A great British story
February 2018
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A great British story February 2018 1 Disc iscla laim imer This - - PowerPoint PPT Presentation
A great British story February 2018 1 Disc iscla laim imer This presentation has been prepared by National Milk Records plc ("the " Company ") and is for information purposes only. This presentation does not constitute an
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This presentation has been prepared by National Milk Records plc ("the "Company") and is for information purposes only. This presentation does not constitute an
any securities of the Company and should not be considered as a recommendation, invitation or inducement that any investor should subscribe for, dispose of or purchase any such securities or enter into any other transaction with the Company or any other person. The merits and suitability of any investment action in relation to securities should be considered carefully and involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities. This presentation is not a financial promotion, and nor has it been approved as such, for the purposes of section 21 of the Financial Services and Markets Act 2000 (‘‘FSMA’’). Reliance on the contents of this presentation for the purpose of engaging in any investment activity may expose you to a significant risk
recommended to seek your own financial advice immediately from an appropriately authorised stockbroker, bank manager, solicitor, accountant or other independent financial adviser who, if you are taking advice in the United Kingdom, is duly authorised under the FSMA. This document may not be distributed, published, reproduced or otherwise made available to any other person, in whole or in part, for any purposes whatsoever. In particular, it should not be distributed to or otherwise made available to persons with addresses in Canada, Australia, Japan, the Republic of South Africa, the Republic of Ireland or the United States, its territories or possessions or in any other jurisdiction outside of the United Kingdom where such distribution or availability may lead to a breach of any law or regulatory requirements. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. All views expressed in this presentation are based on financial, economic, market and other conditions prevailing as of the date of this presentation. The Company does not undertake to provide access to any additional information or to update any future projections, management targets, estimates or assessment of future prospects or any other forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation, or to correct any inaccuracies in this presentation which may become apparent. Past performance is not indicative of future results and forward-looking statements are not guarantees of future performance. No representation or warranty (express or implied) of any nature is given nor is any responsibility or liability of any kind accepted by the Company or any of its directors,
warranty (expressed or implied), omissions, errors or misstatements in this presentation, or any other written or oral statement provided. In particular, no responsibility or liability is or will be accepted and no representation or warranty is or is authorised to be given as to the accuracy, reliability or reasonableness of any forward-looking statement, including any future projections, management targets, estimates or assessments of future prospects contained in this presentation, or of any assumption or estimate on the basis of which they have been given (which may be subject to significant business, economic or competitive uncertainties and contingencies beyond the control of the management of the Company). You should not place any reliance on forward-looking statements. Any such forward-looking statements have not been independently audited, examined or otherwise reviewed or verified and nothing in this presentation should be construed as a profit forecast. By accepting this document you will be taken to have warranted, represented and undertaken to the Company that: (a) you have read, agree to and will comply with the terms of this disclaimer; and (b) you will conduct your own analyses or other verification of the data set out in this document and will bear the responsibility for all or any costs incurred in doing so. You shall not use this presentation or the information contained herein in any manner detrimental to the Company.
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Genomics testing to optimise farmers herds and product.
Leading supplier of milk recording services to diary farms. Provides management information on a cow’s performance.
Provides payment and quality testing for major milk processors and retailers.
Joint Venture with Progressive Genetics based in Ireland.
Development business building service provision in the red meat sector.
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29.70% 19.80% 13.90% 10% 6.60% 20% WCM LIC Utilico Genus plc High Net Worths Other
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Trevor has over 10 years experience as a non-executive director on various dairy industry boards and is a partner in a dairy farming business, currently milking 380 cows in North Wales. He was appointed by the Minister for Farming to serve on the Milk Development Council from 2003-2007 and then Dairy Co. from 2006-2009 and was also Chairman of MDCel. He has extensive experience of agricultural politics serving for 15 years in various industry organisations including the National NFU Dairy Board, Welsh NFU Dairy Board and the NFU Welsh Council. Trevor is currently a regional director of the NFU Mutual Insurance Society Ltd.
Andy joined NMR as the Managing Director in 2002 and at the same time joined the Milk Pension Fund acting as a Trustee. He acted as the Chairman of the Milk Pension Fund between 2009 and 2013. Andy’s previous managerial roles include the European Managing Director of TNT Container Logistics and Managing Director of Arca Systems UK. Andy graduated with a BSC in Applied Biology. Whilst at NMR Andy has managed the process by which the business has restructured to focus on its core competence in milk recording and built a new business offering based on payment testing.
Mark joined NMR in September 2016. He qualified as an accountant in 1993, and has experience across a broad range of industries, including FMCG, telecoms and motor trade. In 2005 Mark joined Milk Link as a Director of Finance, having senior responsibility for financial stewardship and restructuring during a time of critical changes in the UK dairy
management accountants becoming FCMA.
Philip has 35 years experience as a non-executive director in the agricultural sector. He is currently a non- executive director of the Wynnstay group Plc, an AIM listed diverse agricultural and retail supply business, Meadow Quality Ltd, a multi-species livestock marketing organisation and chairman of M & R Kirkham & Sons Ltd, a dairy farming business based in the West Midlands. He has been past non-executive chairman of Avoncroft Cattle Breeders Ltd and WQC.
Mike was CEO of First Milk Limited, the UK’s largest Dairy Cooperative, and Managing Director of Mars Petcare, part of Mars Inc. He also worked in regional leadership positions in both Asia Pacific and Europe. Mr Gallacher holds an honours degree in Economics and attended the Royal Military Academy Sandhurst, serving for eight years as a
Mark has over 20 years experience working in the City, he was an executive director of GPG (UK) Holdings plc as well as a non-executive director for a number of public and private companies. He has wide experience in international accounting, corporate finance and banking transactions and has served on the Boards of Autologic Holdings plc, Newbury Racecourse plc and Nationwide Accident Repair Services plc. He graduated with a Bachelor of Commerce degree from the University of Cape Town and qualified as a Chartered Accountant in South Africa.
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potential 10% increase in production
and provenance
milk pools on behalf of the retailers
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6ME 6ME 6ME £'000 31-Dec-17 30-Jun-17 31-Dec-16 Turnover 10,532 10,474 9,875 EBITDA 1,187 965 673 Adjusted EBITDA (*) 1,187 1,037 845 Adjusted EBITDA % 11.3% 10.3% 9.0% EPS (pence) 3.7
4.9 Net Assets 1,043 270 2,558 Net Debt
1,809 Net Debt: EBITDA (times) 1.4 2.0
(*) Adjusted EBITDA and Adjusted EBITDA % exclude earnings and revenues for Inimex Genetics and so compare on a like-for- like basis
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As at 31-Dec-17 As at 31-Dec-16 Var As at 30-Jun-17 £'000 £'000 £'000 £'000 Non-Current Assets 3,461 3,686
3,427 Current Assets 5,372 5,731
5,381 Total Assets 8,833 9,417
8,808 Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets 1,043 2,558
270 Funded by Share Capital & Reserves 9,377 852 8,525 9,377 Profit and Loss Account
1,706
Shareholders' funds 1,043 2,558
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6ME 31-Dec-17 6ME 31-Dec-16 Var 15ME 30-Jun-17 £'000 £'000 £'000 £'000 Cash from operations before Milk Pension Fund 1,085 600 485 (9,581) Milk Pension Fund payments / settlements
457 (3,500) 1,085 143 942 (13,081) Cash flows from investing activities (198) (295) 97 (977) Cash flows from financing activities (582) (110) (472) 12,112 Net increase in cash and cash equivalents 305 (263) 567 (1,946) Cash at beginning of period 459 2,645
Cash at end of period 764 2,383 567 459
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