Software Defined Networking Nick McKeown Stanford University.
PowerPoint Presentation · 2015. 10. 22. · Title: PowerPoint Presentation Author: Cameron McKeown...
Transcript of PowerPoint Presentation · 2015. 10. 22. · Title: PowerPoint Presentation Author: Cameron McKeown...
FLIWAY GROUP LIMITED ANNUAL SHAREHOLDERS MEETING 2015
23 OCTOBER 2015
A FLIWAY PRESENTATION DISCLAIMER
2
This presentation should be read subject to and in conjunction with the financial 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.fliway.com. All references to currency are to New Zealand
dollars unless otherwise stated.
This presentation contains forward-looking statements and projections. These reflect 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 financial 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 financial 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 financial 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.
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
AGENDA
3
1. Chairman’s Address
2. Managing Director’s Review
3. Ordinary Business
4. Resolutions
5. General Business
FLIWAY Annual Shareholders Meeting | 23 October 2015
4
CRAIG STOBO
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
CHAIRMAN’S ADDRESS
5
BOARD OF DIRECTORS
Alan Isaac, Independent Director
Craig Stobo, Independent Chairman
Duncan Hawkesby, Managing Director
A FLIWAY PRESENTATION
CHAIRMAN’S INTRODUCTION
FLIWAY Annual Shareholders Meeting | 23 October 2015
6
EXECUTIVE TEAM
Jim Sybertsma, Chief Financial Officer
Cameron Mckeown, General Manager, Domestic
Gavin Satchell, General Manager International
Peter Sapiatzer, Chief Information Officer
Kate Bacchus, HR Manager
A FLIWAY PRESENTATION
CHAIRMAN’S INTRODUCTION
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
FY15 HIGHLIGHTS
7
FY15 EARNINGS
EXCEEDED PFI FORECASTS
NPAT UP 33.0%
WAREHOUSING SITE
MOVE IN AUCKLAND TO
ACCOMMODATE GROWTH
IMPROVED CAPACITY
MANAGEMENT IN
DOMESTIC BUSINESS UNIT
SOLID REVENUE
PROGRESSION,
UP 3.3% FROM FY14
SUCCESSFUL
CAPITAL RAISE OF$25M
NZX MAIN BOARD LISTING
ON 9 APRIL 2015
WELLINGTON SHED
CAPACITY FILLED
STRATEGIC FINANCIAL OPERATIONAL
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
FY15 FINANCIAL HIGHLIGHTS
8
FLIWAY GROUP REVENUE
REVENUE
Note: EBITDA = Earnings before net finance expense,
tax, depreciation of tangible assets and amortisation of
intangibles, and includes contribution from UPS-Fliway.
90,000
85,000
80,000
75,000
70,000
65,000 FY12 FY13 FY14 FY15 FY15 PFI
73,197 74,391
81,511 84,169 85,265
FLIWAY GROUP EBITDA 10,000
8,000
6,000
4,000
2,000 FY12 FY13 FY14 FY15 FY15 PFI
7,442 7,370
8,289 8,909 8,692
FY2014 FY2015
NZ$ 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%
FLIWAY Annual Shareholders Meeting | 23 October 2015
9
DIVIDEND OF
1.9 CENTS PER SHARE
IN LINE WITH PFI FORECAST
SPECIAL DIVIDEND OF
0.5 CENTS PER SHARE
REFLECTING LOWER LISTING COSTS
• Imputation credits: 0.7389 cps (at 28% tax rate)
• Fully imputed at 28% tax rate
• Record date: 30 September 2015
• Payment date: 20 October 2015
A FLIWAY PRESENTATION
FY15 DIVIDEND
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
MANAGING DIRECTORS REVIEW
10
1. Business Description
2. Strategy
3. Financial Highlights
4. Capital Management
5. Operational Performance
6. Outlook
DUNCAN HAWKESBY
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
1. BUSINESS DESCRIPTION
11
FLIWAY Annual Shareholders Meeting | 23 October 2015
SEAMLESS GLOBAL SUPPLY CHAIN SOLUTIONS
A FLIWAY PRESENTATION
1. BUSINESS DESCRIPTION CONT’D
12
INTERNATIONAL FREIGHT, WAREHOUSING & DOMESTIC DELIVERY B2B or B2C
International Air & Ocean Freight
Customs Brokerage
Door to Door Ocean & Air
Warehousing & Distribution
Spare Parts Logistics
Domestic Distribution
Linehaul / Local Courier
CourierPost
International Express Courier
Air Courier Service Small Package
Worldwide Logistics
Reverse Logistics
Logistics Transport
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
2. STRATEGY
13
OPTIMISING CAPACITY Continuing to maximise operating leverage, including through using its capacity efficiently and gaining
efficiencies from the use of technology.
GROWING EXISTING BUSINESS Fliway is a leading provider of specialised transport and warehousing in a number of sectors. Fliway plans to
continue to invest in business development initiatives to target increased customer and market penetration in
these existing sectors, including international air and ocean freight. Fliway will look to grow both organically
and through acquisition.
ENTERING NEW MARKETS Fliway has specialist equipment, facilities and expertise which is distinct from its competitors. Fliway
intends to leverage this equipment and expertise to target sectors which the business does not currently
operate in. For example, Fliway could transport or warehouse other types of goods which require specialist
handling equipment or facilities or acquire companies which currently transport or warehouse such goods.
Fliway will also evaluate opportunities to enter new markets through acquisitions.
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
3. FINANCIAL HIGHLIGHTS
14
DIVISIONAL EBITDA
Note: EBITDA = Earnings before net finance 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 Office -4.765 -4.947 -4.767 3.8%
Pro-Forma EBITDA 8.289 8.909 8.692 2.5%
FLIWAY Annual Shareholders Meeting | 23 October 2015
• Pro Forma EBITDA up 7.5% on LYR
• Record EBITDA Result
• Exceeded prospectus Forecast
A FLIWAY PRESENTATION
4. CAPITAL MANAGEMENT
15
CAPITAL EXPENDITURE
• IT capex on Warehouse management
software (SCE10) is just timing
• New Auckland site incurred $275k
setup costs that were not forecast
• 1HFY16 will be in line with PFI
• 12M to Dec PFI will likely be over
CAPEX FY2014 FY2015 12M Dec 15F
NZ$ 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
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
4. CAPITAL MANAGEMENT CONT’D
16
NET DEBT
• Shareholder loans repaid
• Bank debt reduced
• Cash profit & offer costs favourable
• Improved working capital position
• Dividend $863k in October
• Special dividend $227k in October
CAPEX FY2014 FY2015 12M Dec 15F
NZ$ 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
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
5. OPERATIONAL PERFORMANCE
17
DOMESTIC
• Transport revenues impacted by lower fuel
• Transport cost base improved ahead
of forecast
• Capacity utilisation improved
• Warehousing growing ahead of forecast
• Warehousing management delivering
• New customer win underpins increased
Auckland footprint
FLIWAY Annual Shareholders Meeting | 23 October 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%
A FLIWAY PRESENTATION
5. OPERATIONAL PERFORMANCE CONT’D
18
INTERNATIONAL
• Revenue soft
• Volatile sea freight pricing
• Margin impacted by lower volumes
• Focus on front end of the business
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%
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
5. OPERATIONAL PERFORMANCE CONT’D
19
UPS-FLIWAY JOINT VENTURE
• Improving export revenue
• Cost control delivering profit ahead
of forecast
• Dividend $50k (11.1%) above forecast
for H2FY15
UPS-FLIWAY FY2014 FY2015 12M Dec 15F
NZ$ 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
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
5. OPERATIONAL PERFORMANCE CONT’D
20
HEAD OFFICE
• Tracking in line with forecast
• Provided for the potential dispute
impact as per Offer Documents
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
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
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
6. OUTLOOK
21
• We reaffirm the 12M 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
FLIWAY Annual Shareholders Meeting | 23 October 2015
MOVING AHEAD THROUGH TARGETED GROWTH
22
CRAIG STOBO
FLIWAY Annual Shareholders Meeting | 23 October 2015
A FLIWAY PRESENTATION
CHAIRMANS ADDRESS
QUESTIONS
FLIWAY Annual Shareholders Meeting | 23 October 2015
ORDINARY BUSINESS
GENERAL BUSINESS
24
FLIWAY Annual Shareholders Meeting | 23 October 2015
• One-off PFI bonus for GM’s & CFO from D&G Hawkesby Trust
PFI DELIVERY BONUS EX SELLING SHAREHOLDER
FLIWAY GROUP LIMITED ANNUAL SHAREHOLDERS MEETING 2015 23 OCTOBER 2015
FLIWAY Annual Shareholders Meeting | 23 October 2015