Siv Capital Limited · ASX:SIV
Siv Capital — Silver Chef — Shareholder Meeting (November 2018)
19 slides from Siv Capital's shareholder meeting presentation, Nov 29, 2018
Slide 1: 2018 Annual General Meeting
2018 For personal use only ANNUAL GENERAL MEETING
Slide 2: Agenda
AGENDA For personal use only 1. FY18 Results 2. Our Business 3. Our Strategy 4. Trading Update 5. Outlook SILVER CHEF LIMITED 2018
Slide 3: FY18 Review
FY18 REVIEW For personal use only Underlying hospitality business Hospitality rental Statutory net loss after tax of net profit before tax revenue Implementation of enhanced $48.8m $17.3m $178.4m CREDIT & RISK framework Hospitality asset base (at Implementation of a Strong cost) growth $200m Signifi
Slide 4: Full Year Results Summary
FULL YEAR RESULTS SUMMARY For personal use only KEY FINANCIAL STATISTICS OVERVIEW OF RESULTS 30 JUNE 2018 – SEGMENT SPLIT $ millions FY18 FY17 Change Hospitality GoGetta Unallocated (unless otherwise stated) $ millions Total (pre overhead) (pre overhead) overheads Revenue 178.4 104.2 4.5 287.1 Reven
Slide 5: Underlying Earnings Bridge
UNDERLYING EARNINGS BRIDGE For personal use only The loss constitutes: $ millions • A write down of expected returns from the GoGetta business Hospitality GoGetta Total (unless otherwise stated) Underlying ongoing operations 17 - 17 • Customer remediation and related costs Discontinuing operations -
Slide 6: Our Business
ONE BRAND, ONE INDUSTRY OUR BUSINESS For personal use only SILVER CHEF LIMITED 2018
Slide 7: Silver Chef Rent-Try-Buy
Silver Chef Rent-Try-Buy For personal use only PURCHASE RETURN UPGRADE RENT EASY OWN You can purchase at Return the Return your existing Continue to rent and Work towards anytime with a net equipment that no equipment and the purchase price ownership with a rental rebate back longer suits your obtai
Slide 8: The Silver Chef Business Model
THE SILVER CHEF Business Model KEY CHARACTERISTICS For personal use only Average Small to Payment Contract medium weekly in Length is business advance via 29 months – operating in direct debit – most customers hospitality quickly and go on to own effectively asset. Funding for manage arrears busines
Slide 9: Our Strategy
OUR STRATEGY For personal use only SILVER CHEF LIMITED 2018
Slide 10: Multi-Year Transformation Project
Multi-Year Transformation Project For personal use only 4 KEY PILLARS 1 2 3 4 ONE BRAND, RESTRUCTURE/IMPROVE TECHNOLOGY INTERNATIONAL ONE INDUSTRY ESSENTIAL CAPABILTIES EXPANSION Leverage 32 years of customer Sets the Group up for the Deliver operational efficiency First and foremost, stabilise curr
Slide 11: Trading Update
TRADING UPDATE For personal use only SILVER CHEF LIMITED 2018
Slide 12: Focus: Bad Debt
FOCUS: BAD DEBT For personal use only • Focus on improving upfront Credit Risk Management • Tightened Large Exposures Policy • Tightened Franchise Credit Policy • Reengineered Collections processes • In-house 1 to 12 weeks • Outsource post 12 weeks • Contracts fully provided for at 12 weeks • Both d
Slide 13: Focus: Online Application & Approval
FOCUS: ONLINE APPLICATION & APPROVAL For personal use only • 350+ dealer • 60+ dealer partners • To be deployed in partners • $3.7m funded Q3 • $13.9m funded • 50% reduction in • 75+ dealer partners • 50% reduction in process time process time
Slide 14: Focus: Over 50% Growth YoY
FOCUS: OVER 50% GROWTH YOY For personal use only ROLLED OUT NEW TECHNOLOGY PARTNER INCENTIVE PROGRAM Silver Chef Online Application
Slide 15: Run Off Process: GoGetta Equipment Funding
Run Off Process GoGetta Equipment Funding For personal use only
Slide 16: GoGetta Exit and Run Off Process
GOGETTA EXIT AND RUN OFF PROCESS For personal use only The GoGetta Run down process continues to generate cashflows inline with ($ millions) Rental Net Debt Assets expectations: • $100 million in cash recovered on the GoGetta portfolio As at 30 June 2018 91.9 77.0 • Bank debt repayments in line with
Slide 17: Update: ASIC
UPDATE ASIC For personal use only • We continue to work co-operatively with ASIC regarding the allegations that GoGetta engaged in Consumer Lending without a licence • Silver Chef made provisions of $3.8m for the expected remediation payments in the 2018 full year accounts • No definitive timeframe
Slide 18: Outlook
For personal use only OUTLOOK Outlook
Slide 19: The Year Ahead
THE YEAR AHEAD For personal use only Return to core business Continue to Continue Apply strict HOSPITALITY REDUCE RUN OFF CREDIT & RISK overheads of GoGetta business Management strategy Unlock Execute Ongoing investment of Execute multi-year business CAPITAL GROWTH Opportunities in AU, NZ MANAGEMENT