Delegat Group Limited · NZX:DGL
Delegat — H1 FY2017 Earnings Presentation
14 slides from Delegat's earnings presentation, Feb 27, 2017
Slide 1: Half-Year Results FY17
HALF-YEAR RESULTS FY17 27 February 2017
Slide 2: Agenda
AGENDA Introduction to meeting. Business Performance – Half Year review. Outlook. 2
Slide 3: Performance to Date
PERFORMANCE TO DATE Global case sales of 1,446,000 - Up 179,000 cases on last year (14%). Volume growth in all regions. Record Operating NPAT of $24.7 million - Up $3.6 million on last year (17%) Strong cashflows from operations. 3
Slide 4: Case Sales
CASE SALES Dec 2016 Dec 2015 % Change Case Sales (000's) Actual Actual vs 2015 UK, Ireland and Europe 449 384 17% North America (USA and Canada) 518 476 9% Australia, NZ and Asia Pacific 479 407 18% Total Cases 1,446 1,267 14% 4
Slide 5: Revenue Growth Analysis and FX
REVENUE GROWTH ANALYSIS AND FX Dec 2016 Dec 2015 % Change NZ$ millions Actual Actual vs 2015 Operating Revenue 135.8 128.6 6% Sales movements breakdown: Volume 14% Value -8% Foreign Exchange -6% Underlying Price/Product Mix -2% Dec 2016 Dec 2015 % Change Foreign Currency Rates Actual Actual vs 2015
Slide 6: Operating Performance
OPERATING PERFORMANCE Dec 2016 Dec 2015 % Change NZ$ millions Actual Actual vs 2015 Operating Revenue 135.8 128.6 6% Operating Gross Profit 76.7 72.0 6% Operating Gross Margin 56% 56% Operating Expenses (35.3) (38.2) 8% Operating EBIT 41.4 33.8 22% Operating EBIT % of Revenue 30% 26% Interest and Ta
Slide 7: Operating Profit Movement – Last Year
OPERATING PROFIT MOVEMENT – LAST YEAR NZ $millions 38.0 36.0 $13.7m 34.0 32.0 30.0 28.0 26.0 ($7.9m) $0.6m $24.7m 24.0 ($1.0m) $21.1m ($1.8m) 22.0 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Dec 2015 Margin impact Promotion costs Net FX Impact Interest Other Dec 2016 Actual Actual 7
Slide 8: Impact of 'Fair Value' Adjustments
IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS Dec 2016 Dec 2015 % Change NZ$ millions Actual Actual vs 2015 Operating NPAT 24.7 21.1 17% Operating NPAT % of Revenue 18% 16% Biological Produce (Grapes) 1 (8.3) (4.8) -73% Derivative Instruments 0.6 5.4 -89% Total Fair Value Items (7.7) 0.6 n/m2 Less: Tax 2.1 (0.
Slide 9: Reported Profit Movement – Last Year
REPORTED PROFIT MOVEMENT – LAST YEAR NZ $millions 35.0 $11.0m 30.0 25.0 $21.5m ($7.9m) 20.0 $0.6m $0.6m $19.1m ($6.7m) 15.0 10.0 5.0 0.0 Dec 2015 Margin impact Promotion costs Net FX Impact Interest Other Dec 2016 Actual Actual 9
Slide 10: Balance Sheet Summary
BALANCE SHEET SUMMARY Dec 2016 Dec 2015 % Change NZ$ millions Actual Actual vs 2015 Assets Current Assets 174.7 159.7 9% Fixed Assets 471.2 405.6 16% Total Assets 645.9 565.3 14% Liabilities Current Liabilities 36.2 32.1 13% Deferred Tax Liabilities 32.0 26.9 19% Net Debt 292.0 251.5 16% Total Liabi
Slide 11: Net Debt Movement – June 16 to Dec 16
NET DEBT MOVEMENT – JUNE 16 TO DEC 16 310.0 $12.1m $0.1m $292.0m 290.0 $282.7m $21.9m 270.0 ($21.6m) ($3.2m) 250.0 230.0 210.0 190.0 170.0 150.0 June 2016 Cash from Working Capital Capex Dividend FX Dec 2016 Actual Operations Actual 11
Slide 12: Net Debt Overview
NET DEBT OVERVIEW Dec 2016 Dec 2015 % Change NZ$ millions Actual Actual vs 2015 Funding Operating Cash Flow 24.9 15.1 65% Net Debt 292.0 251.5 -16% Key Ratios Operating Interest Cover 6.03 7.65 -21% Equity / (Equity + Net Debt) % 49.5% 50.3% -2% Senior Debt Ratio 3.85 3.46 -11% 12
Slide 13: Full Year Outlook
FULL YEAR OUTLOOK The Group is on target to achieve it’s sales forecast of 2,632,000 cases, up 9% on last year. The group continues to face risks in the form of exchange rate volatility, which makes it difficult to forecast financial performance. Based on the prevailing exchange rates, the Group for
Slide 14: Thank you
DELEGATE Thank you