Slide 1: Interim Results H1 2012: Growth has its challenges
Interim Results Mike Norris August 2012 © Computacenter 2012 1 H1 2012 : Growth has its challenges Change HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 2012/2011 Turnover (£m) 1,250.3 1,222.2 1,288.8 1,365.3 1,422.3 4.2% *Profit before tax (£m) 11.3 18.2 21.3 26.6 24.0 -9.6% *Diluted EPS (pence) 5.3 9.6 1
Slide 2: 2012 H1: Group financial results
Financial Results Tony Conophy August 2012 © Computacenter 2012 3 2012 H1: Group financial results Constant As reported currency Constant HY 2012 HY 2011 Change Currency £m £m Change Total Revenue 1,422.3 1,365.3 4.2% 7.6% Adjusted gross profit 180.0 178.5 0.9% 3.8% Adjusted gross profit % 12.7% 13.
Slide 3: 2012 H1: Results by segment
2012 H1: Results by segment As reported In constant currency HY 2012 HY 2011 Change HY 2012 HY 2011 Change £m £m % £m £m % Revenue UK 578.2 547.3 5.7% 578.2 547.3 5.7% Germany 591.0 580.4 1.8% 591.0 549.8 7.5% France 226.8 219.7 3.2% 226.8 208.1 9.0% Belgium 26.2 17.9 46.2% 26.2 17.0 54.3% Total Gro
Slide 4: 2012 H1: reconciliation to statutory results
2012 H1: reconciliation to statutory results HY 2012 HY 2011 Change £m £m % Adjusted profit before tax 24.0 26.6 -9.6% Exceptional items in operating Amortisation of acq. intangibles (1.3) (0.4) 257.5% profit relate to the relocation of Exceptional items (1.9) 0.0 n/a premises in France and RDC. S
Slide 5: Cash position has remained strong
.. although net funds reduced from December 2011 position Reduction since Dec ‘11 split Free cash flow reduction is generated from reduced across free cash flow and extended credit from major vendor, and capex dividend payments........ investments ........ £M £M 1 £20m reduction in creditor 10 balan
Slide 6: FY12 modelling considerations
FY12 modelling considerations Net interest • No material changes expected • Dependant on mix in earnings as we utilise losses in European operations. As the share of profits generated outside of the UK Tax is lower in 2012, adjusted tax rate is higher than normally expected • Tax rate is normally ex
Slide 7: Operating Review: H1 2012: Growth has its challenges
Operating Review Mike Norris August 2012 © Computacenter 2012 13 H1 2012: Growth has its challenges 2012 2008 2009 2010 2011 2012 change Turnover (£m) 1,250.3 1,222.2 1,288.8 1,365.3 1,422.3 4.2% *Profit before tax (£m) 11.3 18.2 21.3 26.6 24.0 -9.6% *Diluted EPS (pence) 5.3 9.6 10.4 12.9 11.7 -9.3%
Slide 8: H1 2012: Operating highlights
H1 2012: Operating highlights • Revenue growth of more than 5% in constant currency across all countries with double digit organic revenue growth in Services in all countries • Contractual Services base increased by 9.4% to £595.0 million (H1 2011: £544.0 million) • Efficient integration of new Serv
Slide 9: Our strategy – continuing to grow
Our strategy – continuing to grow Our Our market Our market share execution UK Germany France © Computacenter 2012 17 Our performance - services ..see below ... but we are growing Variable execution across our countries UK Germany France Improve operational excellence Best practice in BTO Impl
Slide 10: Services customer satisfaction
“Computacenter has received • General satisfaction level the highest satisfaction rating in • Recommendation as partner for a KPMG survey* of UK IT service outsourcing providers and their customers” • Identifies innovation opportunities Computacenter Press Release “in order to limit customer dissati
Slide 11: Our performance – supply chain; UK highlights
Our performance – supply chain 2012 ... – 4.3% growth – Margin mix lower, particularly in the UK – More windows 7 roll outs – Market impacted by elections in France © Computacenter 2012 21 UK highlights Revenue profile Supply Chain Professional services • As predicted good Services 17.8 Contractual
Slide 12: DE highlights; FR highlights
DE highlights Revenue profile Supply Chain Professional services • Strong Services revenue growth 13.1 Contractual Services • Weakening Supply Chain % 25% revenue 3.7% 8% • Growth problems due to 67% challenging new business take on 26.6 % • Much work remains to be done to Pie chart – share of H1 re
Slide 13: BE highlights; Outlook
BE highlights Revenue profile Supply Chain • Strong operating profit Professional services Contractual Services 24.0 • Increased revenue in Services % 16% and Supply Chain 5% 60.2 % • Remains small but perfectly formed 90.4 79% % • Worthy of some incremental Pie chart – share of H1 revenues investme
Slide 14: Appendix: A glossary
Appendix © Computacenter 2012 27 A glossary Adjusted results – PBT and EPS are adjusted for exceptional items and amortisation on acquired intangibles – Operating profit is stated after charging finance costs on CSF, and excludes the transfer of internal ERP implementation costs between segments Cus
Slide 15: Sources of revenue; UK income statement
Sources of revenue: % change by revenue type Group UK 16.6% 15.3% 17.8% 17.8% 13.3% 11.3% 12.0% 14.2% 14.2% 8.1% 7.6% 4.3% 4.2% 0.9% 5.7% 5.7% 1.3% 1.3% 3.5% 3.5% Supply Chain Professional Contractual Total Services Total Revenue Services Services Supply Chain Professional Contractual Total Services
Slide 16: UK EBIT Walk; Germany income statement
UK EBIT Walk £M 2 0.5 4.5 7 17.6 16.7 SG&A GP % GP% Supply chain Supply chain 2011 H1 EBIT 2012 H1 EBIT Volume Volume Services © Computacenter 2012 Services 31 Germany – income statement Reported In local currency HY 2012 HY 2011 Change HY 2012 HY 2011 Change £m £m % €m €m % Revenue 591.0 580.4 1.8%
Slide 17: Germany EBIT Walk; France income statement
Germany EBIT Walk €M 7 9 1 2 4 9.7 6.6 SG&A GP % GP% 2011 H1 EBIT Supply chain Supply chain 2012 H1 EBIT Volume Volume Services Services © Computacenter 2012 33 France – income statement Reported In local currency HY 2012 HY 2011 Change HY 2012 HY 2011 Change £m £m % €m €m % Revenue 226.8 219.7 3.2%
Slide 18: France EBIT Walk; Net funds improved in the year
France EBIT Walk €M 1.2 0.4 2.2 1.4 0.2 1.1 0.9 SG&A GP % GP% 2011 H1 EBIT Supply chain Supply chain 2012 H1 EBIT Volume Volume Services Services © Computacenter 2012 35 Net funds improved in the year June June Dec 2011 The Group’s primary measure when 2012 2011 managing the cash position of the £
Slide 19: Adjusted cash flow; Group balance sheet
Adjusted cash flow HY HY Last 12 2012 2011 months £m £m £m Adjusted operating profit 23.2 25.6 70.1 Adjustments to reconcile Group adjusted operating profit to net cash inflows from operating activities Depreciation and amortisation 10.4 8.7 22.3 Share-based payments 0.6 1.3 1.8 Working capital move
Slide 20: Impact from our ERP implementation
Impact from our ERP implementation Amortisation & depreciation increases as our But the long term benefits to the Group countries go live on our new ERP system are significant ....... Germany UK France Introduce a clear control structure for the Computacenter 6 operating model. 5 Lower cost throug
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