Delegat Group Limited · NZX:DGL
Delegat — H1 2019 Earnings Presentation
15 slides from Delegat's earnings presentation, Feb 25, 2019
Slide 1: Half-Year Results
HALF-YEAR RESULTS 25 February 2019
Slide 2: Agenda
AGENDA Introduction to meeting. Business Performance – Half Year review. Outlook. 2
Slide 3: Performance Highlights
PERFORMANCE HIGHLIGHTS Record global case sales of 1,576,000. 14% higher than last year. 13% sales growth in the key North America region. New distribution listing with a major UK independent co-operative has contributed to 31% growth in UK, Ireland and Europe region. Record Operating NPAT of $31.4
Slide 4: Case Sales and FX
CASE SALES AND FX Dec 2018 Dec 2017 % Change Case Sales (000's) Actual Actual vs 2017 UK, Ireland and Europe 469 358 31% North America (USA and Canada) 640 568 13% Australia, NZ and Asia Pacific 467 451 4% Total Cases 1,576 1,377 14% Dec 2018 Dec 2017 % Change Foreign Currency Rates Actual Actual vs
Slide 5: Revenue Growth Analysis
REVENUE GROWTH ANALYSIS Dec 2018 Dec 2017 % Change NZ$ millions Actual Actual vs 2017 Operating Revenue 141.4 125.1 13% Revenue movements breakdown: Volume 14% Value -1% Foreign Exchange 2% Country/Product Mix -3% 5
Slide 6: Operating Performance
OPERATING PERFORMANCE Dec 2018 Dec 2017 % Change NZ$ millions Actual Actual vs 2017 Sales Revenue 141.4 125.1 13% Operating Revenue 143.0 127.6 12% Operating Gross Profit 78.3 70.7 11% Operating Gross Margin 55% 55% Operating Expenses (28.5) (27.3) -4% Operating EBIT 49.8 43.4 15% Operating EBIT % o
Slide 7: Operating Profit Movement – Last Year
OPERATING PROFIT MOVEMENT – LAST YEAR NZ $millions 36.0 $7.2m 34.0 32.0 $1.0m $0.0m $31.4m ($0.4m) 30.0 ($3.3m) 28.0 $26.9m 26.0 24.0 22.0 20.0 18.0 16.0 Dec 2017 Actual Margin impact Promotion costs Net FX Impact Interest Other Dec 2018 Actual 7
Slide 8: Impact of 'Fair Value' Adjustments
IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS Dec 2018 Dec 2017 % Change NZ$ millions Actual Actual vs 2017 Operating NPAT 31.4 26.9 17% Operating NPAT % of Revenue 22% 21% Biological Produce (Grapes) 1 (9.8) (8.9) -10% Derivative Instruments 1.3 (1.4) n/m2 Total Fair Value Items (8.5) (10.3) 19% Less: Tax 2.4
Slide 9: Reported Profit Movement – Last Year
REPORTED PROFIT MOVEMENT – LAST YEAR NZ $millions 28.0 $6.6m $3.5m 26.0 $25.3m ($0.5m) ($0.4m) 24.0 22.0 ($3.3m) 20.0 $19.4m 18.0 16.0 14.0 12.0 10.0 8.0 Dec 2017 Margin impact Promotion costs Net FX Impact Interest Other Dec 2018 Actual Actual 9
Slide 10: Balance Sheet Summary
BALANCE SHEET SUMMARY Dec 2018 Dec 2017 % Change NZ$ millions Actual Actual vs 2017 Assets Current Assets 192.8 169.4 14% Fixed Assets 523.5 498.0 5% Total Assets 716.3 667.4 7% Liabilities Current Liabilities 30.3 23.2 31% Deferred Tax Liabilities 37.8 33.7 12% Net Debt 291.5 291.3 0% Other Non-cur
Slide 11: Net Debt Movement – June 18 to Dec 18
NET DEBT MOVEMENT – JUNE 18 TO DEC 18 NZ $millions 300.0 $15.2m $291.5m 290.0 ($2.4m) $281.5m 280.0 $18.5m 270.0 $13.1m 260.0 250.0 ($34.4m) 240.0 230.0 220.0 210.0 200.0 190.0 180.0 June 2018 Cash from Working Capital Capex Dividend FX December 2018 Actual Operations Actual 11
Slide 12: Net Debt Overview
NET DEBT OVERVIEW Dec 2018 Dec 2017 % Change NZ$ millions Actual Actual vs 2017 Funding Operating Cash Flow 21.3 24.2 -12% Net Debt 291.5 291.3 0% Key Ratios Operating Interest Cover 8.16 7.19 13% Equity / (Equity + Net Debt) % 54.7% 52.0% 5% Senior Debt Ratio 3.05 3.48 12% 12
Slide 13: Agenda
AGENDA Introduction to meeting. Business Performance – Half Year review. Outlook. 13
Slide 14: Full Year Outlook
FULL YEAR OUTLOOK The Group forecasts to achieve record global case sales of 3,040,000 cases, up 11% on last year. The Group forecasts a record 2019 operating profit result of at least $50.3 million, up on last year's record performance by 12%. 14
Slide 15: Thank you
DELEGAT Thank you