Delegat Group Limited · NZX:DGL
Delegat — H1 2020 Earnings Presentation
14 slides from Delegat's earnings presentation, Feb 24, 2020
Slide 1: Half-Year Results Update
HALF-YEAR RESULTS UPDATE 24 February 2020
Slide 2: Performance Highlights
PERFORMANCE HIGHLIGHTS Record global case sales of 1,733,000, 10% higher than last year 13% sales growth in key North America region Record Operating NPAT of $34.4 million, 10% higher than last year Record cashflows from operations of $35.5 million. 2
Slide 3: Record Operating NPAT
RECORD OPERATING NPAT “Delegat achieved record Operating NPAT in the first half of the 2020 financial year.” JIM DELEGAT EXECUTIVE CHAIRMAN 3
Slide 4: Case Sales and FX
CASE SALES AND FX Dec 2019 Dec 2018 % Change Case Sales (000's) Actual Actual vs 2018 UK, Ireland and Europe 601 469 28% North America (USA and Canada) 722 640 13% Australia, NZ and Asia Pacific 410 467 -12% Total Cases 1,733 1,576 10% Dec 2019 Dec 2018 % Change Foreign Currency Rates Actual Actual
Slide 5: Sales Revenue Growth Analysis
SALES REVENUE GROWTH ANALYSIS Dec 2019 Dec 2018 % Change NZ$ millions Actual Actual vs 2018 Operating Revenue 154.1 141.4 9% Revenue movements breakdown: Volume 10% Value -1% Foreign Exchange 1% Country/Product Mix -2% *The financial statements for 31 December 2018 have been restated following the a
Slide 6: Operating Performance
OPERATING PERFORMANCE Dec 2018 Dec 2019 % Change NZ$ millions Actual Actual vs 2018 Restated* Sales Revenue 154.1 141.4 9% Operating Revenue 156.7 143.0 10% Operating Gross Profit 82.6 78.3 5% Operating Gross Margin 53% 55% Expenses (excl Promotion and Marketing) (24.3) (22.7) -7% Promotion and Mark
Slide 7: Operating Profit Movement – Last Year
OPERATING PROFIT MOVEMENT – LAST YEAR NZ $millions 7
Slide 8: Impact of 'Fair Value' Adjustments
IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS Dec 2018 Dec 2019 % Change NZ$ millions Actual Actual vs 2018 Restated* Operating NPAT 34.4 31.4 10% Operating NPAT % of Revenue 22% 22% Biological Produce (Grapes) 1 (8.7) (9.8) 11% Derivative Instruments 2.4 1.3 85% Total Fair Value Items (6.3) (8.5) 26% Less: Ta
Slide 9: Reported Profit Movement – Last Year
REPORTED PROFIT MOVEMENT – LAST YEAR NZ $millions 9
Slide 10: Balance Sheet Summary
BALANCE SHEET SUMMARY Dec 2018 Dec 2019 % Change NZ$ millions Actual Actual vs 2018 Restated* Assets Current Assets 197.6 193.2 2% Fixed Assets 593.5 587.7 1% Total Assets 791.1 780.9 1% Liabilities Current Liabilities 35.0 34.3 2% Lease Liability 80.3 84.5 -5% Deferred Tax Liabilities 33.9 31.1 9%
Slide 11: Net Debt Movement – June to Dec
NET DEBT MOVEMENT – JUNE 19 TO DEC 19 NZ $millions 11
Slide 12: Net Debt Overview
NET DEBT OVERVIEW Dec 2018 Dec 2019 % Change NZ$ millions Actual Actual vs 2018 Restated* Funding Operating Cash Flow 35.5 23.2 53% Net Debt 267.8 291.5 8% Key Ratios Interest Cover 9.39 7.94 18% Equity / (Equity + Net Debt) % 58.0% 53.5% 8% Senior Debt Ratio 2.60 3.05 15% *The financial statements
Slide 13: Full Year Outlook
FULL YEAR OUTLOOK The Group is on target to achieve global case sales for the full year of 3,240,000, up 8% on last year. Based on prevailing exchange rates, the Group forecasts a 2020 Operating Profit result in line with market consensus of $52.4 million. 13
Slide 14: Thank you
DELEGAT Thank you