Robinson Plc · LSE:RBN
Robinson — Shareholder Meeting (June 2020)
22 slides from Robinson's shareholder meeting presentation, Jun 30, 2020
Slide 1: AGM Welcome to the Chairman
Alan Raleigh Welcome to the Chairman Robinson plc AGM 30 June 2020 Driving commercial value through sustainable innovation 1
Slide 2: Board Team
Board Team Alan Raleigh – Non-executive Chairman Helene Roberts – Chief Executive Guy Robinson – Finance Director Mike Cusick – Commercial Finance Director Anthony Glossop – Non-executive Director Sara Halton – Non-executive Director 2
Slide 3: Agenda
Agenda • Notice of meeting • Auditor’s Report – Louis Burns, Mazars • Resolutions – Guy Robinson • Business Overview – Alan Raleigh • 2019 Highlights • AGM Trading Statement • Governance • Strategy into Action – Helene Roberts • Markets & Customers • Operations • Sustainability • Business risk manag
Slide 4: Audit Opinion
Audit Opinion Louis Burns Mazars audit partner • In our opinion, the financial statements give a true and fair view 4
Slide 5: Resolutions
Resolutions 1. To receive and adopt the report of the directors and the audited financial statements for the year ended 31 December 2019 2. To re-elect Helene Roberts as a director of the company 3. To re-elect Alan Raleigh as a director of the company 4. To re-appoint Mazars LLP as auditors of the
Slide 6: 2019 Highlights
2019 Highlights • 2019 revenue increased by 7% to £35.1m • Ongoing revenue split: 55% UK 45% PL • Profit before tax has doubled to £1.5m • Net debt decreased to £6.9m • Board not recommending final dividend 6
Slide 7: AGM Trading Statement
AGM Trading Statement We are pleased to report sales growth of 5% in first half of the year compared with 2019 despite challenging market conditions. Margins have maintained the momentum experienced in the second half of 2019 and operating costs were at a similar level with a consequent increase in
Slide 8: Governance
Governance • Board has adopted the QCA Corporate Governance Code Describes our 10 principles of corporate governance Follows AIM guidelines Available on website • Helene Roberts appointed Chief Executive • Formal Board review will be undertaken post Covid-19 8
Slide 9: Strategy into Action
9 Strategy into Action Helene Roberts - CEO
Slide 10: Business Strategy
ROBINSON Packaging Innovation Business Strategy 6) Sustainability Y Pledge and Roadmap Key environmental and social initiatives that underpin all that we do in the business and wider community. Ys Manufacturing x Engineering Innovation Driving continuous improvement in our operations and innovation
Slide 11: Sustainability Pledge & Roadmap
Sustainability Pledge & Roadmap 11
Slide 12: Markets and Customers
Markets and Customers UK Location Poland - Sales turnover split across our geographies: 55% UK & 45% Poland Others Customers - Our Top 10 Customers represent 58% of total sales, representing Top 10 multi-national and well known brands Others Personal Care Food & Sectors Drink - 95% of our sales are
Slide 13: Operations
Operations Profitability • Continuous improvement initiatives delivered c.£0.1m savings in 2019 • Product rationalisation programme in the UK Technology • £1.5m invested in new equipment • New lines include Magic extrusion blow moulding, Nissei injection stretch blow moulding and further assembly li
Slide 14: Business risk management
Business risk management COVID-19 • Risk assessment of all operations and processes put in place • No employees have tested positive for COVID-19 within the business to date • Stress test conducted on the business, which has shown resilience throughout this uncertain period Customer Relationships •
Slide 15: Finance
15 Finance Guy Robinson – Finance Director
Slide 16: Financial Performance
Financial Performance Revenues • revenues up 7% in 2019 change value Gross Margin • margins recovering due to pricing, mix and continuous improvement Operating Costs • increased by 14% • investment in competitive capabilities value Operating Profit • increased by 67% to £2.5m change Source: Financia
Slide 17: Surplus Property
Surplus Property Increase cash reserves for reinvestment Surplus properties • Book value £4m (valued end of 2008) - estimated market value £10m+ • Current gross rental income £0.4m per annum Development Sites • Walton Works (8 acres) • advanced discussions with interested party • progress expected t
Slide 18: Pension Fund
Pension Fund • Defined benefit scheme closed to new entrants in 1997 • Assets £66m at end of 2019 • IAS 19 surplus of £10.5m (at 31 Dec 2019) • Escrow account has £3.1m - £2.7m loaned to Company • Intention to buy-out when market conditions allow • Triennial actuarial valuation due as at 5 April 202
Slide 19: Outlook
19 Outlook Helene Roberts - CEO
Slide 20: Outlook
Outlook • Expect continued headwinds in the market, relating to COVID-19, Brexit & economic recession • Uncertainty around our future growth rate until we see how our customers respond • With uncertainty comes opportunity and we are determined to maximise on our advantage • Activity centred on the r
Slide 21: That's all folks
That’s all folks • Thank you for attending this AGM in unusual circumstances • Plans for investor meeting when conditions permit • Any further questions to AGM@robinsonpackaging.com 21
Slide 22: Disclaimer
Disclaimer The information contained in these slides and any accompanying verbal presentation as well as any question and answer sessions (together, the "Presentation") have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). Reliance