Rural Funds Group · ASX:RFF
Rural Funds — RFM Poultry — FY2014 Earnings Presentation
23 slides from Rural Funds's earnings presentation, Sep 11, 2014
Slide 1: Financial year results presentation, year ended 30 June 2014
RFM Poultry (NSX: RFP) Financial year results presentation year ended 30 June 2014 11 September 2014
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Rural Funds Management Limited (ACN 077 492 838) (“RFM”) as the responsible entity of RFM Poultry (ARSN 164 851 218) (“RFP”). The information contained in this presentation is not investment or financial product advice and is not intended to be used
Slide 3: Agenda
Agenda RFM attendees 1. Highlights and results David Bryant Managing Director 2. Forecasts 3. Strategy Stuart Waight Chief Operating 4. Appendices Officer Melanie Doyle Chief Financial Officer James Powell Investor Relations & Distribution Manager 3
Slide 4: Highlights and results
Highlights and results
Slide 5: Highlights 2014
Highlights 2014 Commenced business on 19 December 2013 and listed on NSX 17 March 2014 Trading price of units up 26% Achievements 8.2% registry turnover since listing Sale facility for small parcels implemented in August 2014 5
Slide 6: Highlights 2014
Highlights 2014 Commenced business on 19 December 2013 and listed on NSX 17 March 2014 Trading price of units up 26% Achievements 8.2% registry turnover since listing Sale facility for small parcels implemented in August 2014 Net profit after tax of $489,677 Net assets of $6.6m Financial
Slide 7: Highlights 2014
Highlights 2014 Commenced business on 19 December 2013 and listed on NSX 17 March 2014 Trading price of units up 26% Achievements 8.2% registry turnover since listing Sale facility for small parcels implemented in August 2014 Net profit after tax of $489,677 Net assets of $6.6m Financial
Slide 8: Results summary
Results summary Metrics as at 30 June 2014 Results in line with expectations for the Income period Revenue $13,698,369 Net Profit after income tax $489,677 Accounts reflect 6 months and 13 days Earnings (CPU) 7.21 of operation, being 19 December to 30 Portfolio June 2014 Net assets value (NAV) $
Slide 9: 2014 financial year results: summarised income statement
2014 financial year results Summarised income statement Period relates to 6 months and 13 days Period ended of operation 30 June 2014 $ All poultry sheds in Griffith leased by Revenue 13,698,369 RFP were endorsed as compliant with Other income 29,865 RSPCA guidelines during the period Total inco
Slide 10: 2014 financial year results: summarised balance sheet
2014 financial year results Summarised balance sheet The RFP cash position depends on As at the timing of the batch cycle 30 June 2014 $ NAV $6.6m or $0.97 per unit Cash and cash equivalents 4,065,890 Trade and other receivables 4,198,374 Nil interest bearing liabilities Other current assets 2
Slide 11: RFP sale facility
RFP sale facility The listing of RFP on the NSX provides unitholders the platform to sell their securities should they desire RFP sale facility correspondence was sent to 253 eligible unitholders on 11 July 2014 who owned units valued at less than $500 as at record date 10 July 2014 The sale f
Slide 12: Forecasts
Forecasts
Slide 13: FY15 forecast financial results
FY15 forecast financial results Forecast income statement Business as usual Period ended Period ended 30 June 2015 30 June 2014 Forecast result consistent with PDS $ $ forecast dated October 2013 Revenue 25,133,672 13,698,369 Other income 223,365 29,865 Outsource maintenance function Total inc
Slide 14: 2015 forecast financial results: notes and assumptions
2015 forecast financial results Notes and assumptions to FY15 forecast financial results Grower Fees relate to services provided pursuant to growing contracts with Bartter Enterprises. Grower fees have been forecast based upon current growing contracts which are in place and the standard fee revie
Slide 15: Forecast FY15 distributions
Forecast FY15 distributions Forecast quarterly distributions of 2.51 cents plus 1.07 cents franking Forecasts in line with previous disclosure date 17 March 2014 Expected future distribution record dates: March, June, September, December (end of month) 13
Slide 16: Strategy
Strategy
Slide 17: Strategy
Strategy Manager maintains focus on: – Improving awareness of RFP to increase liquidity and fair valuation – Cost control – corporate & farm level – Ongoing management of poultry growing operations – Risks Manager is seeking to outsource asset maintenance to: – Facilitate internal focus on poult
Slide 18: Appendices
Appendices
Slide 19: Sensitivity analysis
Sensitivity analysis Sensitivity analysis of disclosure date 11 Sep 14 FY15 forecast Change in total % change in total comprehensive comprehensive Item Assumption Change income income Variable expenses $8,196,799 5% increase in expenses ($286,888) (37.5%) Variable expenses $8,196,799 5% decrease in
Slide 20: RFP further details
RFP further details One of Australia’s largest contract chicken growers (growing Lease information ~30 million birds p.a.) successfully managed by RFM since 2003 17 poultry farms consisting of 154 RFP has long term contracts for growing chicken spanning 10 sheds (13 poultry farms with 134 to 22
Slide 21: Responsible entity relationship
Responsible entity relationship RFM is one of the oldest and most experienced agricultural funds management organisations in Australia Rural Funds Management Limited (RFM) is an experienced fund and asset manager that specialises in Australian agriculture Established in 1997, RFM has historicall
Slide 22: RFM board and management team
RFM board and management team RFP is externally managed and governed by a highly experienced management team and board Board of directors Contact • Joined RFM in 2003 • Responsible for reviewing and optimising the • Former director of broking firm JBWere with more than performance of the RFM funds,
Slide 23: Corporate information
Corporate information Rural Funds Management Pty Ltd ACN 077 492 838 AFSL 226701 Canberra Office Level 2 2 King Street Canberra ACT 2600 Telephone: +61 2 6203 9700 Facsimile: +61 2 6281 5077 Website: www.ruralfunds.com.au For further information: For media enquiries: Investor relations enquiries: Da