Slide 1: Schaffer Corporation December 2011 Half-Year Results Presentation
For personal use only Schaffer Corporation December 2011 Half-Year Results Presentation
Slide 2: Corporate Objective
Corporate Objective For personal use only “To create long-term shareholder value through the efficient operation and growth of our core businesses” 2
Slide 3: Organisation Chart (Core Businesses)
Organisation Chart (Core Businesses) For personal use only SCHAFFER CORPORATION LIMITED Building Materials Division Property Division Automotive Leather Division Delta Syndicated JV Property Howe Building Products UrbanStone Company Owned Property Archistone (including Limestone Blocks, Imported Nat
Slide 4: Group profits more than doubled compared to prior corresponding period
Group profits more than doubled compared to prior corresponding period For personal use only Half-Year ($m’s) Dec-11 Dec-10 % Change Revenue 81.0 70.2 15% EBITDA 11.1 7.8 43% EBIT 8.5 5.5 54% Net profit after tax 4.4 2.0 118% EPS (cents) 31.5 14.4 119% Franked interim ordinary dividend (cents) 10¢ 1
Slide 5: Cash Flow
Cash Flow Half-Year Ending (A$m) Dec-11 Dec-10 For personal use only EBITDA 10.2 7.8 Net interest paid (1.7) (2.4) Tax paid (2.3) (1.2) Change in Howe trade working capital 0.7 (6.6) Other changes in working capital 0.7 1.1 Total operating cash generated 7.6 (1.3) Debt reduction/(increase) 1.0 (4.2)
Slide 6: Group Net Debt Position
Group Net Debt Position Group Net Debt reduced $22.4m since Dec 2010 For personal use only All amounts in $m's Build. Mat. JV Invest. Automotive Total Total + Corporate Properties Leather 31 Dec 2011 31 Dec 2010 Type of Debt: Bank debt - recourse 3.3 3.9 - 7.2 22.8 Bank debt - non-recourse - 18.9 -
Slide 7: Dec-11 Debt and Assets Summary
Dec-11 Debt and Assets Summary For personal use only Market value of Group Net Tangible Assets $6.08/share vs. Book Value of $3.72/share Build. Mat. JV Invest. Automotive Total + Corporate Properties Leather 31 Dec 2011 Net debt ($m) 2.9 22.1 20.5 45.5 % debt recourse to SFC 100% 17% 0% 15% Net asse
Slide 8: Schaffer Building Materials
Schaffer Building Materials For personal use only Building Products 8
Slide 9: Building Materials Results
Building Materials Results For personal use only $M’s Dec-11 Dec-10 % Change Revenue 28.9 27.8 +4.2% Segment EBIT 2.8 2.9* -2.3% Margin 9.7% 10.4%* -6.2% • Delta precast concrete revenue and margin has increased due to resources and civil infrastructure project activity. • Building Products revenue
Slide 10: Automotive Leather
10 For personal use only Automotive Leather
Slide 11: Automotive Leather Results
Automotive Leather Results For personal use only $M’s Dec-11 Dec-10* % Change Revenue * 48.7 38.9 +25.3% Segment EBIT * 4.7 2.1 +27.1% Margin 9.7% 5.3% +81.4% • Volumes of cut leather sales increased by 120% in China and 42% in Slovakia. • Higher average selling price offset by higher AUD:USD and AU
Slide 12: Property
Property For personal use only 616 St Kilda Rd, Melbourne IBM Building, Hay St, West Perth Hometown Cannington 12
Slide 13: Property Results
Property Results For personal use only $M’s Dec-11 Dec-10 % Change Revenue 3.3 3.4 -0.9% Segment EBIT 1.9 1.5 +32.9% • Revenue decreased due to sale of investment property since Dec-10. This was offset by a decrease in vacancy to 3.7% on the remaining portfolio. • $0.4m EBIT on sale of Vulcan Rd, Ca
Slide 14: Outlook – H2 FY12
Outlook – H2 FY12 • Automotive Leather For personal use only – Sales volume is likely to be similar to prior corresponding period, with new programs in Europe and China replacing volume from the closed North American operation. However, volumes are expected to be lower than H1 FY12 as the Audi progr
Slide 15: Outlook – H2 FY12 continued
Outlook – H2 FY12 continued • Building Materials For personal use only – Delta will likely have a result higher than prior corresponding period and similar to H1 FY12 due to the momentum in the resources and civil infrastructure projects in Western Australia. – Building Products revenue and margins
Slide 16: Outlook – H2 FY12 continued
Outlook – H2 FY12 continued • Overall For personal use only – Revenue for the second half of FY12 is expected to be higher than prior year. – EBIT is expected to be lower due to the $4.1m profit on property sale recognised in H2 FY11. This is partially offset by improved results for Automotive Leath
Slide 17: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Schaffer Corporation Limited ACN 008 675 689 for information purposes only. The presentation may contain forward looking statements or statements of opinion. No representation or warranty is made regarding the accuracy, complete