Mcmillan Shakespeare Limited · ASX:MMS
Mcmillan Shakespeare — Shareholder Meeting (October 2010)
16 slides from Mcmillan Shakespeare's shareholder meeting presentation, Oct 19, 2010
Slide 1: Annual General Meeting Presentation
For personal use only Presentation by McMillan Shakespeare Limited Annual General Meeting Michael Kay October 2010
Slide 2: Financial Performance
Financial Performance For personal use only FY09 FY10 % increase over prior $000 $000 year Revenue from operating activities 77,259 131,021 69.6% Profit before tax and acquisition profit 28,912 39,904 38.0% NPAT before acquisition profit 20,523 27,905 36.0% After tax profit arising from acquisition
Slide 3: Historical normalised NPAT
Historical normalised NPAT(1) For personal use only Profit 17.1 recognised on 40 ILA business combination Normalised NPAT 5-year CAGR of 39.9% 30 $m 27.9 20 20.5 17.4 13.2 10 11.3 5.2 0 FY05 FY06 FY07 FY08 FY09 FY10 NPAT (continuing operations) Acquisition Gain Note 1: Normalised numbers exclude the
Slide 4: NPAT bridge FY09 to FY10
NPAT bridge FY09 to FY10 For personal use only 50 45 Growth 36% Represents NPAT 40 since acquisition Growth 23% (1 April10) 17.1 35 30 (0.6) 3.3 ($m) 25 4.7 45.0 20 15 27.9 10 20.5 5 0 NPAT FY09 Remuneration ILA Acquistion Normalised Aquisition Gain NPAT FY10 Services funding costs NPAT FY10 Growth
Slide 5: Historical Key Financial Performance Measures
Historical Key Financial Performance Measures For personal use only Normalised earnings per share (EPS) (1) Total dividends per share 50.0 30 EPS 5-year CAGR of 39.0% 45.0 40.0 25 35.0 20 30.0 cents cents 25.0 15 20.0 15.0 10 10.0 5 5.0 0.0 0 FY04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY04 FY 05 FY 06
Slide 6: Remuneration Services segment highlights
Remuneration Services segment highlights For personal use only Revenue growth 21% on PCP. NPAT growth(1) 23% on PCP. Core operating contribution(2) increase of 38.8% over PCP. Customer metrics exceeding our benchmarks. Ongoing productivity improvements. FY2011 year to date performance in line with e
Slide 7: Remuneration Services financial performance
Remuneration Services financial performance For personal use only FY10 FY09 % Comment $000 $000 Inc Segment revenue 92,139 76,000 21% Operating expenses Employee and director benefits expenses 39,282 34,309 14% Significantly below revenue growth Depn and amort of PPE and software 2,222 1,436 55% Inv
Slide 8: Productivity and Customer Satisfaction Indices
Productivity and Customer Satisfaction Indices For personal use only Productivity Index Customer Satisfaction Index MMS Productivity Index (7/08 = 100) MMS Customer Satisfaction Index [Rolling 3 month Non-Interest Revenue / FTE] December 2008 = 100 140 250 135 130 200 125 150 120 115 100 110 105 50
Slide 9: Asset Finance segment highlights
Asset Finance segment highlights For personal use only Performance for 4QFY10 exceeded “deal” evaluation projections. Satisfactory residual value performance. This has continued in 1QFY11. Strong credit process and performance. Self funding during 4QFY10. Performance for 1QFY11 in line with expectat
Slide 10: Asset Finance performance
Asset Finance performance For personal use only FY10(1) $000 Revenue from operating activities 38,882 Operating costs Depreciation of motor vehicle fleet 15,989 Interest on fleet financing 2,359 Motor vehicle fleet expenses 13,064 Employee and director benefits expenses 2,180 Other expenses 718 Tota
Slide 11: Key Activities FY10
Key Activities FY10 For personal use only Solid growth, investing for the future and building comparative/competitive advantage. Heavy participation and investment in the Henry Inquiry into the tax system; positive Government response with no adverse impact on business. Acquisition of Interleasing b
Slide 12: Key Activities FY10 (cont.)
Key Activities FY10 (cont.) For personal use only Customer service metrics now exceed our benchmarks in all business units. New industrialised IT infrastructure with disaster recovery and “warm sites” delivered on time and on budget. New CRM system delivered on time and on budget. New telephony syst
Slide 13: Our unique market position
Our unique market position For personal use only Core Skills Core Skills Operating Lessors/ Proactive sales culture Managing vehicle value Salary Packagers Fleet Managers Retail sales and marketing chain: procurement, Budgeting/ BPO processing maintenance and disposals Tax knowledge base Novated (in
Slide 14: The combined business – the first months
The combined business – the first 6 months For personal use only Integration running well. New value proposition well received by market. Complementary cash flow dynamics and capital requirements of the two business segments are attractive to financiers and provide mitigation against any credit tigh
Slide 15: Outlook
Outlook For personal use only 1Q FY11 results in accordance with our budgetary expectations. A year of prioritisation and execution. Complete integration of Interleasing. Prepare for Interleasing fleet lease system upgrade. CAPEX allowed for, with contingency, in acquisition modeling. Ongoing profit
Slide 16: Key Sensitivities for FY11
Key Sensitivities for FY11 For personal use only New car sales market. Second hand car values. Interest rates. Interest rate margin on operating leases. Key contract tender. Economic conditions generally. P 15 October 2010
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