Fevara Plc · LSE:FVA
Fevara — FY2014 Earnings Presentation
21 slides from Fevara's earnings presentation, November 2014
Slide 1: CMI Preliminary Results Presentation
CMI Preliminary Results Presentation Strategic Diversity Delivering Results November 2014
Slide 2: Agenda
Agenda 1 Results Overview Neil Austin, Group FD 2 Financial Review 3 Group Strategic Vision Tim Davies, CEO 4 Divisional Review 5 Strategic Delivery For Future Growth 6 Q&A 2
Slide 3: Results Overview
Results Overview • Revenue decreased 8.4% to £429.0m (2013: £468.1m) • EBITDA increased 9.1% to £20.4m (2013: £18.7m*) • Pre-tax profit increased 7.8% to £16.6m (2013: £15.4m*) • Adjusted EPS** increased 5.6% to 130.8p (2013: 123.9p*) • Final DPS declared increased 3.0% to 17.0p (2013: 16.5p) • Tota
Slide 4: Financial Review: Segmental Analysis
Financial Review: Segmental Analysis 2014 Year on 2013 Operating year Operating Revenue profit change Revenue profit* £m £m % £m £m Agriculture 314.9 10.4 +8.8 340.4 9.6 Food 87.1 3.1 +237.6 94.2 0.9 Engineering 26.9 3.8 -10.3% 33.4 4.3 Other 0.1 (1.1) 0.1 (0.7) 429.0 16.2 468.1 14.1 Retirement bene
Slide 5: Financial Review: Balance Sheet
Financial Review: Balance Sheet 2014 2013 % change £m £m Fixed assets 81.4 72.0 +13.1% Net working capital 36.6 36.8 -0.5% Assets employed 118.0 108.8 +8.5% Pension surplus/(deficit) 2.1 (3.3) Net debt (24.6) (22.1) +11.3% Tax provisions (5.7) (5.4) Net assets 89.8 78.0 +15.1% Net debt:EBITDA 1.2 1.
Slide 6: Financial Review: Cash Flow
Financial Review: Cash Flow 2014 2013 % Expiry Facility 2014 £m £m change £m £m 12 month Working capital facilities (UK) 38.0 13.7 EBITDA 20.4 18.7 9.1% rolling/2019 Working capital Working capital facilities (US) 12 month rolling 0.9 0.2 (1.6) (9.0) changes Working capital facilities (EU) 12 month
Slide 7: Group Strategic Vision
(Il) Group Strategic Vision Investment in assets to Seen and recognised as ensure long term leaders in innovation competitive advantage Vision Recognised as a truly international business at the forefront of technology and innovation Investing in people that Acquisition strategy for will shape busin
Slide 8: Geographic Footprint
(Hl) Geographic Footprint UK Locations “-¢ @ Head Office @ Agriculture @ Food @ Engineering
Slide 9: UK Agriculture
UK Agriculture Performance • Feed decline due to mild winter: 10.5% reduction in tonnes sold • Fuel decline due to mild winter: 5.8% reduction in litres sold • Machinery increase: 26.7% increase in sales • Retail: 0.5% increase in sales • Workware: 18.6% increase in sales Investment • Retail store u
Slide 10: UK Agriculture
UK Agriculture Annan: New investment 10
Slide 11: Feed Blocks
Feed Blocks Performance • Underlying sales growth: 0.5% increase in tonnes sold • Strength of brands, eg Crystalyx®, SmartLic® and Feed in a Drum® • Record US sales driven by severe winter weather • UK sales affected by mild winter • European sales growth • New Zealand sales growth Investment • Siou
Slide 12: New Zealand
New Zealand 12
Slide 13: AminoMax®
AminoMax® Performance • Sales growth of 31.5% globally • Market recognition Investment • Lancaster UK plant commissioned and at capacity • Watertown New York, USA further investment ($1.9m) to improve efficiency and capacity Future • Potential second line at Watertown • West coast USA • New products
Slide 14: Food
Food Performance • Step change in financial performance: 309.7% increase in PBT • Operational efficiencies being delivered by new mill at Kirkcaldy • Strong sales and customer relationships • Silloth operating at higher capacity levels than planned Market • Low wheat prices • Variable quality • Larg
Slide 15: Engineering – UK
Engineering – UK MSM – manual manipulators • Excellent performance 2014 • Confirmed Sellafield life of contract benefits • Outlook steady Bendalls – pressure vessel manufacture • Delay in El Shah Deniz contract July 2013 to February 2014 • Contract changes impact production 2014 • Capacity now full
Slide 16: Engineering – Germany
Engineering – Germany Wälischmiller, Germany – powered and robotic manipulators • New factory investment completed £4.5m • Investment in new high tech machines • Strong performance 2014 • USA first contract and sales structure established • Japanese market down • Russian market potentially affected
Slide 17: Strategic Delivery For Future Growth
Strategic Delivery For Future Growth Group Strategic Divisional Plans Delivery Objectives Agriculture Agriculture • AminoMax® • Lead in dairy nutrition • Research • Investment in targeted research • Innovation • New plants • New markets • New products • Consolidate UK position • New markets • Acquis
Slide 18: Group Strategic Vision
(Il) Group Strategic Vision Investment in assets to Seen and recognised as ensure long term leaders in innovation competitive advantage Vision Recognised as a truly international business at the forefront of technology and innovation Investing in people that Acquisition strategy for will shape busin
Slide 19: www.carrs-milling.com
www.carrs-milling.com
Slide 20: Appendix
Appendix A The Group: An overview 20
Slide 21: The Group: An overview
The Group: An overview International business focused on three sectors: agriculture, food and engineering Agriculture • Manufacture of molasses-based branded feedblocks for farm animals in the UK, Germany and USA e.g. Crystalyx®, Megalix® and SmartLic® • Own and operate 26 rural retail outlets acros