I had worked it out but realised I hadn't included RE fees and Expense recovery before so here are revised figures.
Figures as follows for the management fee including the above additional fees:
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
Column 5 |
Column 6 |
Column 7 |
Column 8 |
Column 9 |
Column 10 |
Column 11 |
| 1 |
FUM (mn) |
Dec |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
|
|
|
| 2 |
Aus |
|
271.2 |
270.6 |
269.2 |
256.7 |
250.8 |
246.7 |
246.4 |
|
|
| 3 |
Select |
|
73.9 |
75.3 |
74.5 |
71.2 |
67.6 |
62.8 |
56.7 |
|
|
| 4 |
Asia |
|
40.7 |
41.1 |
40.7 |
39.4 |
37.3 |
36.3 |
33.9 |
|
|
| 5 |
Global |
|
39.7 |
39.3 |
38.4 |
37.7 |
37.5 |
36.5 |
36.4 |
|
|
| 6 |
Global 2 |
|
20.4 |
20 |
18.9 |
17.8 |
17.7 |
17 |
17.2 |
|
|
| 7 |
Small |
|
16.7 |
16.5 |
15.8 |
15.5 |
14.5 |
14.7 |
14 |
|
|
| 8 |
|
|
|
|
|
|
|
|
|
|
|
| 9 |
Total |
|
462.6 |
462.8 |
457.5 |
438.3 |
425.4 |
414 |
404.6 |
|
|
| 10 |
|
|
|
|
|
|
|
|
|
|
|
| 11 |
Management Fee +RE Fee + Expense Recovery (ex GST) |
|
Monthly Proportion |
|
|
|
|
|
|
|
|
| 12 |
Aus |
1.39% |
|
0.12% |
0.12% |
0.12% |
0.12% |
0.12% |
0.12% |
|
|
| 13 |
Select |
1.45% |
|
0.12% |
0.12% |
0.12% |
0.12% |
0.12% |
0.12% |
|
|
| 14 |
Asia |
1.77% |
|
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
|
|
| 15 |
Global |
1.86% |
|
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
|
|
| 16 |
Global 2 |
1.86% |
|
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
|
|
| 17 |
Small |
1.19% |
|
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
|
|
| 18 |
|
|
|
|
|
|
|
|
|
|
|
| 19 |
|
|
|
Management Fee Payable ($mn) |
|
Half Year Total |
|
|
|
|
|
| 20 |
Aus |
|
|
$ 0.31 |
$ 0.31 |
$ 0.30 |
$ 0.29 |
$ 0.28 |
$ 0.28 |
|
$ 1.77 |
| 21 |
Select |
|
|
$ 0.09 |
$ 0.09 |
$ 0.09 |
$ 0.08 |
$ 0.08 |
$ 0.07 |
|
$ 0.49 |
| 22 |
Asia |
|
|
$ 0.06 |
$ 0.06 |
$ 0.06 |
$ 0.05 |
$ 0.05 |
$ 0.05 |
|
$ 0.34 |
| 23 |
Global |
|
|
$ 0.06 |
$ 0.06 |
$ 0.06 |
$ 0.06 |
$ 0.06 |
$ 0.06 |
|
$ 0.35 |
| 24 |
Global 2 |
|
|
$ 0.03 |
$ 0.03 |
$ 0.03 |
$ 0.03 |
$ 0.03 |
$ 0.03 |
|
$ 0.17 |
| 25 |
Small |
|
|
$ 0.02 |
$ 0.02 |
$ 0.02 |
$ 0.01 |
$ 0.01 |
$ 0.01 |
|
$ 0.09 |
| 26 |
|
|
|
|
|
|
|
|
|
|
Total |
| 27 |
Monthly Total |
|
$ 0.57 |
$ 0.56 |
$ 0.54 |
$ 0.52 |
$ 0.51 |
$ 0.50 |
|
$ 3.2054894 |
|
Total Management Fee, expense recovery, RE fees of $3,205,489.4 for the half year.
Doubling that and dividing by FUM is a weighted averaged annual management fee + RE Fee and Expense recovery of 1.58%.
I calculated the performance fee ex GST before ~14%* 3.1% (excess over 10% which is where performance was at the half year and performance fee was paid) * 404.6mn (FUM June 30) = $1.069376 mn
So Management Expense Recovery and Re fees plus performance fees are
|
Column 1 |
| 1 |
$ 4,474,865.42 |
for the second half.
Static HY expense at $3.6mn means gross profit now 874,865 for the half. Taxed at last half's tax rate of 27.5% = $634,182 Net Profit or 0.26cps.
Table format
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
| 1 |
|
First half |
Second Half |
Total |
| 2 |
Gross Profit |
$ 7,200,714.00 |
$ 874,865.42 |
$ 8,075,579.42 |
| 3 |
Net Profit |
$ 5,219,739.97 |
$ 634,182.94 |
$ 5,853,922.92 |
| 4 |
Shares on issue |
$ 240,541,152.07 |
$ 244,200,000.00 |
|
| 5 |
EPS |
$ 0.0217 |
$ 0.0026 |
$ 0.0243 |
So excluding performance fees K2's management fees, expense recovery and RE fees are generating $3.2mn per half but expenses are around $3.6 million (based on first half where bonuses wouldn't have been paid).
K2 has lowered fees on a couple of the funds for the coming year so fee generation would be lower than the estimated $3.2m using current FUM.
All in all, they need to cut costs, raise FUM or earn performance fees to be profitable.
Not sure why they haven't reported yet.
