Rotork Plc · LSE:ROR
Rotork — H1 2005 Earnings Presentation
15 slides from Rotork's earnings presentation, Aug 3, 2005
Slide 1: Rotork plc Interim Results 3rd August 2005
Rotork plc Interim Results 3rd August 2005
Slide 2: Financial Highlights
INTERIM RESULTS - 2005 Financial Highlights • Turnover increased by 17% to £78.3m (2004: £66.8m) • Profit from operations increased by 17% to £16.2m (2004: £13.9m) • EPS 12.7p up 14% (2004: 11.1p) • Order intake 23% higher than first half 2004 • Record order book up 37% since December 2004 (excludin
Slide 3: Turnover by division
INTERIM RESULTS - 2005 Turnover by division 2005 2004 £m £m Electrics up 15.2% 58.2 50.5 Gears up 12.2% 9.3 8.3 Fluid system up 33.0% 13.3 10.0 Intersegmental elimination (2.5) (2.0) _____ _____ Total up 17.2% 78.3 66.8 The world leader in actuation solutions
Slide 4: Currency translation effect on turnover
INTERIM RESULTS - 2005 Currency translation effect on turnover 2005 2004 2004 2003 2002 H1 H1 FY FY FY Average rate US$ 1.85 1.82 1.83 1.66 1.52 €uro 1.46 1.49 1.46 1.44 1.58 US$ €uro 1.95 1.52 1.5 1.9 1.48 1.85 1.46 1.44 1.8 1.42 1.75 1.4 Dec Jan Feb Mar Apr May Jun Dec Jan Feb Mar Apr May Jun 2005
Slide 5: Currency translation effect on turnover
INTERIM RESULTS - 2005 Currency translation effect on turnover 2005 2004 2004 2003 2002 H1 H1 FY FY FY Average rate US$ 1.85 1.82 1.83 1.66 1.52 €uro 1.46 1.49 1.46 1.44 1.58 Effect on turnover US$ reduced turnover by £(0.6)m €uro increased turnover by £ 0.5 m Other currencies increased turnover by
Slide 6: Profit from operations
INTERIM RESULTS - 2005 Profit from operations 2005 2004 £m £m Electrics up 19.5% 14.5 12.2 Gears up 23.2% 1.9 1.5 Fluid system down 18.9%* 0.8 1.0 Unallocated (1.0) (0.8) _____ _____ Total up 17.0% 16.2 13.9 Group return on sales 20.7% 20.8% * After deduction intangible write down of £0.2m under IFR
Slide 7: Income Statement – currency effect
INTERIM RESULTS - 2005 Income Statement – currency effect 2005 2004 £m £m Profit from operations 16.2 13.9 Translation impact - - Transaction impact (0.2) - _____ _____ Profit from operations at 2004 rates 16.0 13.9 Effective profit increase at constant currency +15.1% The world leader in actuation
Slide 8: Income Statement
INTERIM RESULTS - 2005 Income Statement 2005 2004 £m £m Turnover as reported +17.2% 78.3 66.8 Profit from operations +17.0% 16.2 13.9 Profit before tax +14.2% 16.3 14.2 Earnings per share +14.4% 12.7p 11.1p Effective tax rate: 2005 H1 33.0% 2004 FY 33.4% Dividend +10.2% 5.90p 5.35p The world leader
Slide 9: IFRS impact on profit before tax
INTERIM RESULTS - 2005 IFRS impact on profit before tax Interim Interim Full year 2005 2004 2004 £000 £000 £000 UK GAAP PBT before goodwill 14,168 31,784 Adoption of FRS17 / IAS19 204 ______ ______ UK GAAP PBT before goodwill +14.9% 16,517 14,372 31,784 Share scheme adjustments (45) 33 12 Developmen
Slide 10: Debtors
INTERIM RESULTS - 2005 Debtors June Dec. Dec. Dec. Dec. 2005 2004 2003 2002 2001 Total trade debtors £31.1m £34.1m £29.0m £28.8m £30.3m Days sales outstanding 62 days 58 days 67 days 70 days 75 days PCI debtors at June 2005 £1.2m Sales May and June 2005 £28.2m Sales November and December 2004 £33.1m
Slide 11: Working capital
INTERIM RESULTS– 2005 Working capital June Dec. 2005 2004 £m £m Inventory 26.3 21.0 • Growth of IQT manufacture in USA • High level of goods in transit • High level of WIP on large projects • PCI stock at June 2005 £1.2m • Currency impact +£0.4m The world leader in actuation solutions
Slide 12: Cashflow Summary
INTERIM RESULTS - 2005 Cashflow Summary 2005 2004 £m £m Operating Profit 16.2 13.9 Depreciation & amortisation 1.9 1.4 _____ _____ 18.1 15.3 Working capital movement (1.8) (3.9) Pension charge versus cash paid (0.8) (0.2) Cash flows from financing and interest 1.3 0.7 _____ _____ Cash inflows 16.8 1
Slide 13: Cashflow Summary
INTERIM RESULTS - 2005 Cashflow Summary 2005 2004 £m £m Cash inflows 16.8 11.9 Outflows Dividends (8.3) (13.2) Pension contribution - (5.0) Taxation (3.9) (3.6) Capital expenditure (0.8) (1.9) Purchase/issue own shares (0.4) (0.4) __________ __________ Net cash flow before acquisitions 3.4 (12.2) Ac
Slide 14: PCI acquisition
INTERIM RESULTS - 2005 PCI acquisition Completion 2 March 2005 Purchase price € 9.8 million (up to €0.7m still to pay) Results March to June 2005 £000 €000 Turnover 2,116 3,114 EBIT 273 399 Less: IFRS3 amortisation of opening order book intangible (151) (221) Impact on Group Balance Sheet Adds £4.3m
Slide 15: Rotork plc Interim Results 3rd August 2005
Rotork plc Interim Results 3rd August 2005