Dcc Plc · LSE:DCC
Dcc — FY2010 Earnings Presentation
18 slides from Dcc's earnings presentation, Mar 31, 2010
Slide 1: Preliminary Results Presentation
Preliminary Results Presentation Year ended 31 March 2010 1
Slide 2: Year ended 31 March 2010 – Highlights of the year
Year ended 31 March 2010 – Highlights of the year Change on prior year € Reported Const Currency† Revenue 6,725.0m +5.1% +10.8% Operating profit* 192.8m +6.9% +12.8% Profit before net exceptional items, 182.1m +14.2% +20.7% amortisation of intangibles and tax Adjusted EPS* 177.98 cent +5.2% +11.3% D
Slide 3: Year ended 31 March 2010 – Highlights of the year
Year ended 31 March 2010 – Highlights of the year 2009/10 2008/09 Operating cash flow €297.8m €304.9m Free cash flow €229.1m €218.5m Net debt €53.5m €90.7m Interest cover 17.7 8.5 Net debt/EBITDA 0.2 0.4 Total equity €836.9m €726.2m Preliminary results 2010 3
Slide 4: Operating Profit – year ended 31 March 2010
Operating Profit – year ended 31 March 2010 Preliminary results 2010 4
Slide 5: Cash flow – year ended 31 March 2010
Cash flow – year ended 31 March 2010 €’m Operating Cash Flow PBIT 297.8 229.1 Preliminary results 2010 5
Slide 6: Acquisition & capital expenditure - €169.3m
Acquisition & capital expenditure - €169.3m* Acquisitions Capex Total €’m €’m €’m DCC Energy 110.3 16.3 126.6 DCC SerCom 7.1 4.0 11.1 DCC Healthcare 4.5 9.1 13.6 DCC Environmental 11.2 5.6 16.8 DCC Food & Beverage 0.5 0.7 1.2 Total 133.6 35.7 169.3 * Cash outlay on acquisitions and capital expenditu
Slide 7: Business overview – year ended 31 March 2010
Business overview – year ended 31 March 2010 Change on prior year Constant €’m Reported Currency† Operating profit* DCC Energy 113.1 +12.3% +19.6% DCC SerCom 40.8 +1.7% +6.4% DCC Healthcare 21.1 +22.2% +26.6% DCC Environmental 9.3 -9.1% -2.6% DCC Food & Beverage 8.5 -29.8% -29.5% Group operating pro
Slide 8: Excellent second half performance
Excellent second half performance 2009/10 Constant currency change† H1 H2 FY H1 H2 FY €’m €’m €’m Operating profit* DCC Energy 25.2 87.9 113.1 +22.9% +18.6% +19.6% DCC SerCom 13.7 27.1 40.8 +8.5% +5.3% +6.4% DCC Healthcare 8.7 12.4 21.1 -8.0% +72.0% +26.6% DCC Environmental 4.7 4.6 9.3 -28.9% +62.6%
Slide 9: DCC Energy
DCC Energy 2010 2009 Reported Const Curr Revenue €4,420.1m €4,130.8m +7.0% +13.7% Operating profit €113.1m €100.7m +12.3% +19.6% Return on total capital employed 26.5% 24.9% Another year of excellent profit growth •Proven ability to execute, integrate and extract synergies from acquisitions •Second
Slide 10: DCC Energy (continued)
DCC Energy (continued) 2010 2009 Reported Const Curr Revenue €4,420.1m €4,130.8m +7.0% +13.7% Operating profit €113.1m €100.7m +12.3% +19.6% Return on total capital employed 26.5% 24.9% Excellent performance in Oil distribution – Continental Europe • Acquisitions of Shell’s oil distribution business
Slide 11: DCC SerCom
DCC SerCom 2010 2009 Reported Const Curr Revenue €1,618.5m €1,551.3m +4.3% +8.6% Operating profit €40.8m €40.1m +1.7% +6.4% Operating margin 2.5% 2.6% Return on total capital employed 16.1% 15.5% SerCom Distribution •Excellent profit growth in Retail distribution – particularly good performance in B
Slide 12: DCC Healthcare
DCC Healthcare 2010 2009 Reported Const Curr Revenue €334.0m €331.2m +0.9% +5.8% Operating profit €21.1m €17.3m +22.2% +26.6% Operating margin 6.3% 5.2% Return on total capital employed 11.3% 9.4% Excellent performance in operating profit in Hospital Supplies & Services •Impact of public spending co
Slide 13: DCC Environmental
DCC Environmental 2010 2009 Reported Const Curr Revenue €77.4m €81.8m -5.4% -0.2% Operating profit €9.3m €10.2m -9.1% -2.6% Operating margin 12.0% 12.5% Return on total capital employed 9.7% 12.9% DCC Environmental returned to profit growth in the second half Strong profit growth in Britain •New bus
Slide 14: DCC Food & Beverage
DCC Food & Beverage 2010 2009 Reported Const Curr Revenue €275.0m €305.0m -9.8% -8.4% Operating profit €8.5m €12.1m -29.8% -29.5% Operating margin 3.1% 3.9% Return on total capital employed 10.2% 14.1% Overall trading conditions were extremely challenging •Rate of decline slowed significantly in the
Slide 15: Strategy
Strategy To grow a sustainable, diversified business through: • Focus on businesses with established or potential to establish leadership positions; • Organic growth and acquisitions to strengthen market positions and geographic footprint; • Continued deployment of a devolved management structure; •
Slide 16: Strong and consistent growth
Strong and consistent growth Adjusted EPS excl Manor Park Homebuilders contribution Years ended 31 March (cent) Adjusted EPS 10 year CAGR 10.6% 5 year CAGR 9.1% Preliminary results 2010 16
Slide 17: Dividend growth
Dividend growth Years ended 31 March (cent) Dividend 10 year CAGR 14.4% 5 year CAGR 12.6% Preliminary results 2010 17
Slide 18: Outlook for year to 31 March 2011
Outlook for year to 31 March 2011 • Continuing uncertain economic outlook • Assumption that the weather will not be as favourable as in the last two years • Outlook is for constant currency operating profit growth of approximately 5% and adjusted earnings per share modestly ahead of the year to Marc