Robinson Plc · LSE:RBN
Robinson — Shareholder Meeting (May 2024)
32 slides from Robinson's shareholder meeting presentation, May 9, 2024
Slide 1: Annual general meeting 2024
Annual general meeting 2024 ROBINSON
Slide 2: Disclaimer
Disclaimer ‘The information contained in these slides and any accompanying verbal presentation as well as any question and answer sessions (together, the "Presentation") have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). Relianc
Slide 3: Board team
Board team Alan Raleigh - Non-executive Chairman Guy Robinson - Non-executive Director Sara Halton - Non-executive Director and Interim CEO Mike Cusick - Finance Director
Slide 4: Agenda
Agenda * Welcome and housekeeping + Notice of meeting * Independent Auditor’s Report * Business overview — Alan Raleigh Resolutions * Our year in review « AGM trading statement . To receive the report of the Directors and the audited . Strategy and execution — Sara Halton financial statements for th
Slide 5: Alistair Wesson, Mazars Audit Partner
‘ Alistair Wesson Mazars Audit Partner
Slide 6: Independent Auditor's report
Independent Auditor’s report Opinion “We have audited the financial statements of Robinson PLC (the ‘parent Company’) and its subsidiaries (the ‘“Group’) for the year ended 31 December 2023 which comprise group income statement and statement of comprehensive income, the group and company statement o
Slide 7: Business overview
BUSINESS OVervieLW Alan Raleigh - Chairman
Slide 8: AGM trading statement
AGM trading statement CEO announcement After a thorough search process with a leading recruitment agency, we are in advanced discussions on the appointment of anew CEO. Current trading The momentum that we experienced in the second half of 2023 has continued into 2024. Sales volumes in the first fou
Slide 9: AGM trading statement (continued)
AGM trading statement (continued) Property We are continuing to pursue the sale of surplus properties in Chesterfield. Based on professional independent valuations, the Directors estimate that the current market value of those properties is approximately £7.4m and this includes the previously announ
Slide 10: Our year in review
* Operating profit before exceptional items and amortisation of intangible assets Our year in review Source: Company financial reports Adjusted EBIT” increased to £2.2m Sales decreased to EL9.7M (2022: £50.5m) Dividend paid in the udair 5°56 EME (2022: 5.59) er Paperoox operations and Groue Pension.
Slide 11: Strategy and execution
Strategy ano EXECUTION o
Slide 12: Poland
Poland * Sales volumes increased by 3% in 2023 £'000 2023 2022 . . . Revenue 18,259 16,619 * New projects with a fast-growing own label Adjusted operating profit* 2,147 1,729 producer in home and personal care sectors Adjusted operating profit margin** 11.8% 10.4% Capital expenditure 1,338 643 * Dem
Slide 13: UK Plastics
UK Plastics . 43 Sales volumes reduced by 15% in 2023 - of which 7% was due to demand from one customer including a specific supply chain issue Focus on cost control * benefits of consolidating sites * management restructure in June 2023 Business development efforts are bringing new projects: * fill
Slide 14: Denmark
Denmark 14 Sales volumes reduced by 7% including transfer of some production to Poland Costs of management transition and new project implementation weighed on 2023 profits Major new project for Unilever - substantial sales growth in 2024 More than 60% of polymer used will be from post-consumer recy
Slide 15: Paperbox
Paperbox . 15 Sales volumes increased by 22% * New machine investment in 2022 * Won several large new customers Flood on 27th October had a devastating effect on operations - seasonal business heavily focused on luxury gifting for Christmas Some finished goods in outside storage - continued to meet
Slide 16: Chesterfield flooding
Chesterfield flooding “2 Storm Babet - 27 October 2023 + Water depth of 1 metre in parts of the buildings * Insurance claim likely to total >£2.0m with excess of £0.1m * Paperbox now close to full operation, building refurbishment will take 6-9 months.
Slide 17: Robinson values and the circular economy
Robinson values and the Major customers and Environmental legislation Investors and banks – circular economy their own ESG goals and penalties access to capital • • • • • • •
Slide 18: Mike Cusick — Finance Director
Mike Cusick — Finance Director 18
Slide 19: Sales, gross margin, operating profit and net debt
Sales (£m) Gross Margin % Gross Profit (£m) 25.0 23.0 1,895 2,000 21.4 1,776 19.4 9.6 20.0 17.9 17.3 8.6 8.8 11.9 11.5 17.0 1,500 37.2 7.8 7.5 7.8 35.1 1,448 32.8 15.0 1,405 1,315 5.9 1,137 1,000 10.0 500 5.0 0.0 0 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022
Slide 20: Exceptional items
Exceptional items £'000 2023 2022 (Loss)/profit on disposal of land and buildings (25) 2,168 Pension related costs (313) - Flood related costs (419) - Restructuring & rationalisation costs (659) (404) Retranslation of deferred consideration payable - (50) Total exceptional items (1,116) 1,714 * We e
Slide 21: Net debt £2.9m lower
£9.2m £4m cash + £5m undrawn facilities = £9m headroom 4.0 1.2 £6.3m Mill Lane 0.9 4.7 0.3 3.3 0.7 Net debt £2.9m lower 2022 Operating Working Property Net capex Proceeds from Dividends Interest, tax 2023 cashflow capital sales return of & other escrow
Slide 22: Pension fund
Pension fund Defined benefit pension plan Buy-in contract signed 6 Dec 2022 Data cleanse exercise completed and administration of payroll functions handed over to L&G from 1 August 2023 Escrow funds returned to the Company on 14 August 2023, improving net debt by £3.3m Final balancing receipt of £0.
Slide 23: Surplus property
Surolus oroeerty Guy Robinson - Non-executive Director
Slide 24: Surplus property
Surplus property Surplus properties * Book value £2.8m at 31 December 2023 * Market value £7.4m (valued by Innes England as at November 2022) * Current gross rental income £0.3m per annum * Exchanged contracts to sell c1.3 acres of Walton Works for £1.5m in August 2023. Completion subject to plannin
Slide 25: Sara Halton – Interim CEO
Sara Halton – Interim CEO 25
Slide 26: 2024 outlook
2024 outlook 26 Expect adjusted operating profit to be in the region of £3.0m (2022: £2.2m) in 2024 Close partnerships with customers have led to significantly improved sales pipeline Continue to build on improved momentum seen in second half of 2023 and effect of new customer projects, including su
Slide 27: Alan Raleigh - Chairman
Alan Raleigh - Chairman 27
Slide 28: Q&A: Any Questions?
O&A Any Questions?
Slide 29: Resolutions
Resolutions Alan Raleigh - Chairman
Slide 30: Resolutions
Resolutions 1. To receive the report of the Directors and the audited financial statements for the year ended 31 December 2023 2. To declare a final dividend of 3.09 per ordinary share 3. To re-elect Alan Raleigh as a Director of the company 4. To re-elect Mike Cusick as a Director of the company 5.
Slide 31: Thank you for attending
Thank you for attending * Any further questions to agm@robinsonpackaging.com 31
Slide 32: Together since 1839