Corporate Travel Management Limited · ASX:CTD
Corporate Travel Management — H1 2012 Earnings Presentation
22 slides from Corporate Travel Management's earnings presentation, Feb 22, 2012
Slide 1: Half Year Results 2012
For personal use only travelctm.com Half Year Results 2012 Jamie Pherous, CEO Steve Fleming, CFO
Slide 2: Disclaimer
Disclaimer For personal use only This document is not a prospectus under Australian law and does not constitute an offer, invitation or recommendation to subscribe for or purchase any security or financial product and neither this document nor anything contained in it shall form the basis of any con
Slide 3: Agenda
For personal use only Agenda • Group Performance Highlights • etm Acquisition • Financial Performance • Key Initiatives • Looking Forward FY12 and beyond
Slide 4: Group Performance – 1st Half Highlights
Group Performance – 1st Half Highlights For personal use only • TTV $315.9m + 42% p.c.p • Fee & other revenue $29.34m + 43% p.c.p • EBITDA $7.30m + 45% p.c.p • NPAT $4.66m + 41% p.c.p • Underlying NPAT $4.79m + 41% p.c.p • Interim dividend of 3 cents payable 18 April 2012 Summary: • Strong organic g
Slide 5: Group Performance – CTM Highlights
Group Performance – CTM Highlights For personal use only Executing on Key Drivers of the Business we can control: • Organic growth - record new client wins combined with strong retention. Large portion of business won starts to transact in 2HFY12. • Client profit contribution – profitability sustain
Slide 6: Current Client Activity
Current Client Activity For personal use only ? • Experienced slight softening in activity since Oct11 in line with economy. • Reinforces the fact that economic activity is a driver but not the main driver of the model. * 2010 dip was the volcanic ash cloud.
Slide 7: Agenda
For personal use only Agenda • Group Performance Highlights • etm Acquisition • Financial Performance • Key Initiatives • Looking Forward FY12 and beyond
Slide 8: etm Acquisition
etm Acquisition For personal use only • Settled on 3 Oct 2011 for initial consideration of $8.5m of which minimum $3.1m due April – Aug 12. • 3 month contribution to 1H2012 financials. Full contribution in 2HFY12. • Additional potential cash earn out of maximum $4.1m, payable 31 August 12. Highlight
Slide 9: CTM Profile Post - etm
CTM Profile Post - etm For personal use only Brisbane Gold Coast Perth Sydney Auckland Melbourne • Over 500 FTE staff across Australia & New Zealand. • Corporate market share circa 9%. • Approx 650 clients, including15 ASX100 companies, Aust & New Zealand’s largest private companies. • Diversificati
Slide 10: Agenda
For personal use only Agenda • Group Performance Highlights • etm Acquisition • Financial Performance • Key Initiatives • Looking Forward FY12 and beyond
Slide 11: Comparative 1HFY12 Profit and Loss
Comparative 1HFY12 Profit and Loss For personal use only 6 mths ended 6 mths ended Dec Dec 2011 % of Income 2010 % of Income $'000 $'000 TTV 315,881 222,338 Travel & other Income 29,340 20,467 Yield % of TTV 9.28% 9.21% Operating Expenses (22,036) 75% (15,421) 75% EBITDA 7,304 25% 5,046 25% Deprecia
Slide 12: Half Year Profit and Loss Highlights
Half Year Profit and Loss Highlights For personal use only • TTV - 42% up on p.c.p – reflects strong new business performance and six month contribution from Travelcorp and three month contribution from etm. • EBITDA – 45% up on p.c.p. Profit contribution (EBITDA margin 25%) in line with prior corre
Slide 13: Balance Sheet Summary ($m)
Balance Sheet Summary ($m) For personal use only • Minimal debt. As at 31 December 2011 $m Cash 7.2 • Intangibles largely goodwill on acquisitions. Receivables and other 18.1 Total current assets 25.3 • Net current liability position due to PP&E 2.1 recording of $7.2m deferred and Intangibles 42.6 c
Slide 14: Cash Flow Summary ($m)
Cash Flow Summary ($m) For personal use only 6 months 6 months to to Dec • Strong operating cash flow. Dec 2011 2010 EBITDA 7.3 5.0 • Growing TTV means larger supplier payment accruals (-ve W.C.) Change in working capital (2.6) (0.4) Income tax paid (1.9) (0.6) • Other investment cash flows relate t
Slide 15: Agenda
For personal use only Agenda • Group Performance Highlights • etm Acquisition • Financial Performance • Key Initiatives • Looking Forward FY12 and beyond
Slide 16: Business Drivers for FY12
Business Drivers for FY12 For personal use only People Clients Continue to attract, develop and retain the Win new clients. best team who will support our growth plans. Retain current clients. CTM is the “easiest place” to work. Grow current client revenue through new Continue to measure our team sa
Slide 17: Innovation - Product & Process update
Innovation -Product & Process update For personal use only Client-facing highlights: • Wotif booking engine development partnership - deliver unique offering to corporate market. • Business Intelligence Reporting - best in market tools for clients. Summary • Both support client objectives and future
Slide 18: Innovation & Process – our people
For personal use only Innovation & Process – our people 1. “Zen” project - technology as an enabler to eliminate routine tasks in consultant process. - create better service proposition and improved productivity. 2. Business Intelligence CTM - empower leaders including middle management to make bett
Slide 19: Key Initiatives FY2012
For personal use only Key Initiatives FY2012 • Key Focus Over Next 6 Months: • Organic growth (new client wins & retention) to set up FY2013. • Innovation – execute and deliver client-facing products & tools in a staged process throughout calendar 2012. • Implement the automation and productivity in
Slide 20: Agenda
For personal use only Agenda • Group Performance Highlights • etm Acquisition • Financial Performance • Key Initiatives • Looking Forward FY12 and beyond
Slide 21: Looking Forward
Looking Forward For personal use only Reaffirm FY12 guidance 30% - 40% EBITDA growth on p.c.p. • Uncertainty in economic activity may continue through to June12. Key drivers protecting the downside: • New client wins continue to be a stand out. New clients won not yet transacting in 1HFY12. • Consci
Slide 22: For personal use only
For personal use only travelctm.com
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