Bravura Solutions Limited · ASX:BVS
Bravura Solutions — FY2011 Earnings Presentation
24 slides from Bravura Solutions's earnings presentation, August 2011
Slide 1: Investor Presentation – 2011 Financial Results
Investor Presentation – 2011 Financial Results Full Year ended 30 June Tony Klim, Chief Executive Officer Rebecca Norton, Chief Financial Officer August 2011
Slide 2: Agenda
AGENDA Group highlights FY2011 financial results Group strategy and core business Transfer Agency Wealth Management Summary Questions & Answers 2 2 Investor Presentation
Slide 3: Group highlights
Group highlights
Slide 4: Highlights
Highlights Strong financial position for long-term future growth Strong EBITDA growth from $10m in FY2010 to $19m in FY2011 Operating cash flow of $16m represents growth of 13% on prior year Strong client sales and retention (despite weak financial markets) Two new Sonata sales in Australi
Slide 5: FY2011 financial results
FY2011 financial results
Slide 6: FY2011 financial performance
FY2011 financial performance Constant Constant Actual Actual Currency1 Currency (A$m) FY10 FY11 FY11 Chg. (%) Chg. (%) Revenue 2 101.4 120.7 130.5 28.7 19.0 Revenue excluding licence fees 94.4 117.4 127.0 34.6 24.4 Expenses 91.4 101.6 108.4 18.7 11.3 EBITDA 10.0 19.0 22.0 120.0 90.3 EBITDA excluding
Slide 7: Revenue growth
Revenue growth Revenues (A$m) 130.5 120.7 101.4 EBITDA grew by 90% due to continued strength in underlying business and addition of MFT revenue Two new sales of Sonata FY10 FY11 FY11 Constant Currency contributed licence and related EBITDA services revenue (A$m) 22.0 19.0 Predictability of rev
Slide 8: Revenue summary
Revenue summary Geography Industry/product line Lines of business (A$m) (A$m) (A$m) Licence & 3.5 New Zealand 6.0 Other 3.9 Asia Transfer Agency 26.5 52.0 Australia Professional Services 76.9 EMEA/UK Maintenance 84.3 /Managed Wealth Services Management 65.2 43.8 FY11 FY11 FY11 8 Investor Presentatio
Slide 9: Operating cost management
Operating cost management FTE, revenues and labour related costs $A000s 650 300.0 600 250.0 Labour related costs per FTE 241 206 550 185 206 200.0 continued to reduce 500 150.0 155.0 450 117.9 400 114.5 112.9 100.0 Continued focus on discretionary 350 555 548 586 586 50.0 cost management 300 - F
Slide 10: Balance sheet
Balance sheet A$m Jun-10 Jun-11 Assets Cash 6.5 3.7 Borrowings & deferred Other current assets 28.5 31.7 consideration reduced by 40% Intangible assets 154.6 121.0 Other non-current assets 26.3 17.4 Impairment charge of $20.9m Total assets 216.0 173.8 taken after review of intangibles - Liabilit
Slide 11: Funding profile
Funding profile Drawn Facility limit down value Due Date (m) (m) Working capital facility AUD revolving tranche facility $ 8.3 $ 1.2 Dec 2012 GBP revolving tranche facility £ 3.5 £ - Dec 2012 Amortising term facility AUD term tranche facility $ 4.4 $ 4.4 Dec 2012 GBP term tranche facility £ 13.1 £ 1
Slide 12: Group strategy and core business
Group strategy and core business
Slide 13: Group strategy
Group strategy Continue successful roll out of Sonata in wealth management and life insurance markets Build on strategic relationships with global securities services clients by adding further products and services to their administration model Enhance their customer proposition and provide Br
Slide 14: Core business
Core business Implement, support and maintain back office data record keeping software and managed services across Transfer Agency and Wealth Management divisions Transfer Agency Management of all aspects of investor record keeping in relation to investors purchasing, redeeming and account bal
Slide 15: Transfer Agency
Transfer Agency
Slide 16: Transfer Agency
Transfer Agency Market share increasing with over 80% of budgeted revenue contracted Continue to drive international opportunities and support major Transfer Agency clients in their global expansion Support further platform consolidation within existing client base Penetrate less mature mark
Slide 17: Global clients and new markets
Global clients and new markets Current client base will assist in enabling entry into new and emerging markets Further develop managed services model with global clients by extending Bravura’s footprint of products and services into their existing platforms Drive further revenue generation ari
Slide 18: Wealth Management
Wealth Management
Slide 19: Wealth Management
Wealth Management Sonata, our new technology platform based on Service Oriented Architecture (SOA), is now successfully rolled out and will underpin the Wealth Management division growth Well positioned to capitalise on industry trends and regulatory changes in Australia, UK and Asia Particula
Slide 20: UK growth opportunities
UK growth opportunities Third Party Administrators (TPA) Regulatory changes and the need to rapidly enter the market without large system build and costs will force more platform providers towards TPA’s Build on relationships with existing TPA provider, Scottish Friendly Well positioned to e
Slide 21: Emerging markets
Emerging markets Celent research predicts that insurance companies will move away from agency based distribution towards a more diverse ‘multi-channel’ distribution model, i.e. banks, direct sales, financial advisors Bravura is well positioned to provide technology solutions to align with these
Slide 22: Summary
Summary
Slide 23: Key summary points
Key summary points Strong financial and cash position for growth EBITDA profitable without licence sales Improved quality of earnings and level of contracted revenues Strong long-term relationships with blue chip clients Successful roll out of wealth management platform, Sonata Driving n
Slide 24: Q&A
Q&A