FINAL RESULTS PRESENTATION for the year ended 31 March 2019 - - PowerPoint PPT Presentation

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FINAL RESULTS PRESENTATION for the year ended 31 March 2019 - - PowerPoint PPT Presentation

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FINAL RESULTS PRESENTATION for the year ended 31 March 2019 Presented by Arnold Goldstone (Chief Executive Officer) Agenda 01 First things first 02 The period in perspective 03 Divisional review Capital Equipment Group (CEG) Engineering

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FINAL RESULTS PRESENTATION

for the year ended 31 March 2019 Presented by Arnold Goldstone (Chief Executive Officer)

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2 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Agenda

The period in perspective

02

Divisional review

03

Group financial overview

04

Prospects and strategy

05

Appendix

06

Capital Equipment Group (CEG) Engineering Solutions Group (ESG)

First things first

01

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3 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

First things first

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4 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

First things first

1. SARS settlement

  • SENS announcement 27 September 2018
  • R750m full and final settlement – due and payable over four years:

› R300m in October 2018 › R100m x 3 payments October 2019, October 2020 and October 2021 (total R300m) › R150m in October 2022 (final) › Fully provided for at 31 March 2019 - R550m in prior years, R200m in FY 2019

  • Have paid R450m to date (R150m more than planned)
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5 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

First things first (continued)

2. Effect of IFRS changes

  • IFRS 9

› FY 2018: Decrease in opening retained earnings of R5.6m › FY 2019: not material

  • IFRS 15: No significant impact
  • IFRS 16: Coming in next year. Effect on the FY 2019 figures (which will be

comparatives next year) disclosed in AFS notes.

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6 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

First things first (continued)

3. Cash flow and dividends

  • Cash generation has been in line with prior year, but tax settlement this year has

resulted in higher gearing

  • Board prefers to conserve cash (improve gearing; market conditions tough; may be

acquisition opportunities)

  • Hence no final dividend declared
  • Will resume normal dividend policy as cash flow allows
  • Normal dividend policy is:

› 3.50 x dividend cover at interims; and › 2.75 x dividend cover at year end

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7 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

First things first (continued)

4. Early retirement of CEO

  • April 2019 the company announced retirement of the Group CEO (Arnold Goldstone)
  • n 31 December 2019 due to relocation.
  • Appointment of replacement is imminent
  • Management strengthened by:

› Appointment of CFO (Nazlee Rajmohamed) on 1 July 2018 › New CEO was appointed to BMG (major part of ESG) to free Gavin Pelser to focus

  • n his role of ESG CEO

› CEG CEO (Tony Sinclair) employment confirmed post his retirement in July 2019

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8 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

First things first (continued)

5. Revision of write off period of agency (franchise) rights (Other Intangible Assets)

  • New auditors (EY) appointed in January 2019
  • As a consequence of a first-year audit, the application of all accounting policies and

estimations were rigorously checked as part of the year-end process

  • The amortization period of Other Intangible Assets has been reassessed
  • Resulted in restatement of Retained Earnings at 31 March 2018 of R216m and Assets

and Liabilities of R216m

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9 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

The year in perspective

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10 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Revenue

↑ 5%

to R10.4 billion

Operating profit

↓ 18%

to R690 million

Headline earnings per share

↑ 93%

to 112 cents

Results at a glance

Tough markets, satisfactory results excluding anomalies

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11 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Profit before tax

↓ 15%

to R614 million

NAV per share

↑ 7%

to 4085 cents to 3420 cents

TNAV per share

↑ 9%

Results at a glance (continued)

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12 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Results at a glance (continued)

3 New acquisitions

R331m

Share price 21 June 2019

R24.65

40 % discount to NAV 28 % discount to TNAV

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13 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

The period in perspective

Exchange rate volatility USD to ZAR chart Opening: 11.85610 Closing: 14.34217 17% weaker in 12 months, with volatility

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14 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

The period in perspective (continued)

Source: SASFIN

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15 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

The period in perspective (continued)

Source: Stats SA (data as at June 2019)

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16 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

The period in perspective (continued)

Source: Financial Mail May 2019

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17 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Divisional review

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18 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Divisional structure

  • Northmec
  • New Holland*
  • CSE
  • Doosan
  • HPE
  • ESP
  • Landboupart
  • Criterion
  • Shamrock
  • Kian Ann Group

Capital Equipment Group CEG

  • BMG
  • Hansen
  • OST
  • Fenner
  • Rustenburg Engineering
  • Joerg Foundry
  • Belt Brokers
  • Man-Dirk
  • SA Tool
  • Sibuyile
  • Toolquip & Allied
  • F&H Machine Tools
  • Autobax
  • Driveshaft Parts
  • Hyflo

Importer & distributor of agricultural equipment, construction equipment, forklifts and aftermarket replacement spare parts

Leading distributor of engineering consumables services and provider of engineering solutions

Engineering Solutions Group ESG

* Spare parts

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19 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Revenue contribution by operating segment (R’m) (excluding Head Office)

4 209 4 299 4 665 4 559 5 238 4 607 4 484 4 955 5 074 4 831 2 000 4 000 6 000 8 000 10 000 12 000 MAR 2015 MAR 2016 MAR 2017 MAR 2018 MAR 2019

R'million

Chart Title

10,069

52% 48%

ESG CEG

8,816 8,783 9,620 9,633

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20 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Operating profit contribution by operating segment before forex costs (R’m)

(excluding Head Office)

(53%) 48% 52%

ESG CEG

499 406 486 479 342 457 362 426 452 374

200 400 600 800 1000 1200 MAR 2015 MAR 2016 MAR 2017 MAR 2018 MAR 2019

R'million

Chart Title

956 768 912 931 716

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21 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Revenue contribution by region

(excluding Head Office)

18% 5% 76% Asia Other South Africa

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22 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Revenue contribution by sector

(excluding Head Office)

(63%) (5%)

(16%) (11%) (14%) (29%)

23% 17% 16% 12% 4%

Agriculture & Forestry Mining Construction Manufacturing & Industry Automotive

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Capital Equipment Group

DIVISIONAL REVIEW

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24 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Review of 2019

  • Markets are challenging with major pressure on equipment margins
  • Good cash generation
  • Working capital under control
  • Agriculture
  • Customer liquidity issues
  • Value of land (expropriation of land) making it difficult for farmers to gear against

farms

  • Low maize prices
  • High value of used equipment in the market
  • Construction
  • Major construction companies not buying; many in business rescue
  • Large number of small companies emerging
  • Bank financing for the sector remains difficult
  • Forklifts (logistics)
  • Market stable
  • Aftermarket spare parts
  • Holding up

Revenue 5% Operating profit before foreign exchange movements 17%

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25 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Review of 2019 (continued)

Divisional Performance:

  • Agriculture
  • Market share for CaseIH Tractors and Combine Harvesters increased
  • Retained large portion of the New Holland spare parts business
  • New equipment business restricted by value of trade ins
  • Construction
  • Retained and grown market share in some sectors with volumes up on last year
  • All construction equipment companies profitable and exceeding last years performance
  • Forklifts (Logistics)
  • Forklift import units down for the whole market by 5% (no sales stats available for market)
  • Profitable and additional investments of R45m to increase long and short term rental fleet
  • Aftermarket spare parts
  • S.A. Construction machinery parts business maintained margins and in line with last year
  • South East Asia performed within expectations under improved market conditions
  • S.A. Agriculture aftermarket spare parts performed well under the circumstances
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26 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Chief Executive Officer Tony Sinclair

Northmec NHSA Landboupart Doosan HPE Africa CSE Criterion Shamrock ESP Kian Ann

Management structure

MD Ross Collard MD Brenton Kemp MD Andrew Grobler MD Alex Ackron MD Johan van der Merwe MD Marius Schutte DH David Visser MD Darrel Holton DH Danie van Aswegen MD Loy Soo Chew

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27 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Final results summary 31 March 2019

Revenue (R’m) Operating profit margin (%) Net operating assets (R’m) Operating profit before interest on financing transactions and foreign exchange movements (R’m)

First Half Second Half

2 380 2 556 2 517 2 575 2 518 2 314 1 000 2 000 3 000 4 000 5 000 6 000 MAR 2017 MAR 2018 MAR 2019

4 955 5 074 4 831

219 218 187 251 234 186 100 200 300 400 500 600 MAR 2017 MAR 2018 MAR 2019

470 452 373

2306 2338 2769

1 800 2 050 2 300 2 550 2 800 3 050 3 300 MAR 2017 MAR 2018* MAR 2019

9.2% 8.5% 7.4% 9.7% 9.3% 8.0%

MAR 2017 MAR 2018 MAR 2019

9.5% 8.9% 7.7%

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28 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Agriculture 30.9% Construction 20.1% Logistics 5.3% Parts 43.7%

Revenue contribution by market sector

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29 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Parts 75.3% Equipment 21.7% Rent 3.0%

Gross profit value contribution by income stream

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30 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

  • Agriculture equipment volumes
  • Tractors

18%

  • Combines

7%

  • Sprayers 8%
  • Construction equipment volumes
  • TLB’s

17%

  • Skidsteers

36%

  • Excavators

8%

  • Loaders

5%

Equipment volumes (South Africa)

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31 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019 1500 1700 1900 2100 2300 2500 2700 2900 3100 3300 3500 01-Jan-18 12-Jan-18 23-Jan-18 03-Feb-18 14-Feb-18 25-Feb-18 08-Mar-18 19-Mar-18 30-Mar-18 10-Apr-18 21-Apr-18 02-May-18 13-May-18 24-May-18 04-Jun-18 15-Jun-18 26-Jun-18 07-Jul-18 18-Jul-18 29-Jul-18 09-Aug-18 20-Aug-18 31-Aug-18 11-Sep-18 22-Sep-18 03-Oct-18 14-Oct-18 25-Oct-18 05-Nov-18 16-Nov-18 27-Nov-18 08-Dec-18 19-Dec-18 30-Dec-18 10-Jan-19 21-Jan-19 01-Feb-19 12-Feb-19 23-Feb-19 06-Mar-19 17-Mar-19 28-Mar-19 08-Apr-19 19-Apr-19 30-Apr-19 11-May-19 22-May-19 02-Jun-19

ZAR per ton

Maize - Safex Prices 2018/19

Yellow Maize White Maize

Yellow/white maize prices/ZAR

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32 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019 3400 3600 3800 4000 4200 4400 4600 4800 01-Jan-18 01-Dec-18

ZAR per ton

Wheat - Safex Prices 2018/19

Wheat

Wheat prices/ZAR

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33 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Outlook

Take advantage of the opportunities in each market sector by:

  • Securing aftermarket business
  • Selling volumes of machines to secure annuity business (spare parts)
  • Improve efficiencies within the group – stock turns, expense control etc.
  • Implement new ERP system
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Engineering Solutions Group

DIVISIONAL REVIEW

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35 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Review of 2019

Revenue 15% Operating profit before foreign exchange movements 29%

Divisional Performance:

  • BMG
  • Below expectations due to H2 decline & demand and margin pressures
  • Autobax
  • Met expectations
  • ManDirk Group
  • Disappointing performance with challenges post acquisition of Tool Quip & Allied and F&H with continued

decline in the sectors and pressures on margins

  • Hyflo
  • Continued lack of projects resulting in integration into BMG
  • African Operations
  • Mozambique
  • Exceeded expectations and opened a new branch in Pemba
  • Solid performance across all other countries in Africa
  • Working Capital
  • Stock cover improved
  • Debtors under pressure – market pressure forcing extended payment terms
  • Debtors > R250 000.00 insured
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36 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Management structure

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37 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Highlights 2018/2019

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38 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Noteworthy milestones 2018/2019

  • Belt Brokers (Acquired 1 September 2018 ) – Performed well
  • Joerg Foundry & Rustenburg Engineering
  • Securing strategic supply of cast iron products
  • Drive Shaft Parts Group (Acquired 1 December 2018)
  • South Africa
  • UK
  • Poland
  • Ukraine
  • Spain

First expansion into Europe

  • Integration of Hyflo into BMG
  • ManDirk Group restructure & S4S initiative
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39 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Final results summary 31 March 2019

Revenue (R’m) Operating profit margin (%) Net operating assets (R’m) Operating profit before interest on financing transactions and foreign exchange movements (R’m)

2 346 2 270 2 564 2 319 2 289 2 675 1 000 2 000 3 000 4 000 5 000 6 000 MAR 2017 MAR 2018 MAR 2019

4 665 4 559 5 239

241 202 208 239 277 134 100 200 300 400 500 600 MAR 2017 MAR 2018 MAR 2019

480 479 342

10.3% 8.9% 8.1% 10.3% 12.1% 5.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% MAR 2017 MAR 2018 MAR 2019

10.3% 10.5% 6.5%

2 039 2 181 2 255 1 900 1 950 2 000 2 050 2 100 2 150 2 200 2 250 2 300 MAR 2017 MAR 2018 MAR 2019

First Half Second Half

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40 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Revenue analysis 31 March 2019

  • Strategy of market differentiation by:
  • complementing product distribution with

technical expertise

  • African revenue growing as a % of ESG

revenues

(65%) (88%) 63% 37%

Consumables Engineering

87% 12% 1%

South Africa Africa Other

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41 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Sales by industry sector 31 March 2019

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42 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Group financial overview

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43 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Revenue (R’m)

5 270 4 389 4 727 5 041 5 284 5 190 4 410 4 905 4 953 5 166

2 000 4 000 6 000 8 000 10 000 12 000 MAR 2015 MAR 2016 MAR 2017 MAR 2018 MAR 2019

First half Second half

9 632 9 994* 10 450 8 799 10 460

* Re-presented

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44 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Operating profit

Operating profit before interest on financing transactions and foreign exchange movements (R’m)

**Excluding once-off items

Operating margin (%)

377 440 426 403 372 611 479 296 34

200 400 600 800 1 000 1 200 MAR 2016 MAR 2017 MAR 2018 MAR 2019

First half Second half Once off

783 1 051 905* 699

9.4% 8.6% 8.5% 7.6% 8.4% 12.5% 9.7% 5.7%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% MAR 2016 MAR 2017 MAR 2018 MAR 2019

First half Second half

8.5%** 10.9% 9.1% 6.7%

* Re-presented

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45 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

EBITDA (%)

EBITDA (R’m)

11.0% 10.0% 13.0% 10 10.1% 8.3%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2015 2016 2017 2018 2019

1 144 1 103 1 483 870 1 019

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46 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Attributable earnings (R’m)

510 393 383 84 135 42

  • 2
  • 3

21 11 70 74 82 84 83 69 31 150 400 200

  • 100

100 200 300 400 500 600 700 800 MAR 2015 MAR 2016 MAR 2017 MAR 2018 MAR 2019

Ordinary s/h Minority s/h Pref s/h Once off Specific taxation expense

429 589 612 496 691

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47 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Earnings per share (cents):

what it would have been if there was no specific tax provision

293 207 253 242 195 361 160 246 210 88 29

100 200 300 400 500 600 700 800 900 1000 MAR 2015 MAR 2016 MAR 2017 MAR 2018 MAR 2019

First half Second half Once-off

742 78m weighted average nr of

  • rdinaryshare

107m weighted average nr of

  • rdinary

shares 396 499 452 313 Rights issue EPS after specific taxation expense, as published 359 78 118 126

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48 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Dividend per share (cents)

84 67 72 69 50 112 75 95 50

50 100 150 200 250 MAR 2015 MAR 2016 MAR 2017 MAR 2018 MAR 2019

Interim Final

196 142 167 119 50 Feb 2015: Special dividend of 2024cps was paid 18% No final dividend

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49 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Prospects and strategy

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50 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Prospects

  • Trading conditions have settled (no load-shedding, elections over), but they still

remain challenging

  • Expect coming year to more positive than FY2019 (less distractions), but anticipate a

slow return to growth

  • Rest of world slowing down, expect lead times for products to decline and reduction

in demand for Kian Ann product

  • E commerce development
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51 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Strategy

Invicta’s strategy is unchanged.

  • Generate healthy cash from existing businesses
  • Build on the strength of the current businesses
  • Focus on customer service, value-added distribution and supply chain efficiencies
  • Diversify the Group’s revenue stream geographically
  • Acquire businesses that are a strategic fit for the Group
  • Target RONA >20% for each of the underlying businesses
  • Target real, sustainable growth
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52 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Q & A

Thank you for your attendance and participation The accounting treatments this year are complex. We are happy to discuss any queries which you may have www.invictaholdings.co.za For any further Investor Relations questions please contact: Arnold Goldstone (CEO) arnoldg@invictaholdings.co.za Nazlee Rajmohamed (CFO) nazlee@invictaholdings.co.za

Marlize Keyter (Keyter Rech Investor Solutions) mkeyter@kris.co.za 087 351 3810

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53 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Appendix

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54 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Group structure

BBEE & Staff Trusts Invicta Holdings

SA Non - SA

Invicta SA Invicta Properties Invicta Treasury Invicta Finance

Invicta Offshore Holdings

ESG CEG

Invicta African Holdings Invicta Asian Holdings

BMG Hansen OST Fenner Rustenburg Engineering Joerg Foundry Belt Brokers Man-Dirk SA Tool Sibuyile Toolquip & Allied F&H Machine Tools Autobax Hyflo

Northmec New Holland* CSE Doosan HPE ESP Landboupart Criterion Shamrock Kian Ann & subsidiaries in South East Asia Mozambique Zambia Tanzania DRC Ghana

25% 75% 100% 100% 100% 100% 100% 100% 100% 100%

*Equipment sales discontinued. Aftermarket support continues (spare parts)

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55 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Capital Equipment (SA))

  • Northmec (Agricultural Machinery)
  • New Holland* (Agricultural Machinery)
  • CSE (Earthmoving Machinery)
  • Doosan (Earthmoving Machinery)
  • HPE (Hyundai Earthmoving)
  • ESP (Spare Parts)
  • Landboupart (Spare Parts)
  • Criterion (Forklifts)
  • Shamrock (Forklifts)
  • 138 dedicated outlets

*Equipment sales discontinued. Aftermarket support continues (spare parts)

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56 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Capital Equipment (Kian Ann Group)

Kian Ann Engineering

  • One of the world's largest independent distributors
  • f heavy machinery and diesel engine parts
  • HQ in Singapore
  • Subsidiaries in Singapore, Indonesia, China, Canada,

United Kingdom, USA and Myanmar

  • Joint venture in India
  • Associate in China

Kian Chue Hwa Industries

  • One of Asia’s largest independent distributors of

commercial and industrial vehicle parts

  • HQ in Singapore
  • Subsidiaries in Indonesia, Thailand and Malaysia
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57 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Engineering Solutions

  • BMG (Bearing Man Group)
  • Engineering components & technical services
  • 102 branches
  • Bearings, Seals, PT

, Tools, Fasteners

  • Drives, Motors, Belting, Field Services
  • Filtration, Hydraulics, Lubrication, Pneumatics
  • Hansen
  • Rustenburg Engineering & Joerg Foundry
  • Belt Brokers
  • Man-Dirk Group (incl SA Tool)
  • Tools & equipment, PPE, lifting and welding
  • 18 branches & subsidiaries
  • Newly acquired Toolquip & Allied and F&H
  • Autobax
  • Automotive
  • 3 branch network
  • OST
  • Hyflo

Engineering Solutions Group

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58 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Group profit drivers

  • Mining and industrial activity (ESG and CEG)
  • Agricultural activity (Northmec and aftermarket spare parts)
  • Construction and earthmoving activity (CSE, Doosan SA & HPE)
  • Warehousing (Criterion Equipment and Shamrock)
  • Global replacement spares market (Kian Ann)
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59 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

ARNOLD GOLDSTONE

Executive management team

BOARD OF DIRECTORS Dr Christo Wiese (Non-Executive Chairman) ENTITY Invicta Holdings Capital Equipment Group Engineering Solutions Group CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER NAZLEE RAJMOHAMED TONY SINCLAIR GEOFF BALSHAW GAVIN PELSER BENNIE GROENEWALD

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60 Invicta Holdings Limited | Final results presentation for the year ended 31 March 2019

Shareholding as at 31 March 2019

Public 49% Wiese family 38% Sherrell family 7% Goldstone family 3% Samuels family 2% Exec directors 1% Directors’ Total % 51% Public % 49%