Slide 1: Preliminary results 2011
Preliminary results 2011 21 March 2012 Joost Kreulen – Chief Executive Spencer Wreford – Finance Director
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law
Slide 3: Highlights
Highlights • Revenue growth of 1% to £208.9m • Net fee income growth of 1% to £46.9m • Adjusted PBT down to £4.5m • Net fee income growth across the Rest of the World and UK regions • Margins in Germany improved in H2 but still below historic levels • Provision against German CGZP issue of £1.7m, re
Slide 4: Strategy unchanged
Strategy unchanged • Developing a leading international specialist staffing group • Balanced growth and managed risk • Diversified portfolio by geography and sector • Investment emphasis on developing staffing markets and emerging economies • Focus on more stable temporary staffing revenues • Multi
Slide 5: Income statement – Regional overview
Income statement – Regional overview Revenue (£m) NFI (£m) Adjusted operating profit (£m) 4.0 100.0 20.0 80.0 15.0 3.0 60.0 10.0 2.0 40.0 5.0 1.0 20.0 0.0 0.0 0.0 UK Continental Rest of the UK Continental Rest of the UK Continental Rest of the Europe World Europe World Europe World 2010 2011 2010 20
Slide 6: Regional split - Net fee income
Regional split - Net fee income Regional split 2011 (2010) Country split 2011 Australia Other Chile 6% 2% 4% Rest of the World Finland/ 24% Germany UK Estonia (20%) 36% 34% 5% (33%) Indonesia 6% Japan 7% Continental Europe 42% (47%) UK 34% Thailand, Singapore, India & China all at 1% of net fee inco
Slide 7: Outlook
Outlook • Market conditions stable but business confidence is fragile, especially in Europe. Rest of the World region seeing better GDP growth • New management teams in Germany, Finland and Philippines expected to drive better margin and profit • CGZP provision becoming more certain • Investments in
Slide 8: Appendices
Empresaria Group plc International Specialist Temporary & Permanent Staffing Group Appendices
Slide 9: Income statement – Year to December 2011
Income statement – Year to 31 December 2011 £m 2011 2010 Change Revenue increased by 1%, with a 21% increase in permanent sales and level temporary sales. On a Revenue 208.9 206.8 1% like-for-like currency basis, revenue was level with prior year. Net fee Income/ Gross profit 46.9 46.5 1% Net Fee In
Slide 10: Income statement – Year on year movements
Income statement – Year on year movements Revenue NFI Adj PBT 2010 Reported 223.4 49.0 6.8 Disposals - Supply chain (16.6) (2.5) (0.2) 2010 - revised 206.8 46.5 6.6 UK (5.7) 0.8 0.0 Continental Europe 3.3 (2.2) (1.7) Rest of the World 4.5 1.8 (0.4) 2011 Reported 208.9 46.9 4.5 10
Slide 11: Balance sheet – December 2011
Balance sheet – December 2011 £m 2011 2010 Capital expenditure of £0.7m on fixed assets. Property, plant & equipment 1.7 1.9 Goodwill and intangibles 27.3 28.9 Goodwill reduced by disposal of Supply chain business and Deferred tax asset 1.5 1.0 ACI. Call option asset 0.3 0.9 30.8 32.7 Call option as
Slide 12: Cash flow – Year to December 2011
Cash flow – Year to December 2011 £m 2011 2010 Profit for the period 0.9 4.6 Depreciation and amortisation 1.1 1.1 Tax and interest added back 1.4 3.1 Cash generated from operations was £3.9m, down Loss/(profit) on disposals 0.4 (0.3) on the prior year after £2.1m working capital Exceptional items 2
Slide 13: Management team - ongoing
Management team - ongoing The Board of Directors Joost Kreulen Spencer Wreford Tony Martin Zach Miles Penny Freer CEO FD Chairman Non-exec director Non-exec director Over 20 years Over 10 years senior Over 20 years Over 20 years 6 years industry industry experience finance experience industry experi
Slide 14: Directors
Directors Tony Martin - Chairman Tony was appointed Chairman of Empresaria in July 2004. Prior to joining Empresaria, Tony served as Chairman and Chief Executive of Select Appointments (Holdings) PLC from 1992 to 1999, which he and his team built into a global recruitment business before agreeing to
Slide 15: Shareholder information
Shareholder information Shareholder Number of % of total shares (m) Caledonia Investments plc 10.1 23% Tony Martin 9.2 21% Miles Hunt 4.0 9% Liontrust Asset Management 3.7 8% Ennismore Fund Management 3.5 8% T J D Sheffield 2.0 5% 32.1 73% Notes: Other directors hold 90,000 shares Total number of sh