Fevara Plc · LSE:FVA
Fevara — Carr's Group — FY2019 Earnings Presentation
21 slides from Fevara's earnings presentation, November 2019
Slide 1: Preliminary Results Presentation
Preliminary Results Presentation November 2019
Slide 2: Agenda
Agenda 1. Introduction | Tim Davies, CEO 2. Financial Results | Neil Austin, Group FD 3. Group Strategic Vision | Tim Davies, CEO 4. Divisional Review 5. Summary 6. Q&A 2
Slide 3: Results Overview
Results Overview • • Revenue increased 0.2% to £403.9m (2018: £403.2m) Adjusted EBITDA increased 12.8% to £21.2m (2018: £18.8m) • Adjusted operating profit* increased 8.4% to £18.9m (2018: £17.5m) Continuing Operations • Adjusted profit before tax* increased 9.0% to £18.0m (2018: £16.6m) • Basic EPS
Slide 4: Financial Review: Segmental Analysis
Financial Review Segmental Analysis 2019 (£m) 2018 (£m) Change Segmental revenue: Agriculture 357.4 359.6 -0.6% Engineering 46.5 43.6 +6.7% Total revenue 403.9 403.2 +0.2% Adjusted EBITDA 21.2 18.8 +12.8% Segmental adjusted operating profit: Agriculture 13.6 13.4 +1.6% Engineering 5.3 4.1 +30.6% Tot
Slide 5: Financial Review: Balance Sheet
Financial Review Balance Sheet At 31 August 2019 At 1 September 2018 Change £m £m Fixed assets 107.4 86.4 +24.4% Net working capital 45.2 43.9 +3.0% Assets employed 152.6 130.3 +17.2% Pension surplus 7.8 10.1 -23.4% Net debt (23.8) (15.4) +54.9% Tax provisions (5.6) (4.0) +38.4% Net assets 131.0 121
Slide 6: Financial Review: Cash Flow
Financial Review Cash Flow 2019 2018 Expiry Facility Utilised £m £m £m 2019 £m EBITDA 21.2 18.8 Working capital facilities (UK) 12 month rolling/2021 29.5 18.8 Working capital changes (5.0) (4.7) Working capital facilities (US) 12 month rolling 2.1 0.1 Net interest (1.1) (1.0) Working capital facili
Slide 7: Group Strategy
Group Strategy Strategic Vision To be recognised as a truly international business at the forefront of technology and innovation Strategic Objectives 1. Build value by focusing on markets with growth potential 2. Grow our international footprint 3. Differentiate through technology and innovation 4.
Slide 8: Agriculture
Agriculture Zon hl ‘Ty wv
Slide 9: Supplements
Supplements Performance Investment/Research International Growth • Revenues of £61.1m (2018: £61.2m) • Shelbyville, Tennessee new low moisture • Feed block growth plans focused on block plant. Strong performance in first full Europe, New Zealand and North America • Robust performance against a marke
Slide 10: UK Agriculture
UK Agriculture Performance Strategy Outlook • Revenues of £296.3m (2018: £298.4m) • Lead in dairy nutrition with focus • Remain confident in medium term • Resilient performance despite challenging on technical services prospects for UK Agriculture weather • Strengthen current geographical • Short te
Slide 11: Engineering
Engineering 11
Slide 12: Engineering
Engineering Performance • Strong financial performance • Revenue up 6.7% to £46.5m (2018: £43.6m) 31.0% • Overall adjusted divisional operating profit up 30.6% to £5.3m (44.7%) (2018: £4.1m) Revenue 49.5% • New organisational structure for the division aligning to customers (42.2%) and markets • Imp
Slide 13: Engineering: UK Service and Manufacturing, Global Robotics
Engineering UK Service and Global Robotics Manufacturing (Remote Handling) (UK Manufacturing) • Revenues of £23.0m versus £18.4m in FY18 • Revenues of £14.4m versus £19.5m in FY18 • Strengthened order book • Lower levels of activity as anticipated • Successful delivery of previously announced due to
Slide 14: Engineering: Global Technical Services and Outlook
Engineering Global Technical Services Outlook (USA Engineering) • Revenues of £9.1m versus £5.7m in FY18 • New organisational structure for the division aligns combined offer to our customers and markets • Very strong business performance • Order books across the Division remain strong • Strong orde
Slide 15: Summary
Summary • Record adjusted profit for the Group with adjusted profit before tax up 9% to £18m • Robust performance in Agriculture ➢ Unseasonable weather in UK and USA reduced volumes ➢ Impact on profitability mitigated through cost savings, better procurement and manufacturing efficiencies ➢ Acquisit
Slide 16: Outlook
Outlook • Agriculture ➢ Investment in Animax progressing well. This will become the Group’s Centre of Excellence for Innovation and New Product Development in Agriculture ➢ Expect further international growth in Supplements ➢ Lead in dairy nutrition with increasing focus on technical services ➢ Brex
Slide 17: Questions and Answers
GROWTH THROUGH ON ATTN &
Slide 18: Appendices
Appendices 1. The Group | An Overview 2. Geographic Footprint 18
Slide 19: The Group An Overview
The Group An Overview International business focused on two sectors: agriculture and engineering Agriculture Engineering • An international Supplements business: • A Global Robotics business designing and manufacturing bespoke manipulators and ➢ Manufacturing molasses-based branded feed robotics, ba
Slide 20: Geographic Footprint
Geographic Footprint International Locations UK Locations • Agriculture • Head Office • Engineering Europe • Oldenburg, Germany • Agriculture • Markdorf, Germany • Engineering USA • South Dakota • Oklahoma • Nevada • Tennessee • Iowa • New York • North Carolina • Pennsylvania 20 20
Slide 21: Carr's Group plc
Carr’s Group plc Old Croft, Stanwix, Carlisle, Cumbria, CA3 9BA, UK Telephone: +44 (0) 1228 554600 Email: reception@carrsgroup.com carrsgroup.com