Slide 1: Flight Centre Limited 2009 Half Year Results
For personal use only Flight Centre Limited 2009 Half Year Results 24 February 2009
Slide 2: 2009 Half year overview
2009 Half year overview For personal use only ESTABLISHED Flat TTV after marked slowdown in second quarter sales. H1 2009 PBT $77.7 BUSINESSES million vs. $90.9m H1 2008 (down 15%) Results below expectation. H1 2009 PBT = $15.7m loss which includes $6.7m in LIBERTY restructuring INVESTMENT $27.8m on
Slide 3: 2009 Half year results
2009 Half year results For personal use only RESULTS IN BRIEF HALF YEAR ACTUAL DEC 2008 DEC 2007 % Variance TTV – Established businesses $4,800 $4,800 - TTV – Actual $5,800 $4,800 20.8% Gross Profit – Established businesses $648.1 $642.9 0.8% Gross Profit^ – Actual $768.4 $642.9 19.5% EBITDA – Estab
Slide 4: Recent growth performance
Recent growth performance For personal use only DEC 2008 DEC 2007 DEC 2006 DEC 2005 (^ex abnormal) TTV $5,800 m $4,800 m $4,100 m $3,700 m Income Margin 13.3% 13.4% 12.6% 12.9% PBT $34.2m $90.9 m $53.0 m $49.8 m NPAT $26.1 m $61.2 m $35.4 m $33.6 m EBITDA $54.2 m $105.2 m $63.0 m $63.0 m EPS 26.2 c
Slide 5: Strategic update
Strategic update For personal use only PEOPLE New programs in place ~ attracting and retaining the right people GROW CORE, SPECIALIST & NEW Continued shop growth, developed specialist travel model, acquired Back BUSINESSES Roads Touring (UK), Intrepid JV & national Cruiseabout expansion INTEGRATED G
Slide 6: USA Leisure performance
USA Leisure performance For personal use only H1 2009 TTV in excess of $1 billion Significant cost restructuring: Leaner and more effective support structure - 700 support & shop-based sales positions lost since acquisition Creation of smaller but stronger shop network - 40 under-performing and poor
Slide 7: Global footprint
Global footprint For personal use only GREATER CHINA CANADA UNITED KINGDOM TTV : $342.8m up 9% TTV : $50.3m up 6% (7% up in local currency) TTV : $585.9m down 5% (10% down in local currency) 173 businesses (5% up in local currency) 27 businesses 208 businesses LIBERTY TTV : $1,016m 227 businesses AU
Slide 8: Future strategic priorities
Future strategic priorities For personal use only GROWTH Increase market share in core, specialised travel and new businesses CUSTOMER Create ownership at business & individual level of an effective & aligned approach RETENTION to sales, product & marketing GLOBAL BUYING & DISTRIBUTION Increase rang
Slide 9: Outlook
Outlook For personal use only STIMULATING Focus on specific sales improvement and conversion strategies to capitalise on SALES GROWTH strong enquiry and overcome sluggish global sales results CONSUMER Lower consumer confidence resulted in customers switching to domestic & short CONFIDENCE haul inter
Slide 10: Capital management
Capital management For personal use only Management focused on improving free cash flow within businesses Strategy of continuing to expand & refresh shop network FLT maintains a modest debt position Dividends Current dividend policy - return 50% - 60% of NPAT to shareholders Future dividend payment
Slide 11: End of Presentation: Questions
End of Presentation For personal use only Questions
Slide 12: Appendix 1: cash & investment portfolio
Appendix 1: cash & investment portfolio For personal use only Cash & investment portfolio at 31 Dec 08 = $657m vs. $631.9m (at 31 Dec 07) After sale of equities , portfolio consist of 78% cash investments, 19% fixed income investments (e.g. floating rate notes, fixed rate bonds, asset backed securit