Delegat Group Limited · NZX:DGL
Delegat — H1 FY2021 Earnings Presentation
14 slides from Delegat's earnings presentation, Feb 24, 2021
Slide 1: Half-Year Results
31 DECEMBER 2020 HALF-YEAR RESULTS
Slide 2: Record Operating NPAT
RECORD OPERATING NPAT “Delegat Group has achieved strong global sales growth to deliver record performance for the six months to 31 December 2020.” JIM DELEGAT EXECUTIVE CHAIRMAN 2
Slide 3: Performance Highlights
PERFORMANCE HIGHLIGHTS Record global case sales of 1,862,000, 7% higher than last year 17% sales growth in key North America region Record Operating NPAT of $43.1 million, 25% higher than last year Record cashflows from operations of $42.9 million, 21% higher than last year 3
Slide 4: Case Sales and FX
CASE SALES AND FX % Change Case Sales (000's) Dec 2020 Dec 2019 vs 2019 UK, Ireland and Europe 675 601 12% North America (USA and Canada) 843 722 17% Australia, NZ and Asia Pacific 344 410 -16% Total Cases 1,862 1,733 7% % Change Foreign Currency Rates Dec 2020 Dec 2019 vs 2019 GB£ 0.5058 0.5054 0%
Slide 5: Sales Revenue Growth Analysis
SALES REVENUE GROWTH ANALYSIS Dec 2020 Dec 2019 % Change NZ$ millions Actual Actual vs 2019 Operating Revenue 168.0 154.1 9% Revenue movements breakdown: Volume 7% Value 2% Foreign Exchange -1% Country/Product Mix 3% 5
Slide 6: Operating Performance
OPERATING PERFORMANCE % Change NZ$ millions Dec 2020 Dec 2019 vs 2019 Sales Revenue 168.0 154.1 9% Operating Revenue 172.1 156.7 10% Operating Gross Profit 90.1 82.6 9% Operating Gross Margin 52% 53% Expenses (excl Promotion and Marketing) (21.1) (24.3) 13% Promotion and Marketing (4.5) (4.8) 6% Ope
Slide 7: Operating Profit Movement – Last Year
OPERATING PROFIT MOVEMENT – LAST YEAR NZ $millions 7
Slide 8: Impact of 'Fair Value' Adjustments
IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS % Change NZ$ millions Dec 2020 Dec 2019 vs 2019 Operating NPAT 43.1 34.4 25% Operating NPAT % of Sales 20% 17% Biological Produce (Grapes) 1 (10.3) (8.7) -18% Derivative Instruments 4.9 2.4 105% Total Fair Value Items (5.4) (6.3) 15% Less: Tax 1.5 1.8 -15% Fair Val
Slide 9: Reported Profit Movement – Last Year
REPORTED PROFIT MOVEMENT – LAST YEAR NZ $millions 9
Slide 10: Balance Sheet Summary
BALANCE SHEET SUMMARY % Change NZ$ millions Dec 2020 Dec 2019 vs 2019 Assets Current Assets 218.0 205.6 6% Fixed Assets 644.8 593.5 9% Total Assets 862.8 799.1 8% Liabilities Current Liabilities 40.1 35.0 15% Lease Liability 95.6 80.3 19% Deferred Tax Liabilities 33.3 33.9 -2% Senior Debt Facilities
Slide 11: Net Debt Movement – June to Dec
NET DEBT MOVEMENT – JUNE 20 TO DEC 20 NZ $millions 11
Slide 12: Net Debt Overview
NET DEBT OVERVIEW % Change NZ$ millions Dec 2020 Dec 2019 vs 2019 Funding Operating Cash Flow 42.9 35.5 21% Net Debt 254.1 267.8 -5% Key Ratios Interest Cover 13.16 9.39 40% Equity / (Equity + Net Debt) % 62.5% 58.0% 8% Senior Debt Ratio 2.07 2.60 20% 12
Slide 13: Full Year Outlook
FULL YEAR OUTLOOK The Group is on target to achieve global case sales for the full year of 3,391,000, up 3% on last year. Based on prevailing exchange rates, the Group forecasts a 2021 Operating Profit result of $67 million, up on last year’s performance by 10%. 13
Slide 14: Thank you
DELEGAT Thank you