Slide 1: Half Year Results to 31 December 2013
For personal use only Half Year Results to 31 December 2013
Slide 2: Disclaimer
Disclaimer Silver Chef Limited has not considered the financial position or needs of the recipient in providing this presentation. Persons needing advice should For personal use only consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial or legal advi
Slide 3: First Half Results Overview
First Half Results Overview* For personal use only Total revenue + 26% Rental assets (at cost)* + 7% NPBT + 10% NPAT + 10% Underlying NPAT - 1% * Compared to the prior corresponding period except for rental assets at cost which shows the movement from the balance as at 30 June 2013. 3
Slide 4: Results Overview
Results Overview Revenue and earnings For personal use only o Revenue up 26% to $67.4 million (1H13: $53.6 million). o Net profit after tax of $6.5 million (1H13: $5.9 million) includes gains relating to write back of long term incentive accrual ($0.4 million after tax) and a change in recognition o
Slide 5: Rental assets under management (at cost)
Rental assets under management (at cost) For personal use only Group 300 Total rental assets (at cost) – up 7% to $274.5 million. o Total rental assets (at cost) – up 7% from 30 June 2013 to $274.5 million. 250 o Total acquisitions of $70.6 million 84.9 – up 18% on 2H13. 83.9 200 Hospitality o Renta
Slide 6: Profit & Loss
Profit & Loss Change For personal use only $ millions 1H13 1H14 1H14 Revenue 53.6 67.4 26% Expenses from ordinary activities (17.4) (22.6) 30% Depreciation (22.7) (29.4) 30% Finance Costs (3.2) (3.4) 4% Change in fair value of derivative financial instruments 0.3 - - Change in fair value of investme
Slide 7: Financial Position
Financial Position For personal use only Change $ millions 30 June 2013 31 December 2013 (FY13 – 1H14) Assets Cash 1.3 3.6 + 179% Lease Receivables - 1.7 - Other current assets 5.5 6.6 + 19% Non current lease receivables - 5.8 - Rental assets at WDV 173.5 183.7 + 6% Other non current assets 9.6 16.1
Slide 8: Risk Management
Risk Management o Asset repatriation capacity expanded with opening of new service facility in Melbourne. For personal use only • New facility in Melbourne to service Victoria, Western Australia, Tasmania and South Australia. • Full strategic and operational benefits to be felt over long term. o Cli
Slide 9: Operating Cash Flow
Operating Cash Flow For personal use only Operating Cash Flow from Operations up 11% 80 70 60 38.7 50 $ millions 40 30.7 23.5 30 18.5 20 40.7 36.7 7.0 10.9 25.7 10 8.8 20.0 16.7 5.7 10.7 9.7 6.8 4.3 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Ist Half 2nd Half 9
Slide 10: Funding
Funding Rental Asset Funding Source – First Half For personal use only o Silver Chef utilises a diverse range of funding to support the growth of the business through the acquisition of assets for rental to clients. 22% o In 1H14 the Company acquired $70.6 million worth of rental assets (at cost) of
Slide 11: Revenue Analysis
Revenue Analysis For personal use only Total Revenue up 26% Income by Segment 80 70 70 60 21.5 60 50 20.2 50 17.1 40 $ million $ million 13.3 40 10.5 67.5 30 7.5 30 60.8 5.9 53.6 44.9 45.0 20 39.4 20 39.2 35.3 32.9 30.8 30.2 27.9 23.5 24.6 10 10 0 0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 1H11 2H11 1H12
Slide 12: Rental assets – Silver Chef
Rental assets – Silver Chef For personal use only Book value of rental assets Silver Chef asset acquisitions 140 50 3.4 45 120 40 100 35 30 80 $ million $ million 25 47.0 60 123.0 111.1 20 39.7 101.2 37.0 40 83.9 15 77.7 28.2 27.8 64.8 67.9 23.3 56.6 10 19.3 17.6 20 5 - - FY10 1H11 FY11 1H12 FY12 1H
Slide 13: Silver Chef – Trading Update
Silver Chef – Trading Update For personal use only Australia • Performing in line with expectations. • Continued growth in franchise sector and Pubs & Clubs. • Investment in Melbourne service facility completed. New Zealand • Continues to grow well. • Growth expected to accelerate in second half wit
Slide 14: Rental assets - GoGetta
Rental assets - GoGetta GoGetta asset acquisitions For personal use only Book value of rental assets 30 70 4.1 60 25 50 20 40 $ million $ million 15 62.4 60.7 25.9 30 56.5 23.6 22.7 10 44.4 18.5 18.4 20 36.7 13.2 26.9 11.0 22.7 5 10 16.1 7.0 - - FY10 1H11 FY11 1H12 FY12 1H13 FY13 1H14 2H10 1H11 2H11
Slide 15: GoGetta – Trading Update
GoGetta – Trading Update For personal use only Acquisitions • Slower than anticipated acquisition rate in first half due to a range of internal factors. • Issues associated with recruitment and training of appropriate sales staff. Impact • Lower asset base will primarily impact second half revenue.
Slide 16: Strategy
Strategy For personal use only Group Funding Focus on ensuring o Continued focus on delivering ten year that the company has access to sufficient Argenti strategic plan – currently in year four. funding, in an appropriate debt / Silver Chef equity mix to achieve Growth growth o Australia – continue
Slide 17: Outlook
Outlook For personal use only o Net profit after tax for FY14 expected to be between $12.3 million and $12.7 million. o Net profit after tax translates to earnings per share of between 42 cents and 44 cents. o Full year result to be impacted by: o Lower GoGetta revenue. o Further investment in estab