Mainfreight Limited · NZX:MFT
Mainfreight — H1 FY2009 Earnings Presentation
13 slides from Mainfreight's earnings presentation, November 2008
Slide 1: Half Year Result To September 2008
Half Year Result To September 2008
Slide 2: Result Highlights
Result Highlights • Net surplus up 9.5% to $17.22 $ million (before abnormals and discontinued activities) • EBITDA up 23 23.1% 1% tto $35 $35.36 36 million illi • Revenue increase of 63% to $625 million • Improved EBITDA results in New Zealand Domestic, Australian International and our operations i
Slide 3: Financial Highlights
Financial Highlights NZ$ million illi Revenues This Year Last Year Variance Continuing Operations 625 02 625.02 383 33 383.33 63 0%* 63.0% Sold Businesses – 32.45 Group Revenues $625.02 $415.78 EBITDA Continuing Operations 35.36 28.72 23.1%* S ld B Sold Businesses i – 0 69 0.69 Group EBITDA $35.36 $
Slide 4: Cash Flows
Cash Flows NZ$ million This Year Last Year Operating Ope at g cash cas flow o $20.24 $ 0 $16.08 $ 6 08 • Net capital expenditure in the half $20.60 million • Financial indebtedness has risen – Exchange rate movements – Halford H lf d acquisition i iti • Property development costs of $14.10 million –
Slide 5: Dividend
Dividend • Interim dividend of 8.5 cents per share – Up from 8.0 cents per share last year – Equates to $8 $8.37 37 million dividend payment • Fully imputed – Imputation credits continually monitored and managed – Encourage further debate on Australasian imputation regime and corporate tax levels
Slide 6: New Zealand Domestic
New Zealand Domestic NZ$ million This Year Last Year Variance Sales revenue 153.51 134.06 14.5% EBITA 12.92 11.57 12.0% EBITDA 16 91 16.91 15 00 15.00 12 8% 12.8% • Strong sales activity has seen increase in market share – Driven by customers focusing on supply chain logistics • Fuel adjustment fact
Slide 7: New Zealand International
New Zealand International NZ$ million This Year Last Year Variance Sales revenue 50.99 48.78 4.5% EBITA 1.49 1.77 (15.8%) EBITDA 1 63 1.63 1 96 1.96 (16 5%) (16.5%) • Export sales have reduced by 6% in the half year • Margin contraction as Imports ex Asia increase (shipping rate reductions) • Perish
Slide 8: Australian Domestic
Australian Domestic NZ$ million This Year Last Year Variance Sales revenue 95.08 69.30 37.2% EBITA 3.33 4.39 (24.1%) EBITDA 4 25 4.25 4 99 4.99 (14 9%) (14.9%) • Transport operations revenue increase of 38.7%, EBITDA increase of 16.8% • Issues around Logistics operations where warehousing footprint
Slide 9: Australian International
Australian International NZ$ million This Year Last Year Variance Sales revenue 94.74 67.41 40.6% EBITA 2.60 2.45 6.5% EBITDA 2 79 2.79 2 64 2.64 5 8% 5.8% • Halford acquisition slower to integrate than expected – Technology / communication / shared facilities – WACO and agency agreements • Core bus
Slide 10: United States – CaroTrans
United States – CaroTrans NZ$ million This Year Last Year Variance Sales revenue 91.08 61.86 47.2% EBITA 4.58 3.16 45.1% EBITDA 4 99 4.99 3 53 3.53 41 1% 41.1% • Increased export volumes assisting growth, however – FCL increase has resulted in decreasing gross margins – Fuel adjustment factors diffi
Slide 11: United States – Mainfreight USA
United States – Mainfreight USA NZ$ $ million This Year Last Year Variance Sales revenue 127.74 119.03 7.2% EBITA 2.75 2.42 13.6% EBITDA 3.43 2.97 15.4% Reflects total performance in last year’s figures • Senior Mainfreight personnel located to US to promote faster change – International sales – Eve
Slide 12: Asia
Asia NZ$ million This Year Last Year Variance Sales revenue 11.88 9.24 28.5% EBITA 1 29 1.29 1 57 1.57 (17 8%) (17.8%) EBITDA 1.36 1.57 (13.4%) Reflects total performance in last year’s figures • Revenue growth continues, particularly to NZ and US • Additional costs incurred – Personnel – Technology
Slide 13: Outlook
Outlook Post 30 September: • Group EBITDA at similar levels to prior year (7 weeks) • Strong sales focus across all divisions • Extra vigilance on aged debtors • Freeze on hiring new team members – Executive salary freeze – September • C Capital i l expenditure di and d generall cost management unde