Maxiparts Limited · ASX:MXI
Maxiparts — MaxiTRANS Industries — H1 FY2009 Earnings Presentation
14 slides from Maxiparts's earnings presentation, Feb 23, 2009
Slide 1: MaxiTRANS Industries Limited Half Year Ended 31 December 2008
For personal use only MaxiTRANS Industries Limited Half Year Ended 31 December 2008
Slide 2: Financial Highlights
Financial Highlights For personal use only 1H06 1H07 1H08 1H09 % Change $000 $000 $000 $000 on 1H08 Sales 129,071 115,955 140,579 150,925 +7% Underlying 11,165 8,468 14,397 12,192* -15% EBITDA Underlying 6,967 4,227 10,276 7,804* -24% NPBT Underlying 5,622 3,534 7,741 5,854* -24% NPAT Impairment - -
Slide 3: Financial Highlights (cont)
Financial Highlights (cont) For personal use only 1H06 1H07 1H08 1H09 $000 $000 $000 $000 Operating Cash Flow 10,298 449 7,459 (1,592) Net Debt 41,001 42,681 36,272 41,348 Net Debt/Equity % 55% 56% 45% 45%* EPS (Basic) 3.27 2.06 4.51 3.41* Dividend declared 2.25 2.00 2.75 1.00 Dividend as % of EPS 6
Slide 4: First Half FY09 Overview
First Half FY09 Overview For personal use only • Strong order banks carried forward from FY08 (record year) • Significant slowdown in order intake in Q209: •Enquiry rate stable, conversion rate significantly down •Reduction in activity (construction and infrastructure) •Lack of credit availability f
Slide 5: First Half FY09 Overview (continued)
First Half FY09 Overview (continued) For personal use only •Speed of slowdown resulted in build up of stock •Programs in place to manage operating costs and reduce working capital •Bank debt facilities locked in to September 2010 •Conservation of cash and debt reduction are key priorities •Re-activa
Slide 6: Trailers
Trailers For personal use only •Unit sales down 19% vs. pcp •Major contracts won (Linfox, Aust Post, K&S) •Significant contraction in order intake and order bank •Market: − quotation rate encouraging − conversion rate to order down − credit availability is a key issue •Aggressive sales tactics adopt
Slide 7: Vans & Bodies
Vans & For personal use only •Unit sales down 10% vs. pcp •Major contracts won (Woolworths, Lindsay Australia) •Opportunities − New Peki rigid body range launched •Market: − quotation rate encouraging − conversion rate to order down − credit availability is a key issue Peki Rigid Body •Significant d
Slide 8: Tippers
Tippers For personal use only • Unit sales up 48% (record output) • Contribution up 72% vs. pcp • Major contract won (Brisbane City – 5 year contract) • Rural sector performing well (Qld and N’thn NSW) • Order bank to Mid April • Opportunities: • Repair business growing strongly • New 25m Multi-Load
Slide 9: Tippers
Tippers For personal use only • Unit sales steady vs. 1H08 (1H08 a record first half) • Contribution up 74% vs. pcp • Order bank soft • Major contracts won: •Cemex, THG, Ag-Spread • Opportunities: •Strengthened distribution in North Qld •New walking floor model for waste transfer. New Walking Floor
Slide 10: Parts
Parts For personal use only • Revenue up 12% vs. pcp •Wholesale soft (ext. sales down 1.5%) •Retail growing (ext. sales up 17%) • Contribution negatively impacted by fall of A$ • Focus on: •Cost reduction •Working capital •New products •Continuing to strengthen management and distribution. New Maxus
Slide 11: New Zealand
New Zealand For personal use only • Revenue reduced vs. pcp (pcp a record due to one off large contract) • Contribution reduced vs. pcp (Poor Q1, Good Q2) • Market – lowest trailer registrations since 2001 • Repair and service business continues to strengthen • Opportunities: •Increased rigid truck
Slide 12: Joint Ventures
Joint Ventures For personal use only Freighter Maxi-CUBE Qld (MXI 36.67%): • Impacted by slowdown - lower contribution (-22%) • Acquisition of dealership in FNQ MTC – China (MXI 50%): • Impacted by slowdown - lower contribution (-5%).
Slide 13: Outlook FY09
Outlook FY09 For personal use only • Duration and extent of slowdown difficult to predict • No improvement expected until credit markets thaw • Aggressive sales and marketing initiatives in place • Interest rate cuts and 30% Investment Allowance encouraging • Continue to focus on cost and working ca
Slide 14: For personal use only
For personal use only
MaxiTRANS Industries — H1 FY2009 Earnings Presentation on 6ix