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Restructuring costs, valuation cuts and reimbursements have taken their toll on Blue Sky Alternative Investments' (ASX: BLA) bottom line, with the embattled fund manager anticipating a loss of between $28-32 million for the first half of FY18.
And if it weren't for a $50 million convertible note facility from its saviour partners at Oaktree Capital Management, the cash position would be just shy of $5 million.
In an announcement to the ASX this morning, the Brisbane-based group announced a cash position of $54.8 million, compared to $40 million at the end of June last year.
"The primary drivers of the cash position relate to abnormal expenses, restructuring expenses, fund expense recovery repayments and further working capital loans, investments and co-investments of aligned capital and institutional investors in real assets and a US energy storage investment," the company said.
Restructuring costs were estimated to have cost around $8 million, while BLA also took a $14 million hit in valuation adjustments and recommended impairments to working capital loans.
The only positive impact on its performance, of around $2.5 million, came from the reversal of employee share option expenses resulting from staff terminations.
The group noted a significant reduction in annual expenses, representing "strong progress" towards Blue Sky's target of keeping fixed cost in line with recurring management fee revenues.
The Brisbane-based company anticipates net tangible assets (NTA) of $102-106 million as at 31 December 2018.
More here:
- Oaktree saves Blue Sky with $50m investment
- Blue Sky in discussions to receive lifeline from US investment firm
- Rough trot continues for Blue Sky with poor results
- Lenard's back in founder's control after Blue Sky takes flight
- Blue Sky bounces back in June
- Blue Sky darkens on latest $60 million hit and share price freefall
- Blue Sky in trading halt ahead of major review
- Blue Sky confirms KPMG to carry out comprehensive review
- Brisbane's Top 50 Companies 2018 revealed
- Blue Sky turmoil continues with board purge, further share slide
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