Accesso Technology Group Plc · LSE:ACSO
Accesso Technology — FY2015 Earnings Presentation
23 slides from Accesso Technology's earnings presentation, March 2016
Slide 1: accesso Technology Group plc Preliminary Results
accesso® Technology Group plc Preliminary Results Ending 31 December 2015 John Weston Non-Executive Chairman Tom Burnet Chief Executive Officer John AlderChief Financial Officer Steve Brown Chief Operating Officer
Slide 2: A year in review: highlights
A year in review: highlights 2
Slide 3: Another year of strong profitable growth
Another year of strong profitable growth > Strong financial performance despite investment Group Revenue 24.1% > Acquisitions fully integrated and delivering high-quality revenue $93.2m > Landmark agreement with Merlin for Adj. Opera,ng Profit accesso Passport > Consumer transition to mobile continues
Slide 4: An aligned and fully integrated Group
An aligned and fully integrated Group Mission cri,cal online, on mobile and on site technology solu,ons to entertainment and leisure operators and venues, delivered through established brands to a high quality customer base Solu)ons Ticke)ng Point of Sale Queueing Guest Management > Cloud-based solu
Slide 5: Geographically diverse and expanding internationally
Geographically diverse and expanding internationally Established presence in mature leisure aLrac,ons markets, with over 200 new venues added in 2015 and scope to expand USA Europe Australia accesso serves over 1,000 venues in 25 countries New in 2015 5
Slide 6: Operational Review
A) Operational Review accesso.
Slide 7: Strength at our foundations
Strength at our foundations Purchase Reserve Enjoy Ride 10.4% Increased a`endances 16.6% Total guest revenue Four areas of progress Belief in the idea: commitment to con,nuously improving our technology all the ,me Smarter selling: ensuring our sales-force is primed for execu,on Ac)ve pricing: Respo
Slide 8: The heart of our growth-engine
The heart of our growth-engine Fully Manged Point-of-Sale Analytics Group Sales Line-busting Entry solutions Fully Hosted 24/7 Support New Shopland 5.0 store A host of new wins Mobile volumes up 159 % Total Volumes up 20.5% now 24% of total Europe now 6% of vols And, a transforma)ve agreement with M
Slide 9: Broadening our horizons / Integrating the offering
Broadening our horizons Integra)ng the offering Fully Manged Entry solutions Analytics Interconnected 24/7 Support Fully Hosted Adding significant value A truly versa)le solu)on Driving cross-sell Fully integrated Winning in varied markets Complementary products 13 new contract wins Ac,ng on common th
Slide 10: Delivering on promise
Delivering on promise Online ticketing Box Office Kiosks sales Social selling Mobile ticketing Call Centre sales Strong financial performance Flexibility and control Rapidly winning new business First full year as part of the group Complementary to Passport 68 varied wins in the year Bedded down and fu
Slide 11: Evolving into long-term partner for growth
Evolving into long-term partner for growth Leading industry players | Believing in our brand | Underpinning future revenues Long-term agreements with 3 of the industry’s most recognisable names • Merlin, Cedar Fair and Six Flags • Extensive agreements to u,lise our solu,ons for up to ten years. Disp
Slide 12: Financial Performance
A) Financial Performance accesso.
Slide 13: KPIs (YoY)
KPIs (YoY) Group Revenue Adj. EPS 24.1% 32.9% Adj. opera)ng Profit Cash from opera)ons 44.8% 37.4% Net debt reduc)on $4.9m 13
Slide 14: Income Statement
Income Statement FY2015 % of FY2014 % of YoY % ($m) revenue ($m) revenue Revenue 93.2 100% 75.1 100% +24.1 COGS (47.2) (50.6%) (43.1) (57.4%) (9.5%) Gross Profit 46.0 49.4% 32.0 42.6% +43.8 Administra,ve expenses (30.8) (33.1%) (21.0) (28.0%) (46.7%) Adj. EBITDA 15.2 16.3% 11.0 14.6% +38.2 DA (excl.
Slide 15: Adjusted operating profit
Adjusted operating profit FY2015 ($m) FY2014 ($m) IFRS opera)ng profit 7.7 5.5 Costs of acquisi,on (excl finance) - 0.5 Amor,sa,on rela,ng to acquisi,ons 4.3 2.3 Share based payments 0.6 0.4 Adjusted opera)ng profit 12.6 8.7 • Adj. opera,ng profit - considered a key underlying metric • Amor,sa,on rela,ng
Slide 16: Cash Flow
Cash Flow FY2015 ($m) FY2014 ($m) Change ($m) Opera)ng cash flow 14.7 10.6 4.1 Tax (1.1) (1.3) 0.2 Fixed assets - tangible (1.8) (0.8) (1.0) Fixed assets – intangible - development (6.2) (2.7) (3.5) Acquisi,on (0.3) (18.1) 17.8 Other financing/ forex (0.4) 0.2 (0.6) Net debt movement in year 4.9 (12.1
Slide 17: Balance Sheet
Balance Sheet FY2015 ($m) FY2014 ($m) Change ($m) Intangible Assets 71.9 71.1 0.8 Tangible assets 3.1 2.7 0.4 Inventory/ receivables/ payables 0.5 (0.4) 0.9 Income tax 0.8 1.1 (0.3) Deferred tax (3.2) (3.1) (0.1) Finance lease (0.1) (0.2) 0.1 Net Debt (9.4) (14.3) 4.9 Net assets 63.6 56.9 6.7 • NBV
Slide 18: Debt Facility
Debt Facility • New facility with Lloyds - 14 March 2016 • $25m – no step downs through term • Term: March 2019 but extendable to March 2020 • Additional $10m (accordion) available to fund acquisitions • Interest on drawdowns: 1.35% above Libor (Previously 1.75%) • Fee on undrawn funds: 0.54% (previ
Slide 19: Effective rate of tax
Effective rate of tax • 2015 ETR: 25.6% (2014: 26.2%) • Approx. 39% of PBT subject to UK tax • Underlying rate - 2015 approx. 28% (2015: 31%) • Focus on R&D tax credits in US & UK • Patent Box claims now submitted • Exploring opportunities that hold or benefit the ETR moving forward to offset any incre
Slide 20: Looking Ahead
A) Looking Ahead accesso.
Slide 21: The measure of the opportunity
The measure of the opportunity The total global market is hard to value, but 4 of the top 5 categories are worth c. $230bn+ alone, aLrac,ng billions of individual visits per annum Spor)ng Cinema Theme parks Live music Museums Water parks Zoos events $36 $32 $24 $9 $5 $4 $145 billion billion billion
Slide 22: Finding common ground – our approach to the industry
Finding common ground – our approach to the industry accesso addresses the commonality at the heart of venues’ needs The )cket • No ma`er the venue or operator, a common set of challenges and Up and cross-sell Loyalty and rewards obstacles apply • Every operator needs to look aoer its guest before,
Slide 23: Summary and Outlook
Summary and Outlook Full of confidence for 2016 • Promising start to 2016 with a number of significant new contracts already in place • Group stands to benefit from significant investment during 2015 • Customer dynamics ensure technology improvements • Team in place and product portfolio assembled to de
accesso Technology Group — FY2015 Earnings Presentation on 6ix