CABCHARGE AUSTRALIA LIMITED
RESULTS PRESENTATION
Year Ended 30 June 2012
Group Performance Highlights
• Revenue of $192.4m, up 4.2% on PCP
• Reported NPAT of $60m, up 30.0% on PCP
• Normalised* NPAT of $68.7m, up 12.3% on PCP
* excluding impairment charge (FY 12) and ACCC settlement (FY 11)
• Reported earnings per share of 49.7 cents, up 30.0% on PCP
• Dividend
- Final dividend of 18 cents per share (fully franked) taking full year dividend to 35 cents,
up 16.7% on PCP
• Cash Flows
- Strong operating cash flows of $69.9m
• Balance Sheet
- Continued strong balance sheet with net debt of $115.3m at 30 June 2012 with net
debt-to-equity ratio at 36.0% (FY11: 40.4%)
2
Group Financial Performance
($m)
FY11
FY12
Revenue 1
Expenses 2
EBITDA
Depn & amortn
EBIT
Net interest
Discount on acqn
Profit before tax
Income tax
NPAT (excl. associates)
Equity accounted net profit of associates
NPAT
184.5
(116.2)
68.4
(12.5)
55.9
(6.4)
49.5
(18.3)
31.2
14.9
46.1
192.4
(114.6)
77.8
(13.0)
64.8
(7.1)
2.6
60.3
(19.7)
40.5
19.4
60.0
EBITDA margin 3
EBIT margin 3
Effective tax rate (%)
37.0%
30.3%
37.0%
40.4%
33.7%
32.7%
4
Change
over PCP
4.2%
13.7%
15.8%
29.8%
30.5%
30.0%
1
Excludes interest income and discount on acquisition
2
Includes impairment charge on investments in associates of $8.7m (FY12) and ACCC settlement costs of $15m (FY11)
3
Calculation excludes equity accounted net profit of associates
4
Higher effective tax rate due to one-off items
3
Cabcharge Payment System
FY12 turnover =$1,051m – an increase of 1.7% from $1,033m in FY11
Turnover by category ($m)
Effective Service Fee rate
459
425
400
423
438
198
169
149
137
123
408
450
456
473
490
FY08
FY09
FY10
FY11
FY12
Bank Issued
Third Party
CAB a/cs
9.0%
9.1%
9.2%
9.2%
9.2%
FY08
FY09
FY10
FY11
FY12
Turnover growth (FY 12 v FY 11) by category
Turnover growth (vPCP)
11.9%
CAB a/cs
-10.2%
3.5%
2.9%
Third Party
1.7%
-1.9%
-3.7%
Bank Issued
3.7%
FY08
FY09
FY10
FY11
FY12
4
Taxi Services
Taxi Services Revenue ($m)
•
Revenue increased 7.6% to $90.0m from $83.6m
•
Fleet growth over the past year:
-
NSW: increased by 250 cars
-
VIC: increased by 151 cars
NSW Network Fleet
VIC Network Fleet
5
Business Segments Contributions
2012
2011
Bus & coach
services
19%
Taxi related
services
81%
Bus & coach
services
15%
Taxi related
services
85%
Taxi related services include Cabcharge Payment System and taxi operations (before one-off items).
6
Associates
•
ComfortDelGro Cabcharge (CDC) – CAB = 49%
•
•
•
•
•
•
NPAT contribution was $17.8m, compared to $13.2m in FY11 (up 34.4%)
The increase in contribution was due to growth in route services and the efficiencies from the
completion of the Integrated Network Route Planning Services in the Metropolitan Sydney and
the Hunter Valley Operations as well as the Victorian Bus Operations
CDC‘s FY12 key financial numbers:
Revenue (100%) = $350m ($317m in FY11)
EBIT = $70.8m ($58.8 in FY11)
Profit before tax = $51.1m ($37.8m in FY11)
CDC’s balance sheet at 30 June 2012 remains solid, with net Debt (excluding bus fleet
financing) to Equity Ratio at 6% (30 June 2011: 15%)
Bus fleet = 1,562 at June 2012 (1,548 at June 2011)
CityFleet (UK) – CAB = 49%
•
•
•
•
NPAT contribution was $1.7m, same as FY11
UK market continued to be difficult
UK Operations continue to be profitable but materially impacted by the strong Australian Dollar
CityFleet Group’s balance sheet continues to remain strong, with no external borrowings
7
Outlook
•
Anticipate growth in use of Cabcharge products through marketing campaign aimed at potential new
account holders and Gift Card promotion through 500 retail outlets. These initiatives are designed to both
increase sales and expose the Cabcharge brand and products to new markets.
•
Expected additional taxi payments turnover growth from other cards as consumers enjoy the convenience of
contactless cards over cash. EPAL due to commence issuing debit cards with contactless technology through
the banks in 2013.
•
Fareway Plus production commenced which will lower engine replacement costs and open up new
commercial opportunities through potential downloading applications.
•
Our reputation for payments software development is reaping rewards through EFT Solutions winning significant
projects with external clients; signing of memorandum with China UnionPay and successful re-tender for
Queensland Government Taxi Subsidy Scheme contract based on contactless card expertise.
•
Continued growth in Taxi Services with acquisition of Yellow Cabs in Adelaide.
•
UK to experience another year of difficult business conditions.
•
Contribution from CDC to increase in the coming year as a result of the full year impact of new services,
growth in passenger demand and the planned acquisition of Deane’s bus operations.
•
Opportunity for CDC to tender for additional bus contracts in any area governments offer open tender
processes.
•
Exciting opportunities for potential acquisitions and continuation of our diversification strategy.
•
Strong balance sheet provides flexibility in relation to future growth initiatives and acquisitions.
8
Disclaimer
The material contained in this document is a presentation of general
information about the Cabcharge Group’s activities current as at the
date of this presentation. It is provided in summary and does not purport
to be complete. You should not rely upon it as advice for investment
purposes as it does not take into account your investment objectives,
financial position or needs. These factors should be considered, with or
without professional advice, when deciding if an investment is
appropriate.
To the extent permitted by law, no responsibility for any loss arising in any
way (including by way of negligence) from anyone acting or refraining
from acting as a result of this material is accepted by the Cabcharge
Group or any of its related bodies corporate or their respective directors,
employees and consultants.
9