Fevara Plc · LSE:FVA

Fevara — Carr's Group — H1 2015 Earnings Presentation

19 slides from Fevara's earnings presentation, April 2015

  1. Slide 1: Interim Results Presentation April 2015

    Interim Results Presentation April 2015 CEO: Tim Davies Group FD: Neil Austin Carr’s Group plc, Old Croft, Stanwix, Carlisle, Cumbria UK Telephone +44 (0) 1228 554600 www.carrsgroup.com

  2. 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 Strategic delivery and future outlook 6 Q&A Page 2 2

  3. Slide 3: Results Overview

    Results Overview  Revenue decreased 2.8% to £208.6m (H1 2014: £214.7m)  EBITDA increased 4.9% to £12.3m (H1 2014: £11.7m)  Pre-tax profit increased 5.4% to £10.6m (H1 2014: £10.1m)  Adjusted EPS* increased 11.5% to 8.7p (H1 2014: 7.8p**)  First interim DPS increased 8.8% to 0.925p (H1 2014: 0.8

  4. Slide 4: Financial Review: Segmental Analysis

    Financial Review: Segmental Analysis H1 2015 (£m) H1 2014 (£m) % Change Segmental Revenue Agriculture 149.7 159.9 (6.4) Food 41.7 44.8 (6.8) Engineering 17.2 10.0 71.8 Other - - - Total Revenue 208.6 214.7 (2.8) Segmental Operating Profit Agriculture 7.4 7.2 2.8 Food 1.7 1.5 17.7 Engineering 1.6 1.8

  5. Slide 5: Financial Review: Balance Sheet

    Financial Review: Balance Sheet At 28 February 2015 At 30 August 2014 Change £m £m % Fixed assets 81.6 79.9 2.2 Net working capital 41.6 36.6 13.7 Assets employed 123.2 116.5 5.8 Pension surplus/(deficit) 1.2 2.1 Net debt (26.0) (24.6) 5.7 Tax provisions (3.8) (4.2) Net assets 94.6 89.8 5.3 Gearing

  6. Slide 6: Financial Review: Cash Flow

    Financial Review: Cash Flow H1 2015 H1 2014 Change Expiry Facility H1 2015 £m £m % £m £m Working capital facilities (UK) 12 month rolling/2019 38.0 12.4 EBITDA 12.3 11.7 4.9 Working capital facilities (US) 12 month rolling 1.0 0.3 Working capital changes (4.4) (5.9) Working capital facilities (EU) 1

  7. Slide 7: Group Strategic Vision

    Group Strategic Vision Vision To be recognised as a truly international business at the forefront of technology and innovation Page 7

  8. Slide 8: UK Agriculture

    UK Agriculture Performance  Feed sales 1.8% increase year on year – increased market share  Fuel sales 2.3% increase year on year – cross selling activities, market penetration  Machinery sales 7.9% decrease year on year – national tractor sales down 28%  Retail 8.3% increase year on year – inve

  9. Slide 9: UK Agriculture

    UK Agriculture Acquisitions  B E Williams, Wales – agricultural merchant, £1.1m, July 2014  Nicholls, Wales – agricultural merchant, £1.0m, October 2014 Integrated into the wider business and will be brought together as planned next year. Strategy  Geographical expansion into areas where our offe

  10. Slide 10: Feed Blocks

    Feed Blocks Performance  Overall sales volume growth 6.1% increase year on year (including JVs)  US sales volume 12.3% increase year on year  UK sales volume 5.7% decrease year on year  Europe sales volume 8.1% increase year on year Investment  Caltech and Scotmin, UK  Expansion of Scotmin man

  11. Slide 11: Feed Blocks

    Feed Blocks Developments  Megastart® and Quattro Mag® – UK  FlaxLic® – USA  Piglyx® – Europe  Horslyx® – expansion into USA International Plans  Europe  Growth in France, Spain, Italy and Scandinavia  New Zealand  Build new plant following sales growth, but delayed due to restructure in New

  12. Slide 12: USA Feed Block Plants

    USA Feed Block Plants  Severe drought through major beef producing states up to 2013  Drought situation improved up to 2015  The long term rebuilding of USA beef stocks has started  High price of beef drives recovery USA Drought Monitor 12 March 2013 24 March 2015 Page 12

  13. Slide 13: USA Feed Block Operations

    USA Feed Block Operations  Strategic location of feed block plants near beef populations  New feed block plants, Nevada 3, Iowa 5 and Tennessee 4 all located near significant cattle populations Cattle and Calves Inventory 2012 1 South Dakota Nevada 3 5 Iowa 1 AFS, Belle Fourche, South Dakota Tenne

  14. Slide 14: AminoMax®

    AminoMax® AminoMax® is a unique patented protein bypass feed product for high performance dairy cows. UK  3.8% decrease in sales year on year impacted by dairy feeding regime changes  Short term situation USA  28.6% increase year on year  New investment in plant capacity and efficiency complete

  15. Slide 15: Food

    Food Performance  Step change in financial performance of the Division continues  Kirkcaldy improvements continue – operational efficiencies  First half strong volumes – 6.1% increase year on year  Quality of flour excellent  Investment at Maldon in more ethnic flour production planned  New re

  16. Slide 16: Engineering

    Engineering Wälischmiller, Markdorf, Germany  Performance in line with plan  Investment  Showroom €800,000  New machines €277,000  Demo 2000 – acceptance testing later this year  UK nuclear opportunities developing  Japan and Russian markets more challenging  Telbot contribution recognised b

  17. Slide 17: Engineering

    Engineering Bendalls, Carlisle, UK  New management team embedded and performing well  Shah Deniz £9 million contract slow but now in full production, continues through to Spring 2016  Nuclear outlook at Sellafield positive with new business won Chirton, North Tyneside, UK  Decline in oil price h

  18. Slide 18: Carrs Engineering Plans

    Carrs Engineering Plans  Synergies  Chirton and Bendalls  Chirton and Wälischmiller  Bendalls and Wälischmiller  New design and engineering business being built in Carlisle  Focus on increased business starting to come out of Sellafield  Joint full package bids now being made  USA developmen

  19. Slide 19: Summary

    Summary  Record first half performance  Strength of the global feed block brands delivers record sales  Outstanding performance by USA feed block business  Investment in UK retail Country Store network drives retail growth  Evidence of recovery in UK nuclear industry  Growth maintained in the

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