Empresaria Group Plc · LSE:EMR
Empresaria — H1 2011 Earnings Presentation
15 slides from Empresaria's earnings presentation, Sep 8, 2011
Slide 1: Interim results 2011
Interim results 2011 8 September 2011 Miles Hunt – Chief Executive Spencer Wreford – Finance Director
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law
Slide 3: Highlights
Highlights • Revenue growth of 1% to £105.2m • Net fee income level with prior year at £22.4m • Adjusted PBT down to £1.2m • Margin pressure in Germany in first half following adoption of new labour agreements • Provision against German CGZP issue of £3.0m • Investments in new start ups and office o
Slide 4: Strategy and Structure
Strategy and Structure • Developing a leading international specialist staffing group • Balanced growth and managed risk • Diversified portfolio by geography and sector • Investment emphasis on developing staffing markets and emerging economies • Focus on more stable temporary staffing revenues • Mu
Slide 5: Income statement – Six months to June 2011
Income statement – Six months to June 2011 £m 2011 2010 Change Revenue increased by 1%, with a 26% increase in permanent sales and 1% decline in temporary Revenue 105.2 104.4 1% sales. There was minimal currency impact (like- for-like revenues were flat year on year) Net fee Income/ Gross profit 22.
Slide 6: Income statement – Profit bridge
Income statement – Profit bridge Empresaria Group - Adjusted PBT bridge (£'000) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 PBT (Adj) 2010 UK NFI growth ROW NFI growth Europe NFI growth Overheads and finance PBT (Adj) 2011 costs 6
Slide 7: Balance sheet – June 2011
Balance sheet – June 2011 £m 2011 2010 Goodwill and intangibles movement Property, plant & equipment 1.8 1.8 from disposal of UK Supply chain of Goodwill and intangibles 29.0 28.0 £0.4m and forex Deferred tax asset 1.9 0.5 Call option asset 0.4 0.6 33.1 30.9 Average debtor days consistent with Trade
Slide 8: Cash flow – Six months to June 2011
Cash flow – Six months to June 2011 £m 2011 Loss for the period (1.6) Depreciation and amortisation 0.5 Tax and interest added back 0.0 Loss on disposal of subsidiary 0.1 Exceptional - provision 3.0 Cash used by operations was £0.3m, due to Working capital increased working capital (2.3) Cash used b
Slide 9: Regional review - Overview
Regional review - Overview Revenue (£m) NFI (£m) Adjusted operating profit (£m) 1.5 50.0 10.0 1.2 40.0 8.0 0.9 30.0 6.0 0.6 20.0 4.0 10.0 2.0 0.3 0.0 0.0 0.0 UK Continental Rest of the UK Continental Rest of the UK Continental Rest of the Europe World Europe World Europe World 2010 2011 2010 2011 20
Slide 10: Regional split by Net fee income
Regional split by Net fee income Region 2011 (2010) Country 2011 China Other Australia India 1% 2% 4% 1% Rest of the UK Chile World 35% Finland/ 4% 25% (34%) (22%) Estonia 3% Germany 36% Indonesia 7% Japan 7% Continental Europe 40% UK (44%) 35% 10
Slide 11: Outlook
Outlook • Full year profit expected to be below current market forecasts • Market conditions vary across regions • Continued recovery in German business in Q3 and stronger performance expected in H2, although gross margins remain below prior year levels • UK performing well but softer market conditi
Slide 12: Appendices
Empresaria Group plc International Specialist Temporary & Permanent Staffing Group Appendices
Slide 13: Management team
Management team The Board of Directors Miles Hunt Spencer Wreford Tony Martin Zach Miles Penny Freer CEO FD Chairman Non-exec director Non-exec director 15 years industry Over 10 years senior Over 20 years Over 20 years 5 years industry experience finance experience industry experience industry expe
Slide 14: Directors
Directors Tony Martin - Chairman Tony was appointed Chairman of Empresaria in July 2004. Prior to joining Empresaria, Tony served as Chairman and Chief Executive of Select Appointments (Holdings) PLC from 1992 to 1999, which he and his team built into a global recruitment business before agreeing to
Slide 15: Shareholder information
Shareholder information Shareholder Number of shares % of total (m) Caledonia Investments plc 10.3 23% Tony Martin 9.2 21% Miles Hunt 4.0 9% Liontrust Asset Management 3.7 8% Ennismore Fund Management 2.9 7% T J D Sheffield 2.0 5% 32.1 73% Notes: Other directors hold 30,000 shares Total number of sh