Delegat Group Limited · NZX:DGL
Delegat — H1 2018 Earnings Presentation
15 slides from Delegat's earnings presentation, Feb 23, 2018
Slide 1: Half-Year Results
HALF-YEAR RESULTS 23 February 2018
Slide 2: Agenda
AGENDA Introduction to meeting. Business Performance – Half Year review. Outlook. 2
Slide 3: Performance Highlights
PERFORMANCE HIGHLIGHTS Global case sales of 1,377,000. 10% sales growth in the key North America region. Record Operating NPAT of $26.9 million. 9% higher than last year. Strong cash flows from operations. 3
Slide 4: Case Sales and FX
CASE SALES AND FX Dec 2017 Dec 2016 % Change Case Sales (000's) Actual Actual vs 2016 UK, Ireland and Europe 358 449 -20% North America (USA and Canada) 568 518 10% Australia, NZ and Asia Pacific 451 479 -6% Total Cases 1,377 1,446 -5% Dec 2017 Dec 2016 % Change Foreign Currency Rates Actual Actual
Slide 5: Revenue Growth Analysis
REVENUE GROWTH ANALYSIS Dec 2017 Dec 2016 % Change NZ$ millions Actual Actual vs 2016 Operating Revenue 134.4 133.7 1% Sales movements breakdown: Volume -5% Value 6% Foreign Exchange 2% Underlying Price/Product Mix 4% 5
Slide 6: Operating Performance
OPERATING PERFORMANCE Dec 2017 Dec 2016 % Change NZ$ millions Actual Actual vs 2016 Sales Revenue 134.4 133.7 1% Operating Revenue 136.9 135.8 1% Operating Gross Profit 80.0 76.7 4% Operating Gross Margin 58% 56% Operating Expenses (36.6) (35.3) -3% Operating EBIT 43.4 41.4 5% Operating EBIT % of Re
Slide 7: Operating Profit Movement – Last Year
OPERATING PROFIT MOVEMENT – LAST YEAR NZ $millions 32.0 $0.9m $0.6m 28.0 $2.1m $26.9m $24.7m ($0.3m) ($1.1m) 24.0 20.0 16.0 12.0 8.0 4.0 0.0 Dec 2016 Actual Margin impact Promotion costs Net FX Impact Interest Other Dec 2017 Actual 7
Slide 8: Impact of 'Fair Value' Adjustments
IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS Dec 2017 Dec 2016 % Change NZ$ millions Actual Actual vs 2016 Operating NPAT 26.9 24.7 9% Operating NPAT % of Sales 20% 18% Biological Produce (Grapes) 1 (8.9) (8.3) -7% Derivative Instruments (1.4) 0.6 n/m2 Total Fair Value Items (10.3) (7.7) -34% Less: Tax 2.8 2.
Slide 9: Reported Profit Movement – Last Year
REPORTED PROFIT MOVEMENT – LAST YEAR NZ $millions 24.0 22.0 $0.9m $1.6m $0.0m 20.0 $19.1m $19.4m ($1.1m) 18.0 ($1.1m) 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Dec 2016 Margin impact Promotion costs Net FX Impact Interest Other Dec 2017 Actual Actual 9
Slide 10: Balance Sheet Summary
BALANCE SHEET SUMMARY Dec 2017 Dec 2016 % Change NZ$ millions Actual Actual vs 2016 Assets Current Assets 169.5 174.3 -3% Fixed Assets 497.9 471.3 6% Total Assets 667.4 645.6 3% Liabilities Current Liabilities 23.2 29.9 -22% Deferred Tax Liabilities 33.7 32.0 5% Net Debt 291.3 292.0 0% Other Non-cur
Slide 11: Net Debt Movement – June 17 to Dec 17
NET DEBT MOVEMENT – JUNE 17 TO DEC 17 NZ $millions 300.0 $13.1m $2.7m $291.3m 290.0 280.0 $278.0m $21.7m 270.0 260.0 $9.3m 250.0 240.0 ($33.5m) 230.0 220.0 210.0 200.0 190.0 180.0 170.0 160.0 150.0 June 2017 Cash from Working Capital Capex Dividend FX December 2017 Actual Operations Actual 11
Slide 12: Net Debt Overview
NET DEBT OVERVIEW Dec 2017 Dec 2016 % Change NZ$ millions Actual Actual vs 2016 Funding Operating Cash Flow 24.2 24.9 -2% Net Debt 291.3 292.0 0% Key Ratios Operating Interest Cover 7.19 6.03 19% Equity / (Equity + Net Debt) % 52.0% 49.5% 5% Senior Debt Ratio 3.48 3.85 10% 12
Slide 13: Agenda
AGENDA Introduction to meeting. Business Performance – Half Year review. Outlook. 13
Slide 14: Full Year Outlook
FULL YEAR OUTLOOK The Group is on target to achieve its sales forecast of 2,782,000 cases, up 5% on last year. The Group forecasts a 2018 operating profit result of at least $40.7 million, up on last year's record performance by 6%. 14
Slide 15: Thank you
DELEGAT Thank you