Enero Group Limited · ASX:EGG
Enero — Photon Group — H1 FY2012 Earnings Presentation
23 slides from Enero's earnings presentation, Feb 15, 2012
Slide 1: Results for six months ended 31 December 2011
15.02.2012 ASX ANNOUNCEMENT Results for six months ended 31 December 2011. Photon Group Limited (ASX:PGA) today announced its results for the six months ended 31 December 2011. Summary Asset sale program completed; debt repaid: The company completed its program of asset sales during the half, gene
Slide 2: Segment results, financial position and future strategy
2. The non-cash impact of equity incentives was positive in 1H2011 due to the $3.3 million write-back and reduction of costs associated with unvested options that have expired. Net equity incentives in 1H2011 had approximately $2.0 million positive impact, versus a $1.1 million expense in 1H2012. 3.
Slide 3: Media contact
Clare will work closely with current Finance Director, Mr Brendan York to ensure a smooth transition of her responsibilities effective 30 April 2012. The impact on the Head Office costs of this change is included in the cost savings announced on 16 January 2012. Media contact Andrew Butcher Butcher
Slide 4: Photon Group Limited FY2012 Half Year Results
Photon Group Limited FY2012 Half Year Results 15 February 2012
Slide 5: Topic Slide
Topic Slide Executive Summary 3 Operational Update 9 Half Year Financials 13 2
Slide 6: Executive Summary
PhotonGroup. Executive Summary
Slide 7: Executive Summary
Executive Summary Asset sale program completed; debt repaid Completed asset sale program during the half with proceeds used to repay all outstanding debt Total proceeds of $233 million for 13 non-core businesses, representing 7.5 times EBITDA Corporate overhead reductions Annualised $4 million to $5
Slide 8: Debt Repayment
Executive Summary Debt Repayment Asset sale program completed during the half. The company was debt-free with $32 million of cash at 31 December 2011. $16 million undrawn corporate debt facility available until March 2013. Bank Debt Movement in FY2012 $5m $15m $118m $4m $134m $nil 30 June 2011 Opera
Slide 9: Focus on Core Portfolio
Executive Summary Focus on Core Portfolio Core of leading Australian and international Proportion of Operating EBITDA by agencies – Naked, TLE, Hotwire, Frank PR, business size BMF and BWM. Represent 84% of Operating EBITDA 7% 9% Build businesses in core markets of Australia, UK and US. EBITDA >$3m
Slide 10: Revenue and Operating EBITDA
Executive Summary Revenue and Operating EBITDA Pro-forma results are adjusted for significant restructuring and divestments over last 18 months, to allow for review of continuing businesses SIX MONTHS ENDED 31 DECEMBER ($MILLIONS) 2011 2010 CHANGE Net Revenue 139.5 188.1 (25.8%) Net Revenue from Fie
Slide 11: Future Strategy
Executive Summary Future Strategy Focused on key brands in core markets Harness the skills of our world-class people to create a Group management team from the people who run the businesses, aligned around a clear set of visions and values Create a stronger culture of collaboration and cooperation a
Slide 12: Operational Update
PhotonGroup. Operational Update
Slide 13: Pro-forma Division Revenue & Operating EBITDA
Operational Update Pro-forma Division Revenue & Operating EBITDA Pro-forma Net Revenue Pro-forma Operating EBITDA $8.2m $47.7m International Agencies International Agencies $7.0m $49.7m $4.1m $40.7m Australian Agencies Australian Agencies $6.7m $10.4m $43.2m $50.7m FY2012 pro forma – refer to slide
Slide 14: Pro Forma Half Year Performance
Operational Update Pro Forma Half Year Performance International Agencies net revenue is down 4% and Operating EBITDA is up 18% on the prior corresponding period The Leading Edge showed significant improvement on prior period following significant organisational change last year Naked result impacte
Slide 15: Geographical Contribution
Operational Update Geographical Contribution Pro forma Net Revenue FY2012 Pro forma Net Revenue FY2011 7% 3% 25% 25% Australia, NZ and Asia Australia, NZ and Asia UK and Europe UK and Europe North America North America 68% 72% Pro forma Operating EBITDA FY2012 Pro forma Operating EBITDA FY2011 11% 0
Slide 16: Half Year Financials
PhotonGroup. Half Year Financials
Slide 17: Profit & Loss Summary
Half Year Financials Profit & Loss Summary SIX MONTHS ENDED 31 DECEMBER ($MILLIONS) 2011 2010 Revenue 230.7 289.8 Net Revenue 139.5 188.1 Staff Costs (102.0) (125.4) Other Expenses (23.5) (29.8) Operating EBITDA1 14.0 32.9 Operating EBITDA Margin2 10.0% 17.5% Restructure costs³ (4.8) - Depreciation
Slide 18: Profit & Loss Summary cont'd
Half Year Financials Profit & Loss Summary cont’d The divestments completed in 1H2012 crystallised a non-cash loss on sale of $49 million. A review of the carrying value of intangible assets led to a $128 million non-cash impairment charge. An adjustment to the discount rate to reflect current view
Slide 19: Balance Sheet & Cash Flow
Half Year Financials Balance Sheet & Cash Flow ($MILLIONS) 31 DEC 2011 30 JUN 2011 SIX MONTHS ENDED 31 DECEMBER ($MILLIONS) 2011 2010 Cash 31.6 18.6 Operating EBITDA 14.0 32.9 Working Capital 9.1 24.0 Movement in Working Capital¹ (2.5) (5.2) Other Assets 8.9 6.8 Restructure Costs (2.3) (3.0) Fixed A
Slide 20: Deferred Consideration Profile
Half Year Financials Deferred Consideration Profile Deferred consideration outstanding of $53 million – present value of liability of $47 million. Tranche 1 – $16 million capped cash payments (profile as per below). Tranche 2 – 15 million shares to be released from escrow. Tranche 3A & 3B – EBITDA t
Slide 21: Division Net Revenue & Operating EBITDA
Appendix Division Net Revenue & Operating EBITDA SIX MONTHS ENDED 31 DECEMBER 2011 ($MILLIONS) 2012 DIVESTED CLOSED 2012 STATUTORY COMPANIES BUSINESSES PRO FORMA International Agencies 47.7 - - 47.7 Australian Agencies 40.7 - - 40.7 Field Marketing 51.1 (51.1) - - Total Net Revenue 139.5 (51.1) - 88
Slide 22: Division Net Revenue & Operating EBITDA
Appendix Division Net Revenue & Operating EBITDA SIX MONTHS ENDED 31 DECEMBER 2010 ($MILLIONS) 2011 DIVESTED CLOSED OPTIONS 2011 STATUTORY COMPANIES BUSINESSES & REVERSAL PRO FORMA LOST CONTRACT3 International Agencies 49.7 - - - 49.7 Australian Agencies 50.7 - (7.5) - 43.2 Field Marketing 69.9 (69.
Slide 23: Disclaimer
Disclaimer This document has been prepared by Photon Group Limited (Photon) and comprises written materials/slides for a presentation concerning Photon. This is not a prospectus, disclosure document or offering document. This document is for information purposes only and does not constitute or form