half year results presentation - garda property · 2019-10-02 · garda capital group half year...

GARDA CAPITAL GROUP(ASX CODE: GCM)

HALF YEAR RESULTS PRESENTATION

20 FEBRUARY 2019

GARDA CAPITAL GROUP HALF YEAR RESULTS PRESENTATION FEBRUARY 2019 | 2

OVERVIEW• GARDA Capital Group operates and invests in real estate.

• GARDA Capital Group (ASX: GCM) is a stapled security comprising GARDA Capital Limited and GARDA Capital Trust.

• GARDACapitalLimitedisfundmanagerforGARDADiversifiedPropertyFund(ASX:GDF)andGCMisalsoasubstantialownerwitha13.8%investmentinGDF.

• GARDAconsiderstheperformanceandvalueofeachofthesetwoactivitiesseparately:

Performance

∂Operatingactivities–feerevenuegeneratedfromtheGroup’svariousactivities.

∂Investingactivities–returnsoncapitaldeployed,e.g.distributions,interest,valuechanges.

Value

∂Operating–underlyingprofitaftertaxatamultiple.

∂ Investing – Group net assets.

• StatutoryreportingpresentstheGroup’sresultsasawholeandrecognisesvaluechanges(marktomarketchanges)throughrevenue.


FIRST HALF FY19 HIGHLIGHTSFEE GROWTH AND RETURNS

∂Totalrevenueandotherincomeof$7.5millionwhichisanincreaseof$3.5millionor87.5%($4.0millionpcp).

∂8%increaseinassetsundermanagement(AUM)from$284million( Jun-18)to$307million(Dec-18).

∂EmbeddedgrowththroughexistingprojectsseesAUMincreasetoapproximately$330millionby30June2019.

∂Increasedcapitalexpenditure fee revenueasa resultof theBotanicca9officeproject,expected tocompleteinMay2019.

∂RecentindustrialsiteacquisitionsatBerrinbaandProgressRoad,WacoldemonstratethecontinuityofthecapitalexpenditurefeesthroughFY20andbeyond.

$000

's

HY18

REVENUE GROWTH RETURN ON TOTAL EQUITY

FundsManagement Investment Investment Return % Total Return %OtherIncome

658

4,018

HY17

538

2,551

350

911

HY19

992

7,505

3,142

1,6632,449

3,371

HY19FY18FY17

18.9%

9.6%12.0%

24.4%

16.1%17.3%


FIRST HALF FY19 HIGHLIGHTSEARNINGS AND RETURNS

∂GroupNPATof$4.8million(operating and investing activities),representinga142%increaseonpriorperiod(HY18$2.0million).

∂92%increaseinunderlyingoperating activityearningsaftertaxof$1.1million(HY18$0.6million).

∂HY19underlyinginvestment activityearningsaftertax,(adoptingthe31December2018ASXclosingprice) was $3.7 million or 18.9% returnforthehalf-year,on30June2018netassetsof$19.8million.

∂AtotalreturnonequityforHY19of$4.8 million or 24.4%1wasachievedon30June2018netassetsof$19.8million.

1.Totalreturnonsecurityholdersequityismeasured,asthesumoftheunderlyingoperatingactivitiesearningsaftertaxandtheunderlyinginvestingactivitiesearningsaftertax,overtheGroup’sequityatthebeginningofthefinancialperiod.

$000

's

HY17

35

HY18

570

HY19

1,096

UNDERLYING OPERATING ACTIVITY EARNINGS AFTER TAX

DPS OperatingEPS StatutoryEPS

cent

s pe

r se

curi

ty

1.9

4.7

8.2

3.4

7.0

19.9

EARNINGS AND RETURNS PER SECURITY

HY18 HY19


FIRST HALF FY19 HIGHLIGHTSBALANCE SHEET ∂InvestmentinGDFvaluedat$28.9millionatDecember2018ASXclosingpriceof$1.32persecurity.

∂GCMincreaseditsinvestmentinGDFby$4.0millionviaparticipationintheGDFOctober2018placementat$1.25,takingitsstaketo13.8%ofissuedunits.

∂ContinuedinvestmentindebtpositionswiththeadvancementoftwonewloansbytheGrouptothirdpartiestotalling$2.1million.

$million

GCM NET ASSETS

$million

GCM TOTAL ASSETS

FY16

1.2

FY17

18.2

FY18

19.8

HY19

23.8

FY16

16.8

FY17

21.1

FY18

33.1

HY19

37.5


FIRST HALF FY19 HIGHLIGHTSDISTRIBUTIONS ∂Totalsecurityholderpaymentsforthehalf-yearof3.375centspersecurityforH1FY19,an80%increase

onH1FY18,madeupof:

∂Fullyfrankeddividendof1.125centspersecurity;and

∂100%taxadvantagedtrustdistributionsof2.25centspersecurity.

∂The Group will continue to distribute on a quarterly basis the distributions it receives from GDF,expectedtototal2.5centsforH2FY19.

∂TheGroupwillalsoconsiderafullyeardividendpayment.


EARNINGS GROWTH AND RETURNS• 92%increaseinunderlyingoperatingactivity

earnings after tax of $1.1million (HY18 $0.6million).

• 142%increaseinGroupNPATto$4.8million(HY18$2.0million).

• Total securityholder payments of 3.375centsperunitforHY19representingan80%increaseonHY18distributions,madeupof:

∂Fullyfrankeddividendof1.125centsand

∂2.25 cents distributions (100% taxadvantaged).

Operating ActivitiesActual

HY19$000's

HY18$000's

Underlyingoperatingactivityearningsbeforetax 1,510 783

Incometaxexpense (414) (213)

Underlying operating activity earnings after tax 1,096 570

InvestmentNetdistributionsandinterestrevenue 638 600

Fairvaluemovement 3,122 911

Incometaxexpense (21) (50)

Underlying investment activity earnings after tax 3,739 1,461

Underlying operating profit after tax 4,835 2,031

Statutory Profit ReconciliationUnderlying operating profit after tax 4,835 2,031

Non-cashexpenses (59) (57)

Statutory profit after tax 4,776 1,974


STATUTORY REVENUE AND PROFIT• 87%increaseintotalrevenue,includingthemark-to-

marketoftheGroup’sholdinginGDF.

• 40%increaseinrevenuecomprisedof:

∂ 38% increase in funds management revenue, which included an increase in both recurring andtransactionalrevenuestreams;and

∂51%increaseininvestmentrevenue,asaresultofanincreaseintheGroup’sinvestmentinGDF.

• ContinuedfairvaluegainsonGDFinvestment.

Summarised Statement of Profit and Loss HY19$000's

HY18$000's

Revenue 4,363 3,107

OtherIncome 3,142 911

Total Revenue 7,505 4,018

Segment Revenue

FundsManagement 3,371 2,449

Investment 992 658

Total Revenue 4,363 3,107

OperatingExpenses (1,802) (1,608)

Operating EBIT 2,561 1,499

InterestExpense (432) (116)

Operating Profit Before Tax 2,129 1,383

IncomeTaxExpense (436) (263)

Operating Profit After Tax 1,693 1,120

SpecificNonCashandMTMIncome 3,142 911

SpecificNonCashandMTMExpenses (59) (57)

Net Movement 3,083 854

Statutory Profit After Tax 4,776 1,974


BALANCE SHEET• TheGroup’smajor balance sheet item is its

unitholdinginGDF.

• This investment (financial assets) is carriedatthe31December2018ASXclosingpriceof$1.32perunit,comparedto$1.165perunitat30June2018.

• Cash decreased from $8.5 million to $3.5million due to deployment into debt andequity investments.

• Netassetsfortheyearincreased$4.0millionor20%,from$19.8millionto$23.8million.

• Borrowingsconsistofa$10.0millionloantopartially fund the GDF investment, and thecapitaladequacy loanof$1.97millionwhichissubjecttoanASICdeedofsubordination.

Summarised Statement of Financial PositionHalf Year31 Dec 18

$000's

Full Year30 June 18

$000'sAssetsCashandCashEquivalents 3,459 8,547TradeandOtherReceivables 3,538 1,133FinancialAssets 28,908 21,786InvestmentProperties 1,250 1,250DeferredTaxAsset - -IntangibleAsset 307 326OtherAssets 76 84Total Assets 37,538 33,126LiabilitiesTradeandOtherPayables 1,152 1,153Borrowings 11,970 11,970CurrentTaxLiability 507 102DeferredTaxLiability 88 57OtherLiabilities 31 42Total Liabilities 13,748 13,324Net Assets 23,790 19,802


OPERATING ACTIVITIES

• TheGroup’soperatingactivitiesgeneraterevenuefromfundsmanagement.

• GARDAistheresponsibleentityandfundmanager(andholdsa13.8%investment)ofGARDADiversifiedPropertyFund(ASX: GDF).

• Fundmanagementrevenuesareprimarilyderivedfromfeesbasedonassetsundermanagement(AUM).

• RevenuefortheyearisdrivenfromtheaverageAUM,soakeymetricisthestartingAUMinFY19comparedtotheaverageAUMforFY18.

• Additionally fundmanagementrevenues includecapitalexpenditure fees,propertyand facilitiesmanagementandother realestateagencyfunctionssuchasleasing.

• TheGroup’sdebtactivityrevenuesconsistofprocurementandtrailorestablishmentandlinefees.TheGroupispivotingfromtraditionalbrokeragetoaco-investmentdebtfundsmanagementmodelandhascompleteditsfirstsyndicatedadvancewithhouseandthirdpartycapitalduringthe1HFY19.


GROWTH IN ASSETS UNDER MANAGEMENT (AUM)

• GARDAcontinuestogrowAUMyearonyearfortheGARDADiversifiedPropertyFund.

• GARDAhasembeddedAUMgrowthfrom:

∂Botanicca9project–7,150m²officebuildingdueforcompletioninMay2019(AUMof$330million)

∂Berrinbaproject–approximate5,500m²industrialbuildingtocommenceinH1FY20(AUMof$337million)

∂ProgressRoad,Wacolproject-approximate17,000m²industrialcomplextocommenceconstructioninH1FY20 (AUMto$367million)

GROWTH IN AUM

$ m

illio

ns

FY16

154

FY15

141

FY17

188.1

FY18

284

HY19 Actual

307

FY19 Forecast

*AUMgrowthbasedontheforecast completion values of Botanicca9,BerrinbaandWacol.

343*

FY20 Forecast

367*400

0

200

300

100

350

150

250

50


GROWTH IN AVERAGE AUM• AverageAUMinanyyearmoreaccuratelyreflectsthebasisuponwhichfundsmanagementrevenuehasbeenderivedforthatyear.

• AUMreportedatyearendprovidesthestartingbasisforfundsmanagementrevenueforthefutureperiod.

• GARDAhasdemonstratedsustainedgrowthinAUMwithFY19commencingAUMof$284millionbeinganapproximately30%increaseonaverageAUMofFY18.

GROWTH IN AVERAGE AUM

$ m

illio

ns

FY16

144

FY17

184

FY18

219

FY19 Forecast

*FY19andFY20forecastaverageAUM

308*

FY20 Forecast

356*400

0

200

300

100

350

150

250

50


CAPITAL EXPENDITURE FEE REVENUE • AkeycontributortofeerevenueistheGDFcapitalexpenditurefee.

• GARDAreceivescapitalexpenditurefeesof5%ofcapitalworksbyGDF.

• GDFhastwoprimarycapitalexpenditureactivities:

∂capitalreinvestmentintoexistingassets(ongoing/recurringfocus);and

∂newbuildingworks-suchasthecurrentBotanicca9commercialofficeprojectcurrentlyunderconstruction.

• GDFhasannouncedtwoindustrialsiteacquisitionswhereitintendstobuildmodernindustrialfacilitiestoretainaslongterminvestments:

I.Berrinba,QLD–expectedtocommenceconstructionofa$6.3millionfacilityinthelaterpartofH2FY19.

II.Wacol,QLD–expectedtosettleinMay2019withconstructionofa$25millionfacilitycommencinginH1FY20.

Expe

nditu

re$00

0's

-

20,000

10,000

30,000

5,000

25,000

15,000

40,000

35,000

GDF CAPITAL EXPENDITUREReinvestmentProjects

FY17 FY18 HY19ACTUAL FY19FORECAST FY20FORECAST

Botanicca9

Berrinba

ProgressRd,Wacol


FUTURE POTENTIAL PROJECTS

• AssetcreationisakeydifferentiationandcompetitiveadvantageforbothGCMandGDF.

• ThisstrategycreatesvalueforbothinvestorsofGCMandGDF.

• Todate,thisvaluehasbeencreatedthroughtheacquisitionofsiteswhereGARDAhasproceededtoconstructassetstoholdasinvestmentsoverthelongterm.

• GDFhasanumberofexistingassetsthatalsoprovidefuture(notimmediate)developmentopportunity.

• ThislatentvaluewithinexistingGDFassetspotentiallyprovidesbenefitstoGDFinvestorsthroughassetcreationandtoGCMinvestorsthroughco-investmentandcapitalexpenditurefees.

• Suchassetsinclude:

1.436ElgarRoad,BoxHillwhichhasbothcommercialandresidentialpotential;and

2.26-30GraftonStreet,CairnswhichisablockoflandattachedtoGDF’sexisting15levelofficebuilding(9-19LakeStreet).Thisprovidesanopportunityforeitheraresidentialormorelikelyfuturecommercialdevelopment.


BOX HILL METRO ACTIVITY CENTRE • GDFcurrentlyownsa31yearold,threelevelofficebuildingwithatotalNLAof6,587m²locatedat436ElgarRoad,BoxHill.

• Thebuildingis100%occupiedandhasa3.9yearWALE.

• Thebuildingsitsona2,650m²cornersite.

• BoxHillislocatedapproximately15kilometreseastoftheMelbourneCBD.

• Theareahadtraditionallybeencharacterisedbyamixoflow-densityresidentialandcommercialuses,however,theareaiscurrentlyundergoingsignificanttransformation.

• Thereissignificantamenityincloseproximitytothesite,includingBoxHillCentral(shoppingcentre),BoxHilltrainstationandBoxHillgardens.

• Thesitehastwopotentialfuture‘higherandbetteruse’includingbothcommercialandresidential.

Commercial–possiblya16storeyofficebuildingofapproximately17,000m²ofnetlettablearea.

Residential–possiblya19storeyresidentialtowerofapproximately31,000m²ofGFA,yielding229oneandtwobedroomapartments.


INVESTMENT ACTIVITIES

GARDAinvestsinrealestateviabothequityanddebtpositions.

EQUITY• GARDA’sprimaryequityinvestmentisits21.9millionunitsinGDF,representing13.8%ofGDF.

• TheGroupdeployedafurther$4.0millionintoGDFaspartofthe$25millionplacementannouncedinOctober2018.

• TheDirectorsmeasureperformancehavingregardtothedistributionsreceived,andthefairvaluemovement(increaseordecreaseinassetvalues)ofitsinvestmentinGDF,overeachfinancialperiod.

DEBT• GARDAinvestsinpropertythroughdebtpositions.

• TheGroupmadefurtherinvestmentsindebtpositionswiththeadvancementoftwonewloanstotalling$2.1million.

• Debtinvestmentgeneratesbothfees(accountedforintheoperatingrevenuesoftheGroup)andinterest(accountedforintheinvestingrevenuesoftheGroup).Bothoftheseareassessedwhenconsideringadebtinvestment.


CO-INVESTMENT IN GDF

• GCM’sinvestmentinGDFtotals$28.9millionat31December2018ASXclosingpriceof$1.32perunit.

• GDFcurrentpriceof$1.36istradingneartoNTAof$1.31perunit.

• GCMhasenjoyedGDF’sstrongyearonyeardistributionreturnsandcontinuedNTAperunituplifts.

• ValuationsarecompletedannuallyinJune.

• H1FY19changetoNTAisasaresultofalitigationwinandseparatelyequityraisingcostsassocitedwithGDF’s$25mOctoberplacement.

1.PortfoliorevaluationsduetobecompletedbyJune2019.

GDF NTA PER UNIT

FY17

$1.21

FY16

$1.13

FY18

$1.29

HY19

$1.31

$-

$0.050

$0.150

$0.100

$0.200

GDF DISTRIBUTIONS AND NTA UPLIFT PER UNIT

DistributionsperunitNTA Increase

FY16

$0.11

$0.090

$0.200

FY17

$0.08

$0.094

$0.174

$0.08

$0.090

FY18

$0.170

$0.021

$0.045

HY19

$0.065


MEASURING PERFROMANCE OF INVESTMENT ACTIVITY

• PerformanceoftheGroup’sinvestmentactivitiesismeasuredbyreferencetotheunderlying earnings of investment activity after tax beingtheadditionofnetinterestanddistributionsreceived,andfairvaluemovement,overnetassetsatthebeginningoftheperiod.

• FairvaluemovementrelatesprimarilytoGARDA’s21.9millionunitsinGDF.

• Investmentactivitygeneratednetinterestanddistributionsof$0.62millionaftertaxforthehalfyear.

• Fairvalueupliftof$3.1millionwasrecognisedat31December2018basedontheGDFASXclosingpriceof$1.32.

• HY19underlyinginvestment activityearningsaftertax,(adoptingthe31December2018ASXclosingprice)was $3.7 million or 18.9% returnforthehalf-year,on30June2018netassetsof$19.8million.

GROUP RETURN ON EQUITY• Totalreturnonsecurityholdersequityismeasured,asthesumoftheunderlyingoperating activityearningsaftertaxandthe

underlying investing activity earningsaftertax,overtheGroup’sequityatthebeginningofthefinancialperiod.

• AtotalreturnforHY19of $4.8 million or 24.4%wasachievedon30June2018netassetsof$19.8million.


OUTLOOK

• GCMstartedFY19with$284millionofAUM,comparedtotheFY18averageAUMof$219million.

• AUMtoincreaseto$337millionuponcompletionofBotanicca9projectinMay2019andthesettlementofProgressRoad,WacolindustrialsiteinMay2019.

• GDFcontinuestoseeknetAUMgrowthofapproximately$100millionperannum.

• FY19andFY20capitalexpenditurefeerevenuemateriallybenefitsfromestimatedrespectivespendsofapproximately$43millionand$27million.

• GCMwillcontinuetofocusontheprocurementofthirdpartycapitaltoparticipateindebtopportunitieswiththeGroupasfundmanagerandco-investingitsallocatedcapital.

• Distributions tosecurityholderswill continue toreflectapass throughof incomereceivedby theGroup from its investment inGDF(throughGARDACapitalTrust–investmenttrust).

• AfinalFY19corporatedividendwillbeconsideredatfinancialyearend.


GARDA DIVERSIFIED PROPERTY FUND


REAL ESTATE INVESTMENT

»TheGDFinvestmentisconsideredbothstrategictoGroupactivitiesaswellascompellingfromastandaloneinvestmentperspectivegivenitpresentlyyields6.62%andit’sstrongoutperformanceagainsttheS&P/ASXA-REIT200&300indicessinceIPOinJuly2015.

»TheGroupinvested$10milliontoacquire10millionunitsatIPOandhascontinuedtoparticipateincapitalraisingstomaintainastrategicandsignificantholdingintheFund,currentlyat13.8%.

PRIMARY EQUITY INVESTMENT IS SUBSTANTIAL UNITHOLDER POSITION (13.8%) IN GARDA DIVERSIFIED PROPERTY FUND

21.9m UNITS $28.7m at NTA

~70% TAX ADVANTAGED

INCOME

$0.09 per unit FORECAST FY2019

GDF DISTRIBUTIONS

STRATEGIC GROUP CO-INVESTMENT


GDF AT A GLANCE

1.Basedonthe‘uponcompletion’valueofBotannica9andlandvalueforBerrinbaacquisition2.WALEandoccupancyasat1January2019.3.LVRcalculatedastotaldrawndebtfacilitiesdividedbytotalpropertyassetsasat18February2019.4.WeightedaveragecapitalisationrateincludestheuponcompletionvalueandcaprateforBotanicca9.

5.7 YEARSWALE2

$0.09/unitFY2019DistributionFORECAST

99%OCCUPANCY2

$1.31NTAPerUnit

3.3%WEIGHTEDAVERAGE

RENTREVIEWS

3.32% LVR3

6.78%WEIGHTEDAVERAGE

CAPRATE4

ALIGNED MANAGERGARDA Capital

holds13.82%ofGDFunits

$330 MILLION1 $210 MILLION


PORTFOLIO VALUE (BY SECTOR)

PORTFOLIO VALUE (BY LOCATION)

COMMERCIAL 68% INDUSTRIAL 32%

44% 15% 9% 4%28%

7-19LakeStreet,Cairns($51.0m)

69-79DieselDrive,Mackay($30.2m)

747LyttonRoad,Murarrie($14.3m)142BenjaminPlace,Lytton($9.7m)41BivouacPlace,Wacol($35.25m)70-82MainBeachRoad,Pinkenba($19.0m)67NoosaStreet,Heathwood($9.8m)1-9HuntressSt,Berrinba($3.0m)

572SwanStreet,Richmond($52.5m)436ElgarRoad,BoxHill($29.0m)588SwanStreet,Richmond($62.5m)

154VarsityParade,VarsityLakes($14.0m)


REAL ESTATE DEBT INVESTMENT


REAL ESTATE DEBT INVESTMENT

BRISBANE LAND SUB-DIVISION AND DEVELOPMENT • Debtwasstructuredtoassistwiththeacquisitionandconstruction

of a 32 lot residential sub-division to the south of Brisbanewith acompletionvalueof$7.17million

• Aninitial$1.36millionfacility(fullydrawn)wasprovidedbyGARDAinAugust2018toassistwithsettlementofthesite.

• In November 2018, an additional $4.275 million was provided byGARDA and also assigned to an external investor ($3.6 million) toassistwithconstruction.

• Currentlyallfacilitiesaredrawnto$3.3million.

• GARDAearnsboth interest income (investment)aswellasmarginsandstructuringfees(non-investment).

• Total forecast investment and non investment returns on GARDA deployedcapitalover13monthstotalsapproximately20%.

Lender Size Max.LVR Interest – Nature Interest Line Structuring

GARDA $1.7million N/A Capitalising 12% 3.00% 3.00%

External $3.6million 79% Capitalising 15% n/a 3.00%


DISCLAIMERTheinformationprovidedinandaccompanyingthispresentation(Presentation)hasbeenpreparedonbehalfofGARDACapitalLimited(ACN095039366)(GARDA),andGARDAFundsManagementLimited(ACN140857405)(AFSL398764)(GFML),initscapacityasresponsiblemanageroftheGARDACapitalTrust, aregisteredmanagedinvestmentschemewithARSN150164720(theFund),togethertheGARDA Capital Group or GCM.TheinformationandstatementsinthisPresentationwerepreparedoraremadeonlyasofthedateofthisPresentation,unlessotherwisestated.

ThisPresentationcontainsgeneralandsummaryinformationaboutthecurrentactivitiesoftheGARDACapitalGroup.Itdoesnotpurporttobecomplete, orcontainalltheinformationwhichwouldberelevanttoexistingorprospectiveinvestorsofGCM.NomemberoftheGARDACapitalGrouporanyoftheirrelatedentitiesandtheirrespectivedirectors,employees,officersandadvisersgiveanywarrantiesinrelationtothestatementsandinformationcontained inorreferredtointhisPresentation.

ThisPresentationhasbeencompiledfromsourceswhichtheGARDACapitalGroupbelievestobereliable.However,itisnotaudited,anditisnotaprospectus,productdisclosurestatementorotherdisclosuredocumentasdefinedintheCorporationsAct2001(DisclosureDocument),andhasnotbeenlodgedwiththeAustralianSecuritiesandInvestmentsCommission.Itisnot,nordoesitpurporttobe,completeorincludealltheinformationthataDisclosureDocumentmaycontain.Historical,financialandother‘continuousdisclosure’informationrequiredbylawcanbefoundattheGARDACapitalGroup’swebsitewww.gardacapitalgroup.com.auandintheauditedfinancialstatements(alsoonthewebsite).Allreferencestodollarsor$inthisdocumentaretoAustraliancurrency.

NothingcontainedinthePresentationconstitutesinvestment,legal,taxorotheradvice.Itisnotanofferofsecurities,orarecommendationtobuyorsellsecuritiesinGCM.Ithasbeenpreparedforgeneralinformationonly,andwithouttakingintoaccounttheinvestmentobjectives,financialsituationorneedsofindividuals.AnyexistingorprospectiveinvestorshouldnotrelyonthisPresentation,butconsidertheappropriatenessoftheinformationinaDisclosureDocument,havingregardtotheirownobjectives,financialsituationandneedsandseekappropriateindependentadvice,includingfinancial,legalandtaxationadviceappropriatetotheirjurisdiction.NeitherGARDAnorGFMLislicensedtoprovidefinancialproductadviceinrespectofanysecurities,includingthestapledsecuritiescomprisingGCM.TheGARDACapitalGroupdoesnotguaranteeanyparticularrateofreturnorperformanceofGCMoranysecurities,nordotheyguaranteetherepaymentofcapitaloranyparticulartaxtreatment.

ThisPresentationcontainscertain“forwardlookingstatements”(Forecasts)withrespecttothefinancialcondition,resultsofoperationsandbusinessrelating totheGARDACapitalGroup.TheseForecastsmayinvolvesubjectivejudgments.Thewords“forecast”,“estimate”,“likely”,“anticipate”,“believe”,“expect”,“project”,“opinion”,“predict”,“outlook”,“guidance”,“intend”,“should”,“could”,“may”,“strategy”,“target”,“plan”andothersimilarexpressionsareintended toidentifyforward-lookingstatements.

TheForecastsarebytheirverynaturesubjecttosignificantandunknownrisks,uncertainties,vagariesandcontingencies,many(ifnotall)ofwhichareoutsidethecontrolofmembersoftheGARDACapitalGroup. VariousriskfactorsmaycausetheactualresultsorperformanceofGCMtobemateriallydifferentfromanyfutureresultsorperformanceexpressedorimpliedbysuchForecasts.TherecanbenoassurancethatanyForecastsareattainableorwillberealised. Norepresentation,warrantyorguarantee,whetherexpressorimplied,ismadeorgivenbyanymemberoftheGARDACapitalGroupthatanyForecastwill orislikelytobeachieved.Exceptasrequiredbylaw,theGARDACapitalGroupisnotliabletoreleaseupdatestotheForecaststoreflectanychanges.

Tothemaximumextentpermittedbylaw,anyandallliabilityinrespectofthePresentationandForecastisexpresslyexcluded,including,withoutlimitation,anyliabilityarisingfromfaultornegligence,foranydirect,indirectorconsequentiallossordamagearisingwhatsoeverfromtheuseoftheinformationinthisPresentationorotherwisearisinginconnectionwithit.GCMislistedontheASXandallapplicableobligationsandrestrictionscontainedin(withoutlimitation)theListingRulesandCorporationsActapplyaccordingly.Theacknowledgementsreferredtoaboveapplyaccordingly.Theacknowledgementsreferredtoabovemaybepleadedasabartoanyclaimthatareadermaybring.

GARDA CAPITAL GROUP(ASX CODE: GCM)

half year results presentation - garda property · 2019-10-02 · garda capital group half year...

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