Dcc Plc · LSE:DCC
Dcc — FY2012 Earnings Presentation
20 slides from Dcc's earnings presentation, May 15, 2012
Slide 1: Preliminary Results Presentation
Preliminary Results Presentation Year ended 31 March 2012
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any shares or other securities of DCC plc (“DCC”). This presentation contains some forward-looking statements that represent DCC’s expectations for its business, based on cu
Slide 3: Year ended 31 March 2012 – Results Summary
Year ended 31 March 2012 – Results Summary € % Change on prior year Constant Reported Currency † Revenue 10,690.3m +23.2% +24.9% Operating profit* 185.0m -19.4% -18.3% Profit before net exceptional items, 167.1m -22.2% -21.1% amortisation of intangibles and tax Adjusted EPS* 163.51 cent -19.5% -18.4
Slide 4: Results Summary continued
Year ended 31 March 2012 – Results Summary continued 2012 2011 Operating cash flow €277.3m €269.6m Working capital days 2.5 days 4.9 days Free cash flow €146.0m €123.6m Net debt €128.2m €45.2m Interest cover (times) 10.4 15.8 Net debt/EBITDA 0.5 0.2 Total equity €1,014.0m €931.9m 4
Slide 5: Operating Profit Split
Year ended 31 March 2012 – Operating Profit Split By Division By Geography DCC Energy 6% 8% DCC SerCom 18% 12% DCC Healthcare UK 45% 14% ROI DCC Environmental Rest of World 68% 29% DCC Food & Beverage 5
Slide 6: Cash Flow
Year ended 31 March 2012 – Cash Flow €’m Operating 300 Depreciation Cash Flow & Other Capital Expenditure 45.7 Working 65.6 250 Capital Interest & Tax Operating 46.6 200 Profit 277.3 65.7 Free Cash 150 Flow 185.0 100 146.0 50 0 6
Slide 7: Acquisition & Capital Expenditure - €234.7m
Year ended 31 March 2012 – Acquisition & Capital Expenditure - €234.7m* Acquisitions Capex Total €’m €’m €’m DCC Energy 110.9 44.8 155.7 DCC SerCom 6.9 2.9 9.8 DCC Healthcare 20.5 4.2 24.7 DCC Environmental 30.8 10.8 41.6 DCC Food & Beverage - 2.9 2.9 Total 169.1 65.6 234.7 * Committed acquisition e
Slide 8: Business Overview
Year ended 31 March 2012 – Business Overview € % Change on prior year Reported Constant Currency † Operating profit* DCC Energy 83.5 -39.2% -38.3% DCC SerCom 53.2 +15.7% +17.0% DCC Healthcare ** 23.4 +4.1% +5.3% DCC Environmental 14.2 +22.6% +24.9% DCC Food & Beverage 10.7 -7.2% -7.0% Group operatin
Slide 9: Operating Profit - First half / Second half
Year ended 31 March 2012 – Operating Profit - First half / Second half % Change on prior year (constant currency)† Reported Numbers H1 H2 FY H1 H2 FY €’m €’m €’m Operating profit* DCC Energy 18.7 64.8 83.5 -35.1% -39.1% -38.3% DCC SerCom 15.2 38.0 53.2 +10.3% +20.0% +17.0% DCC Healthcare 10.5 12.9 2
Slide 10: DCC Energy
DCC Energy % Change on prior year 2012 2011 Reported Constant Currency Revenue €7,823.0m €6,129.8m +27.6% +29.5% Operating profit €83.5m €137.3m -39.2% -38.3% Return on total capital employed 14.0% 26.9% A difficult year with trading adversely impacted by very mild weather, higher Volume oil prices
Slide 11: DCC Energy continued
DCC Energy continued % Change on prior year 2012 2011 Reported Constant Currency Revenue €7,823.0m €6,129.8m +27.6% +29.5% Operating profit €83.5m €137.3m -39.2% -38.3% Return on total capital employed 14.0% 26.9% Volume DCC Energy completed a number of significant acquisitions which: Strengthened i
Slide 12: DCC SerCom
DCC SerCom % Change on prior year 2012 2011 Reported Constant Currency Revenue €2,181.2m €1,868.9m +16.7% +18.0% Operating profit €53.2m €46.0m +15.7% +17.0% Operating margin 2.4% 2.5% Return on total capital employed 15.7% 16.2% Another excellent performance in SerCom Distribution drove 17.0% growt
Slide 13: DCC Healthcare
DCC Healthcare % Change on prior year 2012 2011 Reported Constant Currency Revenue €330.0m €311.1m * +6.1% +7.5% Operating profit €23.4m €22.5m * +4.1% +5.3% 7.1% 7.2% * * Based on continuing activities – Return on total capital employed 15.4% 16.3% * excludes Mobility & Rehabilitation Good constant
Slide 14: DCC Environmental
DCC Environmental % Change on prior year 2012 2011 Reported Constant Currency Revenue €132.7m €106.4m +24.7% +26.7% Operating profit €14.2m €11.6m +22.6% +24.9% Operating margin 10.7% 10.9% Return on total capital employed 10.2% 10.0% Strong increase in profit benefiting from first time contribution
Slide 15: DCC Food & Beverage
DCC Food & Beverage % Change on prior year 2012 2011 Reported Constant Currency Revenue €223.4m €252.2m -11.4% -11.0% Operating profit €10.7m €11.5m -7.2% -7.0% Operating margin 4.8% 4.6% Return on total capital employed 13.7% 14.9% Revenue Operating profit decline of 7.0% primarily due to loss of l
Slide 16: DCC's Strategy
DCC’s Strategy Our Objective: To build a growing, sustainable and cash generative business which consistently provides returns on total capital employed significantly ahead of its cost of capital We aim to achieve this through: • Creating and sustaining leading positions in each of the markets in wh
Slide 17: Adjusted EPS (cent)
Adjusted EPS* (cent) 18 year CAGR ** 203.2 11.0% 178.0 10 year CAGR 169.1 165.1 163.5 5.6% 143.5 5 year CAGR 2.6% 124.0 115.1 106.0 101.5 94.9 82.2 65.3 55.4 44.4 37.5 31.9 28.4 24.8 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 * excluding net exceptionals, MPH and amortisation of intang
Slide 18: Dividend (cent)
Dividend (cent) 77.9 74.2 18 year CAGR * 67.4 14.9% 62.3 10 year CAGR 56.7 12.3% 49.3 5 year CAGR 42.9 9.6% 37.3 32.4 28.2 24.5 21.1 17.6 14.7 12.2 10.2 7.8 8.8 6.4 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 Years ended 31 March * Since flotation in 1994 18
Slide 19: Outlook for year to 31 March 2013
Outlook for year to 31 March 2013 The outlook for the year to 31 March 2013 is set against a continued uncertain economic environment and the important assumption that there will be a return to more normal winter temperatures compared to the extremely mild winter last year, which should give rise to
Slide 20: Shareholder base
Shareholder base Management April 2012 2.9% Lending/ Market Institutions (% Holding) Makers 7.1% North America 30.9 Retail North America 11.2% UK 28.2 30.9% Cont Europe/Asia 11.5 Total overseas 70.6 Ireland 8.2% Ireland 8.2 Total institutional 78.8 Cont. Europe/Asia UK Retail 11.2 11.5% 28.2% Manage