Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1...

33
Coffey International Limited H1 FY2014 Results Presentation February 10, 2014

Transcript of Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1...

Page 1: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

Coffey International Limited H1 FY2014 Results

Presentation

February 10, 2014

Page 2: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

Proceedings

01 Financial performance

02 Business performance

03 Looking forward

2

John Douglas

Managing Director

Presenters

Urs Meyerhans

Finance Director

10 February 2014 Coffey H1 FY2014 Results Presentation

Page 3: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

Ongoing tough markets, resilient performance

• Safety discipline remains strong

• Portfolio working – stable International Development business buffers a more

volatile Geosciences business

• Geosciences fee revenue down 8% on prior half and down 20% on H1 FY2013

• Restructuring in Geosciences is on track with margins recovering to 7%

• Project Management delivered a small profit

• International Development revenues up 9% on the prior half with stable margins

• Lower fixed costs and interest are delivering benefits

• Positive Net Profit after Tax (NPAT)

• Forward contracted fee revenue increasing but Geosciences markets in

Australia remain challenging

• Coffey will provide a Q3 market update in early May 2014

10 February 2014 Coffey H1 FY2014 Results Presentation

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4

01 Financial performance

10 February 2014 Coffey H1 FY2014 Results Presentation

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Operating cash flow remains positive

5 10 February 2014 Coffey H1 FY2014 Results Presentation

$4.6m

($9.5m)

$10.8m $11.0m$13.7m

$4.4m $5.3m

$6.2m $3.6m

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Internally funded restructure costs

Operating cashflow

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Debt continues to be tightly controlled

6 10 February 2014 Coffey H1 FY2014 Results Presentation

$104.2m$121.2m

$77.5m$66.0m

$58.1m $58.0m $61.4m

$35.6m

$29.6m

$37.1m

$37.7m $50.8m

$30.7m $25.9m

$139.8m

$150.8m

$114.6m

$103.7m$108.9m

$88.7m $87.3m

Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13

Net Debt Cash - held largely in International Development

$109.9mFacility limit

$124.7mFacility limit

$149.0mFacility limit

$179.0mFacility limit

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$17.8m

$12.1m

($0.8m)

$8.9m

$11.0m

$5.0m

($1.0m)

$9.4m

$15.1m

$7.5m

$0.3m

$9.8m

Coffey Geosciences Project Management International Development

H1 2013 H2 2013 H1 2014

Resilient portfolio

7

Underlying EBITDA

10 February 2014 Coffey H1 FY2014 Results Presentation

Restructuring costs

Coffey Geosciences Project Management International Development

$1.9m $8.3m $2.5m $1.5m $5.9m $2.5m $0.3m $2.2m - $0.1m $0.2m -

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Positive Net Profit after Tax (NPAT)

8 10 February 2014 Coffey H1 FY2014 Results Presentation

• No interim dividend has been declared. Dividend payment will be reviewed at the time of full year results.

H1 2013 H2 2013 H1 2014

($m) ($m) ($m)

Underlying EBITDA 17.8 11.0 15.1

Restructuring costs (1.9) (8.3) (2.5)

EBITDA 15.9 2.7 12.6

Depreciation and amortisation (4.6) (4.7) (4.8)

Interest (5.3) (4.7) (4.6)

Profit before taxation and minority interests 6.0 (6.7) 3.2

Taxation (2.2) 2.0 (1.1)

Minority interests (0.1) (0.0) (0.1)

NPAT 3.7 (4.7) 2.0

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$5.9m$6.7m $6.4m

$4.3m $4.1m $3.5m $3.4m

$1.4m$1.4m $1.4m

$1.2m$1.2m $1.2m

$1.6m

$1.2m

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Accounting Fixed rate > Market * Market rate interest **

Reducing interest costs

9

* Represents the incremental interest currently paid as our fixed rate of interest is above market rates.

** Represents our total interest expense at current variable market rates.

10 February 2014 Coffey H1 FY2014 Results Presentation

Swap matured

February 2014

Interest expense

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02 Business performance

10 February 2014 Coffey H1 FY2014 Results Presentation

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Safety and security is our first priority

11

Photo Credit: D3/ACSOR

10 February 2014 Coffey H1 FY2014 Results Presentation

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Our safety discipline remains strong

12 10 February 2014 Coffey H1 FY2014 Results Presentation

Coffey Lost Time Injury Frequency Rate - LTIFR (12 month rolling average)

June 2010 to December 2013

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

LTIFR LTIFR External Safety Benchmark

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Three businesses exposed to diversified revenue streams

Infrastructure Mining Oil & Gas Government

Property

Private

Property

13

Project

Management

Geosciences

International Development

USA Australia United

Kingdom

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52%

5%

43%

$367.2m

$313.4m $334.9m $343.2m

$359.8m

$328.6m $324.0m

-

50

100

150

200

250

300

350

400

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Geosciences Project Management International Development Discontinued businesses

Half yearly revenue by business

14 10 February 2014 Coffey H1 FY2014 Results Presentation

$m

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Our people – managing resources to match revenues

• International Development head count includes 1,600 contractors

- up from 1,300 in June 2013

10 February 2014 Coffey H1 FY2014 Results Presentation

Coffey head count

420 350 340 310 280 220 170

1,650 1,600 1,610 1,600 1,700 1,700 1,990

260200 200 200 170 150

120

1,6801,650 1,800 1,950 1,920

1,700 1,530

4,0103,800

3,950 4,060 4,0703,770 3,810

Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

Geosciences Project Management International Development Corporate & Functional shared services

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78%

22%

$159.1m $157.3m

$172.3m $170.2m

$189.0m

$159.9m

$141.1m

-

20

40

60

80

100

120

140

160

180

200

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Reimbursable revenue Fee revenue

Geosciences – focused on fee revenue

16 10 February 2014 Coffey H1 FY2014 Results Presentation

$m

Geosciences half yearly total revenue

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72%

28%

$117.9m $117.0m

$132.4m $132.6m$137.9m

$120.0m

$110.4m

-

20

40

60

80

100

120

140

160

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Europe & Middle East Africa Americas New Zealand Australia

Geosciences – tough Australian market, growing internationally

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$m

Geosciences fee revenue by region

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$117.9m $117.0m

$132.4m $132.6m$137.9m

$120.0m

$110.4m

-

20

40

60

80

100

120

140

160

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Infrastructure Mining Oil & Gas Property Other

21%

24%

12%

6%

37%

Geosciences – targeted industry approach

18 10 February 2014 Coffey H1 FY2014 Results Presentation

$m

Geosciences fee revenue by industry

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Geosciences – restructuring improves margins

19 10 February 2014 Coffey H1 FY2014 Results Presentation

7%

12% 12%

10%9%

4%

7%

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Geosciences margins

(Underlying EBITDA/fee revenue)

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$0.7m

($0.6m) $0.0m ($0.3m) ($0.8m) ($1.0m)

$0.3m

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Project Management – restructuring yields a small profit

20 10 February 2014 Coffey H1 FY2014 Results Presentation

$m

$38.0m

$24.1m $24.1m$22.4m

$17.9m$14.7m $14.7m

-

5

10

15

20

25

30

35

40

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

Private Government

67%

33%

Project Management half yearly total revenue by sector

Project Management underlying EBITDA

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5%

16%

33%

46%

$155.7m

$118.3m

$128.7m

$148.4m$152.9m $154.0m

$168.2m

0

20

40

60

80

100

120

140

160

180

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

USA Australia UK Other

21

International Development – growing revenues

10 February 2014 Coffey H1 FY2014 Results Presentation

$m

International Development total revenue by region

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International Development – stable margins

22 10 February 2014 Coffey H1 FY2014 Results Presentation

International Development margins

(Underlying EBITDA/total revenue)

7%

4%

6%

5%

6% 6% 6%

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

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03 Looking forward

10 February 2014 Coffey H1 FY2014 Results Presentation

Page 24: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

$101m

$20m

$90m

$108m

$18m

$72m

$100m

$14m

$73m

$101m

$11m

$89m

Geosciences Project Management International Development

Jun 12 Dec 12 Jun 13 Dec 13

Diversified revenue streams

24 10 February 2014 Coffey H1 FY2014 Results Presentation

12 month contracted fee revenue

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Reasons for optimism - and challenges

10 February 2014 Coffey H1 FY2014 Results Presentation

Reasons for optimism Challenges

Corporate

• Diversified revenue streams

• Fixed costs (property and overhead staff)

decreasing

• Interest expense decreasing

• Australian political uncertainty resolved

• Geosciences is still heavily exposed to the

Australian economy

• Uncertainty around global commodity prices

• Tight Aid budgets in all key donor countries

Geosciences • Leading position in Australia

• Good industry diversification

• The Australian Government is committed to

improving physical infrastructure

• Offshore opportunities

• Falling $AUD exchange rate is improving

competitiveness

• Weakness in the Australian economy

• Uncertainty around global commodity prices

• Margins require further improvement

Project Management • Heavily restructured and showing a small profit

• Good client portfolio

• Low interest rates creating market stimulus

• Property recovery is early and uncertain

International

Development

• Steady growth with consistent margins

• Ongoing growth in the UK business

• The Australian Government Aid priorities and

private sector empathy may create

opportunities

• Some resolution of US political uncertainty

• Tight budgets in all key donor countries

• The Australian Government will slow the

growth in Aid spending

Page 26: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

Ongoing tough markets, resilient performance

• Safety discipline remains strong

• Portfolio working – stable International Development business buffers a more

volatile Geosciences business

• Geosciences fee revenue down 8% on prior half and down 20% on H1 FY2013

• Restructuring in Geosciences is on track with margins recovering to 7%

• Project Management delivered a small profit

• International Development revenues up 9% on the prior half with stable margins

• Lower fixed costs and interest are delivering benefits

• Positive Net Profit after Tax (NPAT)

• Forward contracted fee revenue increasing but Geosciences markets in

Australia remain challenging

• Coffey will provide a Q3 market update in early May 2014

10 February 2014 Coffey H1 FY2014 Results Presentation

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Page 27: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

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04 Appendix

10 February 2014 Coffey H1 FY2014 Results Presentation

Page 28: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

Financial results reconciliation

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¹ Underlying EBITDA has been disclosed as it is a key measure used by the Chief Executive Officer (as Chief Operating Decision Maker) and

management to monitor and assess the performance of the business. Underlying EBITDA is calculated as profit before net financing costs,

depreciation, amortisation and taxation and excludes restructuring costs.

10 February 2014 Coffey H1 FY2014 Results Presentation

($m)

Net profit/(loss) for the year 2.0

Add back:

Minority interests 0.1

Net interest expense 4.6

Income tax 1.1

Depreciation and amortisation 4.8

EBITDA 12.6

Add back:

Restructuring costs 2.5

Underlying EBITDA1 15.1

Page 29: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

P&L by segment

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* Excludes Inter-segment sales

10 February 2014 Coffey H1 FY2014 Results Presentation

2014

H1 H2 FY H1 H2 FY H1 H2 FY H1

($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m)

Total revenue 367.2 313.4 680.6 334.9 343.2 678.1 359.8 328.6 688.4 324.0

Geosciences* 159.1 157.3 316.4 172.3 170.2 342.5 189.0 159.9 348.9 141.1

Project Management* 38.0 24.1 62.1 24.1 22.4 46.5 17.9 14.7 32.6 14.7

International Development* 155.7 118.3 274.0 128.7 148.4 277.1 152.9 154.0 306.9 168.2

Other 14.4 13.7 28.1 9.8 2.2 12.0 0.0 0.0 0.0 0.0

Geosciences total revenue 159.1 157.3 316.4 172.3 170.2 342.5 189.0 159.9 348.9 141.1

Fee Revenue 117.9 117.0 234.9 132.4 132.6 265.0 137.9 120.0 257.9 110.4

Reimbursable Revenue 41.2 40.3 81.5 39.9 37.6 77.5 51.1 39.9 91.0 30.7

Underlying EBITDA 15.6 16.7 32.3 23.0 16.7 39.7 17.8 11.0 28.8 15.1

Geosciences 8.2 14.5 22.7 16.3 13.2 29.5 12.1 5.0 17.1 7.5

Project Management 0.7 (0.6) 0.1 0.0 (0.3) (0.3) (0.8) (1.0) (1.8) 0.3

International Development 10.4 5.0 15.4 8.0 6.8 14.8 8.9 9.4 18.3 9.8

Other (0.2) 1.3 1.1 2.4 (0.5) 1.9 0.0 0.0 0.0 0.0

Corporate (3.5) (3.5) (7.0) (3.7) (2.5) (6.2) (2.4) (2.4) (4.8) (2.5)

Margin % of total revenue 4% 5% 5% 7% 5% 6% 5% 3% 4% 5%

Geosciences 5% 9% 7% 9% 8% 9% 6% 3% 5% 5%

Project Management 2% (3%) 0% 0% (1%) (1%) (4%) (7%) (5%) 2%

International Development 7% 4% 6% 6% 5% 5% 6% 6% 6% 6%

Geosciences margin % of fee revenue 7% 12% 10% 12% 10% 11% 9% 4% 7% 7%

2011 2012 2013

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Revenue analysis

30 10 February 2014 Coffey H1 FY2014 Results Presentation

2014

H1 H2 FY H1 H2 FY H1 H2 FY H1

($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m)

Geosciences fee revenue by sector 117.9 117.0 234.9 132.4 132.6 265.0 138.0 120.0 258.0 110.4

Infrastructure 38.6 39.8 78.4 51.9 49.5 101.4 46.3 45.8 92.1 40.3

Oil & Gas 26.8 28.1 54.9 15.6 19.4 35.0 26.8 22.1 48.9 26.3

Mining 39.3 37.4 76.7 42.0 42.9 84.9 37.5 30.1 67.6 23.0

Commercial property 8.3 8.2 16.4 14.7 15.0 29.7 16.1 12.3 28.4 13.8

Other 4.9 3.5 8.5 8.2 5.8 14.0 11.3 9.7 21.0 7.0

Geosciences fee revenue by region 117.9 117.0 234.9 132.4 132.6 265.0 138.0 120.0 258.0 110.4

Australia 95.0 93.1 188.1 106.5 111.7 218.2 114.1 95.7 209.8 79.4

Other 22.9 23.9 46.8 25.9 20.9 46.8 23.9 24.3 48.2 31.0

Project Management revenue by sector 38.0 24.1 62.1 24.1 22.4 46.5 17.9 14.7 32.6 14.7

Government 20.9 12.3 33.2 12.2 14.3 26.5 11.6 9.5 21.1 9.8

Private 17.1 11.8 28.9 11.9 8.1 20.0 6.3 5.2 11.5 4.9

International Development revenue by region 155.7 118.3 274.0 128.7 148.4 277.1 152.9 154.0 306.9 168.2

USA 89.7 60.0 149.7 60.3 68.8 129.1 63.7 63.8 127.5 77.1

Australia 41.4 32.8 74.2 42.6 52.6 95.2 61.3 59.8 121.1 55.0

UK 14.2 13.9 28.1 14.0 15.4 29.4 16.4 20.3 36.7 27.6

Other 10.4 11.6 22.0 11.8 11.6 23.4 11.5 10.1 21.6 8.5

2011 2012 2013

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Improved working capital position

31 10 February 2014 Coffey H1 FY2014 Results Presentation

(58.0)

15.1

(3.6) (0.2)

(6.0)

(3.9)(1.1)

(3.7)

(61.4)

Net debt at 30June 2013

UnderlyingEBITDA

Restructurecosts paid Working capital Interest & tax Capital spend

USD debtrevaluation Net FX & other

Net debt at 31December 2013

$'m

Net operating cash inflow $5.3m

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Balance sheet

32 10 February 2014 Coffey H1 FY2014 Results Presentation

H1 2013 FY13 H1 2014

($m) ($m) ($m)

Cash & equivalents 50.7 30.7 25.9

Other current assets 149.3 139.1 132.2

Non-current assets 151.2 155.5 159.0

Total assets 351.2 325.3 317.1

Current borrowings 0.1 5.1 6.0

Other current liabilities 95.9 92.8 83.0

Non-current borrowings 108.7 83.6 81.3

Other non-current liabilities 9.7 6.6 6.2

Net assets 136.8 137.2 140.6

Net debt to (Equity + Net debt) 30% 30% 30%

Page 33: Coffey International Limited...2014/02/10  · Financial performance 10 February 2014 Coffey H1 FY2014 Results Presentation Operating cash flow remains positiveH1 2011 10 February

Disclaimer

33

The material in this presentation is a summary of the Half Year Results of Coffey International Limited (Coffey) for the

6 months ended 31 December 2013 and an update on Coffey’s activities and is current at the date of preparation,

10 February 2014. Further details are provided in the Company’s full year accounts and results announcement released

on 10 February 2014.

No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information conta ined in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, return s or statements in relation to future matters contained in the presentation (“forward -looking statements”). Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Coffey and its Directors) which may caus e the actual results or performance of Coffey to be materially different from any future results or performance expressed or im plied by such forward-looking statements.

This presentation provides information in summary form only and is not intended to be complete. It is not intended to be rel ied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situat ion or needs of any particular investor.

Due care and consideration should be undertaken when considering and analysing Coffey’s financial performance. All references to dollars are to Australian Dollars unless otherwise stated.

To the maximum extent permitted by law, neither Coffey nor its related corporations, Directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss ar ising from the use of this presentation or its contents or otherwise arising in connection with it.

This presentation should be read in conjunction with other publicly available material. Further information including histor ical results and a description of the activities of Coffey is available on our website, coffey.com

Photos owned by Coffey or Coffey employees and permission is provided .

10 February 2014 Coffey H1 FY2014 Results Presentation