Slide 1: Interim Results 2009 - H1 2009 Financial highlights
Interim Results 2009 Date: 27th August, 2009 Location: Speaker: H1 2009 Financial highlights • Group revenues decreased 2.2% to 1.122bn (H1 2008: £1.25bn) j • Adjusted operating p gpprofit before tax increased 62.0% to £18.2m ((H1 2008: £11.3m) • Adjusted diluted earnings per share increased 81 81.1
Slide 2: Operating highlights
Operating highlights • Group services contract base grew 8.0% to £487.3m, based on constant currency • Working capital improvements across the group have delivered a £77.0m cash improvement over the last 12 months • Major M j UK change h programme h has d delivered li d • Increase our focus on Servi
Slide 3: Group and UK income statement
Group – income statement Growth Constant Growth H1 2009 H1 2008 09 v 08 currency 09 v 08 £m £m % £m % R Revenue 1 222 2 1,222.2 1 250 3 1,250.3 (2 2%) (2.2%) 1 333 4 1,333.4 (8 3%) (8.3%) Gross profit 170.6 169.5 0.6% 180.6 (5.5%) Finance costs on CSF (2.0) (1.7) 17.2% (1.8) 14.4% Adjusted gross pro
Slide 4: Germany and France income statement
Germany – income statement Reported In local currency Growth Growth H1 2009 H1 2008 H1 2009 H1 2008 09 v 08 09 v 08 £m £m % €m €m % Product revenue 262.0 237.5 10.3% 293.5 306.7 (4.3%) Services revenue 171.3 142.2 20.4% 191.9 183.6 4.5% Total revenue 433 3 433.3 379 8 379.8 14 1% 14.1% 485 3 485.3 4
Slide 5: Group revenue by segment and adjusted cash flow
Group – revenue by segment Growth Constant Growth 09 H1 2009 H1 2008 09 v 08 currency v 08 £m £m % £m % Product 846.8 923.2 ((8.3%)) 980.1 ((13.6%)) Professional services 85.7 84.0 2.0% 89.6 (4.3%) Support and managed services 289.6 243.1 19.2% 263.8 9.8% Services 375.4 327.1 14.8% 353.4 6.2% Total
Slide 6: Analysis of net funds and Group balance sheet
Analysis of net funds Jun 09 Jun 08 Dec 08 £m £m £m Cash and cash equivalents 69.7 14.6 46.9 Factor financing (22.4) (44.3) (42.3) Net funds/(debt) prior to CSF 47.3 (29.7) 4.6 Finance leases (48.9) (50.0) (55.2) Other loans (16.4) (16.2) (34.0) Total CSF (65.3) (66.2) (89.2) N td Net debt bt (18 1)
Slide 7: Group Trends and Highlights
Operational Review – Mike Norris © Computacenter 2009 13 Group Trends and Highlights • Capital expenditure challenging in all countries • Integrations projects have been hard to come by • Virtualisation is the overwhelming technology trend • Contractual services pipeline is strong in all countries •
Slide 8: H1 sales by type: Group; services share
H1 sales by type : Group 2007 H1 2008 H1 2009 H1 25% 27% 25% 28% 31% 31% 7% 6% 7% 23% 12% 14% 25% 25% 16% Personal Systems Personal Systems Personal Systems Network, Server & Storage Network, Server & Storage Network, Server & Storage Software Software Software 3rd Party Services 3rd Party Services
Slide 9: Contract base: Group; H1 sales by type: UK
Contract base : Group £M 500 450 400 350 300 250 200 150 3 yr CAGR – 13.3% 100 50 0 Oct-06 Oct-07 Oct-08 Apr-07 Apr-08 Apr-09 eb-07 eb-08 eb-09 un-06 un-07 un-08 un-09 ec-06 ec-07 ec-08 ug-06 ug-07 ug-08 De De De Fe Fe Fe Ju Ju Ju Ju Au Au Au O O O Belux France Germany Total UK Constant currency : a
Slide 10: UK Highlights and contract base
UK Highlights • Revenue declined 11.8% to £624.9m approx pp £37m due to the exit of trade distribution markets • Services revenue grew 8.0% driven by contractual services i • Contract base was up 8.7% to £221.2m which includes the BT adjustment © Computacenter 2009 19 Contract base : UK £M UK Contra
Slide 11: UK Highlights; H1 sales by type: Germany
UK Highlights • Revenue declined 11.8% to £624.9m approx pp £37m due to the exit of trade distribution markets • Services revenue grew 8.0% driven by contractual services i • Contract base was up 8.7% to £221.2m which includes the BT adjustment • UK operating profit up 42.2% to £12.6m • UK cost redu
Slide 12: Germany Highlights and contract base
Germany Highlights • Revenue decrease by y 1.0% to £433.3m • Product sales down 4.3% • Services growth of 4.5% • Steady increase in contract base © Computacenter 2009 23 Contract base : Germany €M GER Contract Base 300 250 200 150 100 3 yr CAGR – 17.6% 50 0 S ep-06 Dec-06 S ep-07 Dec-07 S ep-08 Dec-
Slide 13: Germany Highlights; H1 sales by type: France
Germany Highlights • Revenue decrease byy 1.0% to £433.3m • Product sales down 4.3% • Services growth of 4.5% • Steady increase in contract base • Small increase in services margin • Increase in operating profit f off 52.5% % in local currency • Substantial new contract win with Daimler AG © Computa
Slide 14: France Highlights and contract base
France Highlights • Revenue decline of 11.0% in local currency y • Reduction in operating loss by 25.1% to £1.4m which is made worse by currency • Growth in services revenue of 10.5% • Progress in long term contractual services © Computacenter 2009 27 Contract base : France €M FRA Contract Base 50 4
Slide 15: France Highlights; H1 2009 Financial highlights
France Highlights • Revenue decline of 11.0% in local currency y • Reduction in operating loss by 25.1% to £1.4m which is made worse by currency • Growth in services revenue of 10.5% • Progress in long term contractual services • Substantial improvement in services margin • So far so good with the F
Slide 16: Outlook
Outlook • Contractual services g growth will continue in the second half with pipeline for 2010 looking positive • Professional services looks a little more encouraging • Product sales will remain challenging across our geography • Cost reductions will be a major focus for our customers as well as o