Bravura Solutions Limited · ASX:BVS
Bravura Solutions — H1 2017 Earnings Presentation
20 slides from Bravura Solutions's earnings presentation, Feb 27, 2017
Slide 1: Half Year 2017 Results Presentation
For personal use only Half Year 2017 Results Presentation Bravura Solutions Limited 27 February 2017
Slide 2: Important notice and disclaimer
Important notice and disclaimer For personal use only The information contained in this document (including this notice) or discussed at this presentation (collectively, the Presentation) has been prepared by Bravura Solutions Limited (Bravura). The Presentation is subject to the conditions outlined
Slide 3: Today's presenters
Today’s presenters For personal use only Tony Klim Martin Deda Chief Executive Officer Chief Financial Officer BRAVURA SOLUTIONS | PRESENTATION PAGE 3
Slide 4: Agenda
For personal use only Agenda H1 2017 highlights 55 Financial performance by Segment 9 Q&A 15 Appendix – Additional financial information 16
Slide 5: H1 2017 highlights
For personal use only H1 2017 highlights
Slide 6: IPO prospectus forecast exceeded in H1 2017
H1 2017 highlights For personal use only IPO prospectus forecast exceeded in H1 2017 • Group H1 operating EBITDA of $18.2 million exceeding IPO prospectus forecast H1 operating EBITDA of $17.7 million1 H1 EBITDA exceeds • Group operating EBITDA margin 19.5% versus 13.1% in the prior comparative peri
Slide 7: Overview
Overview For personal use only Bravura is a market leading global provider of enterprise software and software-as-a-service (SaaS) to the wealth management and funds administration industries Attractive financial profile, demonstrated by high revenue growth and increasing operating leverage Overvi
Slide 8: Large addressable market with significant tailwinds
Large addressable market with significant tailwinds For personal use only Bravura operates in attractive industries, that are experiencing sustained growth driven by the need to reduce costs, simplify legacy systems, meet evolving regulatory requirements, grow assets under management and focus on cl
Slide 9: Financial information by Segment
For personal use only Financial information by Segment
Slide 10: H1 2017 financial results
H1 2017 financial results For personal use only Strong financial performance exceeding prospectus forecasts Commentary Pro Pro Group H1 2017 operating EBITDA of $18.2 forma1 forma1 Growth Constant million exceeds IPO prospectus forecast of result result currency2 % $17.7 million3 A$m H1 2017 H1 20
Slide 11: Wealth Management
Wealth Management For personal use only New sales of Sonata is driving Wealth Management Segment revenue growth Pro forma financials Commentary Constant Constant Actual Actual Growth A$m H1 2017 H1 2016 (%) currency1 currency Wealth Management Segment revenue increased H1 2016 % growth +10.0% to $
Slide 12: Funds Administration
Funds Administration For personal use only High margin Funds Administration business continues to provide stable, strong cash flows due to its mature products and ‘sticky’ client base. Revenue and costs are denominated 88% and 77% in GBP, respectively Pro forma financials Commentary Constant Constan
Slide 13: Research and development
Research and development For personal use only Development capital expenditure is expected to decrease following FY 2017 as non-client funded development reduces and more development is client funded Development expenditure (A$m) Commentary A$m FY 2014 FY 2015 FY 2016 FY 2017F H1 2017 Total Sonata
Slide 14: Outlook
Outlook For personal use only Bravura confirms FY17 prospectus forecast guidance Strong Sonata new sales pipeline, driven by favourable structural tailwinds and increasing IT spend South African strategy beginning to yield Sonata opportunities Sales pipeline remains strong with no visible im
Slide 15: Q&A
For personal use only Q&A
Slide 16: Financial results - Appendix
For personal use only Financial results APPENDIX
Slide 17: Statutory Income Statement
Statutory Income Statement For personal use only Actual Actual A$m Change (%) H1 2017 H1 2016 Commentary Wealth Management operating revenue (A$m) 57.8 52.5 +10.0 % The depreciation of the GBP vs AUD following Brexit, from approximately 2.1:1 in Funds Administration operating revenue (A$m) 35.7 42
Slide 18: Balance sheet
Balance sheet For personal use only Actual Actual A$000 31-Dec-16 30-Jun-16 Commentary Cash and cash equivalents 23.1 29.1 Trade and other receivables 26.1 18.9 Bank debt and redeemable preference shares paid out at IPO Other 4.4 5.0 Current assets 53.6 53.0 Strong cash generation in H1 2017 Int
Slide 19: Cash flow
Cash flow For personal use only HY Actual HY Actual A$000 Commentary 31-Dec-16 31-Dec-15 Receipts 110.5 114.1 Bank debt and redeemable preference shares paid out at IPO Payments (90.6) (97.8) Payments of IPO transaction fees (2.2) - Strong cash generation in H1 Taxes Paid (1.0) (0.7) Continued
Slide 20: Thank you
For personal use only Thank you