FY12 First Half Results Presentation
By Chris Sutherland, Managing Director 23 November 2011
FY12 First Half Results Presentation By Chris Sutherland, Managing - - PowerPoint PPT Presentation
FY12 First Half Results Presentation By Chris Sutherland, Managing Director 23 November 2011 Important notice and disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer to
By Chris Sutherland, Managing Director 23 November 2011
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The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this
Services Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, projections, prospects or returns contained in this presentation. Such forecasts, projections, prospects or returns are by their nature subject to significant uncertainties and contingencies. This presentation should be read in conjunction with the Announcements issued to the ASX since the 2011 Annual Report and can be found on the Programmed website at www.programmed.com.au.
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Safety is paramount. We will act to ensure the safety and environmental well- being of our customers, the public and ourselves.
SAFETY TEAMWORK
We respect everyone’s contribution by working together to achieve common goals and project outcomes. Our sense of team extends to building long-term customer and community relationships for the benefit of all.
ACCOUNTABILITY
We encourage individuals and teams to take responsibility and ownership of the process, and the
decisive leadership and initiative.
HONESTY & INTEGRITY
Our business relationships are based on fair, open, and ethical principles. We take pride in the way we work with our customers and communities, the integrity of our services, and doing what we say we are going to do.
RECOGNITION & ENJOYMENT
We are a people
recognise and reward
achievement, and provide opportunity for
develop and
an environment for every team member to have a positive, enjoyable and rewarding work experience.
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Customers contract a complete MANAGEMENT and / or maintenance SOLUTION Customers contract the STAFFING service
Customers contract the TASK capability
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1 pcp excluding discontinued operations
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1H 2012 30 Sep 2011 1H 2011 30 Sep 2010 % change $m $m
Continuing operations
Revenue 652.3 604.7 8% EBITDA (before restructuring costs) 29.2 22.7 29% Depreciation (5.5) (6.5) 15% EBITA (before restructuring costs) 23.7 16.2 46% Restructuring costs 0.0 (5.9) EBITA 23.7 10.3 129% Amortisation (0.1) (0.2) 38% EBIT 23.6 10.2 132% Net Interest (7.0) (6.8) (3%) Profit Before Tax 16.6 3.4 391% Income Tax Expense1 (5.0) 1.2 Profit From Continuing Operations 11.6 4.6 153% Discontinued operations2 0.0 (7.6) Profit After Tax (statutory basis) 11.6 (3.1) Earnings Per Share 9.8 (2.6) Earnings Per Share (continuing operations) 9.8 3.9 153% Weighted Average Shares on Issue (million) 118.2 118.2
1 1H 2011 includes $1.9m tax benefit from retrospective change in tax consolidation rules to allow
additional deductions for assets acquired after 1 July 2002
2 Discontinued operations comprise the United Kingdom painting business
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200 400 600 800 1,000 1,200 1,400 1H 2H Full Year
FY2011 FY2012
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10 20 30 40 50 60 1H 2H Full Year
FY2011 FY2012
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1H 2012 30 Sep 2011 1H 2011 30 Sep 2010 $m $m Gross Operating Cash Flow 33.1 15.9 Interest paid (7.7) (7.0) Income tax paid (8.5) (6.8) Net Operating Cash Flow 16.9 2.1 Net purchases of non current assets (2.1) (2.7) Payment for businesses (0.4) (0.1) Proceeds from sales of businesses 3.2 3.0 Other investing cash flows 0.3 0.5 Net Investing Cash Flow 1.0 0.7 Net borrowings / (repayments) (17.2) (25.1) Proceeds from issue of shares 0.0 0.0 Dividends paid (7.1) (7.1) Net Financing Cash Flow (24.3) (32.2) Net Increase / (Decrease) in Cash (6.4) (29.4) Cash at beginning of year 20.1 46.5 Disposals & Exchange Rate Variances 0.3 (0.1) Cash at End of Period 14.0 17.0
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30 Sep 2011 31 Mar 2011 % change $m $m Cash 14.0 20.1 (30%) Trade and other receivables 199.4 189.5 5% Contract Recoverables 132.1 133.8 (1%) Inventories 70.7 73.8 (4%) Property, plant & equipment 23.1 24.4 (5%) Goodwill & other intangible assets 252.1 251.0 0% Other assets 23.7 25.0 (5%) Total Assets 715.1 717.6 (0%) Trade and other payables 132.2 134.3 (2%) Borrowings 124.0 138.5 (10%) Provisions and other liabilities 98.8 93.4 6% Total Liabilities 355.0 366.2 (3%) Total Equity 360.1 351.5 2% Net Debt 110.0 118.4 (7%) Net Debt / Equity 30.5% 33.7% (9%)
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100 200 300 400 500 600 700 1H 2H Full Year
Property & Infrastructure Revenue ($m)
FY2011 FY2012
5 10 15 20 25 30 35 1H 2H Full Year
Property & Infrastructure EBITA($m)
FY2011 FY2012
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An upfront work schedule with periodic payment
You decide when, where and how often, and pay as you go
A uniform solution for multiple facilities
Ongoing preservation programme to keep your coating as new
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50 100 150 200 250 1H 2H Full Year
Resources Revenue ($m)
FY2011 FY2012
2 4 6 8 10 12 14 16 1H 2H Full Year
Resources EBITA($m)
FY2011 FY2012
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50 100 150 200 250 300 350 400 450 1H 2H Full Year
Workforce Revenue ($m)
FY2011 FY2012
2 4 6 8 10 12 1H 2H Full Year
Workforce EBITA($m)
FY2011 FY2012
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1H 2012 30 Sep 2011 1H 2011 30 Sep 2010 % change $m $m Continuing Operations Property & Infrastructure 321.5 298.1 8% Resources 138.6 103.5 34% Workforce 190.6 201.5 (5%) Total Continuing Operations 650.7 603.1 8% Other Revenue 1.5 1.6 Discontinued Operations1 0.0 6.7 Total Consolidated Revenue 652.2 611.4 7%
1 Discontinued operations comprise the United Kingdom painting business
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1H 2012 30 Sep 2011 1H 2011 30 Sep 2010 % change $m $m Continuing Operations Property & Infrastructure 12.3 10.5 17% Resources 10.8 4.3 151% Workforce 6.0 5.3 13% Unallocated (5.4) (3.9) 38% Total Continuing Operations 23.7 16.2 46% Restructuring Costs 0.0 (5.9) Discontinued Operations1 0.0 (8.9) Total Consolidated EBITA 23.7 1.4 1593%
1 Discontinued operations comprise the United Kingdom painting business