Slide 1: FY 2012: Financial Highlights
2012 Full Year Results Mike Norris 12 March 2013 © Computacenter 2013 FY 2012: Financial Highlights Group revenues increased 6.5 per cent in constant currency, or 2.2% as reported, to £2.91 billion (2011: £2.85 billion) Adjusted profit before tax decreased 4 per cent to £71.3 million (2011: £74.
Slide 2: FY 2012: Operating Highlights
FY 2012: Operating Highlights Group annual services contract base grew 11.0 per cent in constant currency to a record £615.0 million (2011: £554.0 million) Outstanding performance by the UK business with 40.2 per cent adjusted operating profit growth German Services business adversely impacted
Slide 3: 2012: Group financial results
Financial Review Tony Conophy 12 March 2013 © Computacenter 2013 2012: Group financial results Constant FY 2012 FY 2011 Change Currency £m £m Change Total Revenue 2,914.2 2,852.3 2.2% 6.5% Adjusted gross profit 373.2 379.9 (1.8%) 2.0% Adjusted gross profit % 12.8% 13.3% (0.5%) (0.6%) Other operating
Slide 4: 2012: Results by segment
2012: Results by segment As reported In constant currency FY 2012 FY 2011 Change FY 2012 FY 2011 Change £m £m % £m £m % Revenue UK 1,195.6 1,102.2 8.5% 1,195.6 1,102.2 8.5% Germany 1,193.8 1,228.6 (2.8%) 1,193.8 1,146.9 4.1% France 479.3 478.6 0.2% 479.3 446.8 7.3% Belgium 45.5 43.0 5.8% 45.5 40.1 1
Slide 5: 2012: reconciliation to statutory results
2012: reconciliation to statutory results FY 2012 FY 2011 Change £m £m % Exceptional items in 2012 in operating profit relate to Adjusted profit before tax 71.3 74.2 -4.0% property relocations in France Amortisation of acq. intangibles (2.6) (2.0) 31.3% and RDC, and, in addition in H2, Exceptional
Slide 6: Financial returns remain strong, but impacted by Germany
Financial returns remain strong, but impacted by Germany Return on capital EBIT margin improvement employed 8.0% 7.0% 6.0% 5.0% Impact of pass through product 4.0% 28% 27% 3.0% 25% 2.0% 21% 1.0% 0.0% 2009 2010 2011 2012 EBIT/Net revenue %** Reported EBIT margin % 2009 2010 2011 2012 * * Net revenue
Slide 7: Financial summary
Financial summary Revenue growth in all territories Operating profit Reduction of 3.5%, or 0.2% in constant currency Increase in the UK, over 50% of our gross profit now earned from services Reduction in Germany (poor business take-on) and France (full agenda) Increased tax rate from low
Slide 8: Our agenda: 1. Grow Services
Our agenda © Computacenter 2013 15 1. Grow Services 600 500 400 Contract base value £M 11% contract 300 base growth 200 100 0 Mar-09 Mar-10 Mar-11 Mar-12 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Jun-09 Sep-09 Jun-10 Sep-10 Jun-11 Sep-11 Jun-12 Sep-12 Trend to selective outsourcing © Computacenter 2013 16
Slide 9: 2. Service margin improvement; 3. Cost savings
2. Service margin improvement What happens when we get business take on... ...right ...wrong 2 8 2 9 2 21 4 9 52 12 37 32 5 14 SG&A GP % GP% Supply chain Supply chain Volume Volume 2011 EBIT 2012 EBIT Services Services SG&A Supply chain Supply chain Volume GP % Volume GP% Services Services 2011 EBIT
Slide 10: Group Operating Model; UK highlights
Group Operating Model [FR] DE UK Country Unit Customer experience, growth and P&L Management Group Operations Group Commercial Consistent service Develop commercial Switzerland Belgium RDC take-on relationships with Efficient professional vendors and managed Efficient supply services operations chai
Slide 11: DE highlights; FR highlights
DE highlights Revenue profile Supply Chain • Services revenue growth of Professional services Contractual Services 8.7% due to contract services 23% wins in 2011 8% • Poor contracting and business 69% take-on led to significant losses in new contracts Pie chart – share of 2011 revenues • Introductio
Slide 12: BE highlights; Outlook
BE highlights Revenue profile • Good revenue growth of 13% Supply Chain Professional services • Strong services growth at Contractual Services 17% 27.2%, including significant 4% contract services wins 79% • Small acquisition of Informatic Services SA in early 2013 Pie chart – share of 2011 revenues
Slide 13: Appendix
2012 Full Year Results Mike Norris 12 March 2013 © Computacenter 2013 Appendix © Computacenter 2013 26 13
Slide 14: Glossary
Glossary Adjusted results – PBT and EPS are adjusted for exceptional items and amortisation on acquired intangibles – Operating profit is stated after charging finance costs on CSF, and excludes the transfer of internal ERP implementation costs between segments Customer-specific financing (“CSF”) –
Slide 15: UK – income statement
UK – income statement FY 2012 FY 2011 Change £m £m % Revenue 1,195.6 1,102.2 8.5% Adjusted gross profit 183.9 167.3 9.9% 15.4% 15.2% 0.2% SG&A (131.7) (130.0) 1.3% (11.0%) (11.8%) 0.8% Adjusted operating profit 52.2 37.3 40.2% 4.4% 3.4% 1.0% Headcount: * Direct 4,059 3,688 10.1% Indirect 1,335 1,351
Slide 16: Germany – income statement
Germany – income statement Reported In local currency FY 2012 FY 2011 Change FY 2012 FY 2011 Change £m £m % €m €m % Revenue 1,193.8 1,228.6 (2.8% ) 1,473.1 1,415.3 4.1% Adjusted gross profit 137.0 157.4 (12.9% ) 169.0 181.3 -6.7% 11.5% 12.8% (1.3%) 11.5% 12.8% -1.3% Other operating expenses (125.4)
Slide 17: France – income statement
France – income statement Reported In local currency FY 2012 FY 2011 Change FY 2012 FY 2011 Change £m £m % €m €m % Revenue 479.3 478.6 0.2% 591.5 551.3 7.3% Adjusted gross profit 47.3 50.6 (6.6% ) 58.4 58.3 0.1% 9.9% 10.6% (0.7%) 9.9% 10.6% -0.7% Other operating expenses (43.0) (44.7) (3.6% ) (53.1)
Slide 18: Net funds improved in the year
Net funds improved in the year The Group’s primary measure when Dec 12 Dec 11 Change managing the business is net funds £m £m £m pre CSF. Cash and cash equivalents 137.5 126.8 10.7 Cash has improved by £10.7 million, Current asset investment 10.0 10.0 0.0 with a further underlying Bank loans (0.
Slide 19: Group – balance sheet
Group – balance sheet FY 2012 FY 2011 Var £m £m £m Non-current assets PP&E UP: capex increase (esp France) Property, plant and equipment 100.7 98.3 2.4 offset by disposals/reduction of CSF Goodwill & Intangibles 104.6 104.2 0.4 Investments in associates 0.6 0.5 0.1 Intangibles FLAT: acquired int