2005
Investor Discussion Pack Business Banking July 25 Graham Hodges Group Managing Director, Corporate Corporate Division Business Unit overview CORPORATE BANKING BUSINESS BANKING SMALL BUSINESS BANKING Business
More informationBank of Ghana Monetary Policy Report. Financial Stability Report
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationCase 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
More informationFinancial results for the first quarter 2003
Financial results for the first quarter 2003 1 Forward looking statements 2 Certain statements in this report that are neither reported financial results nor other historical information, are forward-looking
More informationSecure Trust Bank PLC. 2015 INTERIM RESULTS 21st July 2015
Secure Trust Bank PLC 2015 INTERIM RESULTS 21st July 2015 Introduction & business review PAUL LYNAM Chief Executive Officer Strategy continues to deliver Maximise shareholder value: To maximise shareholder
More informationH1 2015 RESULTS INVESTOR PRESENTATION
Transforming MLB into a growing solutions led business with higher quality earnings (ASX : MLB) H1 2015 RESULTS INVESTOR PRESENTATION TABLE OF CONTENTS VISION AND STRATEGY H1 2015 FINANCIALS OPERATIONAL
More informationMonetary Policy and Mortgage Interest rates
Monetary Policy and Mortgage Interest rates July 2014 Key Points: Monetary policy, which operates through changes in the official cash rate (OCR), is the main lever of macroeconomic management in Australia
More informationEnhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017
From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days
More informationYellow Brick Road Holdings FY 2015 Summary & 2016 Outlook
Yellow Brick Road Holdings FY 2015 Summary & 2016 Outlook November 11, 2015 Executive Summary: Delivery in FY15, Enhancement in FY16, Position For Growth Delivered on our commitment to get to operating
More informationRIIO-T1 business plan submission London Tuesday 6 September 2011
RIIO-T1 business plan submission London Tuesday 6 September 2011 Cautionary statement This presentation contains certain statements that are neither reported financial results nor other historical information.
More informationGE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter
Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking
More informationPreliminary Results. 3 March 2015
Preliminary Results 3 March 2015 Matthew Price Chief Financial Officer Trading strongly & investing in technology Revenue EBITDA (adjusted) EPS (adjusted) 248M 95M 12.3p 10% 13% 14% Capital Investment
More informationSPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S. Investor and analyst briefing, 10 November 2014
SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S Investor and analyst briefing, 0 November 204 DISCLAIMER The information contained in this presentation shall not constitute
More informationAfrican Bank Investments Limited Strategies to grow in the mass market
African Bank Investments Limited Strategies to grow in the mass market June 2007 Presentation agenda Who we are Our target market A transforming business Is this a good time to be in this market? Outlook
More informationBT Financial Group. Strongly positioned for growth in Superannuation and Life Insurance. Brad Cooper Chief Executive. 11 July 2012
BT Financial Group Strongly positioned for growth in Superannuation and Life Insurance Brad Cooper Chief Executive 11 July 2012 BT strongly positioned BT attaining sound returns and delivering on strategic
More informationSEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
More informationInterim Results to 31 December 2012
Interim Results to 31 December 2012 Presentation to investors 22 nd February 2013 David Carr Chief Executive Officer Stuart Harrison Chief Financial Officer Agenda > Result highlights > VHP performance
More informationYear-end Report January-December 2015
Year-end Report January-December 20 Johan Dennelind, President & CEO Q4 20 high pace towards the new TeliaSonera Started to reduce presence in region Eurasia Continued business transformation Solid development
More informationSecure Trust Bank PLC. 2014 YEAR END RESULTS 19th March 2015
Secure Trust Bank PLC 2014 YEAR END RESULTS 19th March 2015 Introduction PAUL LYNAM Chief Executive Officer Strategy Continues to Deliver Maximise shareholder value by: To maximise shareholder value through
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 2 (May 2 data) Highlights First quarter data revisions were modest. The number of credit unions was revised down by and assets and loans were
More informationGrow retail energy s share of market value. Stephen Mikkelsen
1 Grow retail energy s share of market value Stephen Mikkelsen Retail strategy AGL s retail strategy is to grow its market share of customer value. 1 Target higher value market segments 2 2 3 4 5 6 Build
More information31 December 2012 Half Year Results Presentation. 18 February 2013
31 December 20 Half Year Results Presentation 18 February 2013 Performance History Share Price Performance Months 200 91.3% 14 Feb 2013 AHE ASX Small Ords Index 150 Share price $3.95 24.3 100 (2.2)% 1
More informationQ2 2011 Results Presentation XING AG
Q2 2011 Results Presentation XING AG Dr. Stefan Gross-Selbeck (CEO) & Ingo Chu (CFO) Hamburg, August 10, 2011 01 Q2 highlights Ongoing strong financial performance Re-acceleration of D-A-CH 1 member growth
More informationQBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.
Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes
More informationAshley Institute of Training Schedule of VET Tuition Fees 2015
Ashley Institute of Training Schedule of VET Fees Year of Study Group ID:DECE15G1 Total Course Fees $ 12,000 29-Aug- 17-Oct- 50 14-Sep- 0.167 blended various $2,000 CHC02 Best practice 24-Oct- 12-Dec-
More information22 nd February 2010. FY 2009: Full Year Results 1 Jan 09 31 Dec 09 Ned Montarello: Executive Chairman & CEO Neil Barker: Group COO
22 nd February 2010 FY 2009: Full Year Results 1 Jan 09 31 Dec 09 Ned Montarello: Executive Chairman & CEO Neil Barker: Group COO Agenda 1. Key Points & Results Highlights 2. ThinkSmart: A Focused, Global
More informationFull Year Results 2010 (preliminary)
Full Year Results 2010 (preliminary) Dr. Stefan Groß-Selbeck (CEO) & Ingo Chu (CFO) March 1, 2011 01 2010 Highlights Strong financial performance Re-accelerated member growth in DACH Strong growth of vertical
More informationTECO Energy Edison Electric Institute Financial Conference
TECO Energy Edison Electric Institute Financial Conference Dallas, TX Nov. 13, 2014 Forward Looking Statements The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking
More informationU.S. Credit Card. Trends, Liquidation and Portfolio Pricing
U.S. Credit Card Sector Update: Market Trends, Liquidation and Portfolio Pricing Agenda U.S. Credit Card Sector AY Year in Review Key Economic Trends Liquidation and Pricing Changes Market Trends Unfolding
More informationPRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE
ASX Release 29 April 2008 PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE The following presentation by BBW Chief Executive Officer, Miles George, is being presented at the Babcock & Brown Infrastructure
More informationTim Howkins, CEO. Steve Clutton, Finance Director
Tim Howkins, CEO Steve Clutton, Finance Director Highlights Revenue Revenue up 36% Earnings per share up 33% All parts of business contributed to growth Benefits of increased IT spend Proposed final dividend
More informationDecember 2012. Emerging Markets Small Cap: The Undiscovered Frontier
December 212 Emerging Markets Small Cap: The Undiscovered Frontier 1 23481 The EM Small Cap Opportunity Set Global Small Cap Universe Number of Companies Emerging markets small cap comprises approximately
More informationAgenda. CEO s review Veli-Matti Mattila, CEO. Financial review Jari Kinnunen, CFO
Agenda CEO s review Veli-Matti Mattila, CEO Financial review Jari Kinnunen, CFO CEO s review Q1 2013 financial and operational highlights Segment review Strategy execution Outlook for 2013 3 Q1 2013 highlights
More information7. Foreign Investments in India
93 Foreign Investments in India ISMR 7. Foreign Investments in India Introduction From 1992, Foreign Institutional Investors (FIIs) have been allowed to invest in all securities traded on the primary and
More informationIntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009
IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements
More informationSolid Financial Position Improving Efficiency
Solid Financial Position Improving Efficiency Kim Ignatius CFO, Sanoma Group Sanoma Capital Markets Day 12 October 2009 Solid financial performance improving efficiency Cost reductions Reshaping operations
More informationHalf-yearly Results. 25 July 2014
Half-yearly Results 25 July 2014 1 1 Important notice DISCLAIMER FORWARD-LOOKING STATEMENTS This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These
More informationAdelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012. Presented by: Mark Chellew Managing Director & CEO.
Adelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012 Presented by: Mark Chellew Managing Director & CEO Disclaimer The following presentation has been prepared by Adelaide Brighton
More informationNATIONAL CREDIT UNION SHARE INSURANCE FUND
NATIONAL CREDIT UNION SHARE INSURANCE FUND PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW Balance Sheet Other - Insurance and Guarantee Program
More information2011 Interim Results Presentation. Athens, 31 August 2011
2011 Interim Results Presentation Athens, 31 August 2011 AGENDA Results Highlights Business Units Performance Financial Results Q&A 1 RESULTS HIGHLIGHTS INDUSTRY ENVIRONMENT: Conditions remain difficult
More informationSmall Business Lending *
Reserve Small Business Bank of Lending Australia Bulletin Small Business Lending * These notes were prepared in response to a request from the House of Representatives Standing Committee on Financial Institutions
More informationRisks and Rewards in High Yield Bonds
Risks and Rewards in High Yield Bonds Peter R. Duffy, CFA, Partner, Senior Portfolio Manager Navy Yard Corporate Center, Three Crescent Drive, Suite 400, Philadelphia, PA 19112 www.penncapital.com 1 What
More informationQBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO
QBE INSURANCE GROUP LIMITED JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004 Presenter: Neil Drabsch, CFO 1 Company overview QBE is an Australian-based general insurance and reinsurance
More informationTreasury Presentation to TBAC
Treasury Presentation to TBAC Office of Debt Management Fiscal Year 2015 Q1 Report Table of Contents I. Fiscal II. A. Quarterly Tax Receipts p. 4 B. Monthly Receipt Levels p. 5 C. Eleven Largest Outlays
More informationVaughan Bowen, MD/CEO
M2 Results Presentation (1H11) For the half year ended 31 December 2010 For the half year ended 31 December 2010 Vaughan Bowen, MD/CEO Disclaimer The release, publication or distribution of this presentation
More informationOPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER
PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW September 30, 2015 Balance Sheet Cash and cash equivalents had a month-end balance
More informationThe U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges. Meredith Coffey, LSTA 212-880-3019 mcoffey@lsta.org
The U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges Meredith Coffey, LSTA 212-88-319 mcoffey@lsta.org Presentation Overview Today s Leveraged Loan Market Tomorrow s Regulatory Environment
More informationAurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies
Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies Executive Summary 21 January 2014 The Aurora Dividend Income Trust (Managed Fund) is an efficient and low risk
More informationFor personal use only INVESTOR PRESENTATION MARCH 2015
INVESTOR PRESENTATION MARCH 2015 Contents Part 1 Yellow Brick Road Group - performance update Key Metrics and Financial Results The model in motion brand, distribution, product Part 2 Acquisition journey
More informationLeSueur, Jeff. Marketing Automation: Practical Steps to More Effective Direct Marketing. Copyright 2007, SAS Institute Inc., Cary, North Carolina,
Preface. Overview. PART 1: Marketing Financials. Chapter 1 Profit and Loss Fundamentals. Chapter 2 Profit and Loss Component Details. Chapter 3 Managing the P&L. Chapter 4 Measuring Marketing Effectiveness.
More informationNATIONAL STORAGE REIT
NATIONAL STORAGE REIT ASX SPOTLIGHT CONFERENCE 3 MARCH 2016 IMPORTANT NOTE & DISCLAIMER This presentation has been prepared by National Storage REIT ( NSR ) comprising National Storage Holdings Limited
More informationThird Quarter 2014 Earnings Conference Call. 13 August 2014
Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationCoffee prices fall but Brazilian production estimated lower
Coffee prices fall but production estimated lower Coffee prices continued their decline as speculation over the current 2015/16 crop suggests that the market has no immediate supply concerns. Indeed, one
More informationFINANCIAL RESULTS Q1 2016
FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets
More informationExane BNP Paribas Spain Investors Day
Exane BNP Paribas Spain Investors Day Francisco Sancha, CFO Madrid, January 13 th, 2015 Disclaimer This presentation has been prepared by Banco Popular Español solely for purposes of information. It may
More informationIntroduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue
!" #$% $ Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), contains forward-looking statements about the IG Group. By their very nature, forward-looking statements involve
More informationINVESTING IN NZ BONDS
INVESTING IN NZ BONDS August 2008 Summary Historically active NZ bond managers have achieved returns about 0.6% p.a., before tax and fees, above that of the NZ government stock index. While on the surface
More informationThe Westpac Group third quarter 2011 sound core earnings growth
Media Release 16 August 2011 The Westpac Group third quarter 2011 sound core earnings growth Third quarter 2011 highlights (compared to results for the average of 1Q and 2Q 2011) 1 Cash earnings of approximately
More informationXING Q1 2012 results presentation. May 14, 2012
XING Q1 2012 results presentation May 14, 2012 Disclaimer This presentation was produced in April 2012 by XING AG (the "Company") solely for use as an information source for potential business partners
More informationPreliminary Presentation
Preliminary Results Presentation Year ended 31 December 2012 February 2013 1 Executive Summary Very good progress during 2012 despite no improvement in market transaction levels - Underlying Group Operating
More informationThe Westpac Group. The Westpac Group. 3 November 2010. Gail Kelly Chief Executive Officer. Westpac Banking Corporation ABN 33 007 457 141
The Westpac Group 2010 Full Year Results 3 November 2010 Westpac Banking Corporation ABN 33 007 457 141 The Westpac Group 2010 Full Year Results Gail Kelly Chief Executive Officer Westpac Banking Corporation
More informationXING - #1 European Professional Social Network. US Roadshow Presentation Stefan Gross-Selbeck (CEO), Ingo Chu (CFO), Patrick Moeller (IR) April 2011
XING - #1 European Professional Social Network US Roadshow Presentation Stefan Gross-Selbeck (CEO), Ingo Chu (CFO), Patrick Moeller (IR) April 2011 Disclaimer This presentation was produced in April 2011
More informationA strong third quarter
A strong third quarter Interim presentation for the third quarter 2015 Stockholm, 5 November 2015 Anders Nissen, CEO Liia Nõu, CFO Today s agenda Introduction Financial review Business model and value
More informationXING Q2 2012 results presentation. August 14, 2012
XING Q2 2012 results presentation August 14, 2012 Disclaimer This presentation was produced in August 2012 by XING AG (the "Company") solely for use as an information source for potential business partners
More informationWhite Paper. ALM: Manage Your Interest Rate Risk From the Bottom Up
White Paper ALM: Manage Your Interest Rate Risk From the Bottom Up Use asset and liability management (ALM) software and effective business practices to manage interest rate risk. As a credit union leader,
More informationASB MARKET UPDATE 5 JUNE 2015
ASB MARKET UPDATE 5 JUNE 2015 Agenda BARBARA CHAPMAN JON RABY IAN PARK STEVE JURKOVICH RUSSELL JONES Chief Executive Officer Chief Financial Officer Executive General Manager Retail & Business Banking
More informationTraining Manual: The Basics of Financing Agriculture
Training Manual: The Basics of Financing Agriculture Acknowledgement The Agriculture Finance Training Manual is part of AgriFin s Agriculture Finance Training Tools. The Manual was developed by IPC - Internationale
More informationDresdner Bank: From Turnaround to Profitability and Growth
Dresdner Bank: From Turnaround to Profitability and Growth Herbert Walter Goldman Sachs Conference Navigating the Sea of Change Puerto Banus, 9 June 2005 Back in the black! Revenues and Cost in EUR bn
More informationB O A R D M E E T I N G N a s h v i l l e, T e n n e s s e e November 6, 2014
B O A R D M E E T I N G Nashville, Tennessee November 6, 2014 PRESIDENT S REPORT B i l l J o h n s o n President & CEO Energy Environment Economic Development FY 2014 Overall Performance Safety Record
More informationTERMS USED IN FINANCIAL STATISTICAL REPORTS (FSRs)
TERMS USED IN FINANCIAL STATISTICAL REPORTS (FSRs) Total Member Months - Number of members enrolled in each month. YTD is the sum of the individual month s membership. Revenues: Premiums Capitation payments
More informationExecution of strategy
Execution of strategy Alex Wynaendts CEO AEGON Jan Nooitgedagt CFO AEGON Analyst & Investor Conference New York City, 6 & 7 December, 2011 Key messages Strong capital position driven by improved risk profile
More informationPredicting Credit Score Calibrations through Economic Events
Predicting Credit Score Calibrations through Economic Events Joseph L. Breeden, Ph.D. President, COO, & Chief Scientist Michael A. Smith Chief Software Architect Copyright 2002 Strategic Analytics Inc.
More informationKlöckner & Co SE A Leading Multi Metal Distributor
Klöckner & Co SE A Leading Multi Metal Distributor UBS Global Basic Materials Conference June 10, 2009 in London Gisbert Rühl CFO Agenda 1. Overview 2. Q1 results 2009 and market update 3. Financing and
More informationPresentation to Analysts 2009 Preliminary Results. 16 March 2010
Presentation to Analysts 2009 Preliminary Results 16 March 2010 Contents Executive Summary Delivering returns 2009 performance overview Business progress Market place Positive outlook The numbers behind
More informationTough Quarters Ahead, Downgrade to Reduce
: Tsingtao Brewery (00168 HK) Sunny Kwok 郭 日 升 公 司 报 告 : 青 岛 啤 酒 (00168 HK) +852 2509 2642 sunny.kwok@gtjas.com.hk Tough Quarters Ahead, Downgrade to Reduce 未 来 数 季 情 况 更 严 峻, 下 调 至 减 持 GTJA Research 国
More informationSHINE CORPORATE LTD. 2013 Annual Results
SHINE CORPORATE LTD 2013 Annual Results Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Shine Corporate
More informationMobile Advertising Market - India
Mobile Advertising Market - India February 2015 Executive Summary Market Overview Global market size of mobile advertising stood at INR a1 bn in 20--, growing at a CAGR of a2% from the previous year Market
More informationUBS FINANCIALS CONFERENCE 2014
UBS FINANCIALS CONFERENCE 2014 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 25 June 2014 Mark Whelan MD Corporate & Commercial Bank, Australia ANZ Corporate & Commercial Overview Corporate & Commercial
More informationStock Market Indicators: Historical Monthly & Annual Returns
Stock Market Indicators: Historical Monthly & Annual Returns July 31, 1 Dr. Edward Yardeni 51-97-73 eyardeni@ Joe Abbott 7397-53 jabbott@ Please visit our sites at blog. thinking outside the box Table
More information1. 2015 Gross Borrowing Requirements and Funding Plan
1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase
More informationDisclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Company s strategy, revenues, earnings,
More informationASG Annual General Meeting October 2015
ASG Annual General Meeting October 2015 Ian Campbell, Chairman 1 Geoff Lewis, Managing Director & CEO ASG Group (ASZ) Overview ASG Snapshot ASX-listed, Australian-focused IT business solutions provider,
More informationHSBC Global Investment Funds Global High Yield Bond
Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital
More information>Analysts conference. Dr. Andre Carls, CEO Karin Katerbau, CFO. Frankfurt/Main, 14 February 2006
>Analysts conference Dr. Andre Carls, CEO Karin Katerbau, CFO Frankfurt/Main, 14 February 2006 > Agenda comvalue taking effect Convincing growth programme record results Offering and sales expanded More
More informationJupiter Fund Management plc. Preliminary Results: 7 March 2012
Jupiter Fund Management plc Preliminary Results: 7 March 2012 Forward-looking statements This presentation may contain certain forward-looking statements with respect to certain plans of Jupiter Fund Management
More informationTVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015
TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015 Disclaimer This presentation (the Presentation ) has been prepared by TVN S.A. (the Company ) solely for use by
More informationNgonyama valuation update
15 April 2015 Ngonyama valuation update Update; Anchor research team Summary of valuations, projected returns and portfolio positioning: The BEE schemes comprising Ngonyama Capital continue to offer, in
More informationCASE STUDY I FAIRHOLME. Ignore the crowd.
CASE STUDY I This presentation uses Bank of America as a case study to illustrate Fairholme Capital Management s investment strategy for the Fairholme Fund. In this presentation, we show Fairholme Fund
More informationACQUISITION OF HYPE DC PTY LTD
ACQUISITION OF HYPE DC PTY LTD Important notice and disclaimer This presentation has been prepared by RCG Corporation Limited (RCG) in relation to RCG s proposed acquisition of Hype DC Pty Ltd (Hype).
More informationInvestor conferences Asia, United Kingdom and United States September and October 2015
MARKET ANNOUNCEMENT Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile
More informationQ1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010
Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Overall trading conditions continue to improve GROUP Operating income 251 million ( 163 million in Q1 20); quarter benefited from four
More informationThe Impact of Medicare Part D on the Percent Gross Margin Earned by Texas Independent Pharmacies for Dual Eligible Beneficiary Claims
The Impact of Medicare Part D on the Percent Gross Margin Earned by Texas Independent Pharmacies for Dual Eligible Beneficiary Claims Angela Winegar, M.S., Marvin Shepherd, Ph.D., Ken Lawson, Ph.D., and
More information