Siv Capital Limited · ASX:SIV
Siv Capital — Silver Chef — Investor Presentation (September 2009)
22 slides from Siv Capital's investor presentation, Sep 8, 2009
Slide 1: Silver Chef Limited
For personal use only Silver Chef Limited
Slide 2: Operational Strength & Stability
For personal use only Operational Strength & Stability • Commercial long term rental of profit generating assets • Predictable future revenue streams • Strong operating cash flows • Organic growth strategy deploying 1 solution through 2 core brands • Effective risk and asset management
Slide 3: 2009 Highlights
For personal use only 2009 Highlights 20% - increase on rental income to $34.9M 36% - growth of NPAT to $3.6M 16% - increase in operating cash flow to $20.5M 25% - increase in return on shareholders funds (from 22% in 2008) 10 cents - fully franked dividend – paid Jan 10
Slide 4: Overview
For personal use only Overview • Established 1986 - IPO 2005 • Rent-Try-Buy rental program 12 month term 75% Rebate Purchase or continue to rent
Slide 5: Key Metrics
For personal use only Key Metrics 7,000 - rental contracts $10,161 - average contract <1% - largest client / rental income 450 - dealers in Hospitality 85 - vendors in GoGetta
Slide 6: Hospitality Division – Silver Chef
For personal use only Hospitality Division – Silver Chef $33.3M - acquisitions, a 32% increase year on year $76.6M - assets at cost on rental >400 - dealers nationwide - dealer incentive program supporting acquisition growth >200% - increase in clearance figures, quality and control since launch of
Slide 7: Commercial Equipment Division - GoGetta
For personal use only Commercial Equipment Division - GoGetta 19% - over budget est. for Acquisitions, to $8.036M - penetrated multiple industries including compressors audio & lighting, and construction 85 - Vendors appointed to date 47 - Finance Brokers appointed to date Established a nationwide s
Slide 8: Risk Management
For personal use only Risk Management • Security Bonds • Weekly Rentals • Smart Numbers – DDR Defaults and settlement ratio • Recycling of Assets • Credit Analyst • Internal audit of systems
Slide 9: Financial Highlights
For personal use only Financial Highlights • Strong 5 year growth • Revenue, NPAT and Margin growth • Assets under management & cash flow growth • Shareholder value growth
Slide 10: Financial Highlights - Profit
For personal use only Financial Highlights - Profit Revenue - $m Net Margin 40.00 12.00% 20.00 6.00% - 0.00% 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 NPAT - $m 4.00 2.00 - 2005 2006 2007 2008 2009
Slide 11: Financial Highlights – Cash flow & Assets
Financial Highlights – Cash flow For personal use only & Assets C/Flow From Operations - $m Rental Assets - $m 25 100 20 80 15 60 10 40 5 20 - - 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
Slide 12: Share Holder Value
For personal use only Share Holder Value Net Assets + Dividends Paid 18.00 9.00 - 2005 2006 2007 2008 2009
Slide 13: Key Strengths
For personal use only Key Strengths • Weekly payments • Security bonds • Low bad debts • Critical supplier • Diversified Customer and Distribution base • Resilient customers in challenging economic climate • Predictable - 74% annuity style income • Remarketing ability of Used Assets – Online, Auctio
Slide 14: Outlook
For personal use only Outlook • Hospitality – Increase market share due to credit squeeze • GoGetta – point of difference • EPS growth to 23 cents after dilution • Key drivers for growth Dealer incentive program to maximise sales Wider distribution channels from our GoGetta Vendors Finance Broker ac
Slide 15: Funding
For personal use only Funding • Current business volumes can support $40M in acquisitions • Share placement program • Bank clubbing • 2 years to run on BankWest facility • Dividend reinvestment program
Slide 16: Conclusion
For personal use only Conclusion • We are a long term rental company • We are in a strong cash position • Strong forecast growth - RTB model through 2 core brands • Certainty of future rental streams
Slide 17: Contacts
For personal use only Contacts Allan English Managing Director (07) 3335-3301 aenglish@silverchef.com.au Charles Gregory Chief Operating Officer (07) 3335-3347 cgregory@silverchef.com.au
Slide 18: Appendices
For personal use only Appendices • Detailed profit and loss • Detailed Balance Sheet • Detailed Cash flow statement
Slide 19: Appendix – Detailed Profit and Loss
Appendix 1 – Detailed Profit and Loss For personal use only
Slide 20: Appendix – Detailed Balance Sheet
Appendix 2 – Detailed Balance Sheet For personal use only
Slide 21: Appendix – Detailed Cash Flow Analysis
Appendix 3 – Detailed Cash Flow Analysis For personal use only
Slide 22: Thank you.
For personal use only Thank you.