RESULTS FOR THE YEAR ENDED 30 APRIL 2017 27 JUNE 2017 FINAL RESULTS
SERGE CRASNIANSKI, CEO OVERVIEW
Agenda • Highlights & Business Overview • Financial Review • Innovation & Growth Strategy • Conclusion FINAL RESULTS 3
OVERVIEW Financial highlights • Strong performance delivering record profits, record operating cash flow and double digit earnings growth • Continued good performance from identification and laundry business Cash generated from Reported revenue Reported EBITDA operation + 22.0% to £69.2m +16.7% to £214.7m +18.6% to £61.3m Net cash position £39.2m EBITDA margin Record Profit before tax +140bpts to 32.2% after distributions and +19.7% to £48.0m investment in future growth (total of £73.5m) Earnings per share At constant currency Total ordinary dividend per Revenue +3.3% +20.1% to 9.27p share +20% to 7.03p Profit before tax + 4.2% FINAL RESULTS 4
OVERVIEW Operational highlights • Photobooth upgrades to ANTS technology in France Further progress in deployment • 300 photobooths with encrypted photo ID upload technology being of security technologies in rolled out in Ireland by end of 2017 • Progressive deployment of secure and direct data transfer technologies photobooths in photobooths in Germany • 1,103 further laundry units deployed during the year Expansion of laundry business • 50 launderette shops open, including first shop in Japan, as at 30 April continued on track to meet Launch of reduced footprint Revolution unit, targeting locations with target of 6,000 units by 2020 limited space • Rollout of over 800 new SpeedLab Cube and SpeedLab Bio by Starck Strengthened market position in • Acquisition of ASDA photo business for £3.3m the digital printing segment • Invested £40.3m for further growth Focused investment in • Development of complementary products and technologies innovation for future growth • Focus on development of proprietary security biometric ID solutions • Ongoing refurbishment and upgrade to support market leading position FINAL RESULTS 5
OVERVIEW Business overview • Photo-Me International PLC (Photo-Me), operates, sells and services a wide range of instant service equipment • 47,946 units in operation in 18 countries • International operations and technology innovation focused on three principal segments: • Identification: photobooths and integrated biometric identification solutions • Laundry: unattended laundry services • Kiosks: high-quality digital printing • Business strategy focused on diversification of operations through investment and development of technologies with multiple product applications to be deployed across key geographies • Stable cash flow from long-established photobooth operations utilised to develop new and complementary products to drive future growth • Focus on getting the best yield out of automatic unattended vending machines estate • Low fixed cost base with the same network of field engineers utilised across the entire estate CUSTOMER ESTABLISHED LONG-TERM TECHNOLOGY & BRAND STABLE CASH EXPERIENCE NETWORK PARTNERSHIPS INNOVATION RECOGNITION FLOWS providing easy to use, Photo- Me’s products of engineers able to with the leading continuous focus on utilised to fund R&D reliable, high quality, support growth at shopping malls in target diversification are household names for future growth value for money services limited cost markets FINAL RESULTS 6
OVERVIEW At a glance Operations in 18 countries worldwide Photo-Me estate by number of units (% of total estate) Austria, Belgium, China, France, Germany, Ireland, Italy, Japan, Netherlands, Poland, Portugal, Singapore, South Korea, Spain and Switzerland, Vietnam, UK, USA 6,420 (13%) 5148 (11%) 5,872 (12%) 28,541, (60%) 1,965 (4%) Identification Laundry Kiosks Children's rides Other vending units Focus on innovation and ID security biometrics Network and relationships • Track record of collaborating with recognised • Building relationships with site owners for over 50 years design and technology firms through mutually • Strategically positioned in attractive, high footfall beneficial partnerships locations • Ongoing RD investment is a key tenet of the • Dedicated teams of approximately 700 regional field business model engineers to support, maintain and upgrade estate • Enhancing photobooth capabilities, particularly in • Network connected via a sophisticated telemetry system the area of biometrics identification FINAL RESULTS 7
GABRIEL PIRONA, CFO FINANCIAL REVIEW
Key financials Revenue EBITDA £m £m 80 35% 250 70 30% 69.2 200 60 214.7 214.6 25% 211.0 207.8 195.6 195.4 190.2 56.7 188.8 185.9 186.6 50 184.0 177.2 51.8 20% 150 47.8 40 44.0 44.3 15% 100 30 10% 20 50 5% 10 0 0 0% FY 2012 FY 2013 FY 2013 FY 2015 FY 2016 FY 2017 FY 2012 FY 2013 FY 2014 FY 2015* FY 2016 FY 2017 Reported Constant currency (excl. minilab) EBITDA EBIDTA Margin Profit before tax £m Cash generated from operations £m 25% 60 70.0 50 20% 60.0 48.0 61.3 40 50.0 15% 40.1 51.4 48.1 46.6 35.0 40.0 45.6 30 42.4 30.1 10% 30.0 20 24.3 20.1 20.0 5% 10 10.0 0% 0 0.0 FY 2012 FY 2013 FY 2014 FY 2015* FY 2016 FY 2017 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 PBT PBT Margin FINAL RESULTS 9
EPS and Dividends Diluted EPS 10.00 9.27 8.00 Pence per share 7.72 6.00 6.70 5.70 4.00 4.76 3.95 3.74 • Diluted EPS +20% slightly better than PBT, due to 2.00 lower effective tax rate 0.00 • Total ordinary dividend per share increased by 20% to FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 7.03p per share • £32.6m cash returned to shareholders • Progressive dividend strategy, with commitment to Dividend history increase ordinary dividend by 20% for 10.00 FY 2018 Pence per share 8.00 2.815 6.00 2.00 3.00 4.00 7.03 5.86 4.88 2.00 3.75 3.00 2.50 2.00 0.00 2011 2012 2013 2014 2015 2016 2017 Ordinary dividend Special dividend FINAL RESULTS 10
Results by geographic area Continental Europe UK & Ireland Asia & ROW Austria, Belgium, France, Germany, China, Japan, Singapore, South Countries Italy, Netherlands, Poland, Portugal, United Kingdom and Ireland Korea, Vietnam and USA Spain and Switzerland Vending units 23,751 units 12,602 units 10,553 units % of the Group 49% 28% 23% 2017 1 2017 1 2017 1 2017 2016 Change 2017 2016 change 2017 2016 change Revenue £111.7m £ 97.6m £93.7m +19.2% £53.6m £53.1m £45.8m +17.0% £49.4m £39.3m £44.5m +11.0% Operating Profit £33.9m £29.6m £24.1m +40.7% £7.3m £7.2m £8.0m -8.8% £8.4m £6.9m £10.7m -21.5% Margin 30.4% 30.3% 25.8% +17.9% 13.6% 13.5% 17.4% -21.7% 17.4% 17.5% 24.0% -27.3% 1 For constant currency comparatives, average rates of exchange used were £/ € 1.18 (2016: 1.35), £/Yen 140 (2016: 178) FINAL RESULTS 11
Net cash £m FY 2017 investments comprise: 140.0 Laundries £11.0m 61.3 Kiosks £4.5m PMR £3.7m (1.1 ) 120.0 Photobooths in China & Asia £3.8m Launderettes £1.5m Photobooths Ireland £1.5m ANTS France £1.0m 100.0 (33.8 ) (3.3 ) 80.0 (3.8) 2.0 62.4 60.0 (32.6 ) 39.2 40.0 (12.0 ) 20.0 - Opening cash at FX Operating CF Interest paid Investment in Capitalised R&D Acquisitions Dividends Tax Closing cash at 30 April 2016 and Financing Estate and and SW 30 April 2017 infrastructure (Net) FINAL RESULTS 12
Revenue and profit bridge £m 230 1.2 7.9 220 214.7 5.3 (5.1) Revenue 24.7 (3.1) (0.2) 210 200 190 184.0 180 170 160 FY2016 FY2017 FX Acquisitions Laundry Price Volume My Number SG&A Finance Other NIM 56 54 Profit before tax 52 (2.6) 0.8 50 4.3 0.9 (0.4) 48.0 48 2.0 (1.6) 6.2 (1.8) 46 44 42 40.1 40 38 FINAL RESULTS 13
ERIC MERGUI, COO BUSINESS REVIEW
BUSINESS REVIEW Vending units in operation Continental Europe UK & Ireland Asia & ROW 13,500 11,000 24,000 Number of vending units in operation +6.3% +6.9% +4.2% 10,800 10,908 13,287 23,751 23,500 13,000 10,600 10,400 23,000 12,500 10,200 22,800 12,500 22,500 10,200 10,000 12,000 9,800 22,000 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 1,288, 3,636, Number of vending units in operation (10%) 1,496, (15%) 12,682, 1,218, (14%) (54%) (5%) 6,580, 3,928, (49%) (30%) (% of estate) 1,459 (6%) 4,756 499 (20%) 9,279, (4%) 992 (85%) (8%) Children's’ rides Photobooth Kiosk Laundry Other • Total vending estate increased by 5.4% to 47,946 units (2016: 45,500) • 554 additional laundry units deployed, 29 new laundry shops opened • Deployment of more than 800 new SpeedLab and SpeedLab Bio by Starck, digital photo printing kiosks • Expansion of photobooth presence into new locations in Asia FINAL RESULTS 15
Recommend
More recommend
