COL L INS F OODS L IMIT E D F Y17 HAL F -YE AR RE SUL T S 30 Nove mbe r 2016
HY17 saw c ontinue d gr owth in ke y financ ial me tr ic s • Re ve nue up 4.7% to $282.5m HY16 HY17 F Y17 F Y17 Change vs Statutor y Statutor y Signific ant Unde r lying HY16 Ite ms Statutor y • Unde rlying E BI T DA up 9.4% to $38.6m [1] $m • Unde rlying NPAT up 17.2% to $16.8m 4.7% 269.7 282.5 282.5 R e ve nue • Ne t de b t up to $124.6m b ut ne t 9.4% 35.3 37.4 1.2 38.6 E BIT DA le ve ra g e ra tio he ld a t 1.54 12.6% 24.7 26.6 1.2 27.8 E BIT • Ne t o pe ra ting c a sh flo w o f $26.3m up 17.2% 14.3 15.4 1.3 16.8 NPAT $2.5m o n prio r ye a r $7.2m 117.4 124.6 124.6 Ne t De bt • Unde rlying E PS up 15.4% to 17.8 c ps 0.08 Ne t L e ve r age Ratio 1.62 1.54 1.54 • I nte rim divide nd up 33.3% to 8.0 c ps $2.5m 23.8 26.3 26.3 Ne t Ope r ating fully fra nke d Cash F low 15.4% PS Basic (c e nts) 15.4 16.4 1.4 17.8 E 33.3 % DPS (c e nts) 6.0 8.0 8.0 [1] Adjuste d to e xc lude pre -ta x impa c t o f g a in o n dispo sa l o f pro pe rty, pla nt a nd e q uipme nt $0.6m a nd pre -ta x c o sts o f a c q uisitio ns e xpe nse d $1.8m (whic h inc lude s $1.0m sta mp duty a nd $0.3m le g a l, c o nsultanc y a nd se tup c o sts fo r the 13 K F C re sta ura nts in NSW/ Vic to ria b o rde r re g io n a nd $0.5m in re spe c t o f K F C re sta ura nts in Ge rma ny) Pa g e 1
HY17 ope r ational snapshot T o p line g ro wth o f 6.4% - sa me • • Busine ss no w fully unde r Co llins Sizzle r Austra lia sa le s b e tte r • sto re sa le s (SSS) o f (0.6%) with F o o ds le a de rship tha n e xpe c te d with g o o d Q2 SSS re turning to po sitive ma rg in c o ntro ls de live ring Ne w me nu a nd b ra nd re fre sh • g ro wth impro ve d E BI T DA o ve r prio r b e ing la unc he d b e fo re ye a r • Ma rg ins he ld de spite fla t SSS Christma s 1 Sizzle r re sta ura nt c lo se d, • Ope ne d 1 ne w re sta ura nt a nd • • T o ta l Sta nd c o unt o f 6 b ring ing sto re c o unt to 21 a t c o mple te d 13 ma jo r re mo de ls (inc luding 1 fra nc hise d Sta nd) the ha lf-ye a r • I nte g ra tio n o f NSW/ Vic to ria • Sizzle r Asia g ro wing e a rning s – a c q uisitio n pro g re ssing we ll 4 ne w sto re s o pe ne d with • Po st ha lf ye a r a nno unc e d pla ns fo r a furthe r 2 in the purc ha se o f 11 sto re s in se c o nd ha lf Ge rma ny Pa g e 2
KF C c ontinue s to gr ow Pa g e 3
KF C c ontinue s to gr ow • Re ve nue up 6.4% to $249.6m HY16 HY17 HY17 HY17 Change vs Statutor y Statutor y Signific ant Unde r lying HY16 the a c q uisitio n o f 13 sto re s in the ite ms [1] Statutor y NSW/ Vic to ria ma rke t c o ntrib ute d Re staur ants re ve nue o f $7.8m 16 - Ha lf-ye a r e nd 174 190 190 6.4% R e ve nue ($m) 234.6 249.6 249.6 • SSS we re (0.6%) vs HY16: - % SSS (Co llins F o o ds) 5.2% (0.6%) (0.6%) ro lling o ve r hig h c o mps vs prio r 6.0% E BIT DA ($m) 39.9 42.8 (0.5) 42.3 ye a r - % ma rg in 10 b ps 17.0% 17.2% 16.9% c o mps we re po sitive in Q2 o f 4.7% E BIT ($m) 31.5 33.5 (0.5) 33.0 HY17 - % ma rg in 22 b ps 13.4% 13.4% 13.2% [1] Unde rlying - e xc lude s g a in o n dispo sa l o f pro pe rty, pla nt a nd e q uipme nt o f $0.6m a nd se tup c o sts o f $0.1m fo r the 13 K F C • 1 ne w re sta ura nt o pe ne d a nd re sta ura nts in NSW/ Vic to ria b o rde r re g io n 13 ma jo r re mo de ls c o mple te d • Unde rlying E BI T DA ma rg in o f 16.9% $400 20% E BIT DA mar gin % Sale s $m he ld up we ll g ive n so fte r SSS $300 17.0% 16.9% $249.6 $200 $234.6 15% $215.9 15.3% $100 $0 10% HY15 HY16 HY17 HY15 HY16 HY17 Pa g e 4
Innovation, value and ne w pr oduc t offe r ings ke e p dr iving gr owth Gr e at value ‘Ne w pro duc ts c o ntinue to Va lue o ffe rs suc h a s 24 Nug g e ts fo r $10 a nd $2 Slide rs c o ntinue e ngage c usto me rs whilst o ur to drive tra nsa c tio n g ro wth a nd value laye r c o ntinue s to de live r de live r g o o d va lue gre at re sults’ Boxe d me als and family me als Bo xe d a nd F a mily me a ls c o ntinue to pe rfo rm. Me g a Buc ke t a nd the One Cor e pr oduc t innovation Bo x we re g o o d Pulle d Po rk, Sa uc y Wing s, T e nde r e xa mple s o f Slide rs, a nd Pumpkin a nd F e ta a b unda nt va lue T wiste r pro vide d the b ra nd with a ne w va ria tio n o n e xisting pro duc ts Pa g e 5
Continue d inve stme nt dr iving fur the r gr owth Gr e e nslope s (QL D) Cabooltur e (QL D) • HY17 c a pe x o f c irc a $7.7m fo r K F C ne two rk de ve lo pme nt 1 ne w o pe ning 13 ma jo r re mo de ls 5 mino r re mo de ls • HY17 c o re ma inte na nc e a nd syste ms c a pita l c irc a $2.1m Me lville (WA) • Ba la nc e o f ye a r a c tivity South Pe r th (WA) e xpe c ta tio ns: 5 – 6 ne w o pe ning s 7 ma jo r re mo de ls 5 mino r re mo de ls Pa g e 6
E xpansion into Ge r many Compe titor – Re staur ant #’s* • Wo rld’ s 4th la rg e st e c o no my 2,000 1,500 • 82.5m c o nsume rs 1,000 500 • €71b o ut o f ho me fo o d ma rke t with the QSR se g me nt wo rth 0 a ppro xima te ly €23b * Mc D BK SUB KF C • Curre ntly the re a re a ppro xima te ly 1,500 Mc Do na ld’ s* a nd o ve r 700 Compe titor – Re ve nue €m* Burg e r K ing s* – e sta b lishe d a nd e ntre nc he d fa st fo o d industry 4,000 3,000 • K F C la te sta rte r in QSR c a te g o ry with 142 re sta ura nts 2,000 1,000 • L a st 4 ye a rs ha s se e n a ppro xima te ly a 50% inc re a se in K F C sto re 0 c o unt Mc D BK SUB KF C • K F C unde r re pre se nte d in Ge rma ny c o mpa re d to Austra lia n ma rke t KF C Re staur ant E xpansion a nd lo c a l c o mpe titio n - c irc a 1 K F C:37,000 pe o ple (Austra lia ), 200 c irc a 1 K F C:580,000 pe o ple (Ge rma ny) 150 • Pro vide s pla tfo rm to e xpa nd into wide r E uro pe a n ma rke t 100 50 * so urc e : CRE ST 2016, npdg ro up De utsc hla nd Gmb H 2011 2012 2013 2014 2015 2016 Pa g e 7
Ac quisition of 11 KF C r e staur ants in Ge r many • Ac q uisitio n o f 11 K F C re sta ura nts lo c a te d in Ge rma ny – 6 in Dusse ldo rf re g io n; 5 in Stuttg a rt re g io n – fo r €12.7m • On a tra iling b a sis sa le s we re €22.5m • I mme dia te ly E PS a c c re tive (pre -syne rg ie s) • F ra g me nte d fra nc hise c o mmunity with no do mina nt pla ye r • Sig nific a nt sto re g ro wth o ppo rtunity o ve r me dium to lo ng te rm • Sho rt te rm pla n to o pe n 4 to 5 re sta ura nts pe r ye a r o ve r the ne xt 2 ye a rs inc re a sing to 10 re sta ura nts pe r ye a r in the fo llo wing ye a rs Pa g e 8
Sizzle r de live r e d impr ove d E BIT DA r e sults Pa g e 9
Sizzle r de live r e d impr ove d E BIT DA r e sults • Ove ra ll re ve nue do wn 11.1%, with c o mp sa le s in HY16 HY17 Change vs Statutor y Statutor y HY16 Austra lia o f (0.6%) Statutor y • Sto re c o unt do wn 2 ve rsus prio r ye a r due to R e staur ants c lo sure s - Pe rio d e nd [1] 2 23 21 • Ong o ing fo c us o n c o st ma na g e me nt ha s e ve nue [2] ($m) 11.1% 35.1 31.2 e na b le d ma rg ins to b e he ld R - % SSS [1] (12.0%) (0.6%) • Unde rlying E BI T DA a t $2.7m fo r the ha lf ye a r 27.3% DA [2] ($m) 2.1 2.7 E BIT • Bo th Sizzle r Austra lia a nd Sizzle r Asia E BI T DA up o n 261 b ps prio r ye a r - % ma rg in 6.0% 8.6% [2] ($m) 67.9% E BIT 1.2 2.0 • No furthe r g ro wth c a pita l ha s b e e n inve ste d 308 b ps 3.5% 6.5% - % ma rg in [1] Sizzle r Austra lia o nly (e xc lude s Sizzle r Asia ) [2] Inc lude s Sizzle r Austra lia a nd Sizzle r Asia Pa g e 10
Sizzle r Asia c ontinue s to gr ow • Sizzle r Asia c o ntinue s to g ro w thro ug h inc re a se d ro ya lty re ve nue a nd sto re c o unt • Ro ya lty re ve nue up 15.0% • 2 ne w re sta ura nts o pe ne d in T ha ila nd a nd 2 ne w re sta ura nts o pe ne d in China during HY17 • 2 furthe r ne w re sta ura nt o pe ning s a re pla nne d fo r F Y17 Pa g e 11
F inanc ial ove r vie w Pa g e 12
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