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CHALLENGER LIMITED — Financial Supplement Data 2011
Dec 14, 2011
64641_rns_2011-12-14_042e7935-2e0a-4064-a005-6e38950b40a5.pdf
Financial Supplement Data
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MARKET RELEASE
PRO-FORMA TEMPLATE – BOUTIQUE, ALIGNED AND OTHER MANAGEMENT VIEW
15 December 2011, Sydney – Challenger Limited (ASX:CGF) today released a pro-forma template for the presentation of its financial results for its Funds Management division.
Following the release on 21 October of a template providing historical information for Assets and Funds Under Management (AUM) under a revised format, the attached pro-forma template provides an historical breakdown of net income for Funds Management’s two key earnings drivers being Boutique Partnerships and Aligned & Other Investments for financial years 2011 and 2010.
The first period of reporting under the revised format will be for the six months ended 31 December 2011 (1H12) which will be announced on 20 February 2012.
Ends
Suzanne Evans, Head of Investor Relations, Challenger Limited. 02 9994 7125 Stuart Barton, General Manager Corporate Marketing & Communications, Challenger Limited. 02 9994 7008
Further enquiry:
Challenger Limited A.B.N 85 106 842 371
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Funds Management – Detailed Management Financials
| $m | 2011 | 2010 | 2H 11 | 1H 11 | 2H 10 | 1H 10 |
|---|---|---|---|---|---|---|
| Boutique Partnerships | ||||||
| Boutique Income1 | 22.0 | 6.6 | 11.9 | 10.1 | 4.1 | 2.5 |
| Equity Accounted Profts2 | 7.5 | 0.8 | 5.2 | 2.3 | 0.7 | 0.1 |
| Total Net Income | 29.5 | 7.4 | 17.1 | 12.4 | 4.8 | 2.6 |
| Aligned and Other | ||||||
| Net management fees | 48.9 | 73.7 | 19.3 | 29.6 | 37.9 | 35.8 |
| Transaction and Performance fees | 10.0 | 20.9 | 7.5 | 2.5 | 10.8 | 10.1 |
| Total Net Income | 58.9 | 94.6 | 26.8 | 32.1 | 48.7 | 45.9 |
| Total Net Income | 88.4 | 102.0 | 43.9 | 44.5 | 53.5 | 48.5 |
| Personnel expenses | (46.1) | (60.2) | (22.5) | (23.6) | (30.9) | (29.3) |
| Other expenses | (22.2) | (24.5) | (10.6) | (11.6) | (13.4) | (11.0) |
| Total Expenses | (68.3) | (84.7) | (33.1) | (35.2) | (44.3) | (40.3) |
| Net proft/(loss) before tax | 20.1 | 17.3 | 10.8 | 9.3 | 9.2 | 8.2 |
| Performance Analysis | ||||||
| Cost to income ratio | 77.3% | 83.1% | 75.4% | 79.2% | 82.9% | 83.2% |
| Opening Net Assets ($m) | 111.0 | 93.2 | 111.0 | 111.0 | 93.2 | 93.2 |
| Normalised RONA | 18.1% | 18.5% | 19.6% | 16.7% | 19.6% | 17.5% |
| Spot FUM – Boutique Partnerships ($m) | 14,848.1 | 6,976.7 | 14,848.1 | 12,697.8 | 6,976.7 | 4,033.4 |
| Spot FUM – Aligned and Other ($m) | 8,759.5 | 13,244.0 | 8,759.5 | 9,166.3 | 13,244.0 | 15,190.5 |
| Spot FUM – Total ($m) | 23,607.6 | 20,220.7 | 23,607.6 | 21,864.1 | 20,220.7 | 19,223.9 |
| Average FUM – Boutique Partnerships ($m)3 | 12,271.4 | 3,863.9 | 13,795.5 | 10,808.2 | 4,889.8 | 2,827.6 |
| Average FUM – Aligned and Other ($m)3 | 9,611.4 | 14,421.2 | 8,841.8 | 10,317.4 | 14,197.8 | 14,739.5 |
| Average FUM – Total ($m) | 21,882.8 | 18,285.1 | 22,637.3 | 21,125.6 | 19,087.6 | 17,567.1 |
| Margins (bps) 4 | ||||||
| Boutique Partnerships | 24 | 19 | 25 | 23 | 20 | 18 |
| Aligned and Other | 61 | 66 | 61 | 62 | 69 | 62 |
| Net margin – Funds Management | 40 | 56 | 39 | 42 | 57 | 55 |
| FUM Analysis ($m) | ||||||
| Net fows | 2,397.0 | 3,831.0 | 1,324.0 | 1,073.0 | 2,006.0 | 1,825.0 |
| Distributions | (267.5) | (188.3) | (164.3) | (103.2) | (109.0) | (79.3) |
| Market linked movement | 1,241.0 | 533.0 | 372.5 | 868.5 | (900.9) | 1,433.9 |
| Total FUM movement | 3,370.5 | 4,175.8 | 1,532.2 | 1,838.3 | 996.1 | 3,179.7 |
1 Boutique Income includes distribution, administration and trustee fees.
2 Equity Accounted Profits represents Challenger’s share of pre tax earnings.
3 Average Funds Under Management calculated on a monthly basis.
4 Margin (bps) represents Total Net Income/average FUM.
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