Fevara Plc · LSE:FVA
Fevara — Carr's Group — FY2013 Earnings Presentation
19 slides from Fevara's earnings presentation, November 2013
Slide 1: New Horizons for Growth: Preliminary results presentation
NEW HORIZONS FOR GROWTH AGRICULTURE / FOOD / ENGINEERING Preliminary results presentation November 2013
Slide 2: Agenda
Agenda 1. Results Overview Tim Davies, CEO 2. Group Strategic Vision 3. Trading Overview 4. Divisional Review 5. Financial Review Neil Austin, Group FD 6. The Future Tim Davies, CEO 7. Questions 2
Slide 3: Results Overview
Results Overview • Revenue increased 15.8% to £468.1m (2012: £404.1m) • Pre-tax profit increased 21.5% to £15.9m (2012: £13.1m) • EBITDA increased 20.3% to £22.2m (2012: £18.4m) • Adjusted EPS increased 26.8% to 128.7p (2012: 101.5p) • Final DPS declared increased 13.8% to 16.5p (2012: 14.5p) • £22.
Slide 4: Group Strategic Vision
Group Strategic Vision Recognised as a truly international business at the forefront of technology and innovation Strategic Objectives Investing in people Seen and Acquisition Investment in assets that will shape recognised as strategy for growth to ensure long term business in ten leaders in and JV
Slide 5: Truly International
Truly International Growth internationally through the hard work of innovative people Carr’s is a truly international company with almost half its profit before tax being achieved outside the UK and distributing to over 30 countries worldwide. 5
Slide 6: Truly International
Truly International Growth internationally through the hard work of innovative people Carr’s is a truly international company with almost half its profit before tax being achieved outside the UK and distributing to over 30 countries worldwide. 6
Slide 7: Trading Overview
Trading Overview Agriculture Food Engineering • Weather benefit • Operating result • High levels of demand improvement continue in most of • Underlying growth the business • New Mill investment Research • Wälischmiller • Port facility project Brands Investment in • Flour market changes facilit
Slide 8: Animal Feed
Animal Feed Feed blocks • Research based branded products growth Crystalyx®, Horslyx®, Smartlic®, Feed in a Drum®, Megalix® • Sales growth across all markets – 9% increase • JV performance Crystalyx GmbH, Germany – strong performance Gold Bar, USA - profitable • Investment Silver Springs, Neva
Slide 9: Animal Feed
Animal Feed • AminoMax®, patented bypass protein Lancaster, UK - plant commissioned Watertown, New York, USA - expansion • Sales growth compound feed UK – 15% increase Benefit in associate – CBAL Operations • Weather impact of extended winter – £1.9m • Outstanding customer service during sever
Slide 10: Retail & Distribution
Retail & Distribution • Strategy for growth Upgraded and refurbished Country Stores: Carlisle, Perth, Berwick, Skipton and Settle Next 12 months Malton, Annan, Bakewell and Selkirk • Retail sales growth 23% increase New retail branch at Kendal and expansion of branch at Carlisle integrated w
Slide 11: Engineering
Engineering Wälischmiller, Germany • Research, investment and technology – driving force of the business • Factory and office development – £4.5m investment complete December 2013 • Development Telbot - Shell Robbie V1000 (Robbie) – Japanese IROS (International Robotics Fair) • Strong performanc
Slide 12: Engineering
Engineering MSM, UK • Excellent sales performance 2013 • Life of plant contract benefits in 2013 • Outlook – two year Sellafield ordering cycle will impact 2014 Bendalls, UK • Market – nuclear orders slow. Reliance on Oil and Gas market • Bechtel – issue resolved £0.5m impact 2013 • Outlook – short
Slide 13: Food
Food • New Mill investment completion – £17.0m investment complete • Performance – PBT 26.5% increase • Port location project – Previous £0.8m investment significant current and future impact • Market dynamics – market changing Northern England and Scotland • Service excellence – partnerships with c
Slide 14: Segmental Analysis
Segmental Analysis 2013 2012 Revenue PBT Revenue PBT £m £m £m £m Agriculture 340.4 8.8 293.8 8.1 Food 94.2 0.6 80.5 0.4 Engineering 33.4 4.2 29.7 4.7 Other 0.1 (0.4) 0.1 (1.0) 468.1 13.2 404.1 12.2 Retirement Benefit (0.2) (0.5) Associate & JVs (post tax) 2.9 1.4 15.9 13.1 EPS (p) – basic 128.7p 98.
Slide 15: Balance Sheet
Balance Sheet 2013 2012 £m £m Non-current assets 72.0 54.7 Current assets (excluding cash) 100.1 86.7 Cash 22.9 23.3 Total assets 195.0 164.7 Loans and borrowings (45.0) (25.8) Trade & other payables (63.3) (60.3) Tax & deferred tax (5.4) (5.3) Retirement benefit obligation (3.3) (5.4) Total liabili
Slide 16: Cash Flow
Cash Flow Year to Year to 31 August 2013 1 September 2012 £m £m Profit before tax 15.9 13.1 Share of post-tax profit from associate and JV’s (2.9) (1.4) Depreciation and amortisation 5.5 4.7 Non-cash adjustments 0.1 0.3 Pension contributions (2.9) (3.8) Working capital (9.0) (2.0) Tax paid (2.7) (2.
Slide 17: Banking & Net Debt
Banking & Net Debt Facility 2013 Expiry £m £m Working capital facilities (UK) 12 month rolling (32.0) (17.4) Working capital facilities (US) 12 month rolling (0.6) (0.4) Working capital facilities (Eu) 12 month rolling (3.4) - Term loans September 2015 (7.3) (5.7) Revolving credit facility November
Slide 18: The Future
The Future Group Strategic delivery Agriculture • Research • Lead in dairy nutrition • Investment in research • Innovation – IP • New markets • Consolidate UK position • Technology Food • Investment • Deliver benefits of new mill • People • Capitalise on market changes • Service excellence • Acquisi
Slide 19: Group Strategic Vision
Group Strategic Vision Recognised as a truly international business at the forefront of technology and innovation Strategic Objectives Investing in people Seen and Acquisition Investment in assets that will shape recognised as strategy for growth to ensure long term business in ten leaders in and JV