Fevara Plc · LSE:FVA
Fevara — Carr's Group — FY2018 Earnings Presentation
21 slides from Fevara's earnings presentation, November 2018
Slide 1: Preliminary Results Presentation
Preliminary Results Presentation November 2018 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 16.5% to £403.2m (2017: £346.2m) • EBITDA increased 40.1% to £18.8m (2017: £13.4m) Continuing Operations • Underlying operating profit* increased 44.4% to £17.5m (2017: £12.1m) • Underlying profit before tax* increased 45.2% to £16.6m (2017: £11.4m) • Basic EPS i
Slide 4: Financial Review: Segmental Analysis
Financial Review Segmental Analysis 2018 (£m) 2017 (£m) % Change Segmental revenue: Agriculture 359.6 315.9 13.8 Engineering 43.6 30.3 43.6 Total revenue 403.2 346.2 16.5 EBITDA 18.8 13.4 40.1 Segmental underlying operating profit: Agriculture 13.4 11.5 16.9 Engineering 4.1 0.6 533.5 Total underlyin
Slide 5: Financial Review: Balance Sheet
Financial Review Balance Sheet At 1 September 2018 At 2 September 2017 % Change £m £m Fixed assets 86.4 82.4 4.8 Net working capital 43.9 36.8 19.0 Assets employed 130.3 119.2 9.2 Pension surplus 10.1 5.2 94.8 Net debt (15.4) (14.1) 8.6 Tax provisions (4.0) (4.4) (8.0) Net assets 121.0 105.9 14.2 Ge
Slide 6: Financial Review: Cash Flow
Financial Review Cash Flow 2018 2017 Expiry Facility Utilised £m £m £m 2018 £m EBITDA 18.8 13.4 Working capital facilities (UK) 12 month rolling/2021 35.5 19.4 Working capital changes (4.7) 1.6 Working capital facilities (US) 12 month rolling 0.8 0.1 Net interest (1.0) (0.7) Working capital faciliti
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
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Slide 9: UK Agriculture
UK Agriculture Performance Strategy Outlook • Manufactured feed volumes: 8.7% increase • Lead in dairy nutrition • Improved farm incomes expected in tonnes sold, in line with national average to be sustained in near term • Strengthen current geographical • Machinery: 7.8% increase in total revenues.
Slide 10: Feed Blocks
Feed Blocks Performance Investment/Research International Growth • Global feed block sales volumes • Shelbyville, Tennessee new low • Fill existing expanded capacity up 15.0% moisture block plant, $4.6 million, • New Zealand: volumes growing in completed December 2017 • USA sales volumes increase: o
Slide 11: Animax Limited
Animax Limited Acquisition September 2018 Background Rationale Plan • Established in 1982, located at • Animax will remain a stand-alone • Strategically important acquisition Stanton, Bury St Edmunds, Suffolk business within Carr’s, sitting • Integration of the business underway alongside our AminoM
Slide 12: Engineering
Engineering
Slide 13: Engineering
Engineering Performance • Overall adjusted divisional operating profit up 533% • Appointment of Divisional Managing Director • UK Manufacturing recovered strongly • Strong performance in Remote Handling 44.7% Revenue 42.2% • Successful Integration of NuVision, acquired August 2017 • Disposal of asso
Slide 14: Engineering: UK Manufacturing and Remote Handling
Engineering UK Manufacturing Remote Handling • Revenues of £18.4m versus £13.0m • Revenues of £19.5m versus £17.1m in FY17 in FY17 • Strong recovery in underlying market, • Performance in line with expectations helped by oil price stability • Substantial orders delivered into China, • Strong order b
Slide 15: Engineering: USA Engineering and Divisional Outlook
Engineering USA Engineering Divisional Outlook • Revenues of £5.7m versus £0.2m in FY17 • Strong order books across most of the Division, offsetting softer order book in Remote Handling following large • Presence established in USA through acquisition of NuVision deliveries into China • Strong perfo
Slide 16: Summary
Summary • Strong financial performance in the year across Agriculture and Engineering • UK agricultural market conditions improved • USA livestock market recovered as expected • Strong order books in Engineering • USA Engineering successfully integrated and performing well • Acquisition of Animax •
Slide 17: Questions and Answers
; a. Questions and Answers Carr’s .' Group pic <4 DELIVERING GROWTH
Slide 18: Appendices
Appendices 1. The Group | An Overview 2. Geographic Footprint
Slide 19: 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 20: Geographic Footprint
Geographic Footprint International UK Locations Distribution • Head Office Agriculture • Agriculture Engineering • Engineering European Distribution Agriculture Engineering 20 20
Slide 21: 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