Bravura Solutions Limited · ASX:BVS
Bravura Solutions — FY2013 Earnings Presentation
28 slides from Bravura Solutions's earnings presentation, Aug 21, 2013
Slide 1: Financial results for year ended 30 June 2013
Financial results for year ended 30 June 2013 INVESTOR PRESENTATION Tony Klim, Chief Executive Officer Rebecca Lowde, Chief Financial Officer 21 August 2013
Slide 2: Agenda
Agenda > Corporate overview > Group highlights > FY2013 financial results > Market drivers > Corporate / regional strategy > Summary 2
Slide 3: Corporate overview
ae bravura solutions Corporate overview financial software solutions that deliver 3
Slide 4: Who we are
Who we are Bravura Solutions is a trusted provider of product administration and transactional technology to the financial services industry. > Operations across > Employees > Funds under Management – Australia – New Zealand – Vietnam located in in funds managed on our applications – Thailand *Verif
Slide 5: Leadership team
Leadership team Tony Klim (2008) Chief Executive Officer London Rebecca Lowde (2009) Jason Tong (2005) Andy Chesterton (2006) Darren Stevens (2007) Nick Parsons (2006) Roland Slee (2011) Chief Financial Officer Chief Operating Officer, Chief Operating Officer, Director, Strategy Business Development
Slide 6: Core business
Core business We implement, support and maintain data record keeping administration systems across the Transfer Agency, Wealth Management & Life Insurance markets. > Transfer Agency > Wealth Management & – Management of all aspects of record Life Insurance keeping and reporting in relation to – End-
Slide 7: What we do
What we do ADMINISTRATION SOLUTIONS Transfer Investment Super & Wrap Private Wealth Life Agency Products Pensions Accounts & Portfolio Insurance Administration SURROUND TECHNOLOGY eBusiness – financial messaging – business intelligence – user experience SUPPORT SERVICES Application management – deve
Slide 8: Our unique value proposition
Our unique value proposition Bravura Solutions has a state-of-the-art, unified wealth & life platform > Multi-product, multi-channel, multi-geography and multi-currency > Delivered on-premise, as a managed service, or hybrid > Continuous compliance with Australian, NZ and UK requirements > Modern te
Slide 9: Group highlights
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Slide 10: Group highlights
Group highlights Financial position > Comprehensive profit grew from $4.0m to $4.9m – a 22.5% increase > Net operating cash flow improved from $20.7m to $25.6m – a 23.7% increase > EBITDA went from $23.2m to $22.3m – a 3.9% decrease > Sales revenue went from $126.6m to $124.3m – a 1.8% decrease Oper
Slide 11: Group highlights
Group highlights Client sales, retention and maintenance > Eight new contracts signed with new and existing clients > 33 client implementations successfully went live > 56 upgrade projects undertaken globally > First of our heritage clients working on modernising to Sonata Products > Strong R&D inve
Slide 12: FY2013 financial results
FY2013 financial results ae bravura solutions financial software solutions that deliver 12
Slide 13: FY2013 financial performance
FY2013 financial performance FY12 FY13 FY13 % change % change actual actual constant constant actual 1 1 (A$m) currency currency Sales revenue 2 126.6 124.3 124.5 -1.7% -1.8% Expenses 103.4 102.1 102.3 1.1% 1.3% EBITDA 3 23.2 22.3 22.1 -4.7% -3.9% 4 Comprehensive profit 4.0 4.9 4.7 17.5% 22.5% Net p
Slide 14: Key results indicator
Key results indicator EBITDA (A$m) Operating cash flow (A$m) 23.2 22.3 25.6 19.0 20.7 16.0 FY11 FY12 FY13 FY11 FY12 FY13 Cost of revenue (%) Cost per head (A$'000) 200 84 82 82 150 140 FY11 FY12 FY13 FY11 FY12 FY13 14
Slide 15: Year on year revenue
Year on year revenue Total revenue (A$m) Revenue by line of business (A$m) Licence Licence Fees and Fees and Other Other 8 8 Professional Professional Services Services 55 50 127 124 Maintenance Maintenance /Managed /Managed Services Services 64 67 FY12 FY13 FY12 FY13 Revenue by division (A$m) Reven
Slide 16: Balance sheet
Balance sheet A$m FY12 FY13 > Significant increase in cash on ASSETS hand as receipts from Cash 4.6 13.8 customers continue to increase Other current assets 38.0 29.6 Intangible assets 114.9 113.7 > Other current assets reduced Other non-current assets 22.7 22.9 as a result of strong collections Tot
Slide 17: Funding profile
Funding profile Drawn down / Facility limit (m) guarantees (m)3 Due date Working capital facility AUD revolving tranche facility $6.5 $0.9 Oct-15 GBP revolving tranche facility £3.5 £2.3 Oct-15 Amortising term facility AUD term tranche facility $4.0 $3.7 Oct-15 GBP term tranche facility £11.5 £10.3
Slide 18: Market drivers
Market drivers ae bravura solutions financial software solutions that deliver 18
Slide 19: Major market trends
Major market trends Margin Ever increasing compression Wealth & Banking regulatory driving search for distribution and supervision scale and platforms converge consolidation Legacy business Evolving modernisation for Retirement wave of technology makes efficiency and more affluent aging it easier to
Slide 20: Major technology trends
Major technology trends Cloud Computing Big Data and Security Analytics Mobility Richer Open user Source experience Database 20
Slide 21: Corporate / regional strategy
Corporate / regional strategy 21
Slide 22: Corporate strategy
Corporate strategy > Accelerate adoption of Sonata as wealth management & life insurance application of choice. Increased interest in multi-line support from a single platform provider > Continue to roll out managed services model in APAC and expand among EMEA client base > Enhance strategic relatio
Slide 23: Regional growth opportunities / focus
Regional growth opportunities / focus Asia Pacific > Support clients with compliance of Australia’s Stronger Super and FOFA regulatory changes including the development of new product and service opportunities > Offer Babel in Australia for compliance with new SuperStream messaging standards > Offer
Slide 24: Regional growth opportunities / focus
Regional growth opportunities / focus Europe, Middle East & Africa > Enable clients to take advantage of opportunities arising from regulatory change: UK Retail Distribution Review (RDR), FATCA (US directive with international applicability) Single European Payments Area (SEPA), UCITS IV, including
Slide 25: Outlook
Outlook > Recent announcements show Sonata’s sales success in both APAC and EMEA > Strong interest and growth momentum for Sonata in the UK, Australia and New Zealand > Legacy modernisations now top of mind as clients move past the period of large regulatory change > Further opportunities to expand
Slide 26: Summary
ae bravura solutions Summary financial software solutions that deliver 26
Slide 27: Key summary points
Key summary points Financial > Solid and continuously improved cash position > Decreased cost per head > Minimal decreases in EBITDA and sales revenue > Increased comprehensive profit after tax Client > Retained strong long-term client relationships with key players > Replicated managed services mod
Slide 28: Financial software solutions that deliver
Financial software solutions that deliver