Slide 1: CountPlus Limited Results Presentation FY19
CountPlus Limited (ASX: CUP) Results Presentation For the Financial Year ended 30 June 2019 PRESENTED BY Matthew Rowe, Chief Executive Officer Laurent Toussaint, Chief Financial Officer 26 August 2019
Slide 2: Disclaimer
Disclaimer This document is a presentation of general Forward looking statements Pro forma financial information background information about the activities of CountPlus Limited (CountPlus) current at the This document contains certain forward-looking statements and CountPlus uses certain measures t
Slide 3: Key Performance
Key Performance Our approach will continue to focus on making a decent profit, decently Listed on the ASX since 2010, we are a network of successful professional accounting and financial advice firms, aligned through shared values, mutual success and our sense of community. Firm CountPlus footprint
Slide 4: Full year performance highlights – FY19
Full year performance highlights – FY19 Turnaround complete, positioned for growth FY19 Adjusted vs Financial Results summary FY19 Adjusted FY19 Reported FY18 Adjusted Income Statement $’000 % $’000 Revenue from operating activities 68,646 (8) 68,646 Earnings before interest, tax and amortisation (“
Slide 5: Profit Reconciliation
Profit Reconciliation Adjusted to statutory profit reconciliation NPAT analysis – Adjusted FY19 FY18 Movement $’000 $’000 % change Net profit after tax – Reported 2,956 847 249 Add: One-off M&A transaction costs 1,752 – Add: Loss from discontinued operations – 1,465 Add: Impairment of intangible ass
Slide 6: Financial track record
Financial track record Transformation plan delivering improved earnings growth Financial Results summary FY19 FY18 Movement – FY19 vs FY18 $’000 $’000 $’000 % Revenue from operating activities 68,646 74,386 (5,740) (8) Adjusted Earnings before interest, tax and amortisation (“EBITA”) 8,262 7,843 419
Slide 7: Partner Firms – 100% aggregation
Partner Firms – 100% aggregation Underlying firm performance continues to improve with ongoing margin expansion Pro forma P&L analysis FY19 FY18 Movement Key points to note: $’000 $’000 % • This analysis is prepared by aggregating all Total Revenue from operating activities 95,087 95,001 CountPlus e
Slide 8: Revenue, Lock up and other metrics
Revenue, Lock up and other metrics Disciplined execution of key operational metrics drives key performance Financial metrics FY19 FY18 FY17 $’000 $’000 $’000 Revenue per full time employee (Firm level) 196 182 177 Average firm EBITA margin (%) 20% 15% 12% Employment costs – % of revenue 61% 66% 68%
Slide 9: Cash flow waterfall
Cash flow waterfall Strong cash flow funds growth investments and dividends Operating cash flows reconciliation FY19 FY18 $’000 $’000 Cash flow from operating activities 5,949 4,794 Add: Vendor financing (1) 1,057 1,635 Normalised cash flow from operating activities 7,006 6,429 Operating cash conver
Slide 10: Dividends
Dividends • FY19 final dividend of 1 cent per share, fully franked. Total dividends for FY19 of 2 cents per share. • Target dividend pay-out ratio of 40% to 70% of maintainable net profit after tax, attributable to CountPlus shareholders. • Pay dividends out of operating cash flow generated per comp
Slide 11: Purchase of Count Financial
Purchase of Count Financial Accounting led advice future • Binding sale and purchase agreement to purchase Count • CBA has also confirmed its intention to sell down its 35.85% Financial from the Commonwealth Bank of Australia (CBA) for equity interest in CountPlus; $2.5M; • The independent expert co
Slide 12: Conclusion
Conclusion • Turnaround complete, positioned for growth; • Adjusted earnings per share up 34%; • Disciplined execution of clear strategy delivering firm performance, firm EBITA margin up from 15% in FY18 to 20% in FY19 and 12% when the turnaround commenced; • CountPlus ready for next stage of growth
Slide 13: CountPlus future model
OD-P Associate Ownership Firm CountPlus Owner – Driver Partner Accounting 34,000+ Firms $20.0bn Revenue • Governance • Financial Planning • Capital Disciplines Services (AFSL) • Accountability • Co-operative • People and Talent Buying Power • Growth Funding • Best Practice Enabler Convergence • Succ
Slide 14: Corporate Index – CountPlus Appendices
Corporate Index – CountPlus Appendices Results Presentation – FY19
Slide 15: CountPlus subsidiaries and associates
Appendix 1 CountPlus wholly owned subsidiaries, partially owned subsidiaries and associates No. Partner Firm Shareholding No. Partner Firm Shareholding Wholly-owned subsidiaries % Partly-owned subsidiaries % 1. 360 Financial Advantage Pty Ltd 100.00 10. Robson Partners Pty Ltd 70.00 11. Kidmans Part
Slide 16: Abridged Statement of Financial Position
Appendix 2 Abridged Statement of Financial Position Movement Abridged Statement of Financial Position ($’000) FY19 FY18 FY17 (FY19 vs FY18) Cash 10,258 10,998 8,284 (740) Interest bearing loans and borrowings (1,755) (2,023) (13,578) 268 Investments in associates 13,607 9,088 11,716 4,519 Intangible
Slide 17: Salient dates
Appendix 3 Salient dates Key Dates FY19 final dividend payment date 16 October 2019 Annual General Meeting 19 November 2019 HY20 Financial Result February 2020 Results Presentation – FY19 17
Slide 18: Thank You
THANK YOU Results Presentation – FY19 18