FINANCIAL RESULTS F19 H1
AGENDA 01 02 03 Key Metrics Progress on Financial results F19 H1 plans F19 H1 (Brands, Hospitality, Logistics, Manufacturing) 04 05 06 GBK update Outlook for the Questions second six months 2
KEY METRICS
SA and AME business Strong results 4
5.4% F19 H1 R3.58bn (F18 H1 R3.40bn) Revenue 5
Operating profit before Operating loss after non-operational items non-operational items 3.9% 211.3% F19 H1 R421.8m F19 H1 Loss R452.1m (F18 H1 R406.1m) (F18 H1 Profit R406.1m) 6
16.6% F19 H1 R540.4m (F18 H1 R463.0m) Cash generated from operations 7
Group under-performed due to GBK UK and Coega Concentrate 8
PROGRESS ON F19 H1 PLANS
GROWING BRAND CAPABILITY – SA & AME
F19 H1 BRAND CAPABILITY SYSTEM-WIDE RESTAURANT SALES GROWTH (RANDS) 12.8% 7.8% 7.3% DOMESTIC AME SA & AME TOTAL 11
F19 H1 BRAND CAPABILITY LIKE-FOR-LIKE RESTAURANT SALES GROWTH (RANDS) 3.4% 3.1% 1.0% DOMESTIC AME SA & AME TOTAL 12
F19 H1 BRAND CAPABILITY SYSTEM-WIDE RESTAURANT SALES GROWTH (RANDS) 8.6% 7.1% SIGNATURE BRANDS LEADING BRANDS 13
F19 H1 BRAND CAPABILITY LIKE-FOR-LIKE RESTAURANT SALES GROWTH (RANDS) 4.1% -2.3% SIGNATURE BRANDS LEADING BRANDS 14
F19 H1 BRAND CAPABILITY TOTAL RESTAURANTS OPENED 79 59 Total 5.7bn 16 Revenue increase of 33% across the 4 divisions 2 782 Restaurants 15
TO BE UPDATED WITH INFORMATION FROM DARREN F19 H1 BRAND CAPABILITY TOTAL RESTAURANT NUMBERS 664 630 2 874 574 Total 257 244 171 100 97 84 34 6 13 Steers Wimpy Debonairs FishAways Mugg & Mr Biggs GBK Milky Lane Fego Giramundo Wakaberry Signature Pizza Bean Brands 16
GOALS GROWING BRAND CAPABILITY Drive margin improvement on Signature brands Not achieved Underway Achieved 17
GOALS GROWING BRAND CAPABILITY Review Signature brand portfolio Drive margin improvement on Signature brands Not achieved Underway Achieved 18
GOALS GROWING BRAND CAPABILITY Review Signature brand portfolio Drive margin Open Debonairs Pizza improvement on in Saudi Arabia Signature brands under license Not achieved Underway Achieved 19
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise brand portfolio Leading brands with resources to drive growth Drive margin Open Debonairs Pizza improvement on in Saudi Arabia Signature brands under license Not achieved Underway Achieved 20
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise brand portfolio Leading brands with resources to drive growth Drive margin Open Debonairs Pizza Rapidly grow improvement on in Saudi Arabia capability in Signature brands under license digital arenas Not achieved Underway Achieved 21
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise Pipeline of branded offers brand portfolio Leading brands developed in-house with resources to ready to launch drive growth Drive margin Open Debonairs Pizza Rapidly grow improvement on in Saudi Arabia capability in Signature brands under license digital arenas Not achieved Underway Achieved 22
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise Pipeline of branded offers brand portfolio Leading brands developed in-house with resources to ready to launch drive growth Drive margin Open Debonairs Pizza Rapidly grow Leading brands to improvement on in Saudi Arabia capability in deliver BIG BOLD Signature brands under license digital arenas initiatives Not achieved Underway Achieved 23
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise Pipeline of branded offers Further entrench home brand portfolio Leading brands developed in-house delivery offering across with resources to ready to launch all brands drive growth Drive margin Open Debonairs Pizza Rapidly grow Leading brands to improvement on in Saudi Arabia capability in deliver BIG BOLD Signature brands under license digital arenas initiatives Not achieved Underway Achieved 24
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise Pipeline of branded offers Further entrench home brand portfolio Leading brands developed in-house delivery offering across with resources to ready to launch all brands drive growth Drive margin Open Debonairs Pizza Rapidly grow Leading brands to Expand tashas improvement on in Saudi Arabia capability in deliver BIG BOLD footprint in UAE Signature brands under license digital arenas initiatives Not achieved Underway Achieved 25
GOALS GROWING BRAND CAPABILITY Review Signature Prioritise Pipeline of branded offers Further entrench home Get more brand portfolio Leading brands developed in-house delivery offering across entrenched in with resources to ready to launch all brands key AME markets drive growth Drive margin Open Debonairs Pizza Rapidly grow Leading brands to Expand tashas improvement on in Saudi Arabia capability in deliver BIG BOLD footprint in UAE Signature brands under license digital arenas initiatives Not achieved Underway Achieved 26
GROWING HOSPITALITY CAPABILITY – SA
GOALS GROWING HOSPITALITY CAPABILITY Grow presence in premium corporate market Not achieved Underway Achieved 28
GOALS GROWING HOSPITALITY CAPABILITY Expand home meal Grow presence replacement space through in premium “bricks” and “clicks” corporate market Not achieved Underway Achieved 29
GROWING LOGISTICS CAPABILITY – SA & EXPORTS
F19 H1 LOGISTICS CAPABILITY REVENUE GROWTH 10.0% 6.8% 7.9% 7.7% 7.1% 6.9% 3.4% 31
GOALS GROWING LOGISTICS CAPABILITY Embark on Project Decade • Refer to supplementary slides for additional info Not achieved Underway Achieved 32
GROWING MANUFACTURING CAPABILITY - SA
F19 H1 MANUFACTURING CAPABILITY REVENUE GROWTH – OWN PLANTS 21.2% 11.4% 14.2% 9.5% 4.7% -0.6% -6.5% 34 Note: Coega Concentrate and KZN Ice cream plant data not provided. Western Cape Bakery closed in July 2017
F19 H1 MANUFACTURING CAPABILITY REVENUE GROWTH – JV PLANTS 26.1% 2.5% * 10.0% 9.5% 1.8% -5.1% -7.0% *New - formerly TruFruit 35
GOALS GROWING MANUFACTURING CAPABILITY Secure sustainable tomato supply or exit Not achieved Underway Achieved 36
GOALS GROWING MANUFACTURING CAPABILITY New routes to Secure sustainable market for LBF tomato supply or exit Not achieved Underway Achieved 37
GOALS GROWING MANUFACTURING CAPABILITY New routes to Take on previously Secure sustainable market for LBF outsourced grated tomato supply or exit cheese volumes at FB Cheese Company Not achieved Underway Achieved 38
GOALS GROWING MANUFACTURING CAPABILITY New routes to Take on previously Focus on Secure sustainable market for LBF outsourced grated efficiencies tomato supply or exit cheese volumes at “Manufacturing FB Cheese Company Way” Not achieved Underway Achieved 39
GOALS GROWING MANUFACTURING CAPABILITY New routes to Take on previously Focus on Drive new Secure sustainable market for LBF outsourced grated efficiencies “ FoodConnect ” tomato supply or exit cheese volumes at “Manufacturing partnership FB Cheese Company Way” Not achieved Underway Achieved 40
GOALS GROWING MANUFACTURING CAPABILITY New routes to Take on previously Focus on Drive new Leverage Juice Secure sustainable market for LBF outsourced grated efficiencies “ FoodConnect ” Plant Joint tomato supply or exit cheese volumes at “Manufacturing partnership Venture FB Cheese Company Way” Not achieved Underway Achieved 41
FINANCIAL RESULTS F19 H1
SALIENT FEATURES HY F 2019 HY F 2018 % Change Revenue (Rm) 3 583.6 3 401.2 5.4 Operating profit before non-operational items (Rm) 421.8 406.1 3.9 Operating (loss)/profit after non-operational items (Rm) (452.1) 406.1 (211.3) Cash generated from operations (Rm) 540.4 463.0 16.6 EPS (cents) (572) 171 (434.5) HEPS (cents) 188 170 10.6 Net debt : equity (%) 133.9 145.3 11.4 43
INCOME STATEMENT HY F 2019 Rm HY F 2018 % Change Revenue 3 583.6 3 401.2 5.4 Gross profit 1 916.2 1 816.9 5.5 Selling and administrative expenses (1 494.4) (1 410.8) (5.9) Operating profit before non-operational items 421.8 406.1 3.9 Non-operational items (873.9) - Net finance costs (105.8) (138.2) Share of profit from associates 0.2 1.7 (Loss)/profit before tax (557.7) 269.6 (306.8) Tax 14.1 (77.6) (Loss)/profit for the year (543.6) 192.0 (383.1) 44
SEGMENTAL ANALYSIS | OPERATING PROFIT Rm % of Total HY F 2019 HY F 2018 % Change Brands 52.7 222.5 202.5 9.9 Leading brands 51.8 218.6 193.3 13.1 Signature brands 0.9 3.9 9.2 (58.1) Supply Chain 60.7 256.0 221.1 15.8 Manufacturing 48.1 203.0 184.3 10.1 Logistics 12.6 53.0 36.8 44.2 Corporate (10.4) (44.2) (30.3) (46.0) South Africa 103.0 434.3 393.3 10.4 International (3.0) (12.5) 12.8 (198.2) UK (8.8) (36.8) (6.3) (481.9) AME 5.8 24.3 19.1 27.2 Total Operating Profit before non-operational items 100.0 421.8 406.1 3.9 45
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