Fevara Plc · LSE:FVA

Fevara — Carr's Milling Industries — FY2008 Earnings Presentation

16 slides from Fevara's earnings presentation, November 2008

  1. Slide 1: Carr's Milling Industries PLC – A Year of Achievement

    Carr’s Milling Industries PLC A Year of Achievement PRELIMINARY RESULTS PRESENTATION NOVEMBER 2008

  2. Slide 2: Disclaimer

    Disclaimer THIS DOCUMENT IS CONFIDENTIAL AND IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. Although reasonable care has been taken to ensure that the facts stated in this doc

  3. Slide 3: Sustained growth and profit maximisation

    Sustained growth and profit maximisation  Coherent diversified platform  10 out of 11 years of consistent growth in earnings, cash and dividends against difficult market backdrop, particularly in UK farming  Grown both organically and through targeted acquisitions  Track record of innovative pro

  4. Slide 4: Carr's Divisional structure

    Carr’s Divisional structure Sales £276m FY‘08 Animal Feed  UK Dairy, beef and sheep animal feeds – 500,000 tonnes  UK Crystalyx feed blocks – 18,000 tonnes  USA Smartlic feed blocks – 50,000 tonnes  Germany Crystalyx feed blocks – 5,700 tonnes Agriculture  UK AminoMax by pass protein – 11,000 t

  5. Slide 5: Carr's Five Year Record

    Carr’s Five Year Record 372 95.0 12.9 23.0 19.0 18.0 253 16.0 243 59.7 56.0 13.5 7.3 50.9 192 6.7 6.1 156 39.9 5.0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Revenue £m Profit before Earnings per Dividends (p) tax* £m share* (p) *excludes non-recurring items and amortisation of inta

  6. Slide 6: Carr's Income Statement

    Carr’s Income Statement 2008 2007 Sales Op. Profit Sales Op. Profit £’m £’m £’m £’m Agriculture 275.8 11.0 185.9 5.2 Food 85.6 2.0 57.0 1.4 Engineering 10.7 1.1 9.6 1.0 Other 0.2 (0.4) 0.2 (0.3) 372.3 13.7 252.7 7.3 Non-recurring items (0.1) (0.4) Pension Costs (1.0) (1.1) Associate & JV’s 1.7 0.7 O

  7. Slide 7: Carr's Income Statement

    Carr’s Income Statement “One Off” Items – 2008 £m Reported Profit 12.8 Amortisation 0.1 Deferred Pensioner buy-out (0.4) (0.3) Adjusted Profit 12.5 Fertiliser Inventory gain 2.5 Forward contracts (FX) 0.5 Early Autumn sales 0.6 3.6 Feed Inventory Gain 0.2 PBT (excl “one off” items) 8.7 7

  8. Slide 8: Feed Industry Overview

    Feed Industry Overview  Global population growth and trends in consumption of meat, milk and egg products are driving increased production of animal feed in North America  The North American feed industry is large, representing 175 million tons or 25% of world feed population World Feed Production

  9. Slide 9: Market drivers: Animal feed

    Market drivers: Animal feed Global food market being driven by  Rising population  Increased standards of living  Move to a “western” diet in Asia Source: United Nations, January 2008 Rising end product prices driving farming industry to  Improve yields  Improved animal welfare  Improve qualit

  10. Slide 10: Agriculture – Farm Gate Milk Price

    Agriculture – Farm Gate Milk Price Average Annual Milk Price PPL 27 25.44 25 24.87 24.47 23 Pence Per Litre 21.95 21 20.66 19.26 19.13 19 18.3 18.45 18.46 18.01 17.94 17 16.91 17.05 15 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year 10

  11. Slide 11: Agriculture – Feed Wheat Price

    Agriculture – Feed Wheat Price Feed Wheat Prices August 2006 - October 2008 Feed Wh ea t Pr ice £ /T 200 180 160 140 120 100 £ 80 60 40 20 - Mar-07 Oct-06 May-07 Nov-06 Dec-06 Jan-07 Feb-07 Jun-07 Jul-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 May-08 Jun-08 Jul-08 Oct-08 Sep-06 Sep-07 Sep-08 Aug-0

  12. Slide 12: Agriculture – Milling Wheat Price

    Agriculture – Milling Wheat Price Milling Wheat Prices August 2006 - October 2008 Mil l in g Wh ea t Pr ice £ /T 250 200 150 £ 100 50 0 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 May-07 Jun-07 Jul-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 May-08 Jun-08 Jul-08 Oct-08 Sep-06 Sep-07 Sep-08 Aug-06 Apr

  13. Slide 13: Block and specialist feed; the solution

    Block and specialist feed; the solution Low moisture feed blocks:  Improve both health and growth of animal  Improve returns for the farmer  Versatile across ruminant livestock range  Increased use in growing leisure market Specialist feeds:  Improve performance, yield and cost efficiency  Tec

  14. Slide 14: Summarised Income Statement

    Summarised Income Statement Summarised income statement 12 months ended 2008 2007 Increase Revenue (£m) 372.3 252.8 47.3% PBT - adjusted (£m) 12.9 6.1 111.5% - reported (£) 12.8 5.5 132.7% EPS - adjusted (p) 95.0 56.0 69.6% - reported (p) 93.7 50.7 84.5% DPS (p) 23.0 18.0 27.8% 14

  15. Slide 15: Summarised Balance Sheet

    Summarised Balance Sheet Balance Sheet 31 August 08 01 September 07 £m £m Non-current assets 42.0 37.8 Current assets 86.8 51.8 Current liabilities (70.1) (39.8) Non-current liabilities (29.9) (20.9) Net assets 28.8 28.9 Minority interests – equity (2.6) (2.1) Equity shareholders’ funds 26.2 26.8 Ne

  16. Slide 16: Acquisition

    Acquisition  Acquiring Wälischmiller for €5.9m  Leading supplier of remote handling equipment to Europe and Japan’s nuclear industry  Acquired fixed assets and goodwill  Expected to be eps enhancing in year 1  Good fit with Carrs MSM based in UK  Strengthens our Engineering capabilities 16

Carr's Milling Industries — FY2008 Earnings Presentation on 6ix