Fevara Plc · LSE:FVA
Fevara — Carr's Group — H1 2015 Earnings Presentation
19 slides from Fevara's earnings presentation, April 2015
Slide 1: Interim Results Presentation April 2015
Interim Results Presentation April 2015 CEO: Tim Davies Group FD: Neil Austin Carr’s Group plc, Old Croft, Stanwix, Carlisle, Cumbria UK Telephone +44 (0) 1228 554600 www.carrsgroup.com
Slide 2: Agenda
Agenda 1 Introduction Tim Davies, CEO 2 Financial results Neil Austin, Group FD 3 Group strategic vision Tim Davies, CEO 4 Divisional review 5 Strategic delivery and future outlook 6 Q&A Page 2 2
Slide 3: Results Overview
Results Overview Revenue decreased 2.8% to £208.6m (H1 2014: £214.7m) EBITDA increased 4.9% to £12.3m (H1 2014: £11.7m) Pre-tax profit increased 5.4% to £10.6m (H1 2014: £10.1m) Adjusted EPS* increased 11.5% to 8.7p (H1 2014: 7.8p**) First interim DPS increased 8.8% to 0.925p (H1 2014: 0.8
Slide 4: Financial Review: Segmental Analysis
Financial Review: Segmental Analysis H1 2015 (£m) H1 2014 (£m) % Change Segmental Revenue Agriculture 149.7 159.9 (6.4) Food 41.7 44.8 (6.8) Engineering 17.2 10.0 71.8 Other - - - Total Revenue 208.6 214.7 (2.8) Segmental Operating Profit Agriculture 7.4 7.2 2.8 Food 1.7 1.5 17.7 Engineering 1.6 1.8
Slide 5: Financial Review: Balance Sheet
Financial Review: Balance Sheet At 28 February 2015 At 30 August 2014 Change £m £m % Fixed assets 81.6 79.9 2.2 Net working capital 41.6 36.6 13.7 Assets employed 123.2 116.5 5.8 Pension surplus/(deficit) 1.2 2.1 Net debt (26.0) (24.6) 5.7 Tax provisions (3.8) (4.2) Net assets 94.6 89.8 5.3 Gearing
Slide 6: Financial Review: Cash Flow
Financial Review: Cash Flow H1 2015 H1 2014 Change Expiry Facility H1 2015 £m £m % £m £m Working capital facilities (UK) 12 month rolling/2019 38.0 12.4 EBITDA 12.3 11.7 4.9 Working capital facilities (US) 12 month rolling 1.0 0.3 Working capital changes (4.4) (5.9) Working capital facilities (EU) 1
Slide 7: Group Strategic Vision
Group Strategic Vision Vision To be recognised as a truly international business at the forefront of technology and innovation Page 7
Slide 8: UK Agriculture
UK Agriculture Performance Feed sales 1.8% increase year on year – increased market share Fuel sales 2.3% increase year on year – cross selling activities, market penetration Machinery sales 7.9% decrease year on year – national tractor sales down 28% Retail 8.3% increase year on year – inve
Slide 9: UK Agriculture
UK Agriculture Acquisitions B E Williams, Wales – agricultural merchant, £1.1m, July 2014 Nicholls, Wales – agricultural merchant, £1.0m, October 2014 Integrated into the wider business and will be brought together as planned next year. Strategy Geographical expansion into areas where our offe
Slide 10: Feed Blocks
Feed Blocks Performance Overall sales volume growth 6.1% increase year on year (including JVs) US sales volume 12.3% increase year on year UK sales volume 5.7% decrease year on year Europe sales volume 8.1% increase year on year Investment Caltech and Scotmin, UK Expansion of Scotmin man
Slide 11: Feed Blocks
Feed Blocks Developments Megastart® and Quattro Mag® – UK FlaxLic® – USA Piglyx® – Europe Horslyx® – expansion into USA International Plans Europe Growth in France, Spain, Italy and Scandinavia New Zealand Build new plant following sales growth, but delayed due to restructure in New
Slide 12: USA Feed Block Plants
USA Feed Block Plants Severe drought through major beef producing states up to 2013 Drought situation improved up to 2015 The long term rebuilding of USA beef stocks has started High price of beef drives recovery USA Drought Monitor 12 March 2013 24 March 2015 Page 12
Slide 13: USA Feed Block Operations
USA Feed Block Operations Strategic location of feed block plants near beef populations New feed block plants, Nevada 3, Iowa 5 and Tennessee 4 all located near significant cattle populations Cattle and Calves Inventory 2012 1 South Dakota Nevada 3 5 Iowa 1 AFS, Belle Fourche, South Dakota Tenne
Slide 14: AminoMax®
AminoMax® AminoMax® is a unique patented protein bypass feed product for high performance dairy cows. UK 3.8% decrease in sales year on year impacted by dairy feeding regime changes Short term situation USA 28.6% increase year on year New investment in plant capacity and efficiency complete
Slide 15: Food
Food Performance Step change in financial performance of the Division continues Kirkcaldy improvements continue – operational efficiencies First half strong volumes – 6.1% increase year on year Quality of flour excellent Investment at Maldon in more ethnic flour production planned New re
Slide 16: Engineering
Engineering Wälischmiller, Markdorf, Germany Performance in line with plan Investment Showroom €800,000 New machines €277,000 Demo 2000 – acceptance testing later this year UK nuclear opportunities developing Japan and Russian markets more challenging Telbot contribution recognised b
Slide 17: Engineering
Engineering Bendalls, Carlisle, UK New management team embedded and performing well Shah Deniz £9 million contract slow but now in full production, continues through to Spring 2016 Nuclear outlook at Sellafield positive with new business won Chirton, North Tyneside, UK Decline in oil price h
Slide 18: Carrs Engineering Plans
Carrs Engineering Plans Synergies Chirton and Bendalls Chirton and Wälischmiller Bendalls and Wälischmiller New design and engineering business being built in Carlisle Focus on increased business starting to come out of Sellafield Joint full package bids now being made USA developmen
Slide 19: Summary
Summary Record first half performance Strength of the global feed block brands delivers record sales Outstanding performance by USA feed block business Investment in UK retail Country Store network drives retail growth Evidence of recovery in UK nuclear industry Growth maintained in the