FY2012 Results Presentation
By Chris Sutherland, Managing Director 30 May 2012
FY2012 Results Presentation By Chris Sutherland, Managing Director - - PowerPoint PPT Presentation
FY2012 Results Presentation By Chris Sutherland, Managing Director 30 May 2012 Important notice and disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange
By Chris Sutherland, Managing Director 30 May 2012
2
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.
3
4
5
1 pcp excluding discontinued operations
6
Year Ended 31 March 2012 Year Ended 31 March 2011 % change $m $m
Continuing operations
Revenue 1,393.6 1,220.2 14% EBITDA (before restructuring costs) 67.6 60.9 11% Depreciation and Amortisation (10.9) (12.7) 14% EBIT (before restructuring costs) 56.7 48.2 18% Restructuring costs 0.0 (5.9) EBIT 56.7 42.3 34% Interest (12.5) (14.4) 13% Profit Before Tax 44.2 27.9 58% Income Tax Expense1 (13.0) (5.7) Profit From Continuing Operations 31.2 22.2 41% Discontinued operations2 0.0 (11.8) Profit After Tax (statutory basis) 31.2 10.4 200% Earnings Per Share 26.4 8.8 200% Earnings Per Share (continuing operations) 26.4 18.8 40% Weighted Average Shares on Issue (million) 118.2 118.2
1 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
7
200 400 600 800 1,000 1,200 1,400 1,600 1H 2H Full Year
8
10 20 30 40 50 60 1H 2H Full Year
9
Other, 3%
10
Year Ended 31 March 2012 Year Ended 31 March 2011 % change $m $m Gross Operating Cash Flow 72.7 29.1 150% Interest paid (14.9) (14.9) 0% Income tax paid (9.5) (8.9) 7% Net Operating Cash Flow 48.3 5.3 810% Net purchases of non current assets (7.2) (4.9) Payment for businesses 2.1 (0.1) Proceeds from sales of businesses 3.2 3.1 Other investing cash flows 0.4 0.1 Net Investing Cash Flow (1.5) (1.8) (17%) Net borrowings / (repayments) (19.4) (19.1) Proceeds from issue of shares 0.0 0.0 Dividends paid (13.0) (10.6) Net Financing Cash Flow (32.4) (29.7) 9% Net Increase / (Decrease) in Cash 14.4 (26.2) 154.8% Cash at beginning of year 20.1 46.5 Disposals & Exchange Rate Variances 0.2 (0.2) Cash at End of Period 34.7 20.1 72.4%
11
31 Mar 2012 31 Mar 2011 % change $m $m Cash 34.7 20.1 73% Trade and other receivables 214.7 180.7 19% Contract Recoverables 129.8 133.8 (3%) Inventories 66.2 73.8 (10%) Property, plant & equipment 24.3 24.4 (0%) Goodwill & other intangible assets 255.6 251.1 2% Other assets 31.6 33.7 (6%) Total Assets 756.9 717.6 5% Trade and other payables 146.8 134.3 9% Borrowings 122.5 138.4 (12%) Provisions and other liabilities 114.1 93.3 22% Total Liabilities 383.4 366.1 5% Total Equity 373.5 351.5 6% Net Debt 87.8 118.3 (26%) Net Debt / Equity 23.5% 33.7% (30%)
12
13
100 200 300 400 500 600 700 1H 2H Full Year
Property & Infrastructure Revenue ($m)
FY2011 FY2012
5 10 15 20 25 30 35 1H 2H Full Year
Property & Infrastructure EBIT($m)
FY2011 FY2012
14
50 100 150 200 250 300 350 400 1H 2H Full Year
Resources Revenue ($m)
FY2011 FY2012
5 10 15 20 25 30 1H 2H Full Year
Resources EBIT($m)
FY2011 FY2012
15
50 100 150 200 250 300 350 400 450 1H 2H Full Year
Workforce Revenue ($m)
FY2011 FY2012
2 4 6 8 10 12 1H 2H Full Year
Workforce EBIT($m)
FY2011 FY2012
16
17
18
19
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.
20
21
22
Customers contract a complete MANAGEMENT and / or maintenance SOLUTION Customers contract the STAFFING service
Customers contract the TASK capability
23
Year Ended 31 March 2012 Year Ended 31 March 2011 % change $m $m Continuing Operations Property & Infrastructure 656.2 607.5 8% Resources 354.0 213.5 66% Workforce 380.9 397.5 (4%) Other Revenue 2.5 1.7 47% Total Continuing Operations 1,393.6 1,220.2 14% Discontinued Operations1 0.0 7.4 Total Consolidated Revenue 1,393.6 1,227.6 14%
1 Discontinued operations comprise the United Kingdom painting business
24
Year Ended 31 March 2012 Year Ended 31 March 2011 % change $m $m Continuing Operations Property & Infrastructure 26.8 31.5 (15%) Resources 28.3 14.3 98% Workforce 11.3 11.1 2% Unallocated1 (9.7) (14.6) 33% Total Continuing Operations 56.7 42.3 34% Discontinued Operations2 0.0 (12.4) Total Consolidated EBIT 56.7 29.9 89%
1 In FY 2011 unallocated costs were $8.7m and restructuring costs were $5.9m 2 Discontinued operations comprise the United Kingdom painting business