Fevara Plc · LSE:FVA
Fevara — Carr's Group — H1 2019 Earnings Presentation
20 slides from Fevara's earnings presentation, April 2019
Slide 1: Interim Results Presentation
Interim Results Presentation April 2019 DELIVERING CONTINUED GROWTH 1
Slide 2: Agenda
Agenda 1. Introduction | Tim Davies, CEO 2. Financial Results | Neil Austin, Group FD 3. Group Strategic Vision | Tim Davies, CEO 4. Divisional Review 5. Summary 6. Q&A 2
Slide 3: Results Overview
Results Overview ▪ ▪ Revenue increased 3.0% to £206.2m (H1 2018: £200.1m) Adjusted* EBITDA increased 7.3% to £12.2m (H1 2018: £11.3m) Continuing Operations ▪ ▪ Adjusted* operating profit increased 5.2% to £11.9m (H1 2018: £11.3m) Adjusted* profit before tax increased 4.5% to £11.4m (H1 2018: £10.9m)
Slide 4: Financial Review: Segmental Analysis
Financial Review Segmental Analysis H1 2019 (£m) H1 2018 (£m) % Change Segmental revenue: Agriculture 185.2 178.3 +3.9 Engineering 21.0 21.8 -3.7 Total revenue 206.2 200.1 +3.0 Adjusted EBITDA 12.2 11.3 +7.3 Segmental adjusted operating profit: Agriculture 10.0 10.0 -0.2 Engineering 1.9 1.3 +45.1 To
Slide 5: Financial Review: Balance Sheet
Financial Review Balance Sheet At 2 March 2019 At 1 September 2018 % Change £m £m Fixed assets 93.9 86.4 +8.7 Net working capital 50.0 43.9 +13.8 Assets employed 143.9 130.3 +10.4 Pension surplus 6.8 10.1 -32.6 Net debt (23.3) (15.4) +51.6 Tax provisions (4.5) (4.0) +10.9 Net assets 122.9 121.0 +1.6
Slide 6: Financial Review: Cash Flow
Financial Review Cash Flow H1 2019 H1 2018 Expiry Facility Utilised H1 £m £m £m 2019 £m EBITDA 12.2 11.3 Working capital facilities (UK) 12 month rolling/2021 35.5 24.0 Working capital changes (7.3) (5.0) Working capital facilities (US) 12 month rolling 2.3 0.7 Net interest (0.5) (0.4) Taxation (0.7
Slide 7: Group Strategic Vision
Group Strategic Vision To be recognised as a truly international business at the forefront of technology and innovation Strategic Objectives 1. Build value by focusing on markets with growth potential 2. Grow our international footprint 3. Differentiate through innovation and technology 4. Lead in o
Slide 8: Agriculture
Agriculture 8
Slide 9: UK Agriculture
UK Agriculture Performance Strategy Outlook • Extraordinarily dry and warm start to the winter • Lead in dairy nutrition • Unseasonable weather continued into March and April • Weather pattern has continued through winter • Strengthen current geographical and into spring position • Weather has been
Slide 10: Feed Blocks and Supplements
Feed Blocks and Supplements Performance Investment/Research International Growth • Global feed block sales volumes: • Shelbyville, Tennessee new low • Fill existing expanded capacity 0.5% decrease moisture block plant, excellent • New Zealand: direct sales operation performance • USA feed block sale
Slide 11: Engineering
Engineering
Slide 12: Engineering
Engineering Performance • Overall adjusted divisional operating profit up 45.1% • Improved performance in UK Manufacturing • Strong performance in USA Engineering • Short term impact of softer order book in Remote Handling Revenue 37.8% 44.4% • Contract wins across the division H119 (42.2%) (47.3%)
Slide 13: Engineering: UK Manufacturing and Remote Handling
Engineering UK Manufacturing Remote Handling • New management teams driving • Short term softer order book significant improvement in • Medium term outlook positive performance • Contract win USA $8.5m mainly • Strong order book and uplift in impacting 2020 – significant strategic opportunity pipeli
Slide 14: Engineering: USA Engineering and Divisional Outlook
Engineering USA Engineering Divisional Outlook • Strong performance in first half year • Strong order books across most of the division, offsetting short term softer order book in Remote Handling • Two significant MSIP® contract wins running to FY21 • Significant opportunities in the USA nuclear mar
Slide 15: Summary
Summary • Continued growth in first half despite challenging market conditions Agriculture Engineering • The warm and dry winter weather has impacted sales • Strong performance significantly ahead of prior year volumes • Strong performance in USA Engineering driven by • The impact on profitability h
Slide 16: Questions and Answers
Questions and Answers DELIVERING CONTINUED GROWTH 16
Slide 17: Appendices
Appendices 1. The Group | An Overview 2. Geographic Footprint
Slide 18: The Group An Overview
The Group An Overview International business focused on two sectors: Agriculture and Engineering Agriculture Engineering • Manufacture of molasses-based branded feed • A remote handling business designing and blocks for farm animals in the UK, Germany and manufacturing bespoke manipulators and robot
Slide 19: Geographic Footprint
Geographic Footprint International UK Locations Distribution • Head Office Agriculture • Agriculture Engineering • Engineering European Distribution Agriculture Engineering 19 19
Slide 20: Carr's Group plc
Carr’s Group plc Old Croft, Stanwix, Carlisle, Cumbria, CA3 9BA, UK Telephone: +44 (0) 1228 554600 Email: [email protected] carrsgroup.com