FLIWAY GROUP LIMITED ANNUAL RESULTS PRESENTATION FULL YEAR RESULT - - PowerPoint PPT Presentation

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FLIWAY GROUP LIMITED ANNUAL RESULTS PRESENTATION FULL YEAR RESULT - - PowerPoint PPT Presentation

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FLIWAY GROUP LIMITED ANNUAL RESULTS PRESENTATION FULL YEAR RESULT TO JUNE 2015 28 AUGUST 2015 1 1 2015 FULL YEAR RESULTS // AUGUST 2015 A FLIWAY PRESENTATION IMPORTANT NOTICE This presentation supplements our full year fjnancial

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2015 FULL YEAR RESULTS // AUGUST 2015

28 AUGUST 2015

FLIWAY GROUP LIMITED ANNUAL RESULTS PRESENTATION

FULL YEAR RESULT TO JUNE 2015

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2015 FULL YEAR RESULTS // AUGUST 2015

This presentation supplements our full year fjnancial statements to 30 June 2015, it should be read subject to and in conjunction with the fjnancial statements and our Investment Statement and Prospectus dated 6 March 2015 (as amended 19 March 2015). That material is available via the Investors section on our website, www.fmiway.com. All references to currency are to New Zealand dollars unless otherwise stated. This presentation contains forward-looking statements and projections. These refmect our current expectations based on what we think are reasonable assumptions but for any number of reasons these assumptions may prove

  • incorrect. We give no warranty or representation as to our future fjnancial performance or any future matter. Except

as required by law or NZX listing rules, we are not obliged to update this presentation after its release, even if things change materially. Some of the fjnancial information in this presentation has not been prepared in accordance with generally accepted accounting practice (“GAAP”). In particular, we show Pro Forma results and EBITDA. If needed, investors should get advice on how our non-GAAP information relates to our GAAP results. This presentation is for information purposes only. It is not an offer of securities, or a proposal or invitation to make any such offer. It is not investment advice or a securities recommendation, and does not take into account any person’s individual circumstances or objectives. Every investor should make an independent assessment of Fliway on the basis of expert fjnancial advice. Distribution of this presentation (including electronically) may be restricted by law. You should observe all such restrictions which may apply in your jurisdiction. To the maximum extent permitted by law, we will not be liable, whether in tort (including negligence) or otherwise, to you or any other person in relation to this presentation, including any error in it.

A FLIWAY PRESENTATION

IMPORTANT NOTICE

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2015 FULL YEAR RESULTS // AUGUST 2015

  • 1. Overview
  • 2. Financial Highlights
  • 3. Capital Management
  • 4. Operational Performance
  • 5. Strategy and Outlook

A FLIWAY PRESENTATION

AGENDA

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2015 FULL YEAR RESULTS // AUGUST 2015

FY15 HIGHLIGHTS

  • Successfully raised capital of $25 million and listed on NZX Main Board
  • Delivered on IPO earnings forecasts
  • FY15 fjnancial results exceeded FY15 PFI forecasts, NPAT up 33.0%
  • Solid revenue progression, up 3.3% from FY14
  • Improved capacity management in the domestic business unit
  • Warehousing site move in Auckland to accommodate growth
  • Wellington shed capacity fjlled
  • Dividend of 1.9 cents per share, in line with prospectus
  • Special dividend 0.5 cents per share, refmecting lower offer costs

A FLIWAY PRESENTATION

  • 1. OVERVIEW
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2015 FULL YEAR RESULTS // AUGUST 2015

SEAMLESS GLOBAL SUPPLY CHAIN SOLUTIONS

Fliway was incorporated over 30 years ago, and today is one of New Zealand’s largest independent logistics providers.

A FLIWAY PRESENTATION

  • 1. OVERVIEW

15

SITES

150+

VEHICLES

400+

PEOPLE Our People Domestic Coverage Our Fleet

Global

NETWORK International Partnerships

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2015 FULL YEAR RESULTS // AUGUST 2015

INTERNATIONAL FREIGHT, WAREHOUSING & DOMESTIC DELIVERY B2B OR B2C A FLIWAY PRESENTATION

  • 1. OVERVIEW

Warehousing & Distribution Reverse Logistics Spare Parts Logistics International Air & Ocean Freight Customs Brokerage Door to Door Ocean & Air Domestic Distribution Logistics Transport Linehaul / Local Courier CourierPost International Express Courier Air Courier Service Small Package Worldwide Logistics

INTERNATIONAL DOMESTIC

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2015 FULL YEAR RESULTS // AUGUST 2015

FY12 7,442 7,370 8,289 8,909 8,692 FY13 FY14 FY15 FY15 PFI 2,000 4,000 6,000 8,000 10,000

FLIWAY GROUP REVENUE FLIWAY GROUP EBITDA A FLIWAY PRESENTATION

  • 2. FINANCIAL HIGHLIGHTS

Note: EBITDA = Earnings before net fjnance expense, tax, depreciation of tangible assets and amortisation of intangibles, and includes contribution from UPS-Fliway.

FY12 73,197 74,391 81,511 84,169 85,265 FY13 FY14 FY15 FY15 PFI 65,000 70,000 75,000 80,000 85,000 90,000 FY2014 FY2015 NZ$Millions Actual PFI Var Revenue 81.511 84.169 85.265

  • 1.3%

Pro-Forma EBITDA 8.289 8.909 8.692 2.5% Pro-Forma EBIT 6.835 6.870 6.620 3.8% Pro-Forma NPAT 4.426 3.995 3.921 1.9% NPAT for the Year 4.786 2.190 1.646 33.0%

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2015 FULL YEAR RESULTS // AUGUST 2015

DIVISIONAL EBITDA A FLIWAY PRESENTATION

  • 2. FINANCIAL HIGHLIGHTS

Note: EBITDA = Earnings before net fjnance expense, tax, depreciation of tangible assets and amortisation of intangibles, and includes contribution from UPS-Fliway.

FY2014 FY2015 NZ$Millions Actual PFI Var Domestic 8.007 8.390 8.079 3.8% International 3.765 3.873 3.964

  • 2.3%

Joint Venture 1.282 1.593 1.416 12.5% Head Offjce

  • 4.765
  • 4.947
  • 4.767

3.8% Pro-Forma EBITDA 8.289 8.909 8.692 2.5%

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2015 FULL YEAR RESULTS // AUGUST 2015

CAPITAL EXPENDITURE

  • IT capex on SCE10 - timing
  • New Auckland Site incurred $275k

setup costs that weren’t forecast

  • 1HFY16 will be in line with PFI
  • 12M to Dec PFI will likely be over

A FLIWAY PRESENTATION

  • 3. CAPITAL MANAGEMENT

CAPEX FY2014 FY2015 12M Dec 15F NZ$Millions Actual PFI Var PFI Trucks & Vans 1.459 1.543 1.708

  • 9.7%

1.112 Truck & Trailer 1.378 2.262 2.251 0.5%

  • IT

0.527 0.299 0.317

  • 5.7%

0.825 Other 0.350 0.501 0.106 372.6%

  • Disposals
  • 0.297
  • 0.264
  • 0.385
  • 31.4%
  • Total CAPEX

3.417 4.341 3.997 8.6% 1.937

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2015 FULL YEAR RESULTS // AUGUST 2015

NET DEBT

  • Shareholder loans repaid
  • Bank debt reduced
  • Cash profjt & offer costs favourable
  • Improved working capital position
  • Dividend $0.863 million October
  • Special dividend $0.227 million

October

A FLIWAY PRESENTATION

  • 3. CAPITAL MANAGEMENT

NET DEBT FY2014 FY2015 12M Dec 15F NZ$Millions Actual PFI Var PFI Cash 8.090 6.837 1.773 285.6% 3.607 Debt

  • 19.292
  • 15.000
  • 12.500

20.0%

  • 12.500

Shareholder Loan

  • 2.969
  • Net Debt
  • 14.171
  • 8.163
  • 10.727
  • 23.9%
  • 8.893
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2015 FULL YEAR RESULTS // AUGUST 2015

DOMESTIC FY2014 FY2015 12M Dec 15F NZ$Millions Actual PFI Var PFI Revenue 52.608 55.810 56.448

  • 1.1%

56.467 Pro-Forma EBITDA 8.007 8.390 8.079 3.8% 9.170 EBITDA % 15.2% 15.0% 14.3% 0.7% 16.2%

DOMESTIC

  • Transport cost base improved

ahead of forecast

  • Transport revenues impacted

by lower fuel

  • Capacity utilization improved
  • Warehousing growing ahead of forecast
  • Warehousing management

delivering improved profjtability

  • Shed capacity in Wellington fjlled
  • In Auckland - 3,000 sqm shed exited

and relocated to 7,200 sqm shed

  • New customer win underpins

increased Auckland footprint

A FLIWAY PRESENTATION

  • 4. OPERATIONAL PERFORMANCE
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2015 FULL YEAR RESULTS // AUGUST 2015

INTERNATIONAL

  • Revenue soft
  • Volatile sea freight pricing
  • Margin impacted by lower volumes
  • Focus on front end of the business

A FLIWAY PRESENTATION

  • 4. OPERATIONAL PERFORMANCE

INTERNATIONAL FY2014 FY2015 12M Dec 15F NZ$Millions Actual PFI Var PFI Revenue 28.903 28.359 28.817

  • 1.6%

29.177 Pro-Forma EBITDA 3.765 3.873 3.964

  • 2.3%

3.832 EBITDA % 13.0% 13.7% 13.8%

  • 0.1%

13.1%

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2015 FULL YEAR RESULTS // AUGUST 2015

UPS-FLIWAY JOINT VENTURE

  • Improving export revenue
  • Cost control delivering profjt

ahead of forecast

  • Dividend $50k (11.1%) above

forecast for H2FY15

A FLIWAY PRESENTATION

  • 4. OPERATIONAL PERFORMANCE

UPS-FLIWAY FY2014 FY2015 12M Dec 15F NZ$Millions Actual PFI Var PFI EBITDA (50%) 1.282 1.593 1.416 12.5% 1.306 NPAT (50%) 0.925 1.147 1.013 13.2% 0.926 TAX PAID DIVIDEND 0.899 0.950 0.900 5.6% 0.900

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2015 FULL YEAR RESULTS // AUGUST 2015

HEAD OFFICE

  • Tracking in line with forecast
  • Provided for the potential dispute

impact as per Offer Documents

OTHER

  • Interest rate derivatives revaluation

cost $162k more than forecast

  • Loss on sale incorporates $67k

write off of customer list acquired

  • Financing favourable as net debt

lower than forecast

A FLIWAY PRESENTATION

  • 4. OPERATIONAL PERFORMANCE

HEAD OFFICE FY2014 FY2015 12M Dec 15F NZ$Millions Actual PFI Var PFI EBITDA

  • 4.765
  • 4.772
  • 4.767
  • 0.1%
  • 4.712

Dispute de minimis

  • 0.175
  • Pro-Forma EBITDA
  • 4.765
  • 4.947
  • 4.767
  • 3.8%
  • 4.712
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2015 FULL YEAR RESULTS // AUGUST 2015

MOVING AHEAD THROUGH TARGETED GROWTH

  • We have been selling to capacity in our

network and securing new customers

  • We have increased penetration

through existing customers

  • We are gaining additional new

warehousing work

  • We are developing business

in new sectors

A FLIWAY PRESENTATION

  • 5. STRATEGY AND OUTLOOK
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2015 FULL YEAR RESULTS // AUGUST 2015

  • We reaffjrm the MAT Dec 15 IPO

earnings forecasts

  • Softer revenue but our cost position

is strengthening

  • We have a conservative balance sheet

with gearing at 0.9 times

  • We will evaluate acquisitions

as each opportunity arises

A FLIWAY PRESENTATION

  • 5. STRATEGY AND OUTLOOK
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THANK YOU