Slide 1: Full Year Results to 30 June 2013
For personal use only Full Year Results to 30 June 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: Our Business
Our Business For personal use only o Established 26 years ago by Chairman and major shareholder, Allan English. o Listed on ASX in 2005. o More than 160 employees across Australia and New Zealand. o Provides equipment funding solutions under two brands: Silver Chef and GoGetta o Rental assets only a
Slide 4: Results Overview
Results Overview For personal use only Total revenue + 36% Rental assets (at cost) + 39% NPAT + 27% EPS + 11% Dividend +19% Rental asset acquisitions + 35% 4
Slide 5: Results Overview
Results Overview Asset acquisitions For personal use only o Both brands maintained strong growth with total asset acquisitions of $125.3 million, up 35%. o Total rental assets (at cost) increased 39% to $257.4 million. o Hospitality asset acquisitions of $76.7 million – up 37% (FY12: 31%) o GoGetta
Slide 6: Key Metrics (FY13)
Key Metrics (FY13) For personal use only CAGR Change FY05 to FY13 FY12 v FY13 Total revenue 37% 36% Rental assets at cost 35% 39% Net profit before tax (NPBT) 40% 27% Net profit after tax (NPAT) 39% 27% Operating cash flow 40% 34% Basic EPS 20% 11% Total dividend 52% 19%
Slide 7: Shareholder Returns
Shareholder Returns 30% 45 For personal use only 41.5 40 26.3% 26.4% 25% 25.4% 37.4 24.1% 35 23.6% 22.0% 22.1% 21.7% 20% 30 29.7 EPS (cents per share) ROE and ROA (%) 26.6 25 17.1% 15% 15.1% 22.5 14.6% 14.5% 14.6% 20 13.5% 13.8% 12.1% 12.5% 17.5 11.4% 10% 16.1 15 12.2 10 9.9 5% 5 0% 0 FY05 FY06 FY07
Slide 8: Profit and Loss
Profit and Loss For personal use only CHANGE ($ millions) FY10 FY11 FY12 FY13 (FY12-FY13) Hospitality rental income 42.0 49.2 60.1 76.6 + 28% GoGetta rental income 7.1 13.5 24.0 37.5 + 57% Total rental income 49.1 62.7 84.0 114.1 + 36% Total revenue 49.4 62.9 84.2 114.4 + 36% Depreciation and amorti
Slide 9: Financial Position
Financial Position For personal use only Change ($ millions) 30 June 2012 30 June 2013 (FY12-FY13) Assets Current assets 5.9 6.8 + 15% Rental assets at WDV 128.4 173.5 + 35% Non-current assets 7.9 9.7 + 23% Total assets 142.2 190.0 + 34% Customer deposits and bonds 22.4 27.3 + 22% Current interest b
Slide 10: Rental assets under management (at cost)
Rental assets under management (at cost) For personal use only Group Rental assets under management (at cost) up 39% o Total rental assets (at cost) - up 39% 300 to $257.4 million. o Total acquisitions of $125.3 million in 250 FY13. Hospitality 84.0 o Rental assets up 33% to $173.4 200 million. o Ac
Slide 11: Earnings
Earnings Profit up 27% to $11.5 million For personal use only NPAT 12 11.5 o Profit (after tax) for the year increased 27% to $11.5 million (FY12: $9.0 million). 10 9.0 EBIT o EBITDA increased 36% to $72.1 million 8 (FY12: $52.9 million) 6.7 o EBIT increased 26% to $22.9 million (FY12: $ millions $1
Slide 12: Cash Flows
Cash Flows For personal use only 80 Operating Cash Flows from operations up 34% to $75.3 million 75.5 70 60 56.4 50 43.5 $ millions 40 35.3 30 20.5 20 17.6 10 0 FY08 FY09 FY10 FY11 FY12 FY13 12
Slide 13: New Zealand
New Zealand For personal use only 5,000 4,386 o New Zealand expansion 4,500 continuing to build momentum 4,000 o Commenced operations in FY12 3,500 o Rental assets up to $4.4 million as at 30 June, 2013 3,000 $’000s 2,500 2,000 1,641 1,500 1,000 882 500 173 - FY12 FY13 Revenue Rental assets at cost
Slide 14: Segment Review
Segment Review For personal use only Rental Revenue - FY13 Rental Assets (at cost) - FY13 Hospitality o Continued strong organic growth 33% 33% Silver Chef Silver Chef o Increased penetration in new GoGetta GoGetta 67% 67% target sectors; franchise, pubs and clubs and New Zealand GoGetta o Slower ac
Slide 15: Revenue Analysis
Revenue Analysis For personal use only Total revenue up 36% to $114.4 million o Growing rental income from solid growth in 120.0 114.4 rental assets across both brands. o High utilisation of rental assets. 100.0 84.2 80.0 ($ m) FY10 FY11 FY12 FY13 Change $ millions 62.9 60.0 49.4 Hospitality 42.0 49
Slide 16: EPS & Dividends
EPS & Dividends Basic EPS up 11% to 41.5 cents Full year dividend up 19% to 28.5 cents For personal use only 45 35 41.5 40 37.4 30 35 25 29.7 Dividend – cents per share 30 Earnings Per Share 26.6 14.5 25 20 22.2 14.5 20 17.5 15 11.0 16.1 10.0 15 12.2 10 7.2 5.5 10.0 10 5.0 14.0 5 9.5 5 9.0 8.0 6.5 6
Slide 17: Risk Management
Risk Management o Asset repatriation capacity to be expanded with opening of new warehouse facility in Q1 of FY14 For personal use only o New facility in Melbourne to service Victoria, Western Australia, Tasmania and South Australia o A highly diversified client base with more than 18,000 rental agr
Slide 18: Funding
Funding Rental Asset Funding Source 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. 27% o In FY13 the Company acquired $125.3 million worth of rental assets (at cost) of which 73% (
Slide 19: Strategy
Strategy 10-year Strategic Plan Funding Based on For personal use only in place to 2020 Focus on ensuring Argenti System that the company has access to sufficient funding, in an appropriate debt / equity mix to achieve growth Growth Customer Solutions Focus on delivering Asset Acquisition Deliver ne
Slide 20: Outlook
Outlook o Solid organic growth across the Silver Chef and GoGetta customer segments For personal use only o Investment in People, Systems and Processes with the view to delivering a good customer experience o Continued refinement of the Silver Chef Rent.Try.Buy model with the view to increasing geog