Enero Group Limited · ASX:EGG
Enero — Photon Group — H1 2010 Earnings Presentation
22 slides from Enero's earnings presentation, Feb 16, 2010
Slide 1: ASX/Media Release: Photon Announces First Half Results
16 February 2010 ASX/MEDIA RELEASE PHOTON ANNOUNCES FIRST HALF RESULTS Photon Group Limited (ASX:PGA), Australia's largest marketing and communications group today announced its first half results, key summary of which includes: Revenue decreased 10% to $300.7 million Net revenue decreased 11% t
Slide 2: Photon Group Interim Results Presentation
Photon Group Interim Results Presentation 16 February 2010
Slide 3: Agenda
Agenda Topic Slide Executive Summary 3 Division Overviews 6 Half Year Financials 14 2
Slide 4: Executive Summary
Executive Summary – First half result was impacted by softer economic conditions, strong Australian dollar and underperformance of the Internet & E-Commerce division – Net revenue fell 11% on prior period to $196.3 million. EBITDA (pre non-recurring losses) decreased 7% on the prior period to $37.3
Slide 5: Profit & Loss Summary
Profit & Loss Summary A$ million Six months ended 31 December 2010 2009 Change Revenue $300.7m $333.2m (10%) Net Revenue $196.3m $221.6m (11%) EBITDA (pre non-recurring losses)2 $37.3m $40.3m (7%) EBITDA Margin1 19.0% 18.2% 4% Net Profit after minorities (pre non-recurring losses)2 $9.7m $9.5m 2% EP
Slide 6: 2010 Focus - Expansion of Existing Businesses
2010 Focus - Expansion of Existing Businesses Photon has a track record of leveraging existing network into new markets 2009 Expansion 2010 Expansion Plans – Frank PR entered Australian market – Naked to launch a second US office (Chicago) – Naked opened offices in Sweden and Denmark – Hotwire and F
Slide 7: Division Overviews & Outlook
Division Overviews & Outlook
Slide 8: First Half Division EBITDA
First Half Division EBITDA A$’000s 2009 Common 2010 2009 Change at 2010 Currency Six months ended 31 Dec FX rates1 Change Strategic Intelligence 7,267 4,942 47% 4,533 60% Integrated Comms & Digital 9,422 5,420 74% 5,389 75% Field Marketing 12,928 15,035 (14%) 14,693 (12%) Internet & E-Commerce 5,755
Slide 9: Division Contribution
Division Contribution 1H2009 Net Revenue 1H2010 Net Revenue Strategic intelligence 17% Strategic intelligence 17% Integrated Communications Integrated Communications and Digital 19% and Digital 22% Field Marketing 33% Field Marketing 34% Internet & E-Commerce 11% Internet & E-Commerc
Slide 10: Strategic Intelligence
Strategic Intelligence Independent communications advisory and market research YTD Performance 2010 Initiatives Strong growth continues in Naked’s strategic consulting Improvement in research spending pipeline will drive offering – authority on how global brand can integrate growth in research b
Slide 11: Integrated Communications & Digital
Integrated Communications & Digital World class advertising agencies and below the line agencies YTD Performance 2010 Initiatives Very strong performance continues for leading agencies with Expect double digit EBITDA growth to continue in 2H2010 continued growth of new and existing clients – EBI
Slide 12: Field Marketing
Field Marketing Outsourced sales execution, merchandising and demonstrations YTD Performance 2010 Initiatives Significant new contract wins in FY2009 across the division Expect FY2010 EBITDA to be in-line with last year’s EBITDA created a larger base for growth after greater than 20% growth in F
Slide 13: Internet & Commerce
Internet & Commerce Digital marketing services, product development and on-line marketing YTD Performance 2010 Initiatives Decline in EBITDA from 1H2009 due to underperformance Complete division restructure. Consolidation of product of Geekdom business, softer US online advertising development a
Slide 14: Specialised Communications
Specialised Communications Public relations, public affairs, corporate communications & events YTD Performance 2010 Initiatives Public relations companies continue to grow strongly – Expect EBITDA growth to continue in 2H2010 beneficiaries of increased share of spend and sector consolidation G
Slide 15: Half Year Financials
Half Year Financials
Slide 16: Profit & Loss Summary
Profit & Loss Summary A$ million Six months ended 31 December 2010 2009 Change Revenue $300.7m $333.2m (10%) Net Revenue $196.3m $221.6m (11%) EBITDA (pre non-recurring losses)2 $37.3m $40.3m (7%) EBITDA Margin1 19.0% 18.2% 4% Net Profit before tax (pre non-recurring losses)2 $14.8m $15.9m (7%) Net
Slide 17: Profit & Loss Summary
Profit & Loss Summary – Exit from Geekversity on-line training business resulted in $5.6 million of non-recurring losses (pre tax) for the half – no material ongoing exposure to this business – Completion of acquisition of Dark Blue Sea resulted in a non-cash adjustment of existing 30% interest to t
Slide 18: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow 31 Dec 30 June A$ million A$ million 2009 2009 Six months ending 31 December 2010 2009 Cash 27 24 EBITDA (pre non-recurring losses) 37.2 40.3 Working Capital 37 45 Movement in working capital 0.3 (8.5) Financial Assets (DBS Investment) - 10 Other Assets 16 15 Gross cash flo
Slide 19: Outlook
Outlook – We continue to experience solid trading in Specialised Communications, Strategic Intelligence and Integrated Communications & Digital – expect each of these divisions will good EBITDA growth over the prior year – Field Marketing expected to be in-line with last year’s strong performance –
Slide 20: Appendices
Appendices
Slide 21: Debt Profile
Debt Profile A$ million Av. Facility Limit Term Drawn1 31 December 2010 Interest Rate Facility A2 $46m March 11 $6m 8.15% Facility C $76m Oct 11 $69m 5.80% Facility A1 $38m April 12 $38m 7.65% Facility B $120m Oct 12 $116m 7.40% Total Facilities $280m $229m 7.00% Interest Cover2 >3.0x 4.7x Leverage
Slide 22: Disclaimer
Disclaimer This document has been prepared by Photon Group Limited (Photon) and comprises written materials/slides for a presentation concerning Photon. This is not a prospectus, disclosure document or offering document. This document is for information purposes only and does not constitute or form