Slide 1: Full Year Results to 30 June 2014
For personal use only Full Year Results to 30 June 2014
Slide 2: Disclaimer
Disclaimer Silver Chef Limited has not considered the financial position or needs of the recipient in providing this presentation. Persons needing advice should For personal use only consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial or legal advi
Slide 3: Our Business
Our Business o Established in 1986 by Executive Chairman Allan Customer Value Proposition English. For personal use only o Low weekly rental repayments o Frees up working capital o Listed on ASX in 2005, GoGetta brand launched in o The ability to ‘try before you buy’ 2008, first international expans
Slide 4: Results Snapshot
Results Snapshot For personal use only 5-year FY14 Change (FY13-FY14) CAGR (FY09-FY14) Total revenue + 24% + 32% Rental assets (at cost) and lease + 16% + 29% receivables NPAT + 11% + 29% Basic EPS + 5% + 14% Dividend + 5% + 17% Operating cash flow + 19% + 34% 4
Slide 5: Results overview
Results overview Revenue and earnings For personal use only • Revenue up 24% to $141.3 million (FY13: $114.4 million) $ millions EBIT analysis • Net profit up 11% to $12.7 million (FY13: $11.4 million) 24.5 2.6 • EBIT up 6% to $24.9 million (FY13: $23.4 million) 0.9 3.7 1.3 0.9 • Fully franked final
Slide 6: Group - Acquisitions and Assets
Group - Acquisitions and Assets New rental asset acquisitions Total rental assets (at cost) and lease receivables (Group) For personal use only 300 140 120 250 50.9 100 48.6 200 80 $ millions $ millions 37.0 150 299.0 60 257.4 24.1 100 13.6 86.8 185.4 40 76.7 8.0 141.3 56.0 109.4 50 20 42.6 84.5 36.
Slide 7: Hospitality - Acquisitions and Assets
Hospitality - Acquisitions and Assets New rental asset acquisitions Hospitality - Total rental assets (at cost) and For personal use only 100 (Hospitality) lease receivables 220 5.4 90 200 180 80 - 160 70 140 60 - $ millions 120 $ millions 50 - 100 197.4 86.8 40 - 76.7 173.5 80 - 30 130.6 56.0 60 10
Slide 8: Hospitality - Trading Update
Hospitality - Trading Update o Hospitality division contributed $29.7 million in pre-tax profit, an increase For personal use only of 17% (FY13: $25.4 million) o Approximately 69% of revenues generated from Hospitality business. o The Wacol RAD facility improved efficiency and grew our used equipmen
Slide 9: GoGetta - Acquisitions and Assets
GoGetta - Acquisitions and Assets New rental asset acquisitions GoGetta - Total rental assets (at cost) and lease receivables For personal use only (GoGetta) 60 100 6.1 90 50 - 80 70 40 60 - $ millions 30 50 90.1 50.9 83.9 48.6 40 20 - 37.0 30 54.8 24.1 20 - 10 32.6 13.6 10 19.1 - 8.0 7.9 0 - FY09 F
Slide 10: GoGetta – Trading Update
GoGetta – Trading Update o GoGetta contributed $9.3 million in pre-tax profit, For personal use only down from the previous year (FY13: $10.9). o GoGetta experienced slower growth in FY14 relative to previous years. o Greater impairment charge as contracts mature and assets are returned following ra
Slide 11: Segment Analysis
Segment Analysis For personal use only Revenue by segment Rental assets at cost and lease receivables by segment GoGetta GoGetta 32% 32% (FY13: 33%) (FY13: 33%) Hospitality - Hospitality - Hospitality - Hospitality - Australia Australia Canada Canada 66% 65% 0.1% 0.4% (FY13: 65%) (FY13: 66%) (FY13:
Slide 12: Profit & Loss
Profit & Loss $ millions FY13 FY14 Change For personal use only Revenue 114.4 141.3 + 24% Expenses from ordinary activities (37.3) (48.8) + 31% Depreciation & amortisation (49.2) (62.2) + 26% Finance costs (6.8) (7.0) + 2% Loss on sale of plant and equipment (4.5) (5.4) +21% Profit before income tax
Slide 13: Financial Position
Financial Position For personal use only $ millions 30 June 2013 30 June 2014 Change Assets Total current assets 6.8 10.9 + 60% Rental assets at WDV 173.5 188.1 + 8% Other non-current assets 9.7 19.4 + 13% Total assets 190.0 218.4 + 15% Liabilities Current interest bearing debt 1.0 0.4 - 60% Custome
Slide 14: Operating Cash Flow
Operating Cash Flow Net operating cash flow For personal use only • The business continues to produce solid 100 operating cash flow from its recurring income stream and high utilisation of assets. 90 • The slowing down of the GoGetta business 80 has produced greater free cash flow for the Group. 70
Slide 15: Funding
Funding o Silver Chef utilises a diverse range of funding to support the growth of the business through the acquisition of assets for rental to clients. For personal use only o In FY14 the Company acquired $137.7 million worth of rental assets (at cost) of which 85% ($117.6 million) was funded from
Slide 16: Risk Management
Risk Management Diversified Client Base Strong asset management systems For personal use only o More than 22,000 rental contracts o Laverton RAD facility now fully operational o Hospitality average contract value of $10,000 o GoGetta average contract value of $25,000 o Returned assets rapidly return
Slide 17: Residual asset management
Residual asset management For personal use only Client returns equipment Received at RAD facility or Asset cleaned & serviced GoGetta vendor Assets remarketed Sold through dealer network Placed back onto rental Purchased back by GoGetta Online auction or directly through website contract vendor unde
Slide 18: Strategy
Strategy For personal use only Group Funding Focus on ensuring o Continued focus on delivering ten year that the company has access to sufficient Argenti strategic plan – currently in year five. funding, in an appropriate debt / o Continuing to invest in IT systems to improve equity mix to achieve G
Slide 19: People and Culture
People and Culture For personal use only o Over the past five years there has been incremental growth in our customer satisfaction and this equates directly to repeat business for the Company and recognition for staff. o For the past four years Silver Chef has been recognised in the BRW Great Places
Slide 20: Outlook
Outlook Retail Turnover – 2004-2014 For personal use only Cafes, restaurants and takeaway food services* o The cafe and hospitality industry 60 has consistently expanded in the past few years. 50 o We expect the consumers’ love of a cup of coffee and dining out with % change from previous month (cum
Slide 21: Allan English, Executive Chairman
For personal use only Allan English Executive Chairman 07 3335 3349 www.silverchefgroup.com.au