CALGARY, March 27, 2013 /CNW/ - Aston Hill Financial Inc. ("Aston Hill" or the "Company") (TSX:AHF) announces it has filed its Annual Audited Consolidated
Financial Statements for the year ended December 31, 2012 and related
Management Discussion and Analysis with Canadian securities regulatory
For the year ended December 31, 2012, Aston Hill's revenue was $24.6
million, an increase of 35% from 2011 year-end of $18.2 million. The
revenue increase was due mainly to the continued growth and performance
of the Aston Hill mutual funds, a full year of revenues from the closed
end funds and the institutional funds, and the services agreement with
Argent Energy Trust signed in August 2012. Aston Hill Assets under
Management, Administration and Advisory ("AUM") increased 14%
year-over-year from $5.67 billion to $6.46 billion at December 31,
2012. The rise in AUM is mainly the result of new mutual fund
subscriptions, the addition of Argent and the continued increase in the
IA Clarington funds for which the Company is the sub-advisor. As at
February 28, 2013, total AUM was $6.74 billion.
Total expenses were $15.98 million for 2012 as compared to $11.21
million for 2011 due to increases in marketing, compensation and office
expenses related to building the Company's proprietary suite of
open-ended mutual funds. AUM for these mutual funds increased from
$108 million at January 1, 2012 to $300 million at December 31, 2012.
As at February 28, 2013, Aston Hill open-ended mutual fund AUM was $383
million as these funds are now selling at their highest rates ever.
EBITDA for the year ended December 31, 2012 was $7.34 million before
stock compensation ($5.13 million after stock compensation), up from
the prior year amount of $6.43 million before stock compensation ($4.93
million after stock compensation). The EBITDA increase is a result of
revenue increases from the Company's investment management services and
products offset by increased compensation, office, marketing and
product development costs related to the growth of Aston Hill's mutual
"The Company ended 2012 and started the first two months of 2013 with
very strong sales growth from our Aston Hill family of mutual funds"
said Eric Tremblay, Chief Executive Officer. "We expect this trend to
continue as we reap the benefits this year of a solid sales force and
excellent fund performance provided by our portfolio managers in 2012".
Aston Hill Financial Inc. is a diversified asset management company with
a suite of retail mutual funds, closed end funds, private equity funds,
hedge funds and segregated institutional funds. The Company is also
engaged in the administration of Argent Energy Trust (TSX: AET.UN).
Aston Hill Financial has offices in Calgary, Toronto and Halifax.
The TSX has neither approved nor disapproved the information contained
EBITDA: EBITDA is not a standardized earnings measure prescribed by IFRS;
however, management believes that most of its shareholders, creditors,
other stakeholders and investment analysts prefer to use this
performance measure in analyzing Aston Hill's results.
Forward-Looking Statements: This news release contains certain "forward-looking statements" within
the meaning of such statements under applicable securities law.
Forward-looking statements are frequently characterized by words such
as "plan", "continue", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed" and
other similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions. Various
assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this
news release. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements.
For a detailed description of the risks and uncertainties facing the
Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and
analysis for the year ended December 31, 2012, both of which are
available at www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, unless required by law. The reader is cautioned not to
place undue reliance on forward-looking statements.
SOURCE: Aston Hill Financial Inc.
For further information:
Chief Executive Officer
Aston Hill Financial Inc.
Vice President and CFO
Aston Hill Financial Inc.