ME Group International plc · LSE:MEGP
ME Group International — Photo-Me International — H1 2010 Earnings Presentation
22 slides from ME Group International's earnings presentation, Dec 9, 2009
Slide 1: Interim Results – Half Year to 31 October 2009
Interim Results – Half Year to 31 October 2009 PRESENTATION TO INVESTORS AND ANALYSTS 9 December 2009 1 Instantly Yours
Slide 2: Legal disclaimer
Legal disclaimer This presentation contains statements that are or may be forward-looking statements with respect to the financial condition, operations and businesses of Photo-Me. All statements other than statements of historical facts included in this presentation may be forward-looking statement
Slide 3: Presenters
PRESENTERS Hugo Swire Introduction & Conclusion Chairman Serge Crasnianski Business Review Joint CEO Françoise Coutaz-Replan Financial Review Group Financial Director 3 Instantly Yours
Slide 4: Key Points
KEY POINTS ¾ £33.0m: net cash generated from operating activities ¾ £2.6m: net cash position, up £28.7m in six months ¾ £11.2m: pre-exceptional PBT on continuing operations ¾ Operations contributed great majority of profit, as usual ¾ Sales & Servicing contributed most of profit improvement ¾ Divide
Slide 5: Financial Review
FINANCIAL REVIEW 5 Instantly Yours
Slide 6: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME 2009 2008 Increase Six months to 31 Oct (£m) (on continuing operations) Revenue 117.7 108.1 9% EBITDA † 27.2 24.0 14% Operating profit † 12.3 8.5 45% PBT † 11.2 6.5 72% PBT after exceptional items 9.0 2.9 208% † before exceptional items 6 Instantly Yours
Slide 7: Segmental Analysis
SEGMENTAL ANALYSIS Revenue Operating Profit Six months to 31 Oct (£m) 2009 2009† 2008 2009 2009† 2008 (on continuing operations, excluding exceptional items) Operations 93.9 84.5 85.7 11.6 10.5 11.1 Sales & Servicing 23.8 21.8 22.4 2.2 2.0 (2.9) Group overheads: Underlying - - - (1.5) (1.5) (2.2) Su
Slide 8: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION At 31 Oct 09 At 30 Apr 09 (£m) Non-current assets (exc deposits) 87.6 99.3 Current assets (exc cash and deposits) 43.5 50.4 Assets held for sale - 0.2 Non-current liabilities (exc borrowings) (8.0) (8.4) Current liabilities (exc borrowings) (47.4) (41.8) Net cash / (d
Slide 9: Borrowings/Facilities
BORROWINGS/FACILITIES (£m) 31 Oct 09 30 Apr 09 Change Overdrafts - (3.2) Loans <1 year (9.8) (12.8) Loans > 1 year (27.9) (29.2) Finance leases (0.9) (0.6) Gross borrowings (38.6) (45.9) +7.3 Cash and deposits 41.2 22.4 +18.8 Net cash/ (debt) 2.6 (23.5) +26.1 Imaging Solutions net cash - (2.6) +2.6
Slide 10: Statement of Cash Flows
STATEMENT OF CASH FLOWS Six months to 31 Oct (£m) 2009 2008 Operating profit from continuing operations 10.1 4.9 Operating loss from discontinued operations - (1.3) Depreciation/amortisation/impairment 15.0 20.0 Movements in working capital 5.2 (2.5) Interest cost (0.6) (2.3) Tax received 2.7 1.3 Ot
Slide 11: Financial Review Key Points
FINANCIAL REVIEW KEY POINTS Statement of Comprehensive Income £27.3m: pre-exceptional EBITDA on continuing operations £11.2m: pre-exceptional PBT on continuing operations Statement of Financial Position £2.6m: net cash - a £28.7m improvement 21.5p: equity per share Cash Flow Statement £33.0m: net ca
Slide 12: Business Review
BUSINESS REVIEW 12 Instantly Yours
Slide 13: Operations - Overview
OPERATIONS - OVERVIEW ¾ 82% of gross takings from photobooths ¾ 85% of gross takings from three territories - France, UK & Ireland, Japan 13 Instantly Yours
Slide 14: Photobooths
PHOTOBOOTHS • Takings up 10% • Constant currency takings down 2% 14 Instantly Yours
Slide 15: Biometrics
BIOMETRICS EU Directive of 30 June 2006 adopted by EU members on 29 June 2009 Various types of implementation • France: unclear, but increased State involvement in passport photography • UK: unclear, but open to private sector • Germany: no change • Switzerland: on-site enrolment • Japan: no change
Slide 16: Digital Media Kiosks
DIGITAL MEDIA KIOSKS • Constant currency takings down 1% • 9% of Operations revenue ¾ Good opportunity for linkage with Photobook Maker 16 Instantly Yours
Slide 17: Other Operations
OTHER OPERATIONS • Constant currency takings down 6% • 9% of Operations revenue 17 Instantly Yours
Slide 18: Sales & Servicing Range: Self-Service
SALES & SERVICING RANGE SELF-SERVICE Speedlab 200 Speedlab 100 Kiddie Ride Photobook Maker ATTENDED RETAIL DKS 16XX minilab DKS 17XX minilab Photobook Pro DKS 910 / 920 minilab 18 Instantly Yours
Slide 19: Sales & Servicing Overview
SALES & SERVICING OVERVIEW Retail photographic equipment mainly minilabs and Photobook Makers, for sale to third parties Improved performance reflects better purchasing, reduced payroll, more effective salesforce, and particularly poor 2008 period 19 Instantly Yours
Slide 20: Strategy
STRATEGY Booths/kiosks New features / low cost / large number Photobook Maker Sales in thousands R&D Ten new products / focus on solar energy 20 Instantly Yours
Slide 21: Conclusion
CONCLUSION 21 Instantly Yours
Slide 22: H2 Prospects
H2 PROSPECTS Board hopeful of profitable H2 Much smaller net cash improvement likely 22 Instantly Yours
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