Excelsior Capital Ltd · ASX:ECL
Excelsior Capital — CMI — H1 2013 Earnings Presentation
15 slides from Excelsior Capital's earnings presentation, Mar 6, 2013
Slide 1: Investor Presentation 2013 Half Year Results
Investor Presentation 2013 Half Year Results 6-8 MARCH 2013 SYDNEY & MELBOURNE Colin Ryan AM Sharyn Williams EXECUTIVE CHAIRMAN CHIEF FINANCIAL OFFICER
Slide 2: Disclaimer
Disclaimer This document, and any constituent or associated presentation, information or material (collectively, the Material), is not (and does not form part of) an offer, solicitation, invitation or recommendation in respect of any securities and neither the Material nor any part of it will form t
Slide 3: Presentation Overview
Presentation Overview 1. Corporate Profile 2. 1H2013 Financial Performance 3. Operating Summaries 4. Outlook Page 3
Slide 4: Corporate Profile
Corporate Profile ASX Code CMI Substantial Shareholders Share Price (1 Mar 2013) $2.43 • LeRae Pty Ltd & Others (38.96%) Issued Capital • Acorn Capital Limited (9.67%) - Shares 33.8m - Options/Rights 1.6m Top 10 shareholders (59.61%) Top 20 shareholders (68.38%) Market Capitalisation $82.0m Cash (31
Slide 5: 1H2013 Financial Performance
1H2013 Financial Performance • Revenue – 2% growth Revenue (inc. Interest Rec’d) – TJM 9% growth – Electrical 2% decrease 120,000 • EBIT 100,000 – 17% decrease 80,000 • Corporate overheads $'000 – costs lower than H1 prior year 60,000 H2 – revenue was $1.2m lower due to loss of interest H1 received
Slide 6: 1H2013 Profit Summary
1H2013 Financial Performance 1H2013 Profit Summary Electrical TJM Corp Dec 2012 $'000 $'000 $'000 $'000 Revenue 36,955 20,526 20 57,501 EBITDA 10,373 133 (1,029) 9,477 EBITDA margin % 28% 1% 16% EBIT 10,281 (588) (1,031) 8,662 Operating PBT 10,281 (582) (1,257) 8,442 Tax (1,803) Reported NPAT 6,639
Slide 7: 1H2013 Balance Sheet
1H2013 Financial Performance 1H2013 Balance Sheet Electrical TJM Corp FY2012 $'000 $'000 $'000 $'000 Current assets 29,676 22,958 1,903 54,537 Non-current assets 9,135 6,081 136 15,352 Total assets 38,811 29,039 2,039 69,889 Current liabilities 6,156 6,995 4,679 17,830 Non-current liabilities 26 235
Slide 8: Cash Generation
1H2013 Financial Performance Cash Generation 12.0 10.0 3.6 6.2 0.2 8.0 $m 6.0 4.4 4.0 1.1 5.6 2.0 2.5 - Open Bal Operational Borrowings Net Interest Tax Capex Close Bal Page 8
Slide 9: Working Capital
1H2013 Financial Performance Working Capital 45,000 40,000 35,000 30,000 25,000 $'000's TJM 20,000 Electrical 15,000 10,000 5,000 0 Jun 2012 Dec 2012 *Working Capital = Inventory + Trade and other receivables – Trade and other payables Page 9
Slide 10: Electrical
Electrical Revenue • Formed in 1998, distributes and 80,000 manufactures industrial electrical 70,000 products. 60,000 50,000 H2 • Sourcing and supply of plugs, couplers, $'000 40,000 H1 high voltage cables, flexible cables and 30,000 manufacture of speciality electrical 20,000 cables. 10,000 - • Pr
Slide 11: TJM Products
TJM Products Revenue • Established in 1973. 40,000 H2 • Designs, distributes and 35,000 H1 30,000 manufactures accessory products 25,000 $'000 for 4WD and light commercial 20,000 vehicles. 15,000 10,000 • Provides products to: 5,000 • Australian aftermarket 48%; - 2010 2011 2012 2013 • Exports 26%;
Slide 12: ROE Trend
ROE Trend 30.0 25.0 20.0 15.0 10.0 5.0 0.0 1H11 2H11 1H12 2H12 1H13 Notwithstanding a challenging environment for Electrical’s coal product, CMI maintained its upward ROE trajectory in 1H13. Page 12
Slide 13: Outlook - Electrical
Outlook ‐ Electrical Resource Sector • The lower coal price has impacted on underground coal mine operators, causing deferral of some capital expenditure and pressure on operational costs. This has consequently impacted revenue from the sale of products into the underground coal mining sector. • Sal
Slide 14: Outlook - TJM
Outlook ‐ TJM • Continued focus on sales volumes. Mining slowdown is impacting sales volumes in some areas. • Expanded manufacturing & assembly in China - premises identified. • Supply chain & logistics transformation. • Restructure of USA distribution arrangements and cost structure. • Investment i
Slide 15: Outlook - Group
Outlook ‐ Group • The board’s intention, if earnings remain consistent, is to commence dividends based on the 2013 year. • A long term performance rights incentive plan has been implemented to encourage retention and stability of senior management. Appropriate performance hurdles include operational