Financial Review Angus Cockburn, CFO Introduction Ken Hanna, Chairman 3
Financial Review Angus Cockburn, CFO 4
Overview of Results Underlying revenue up 4% m FY13 FY12 Reported Change Underlying Change Power Projects (1)% Revenue 1,573 1,583 -% 4% Local +7% Revenue excl. 1,531 1,543 -% pass-through fuel Underlying trading profit up…
Revenue and trading profit bridge Trading m Revenue Profit 2012 1,583 386 2013 currency translation: emerging market currency weakness offset in Currency Translation (10) (6) part by stronger US 2012 Pass Through Fuel (40)…
Balance Sheet Working capital broadly flat on prior m 2013 2012 year Intangible Reduction in inventory and payables 151 171 assets/goodwill due to currency and lower manufacturing activity Tangible fixed assets 1,165 1,276…
Financial Indicators 2013 2012 Maintained firm capital discipline EBITDA(1) 636m 626m with capex reduced by 48% to 212m Capital investment 228m 440m Fleet capex : depreciation 0.8x Net borrowings 363m 593m Average power fleet…
Fleet, capital expenditure and utilisation Power Fleet at 31 Dec 2013 Power Fleet at 31 Dec 2012 MW MW 330 G3+ / HFO refurbs in 2013; 50% of Power Projects capex 25 240 275 HFO 50 1,205 Gas 233 1,101 265 MW of HFO in fleet…
Cash Flow m FY13 FY12 Operating Profit1 363 390 Depreciation1 273 236 EBITDA 636 626 Working Capital (25) (164) Other (8) 17 Operating Cash Flow 603 479 Tax (68) (83) Net Interest (26) (23) Purchase of Fixed Assets (228)…
Capital Structure Priority is to invest in organic growth and bolt-on acquisitions Long term, we believe appropriate gearing is c.1x net debt / EBITDA Strong cash generation of 230m in the year Net debt / EBITDA is 0.6x at year…
Operating Review Rupert Soames, CEO
Creditable performance in a challenging year Highlights New regional structure working well 2 out of 3 regions growing strongly: EMEA +14%, Americas +20%, APAC -27% underlying trading profit Good performance in Local business…
Revenue & Trading Profit by Business Revenue Trading Profit FY13 FY12 Underlying FY13 FY12 Underlying m m % m m % Strong performance in Local business with underlying Local Business 892 842 7% 161 146 11% revenue, margins and…
Power Projects Structural vs Cyclical drivers Emerging Markets Growth (%) Demand for temporary power is created by demand for power growing faster than supply 9 Governments generally have to find the funds for temporary power,…
Emerging market currency devaluation Currency depreciation dampens Selected Emerging Market Currencies vs. GBP demand in Power Projects and affect profit translation in the Local 120 business 110 Fuel generally priced in US -…
Our two complementary business models give us a unique competitive advantage Proximity Faster response times; better customer service; better fleet availability Sharing resources and fleet; higher utilisation Cost advantage Lower…
Good performance in EMEA m (ex fuel) FY13 FY12 Underlying Major difference between reported and Change underlying is 2012 Olympics Local 331 374 4% 60m revenue in 2012 Power Projects 252 212 17% Reported trading margin down 2pp,…
Challenging year in APAC m FY13 FY12 Underlying Change Local business revenue up 2% Local 128 130 2% Good performance in Australasia: Power Projects 175 220 (21)% reduction in mining offset by emergency cooling jobs Revenue 303…
Strong performance in the Americas Local business revenue up 10% m FY13 FY12 Underlying Change Strong margins Continued strong demand in oil & gas Local 445 400 10% Poit integration successfully completed; Power Projects 200 207…
Strategic Targets & KPIs Strategy Targets2 FY13 Progress Superior service Revenue growth: 8-12% Revenue growth: 7% NPS score up to 64% Utilise global scale for efficiency Local Margin: 17-20% Margin: 18% Opened 8 new Increase…
EMEA Overview David Taylor-Smith, Regional MD EMEA
EMEA Overview Europe (incl. Russia) FY13 Revenue (m) 207 Average MW on rent 568 Service Centres and Offices 45 Local business Middle East FY13 Local Mini-Projects business Revenue (m) 116 Power Projects Average MW on rent 662…
The EMEA Local businesses Opened 17 service centres in past five years FY13 Local Business Revenue by sector Europe Highly competitive & mature market 45 service centres & offices in 15 countries Petrochemical and refining 4%…
Case study: UK Growth in mature markets Events Expertise 23 large events in 2013 incl. Glastonbury, UK FY13 Leeds, British Open London 2012 Olympics Revenue (m) 73 Glasgow 2014 Commonwealth Games Revenue growth 12-13 ex 12%…
The EMEA Power Projects business Average of 1.3 GW on hire in 2013 in 28 countries 67% diesel, 33% gas; 2 HFO contracts signed Expertise in cross border supply Drivers of demand Ageing infrastructure 9 GW greater than 40 years…
Case study: Mozambique Selling power across borders Ressano Garcia is the worlds first interim, cross-border, Power project 2nd largest generation facility in Mozambique; largest temporary power plant in the world 229 MW of…
APAC Overview Debajit Das, Regional MD APAC
APAC Overview Asia FY13 Revenue (m) 200 Average MW on rent 1,316 Service Centres and Offices 16 Local business Australia Pacific FY13 Local Mini-Projects business Revenue (m) 103 Power Projects Average MW on rent 324 Local…
The APAC Local businesses A network of 38 service centres in 11 countries FY13 Local Business Revenue by sector Opened or acquired 23 service centres in past five years Manufacturing Oil and gas Shipping Wide range of customers…
Case Study: Australia Temperature Control Project Main cooling tower that provided 350 MW of cooling to the Wallarawang power station collapsed and the plant was inoperable Required temporary solution to prevent them incurring…
The APAC Power Projects business Japan Assisted power restoration near Tokyo post-Tsunami in 2011 Rapid supply of 100MW diesel and 100MW gas Excellent service and our flexible solution resulted in customer referral - 2x74MW at…
Case Study: Bangladesh Growing markets with diesel and gas Ongoing power crisis in Bangladesh Government formed a committee for fast- track power Aggreko was selected to provide power within the Governments technical limits…
Americas Overview North America FY13 Revenue (m) 328 Average MW on rent 492 Service Centres and Offices 58 Americas Revenue FY13 m Latin America FY13 Local Business 445 Power Projects 200 Revenue (m) 277 Total 645 Average MW on…
The Americas Local businesses A network of 97 service centres in 10 countries FY13 Local Business Revenue by sector 44 new service centres opened or acquired in past five years Petrochemical and refining Wide range of customers…
Case study: North America Upstream Oil & Gas Shale plays, including dry gas, wet gas and tight oil, are spread across the US Aggreko is active in 8 of the 11 major shale basins Shale importance highlighted by US crude oil…
The Americas Power Projects business FY13 Power Projects Revenue by sector Fleet and technical hub located in Panama Mining and Oil & Gas Other Utilities remain cornerstone of Americas Power 2% Project business Military 20%…
Case Study: Panama Participation in the open market 2010 - 100MW Approximately 15 month duration Direct RFP process via EGESA (Governments generation company) 2014 - 80MW Will provide capacity directly to distribution companies…
Outlook Angus Cockburn, CFO
Outlook for 2014 Encouraging start to the year; business performing in line with expectations Local business continues to perform well power MW on rent currently up 7% Power Projects: customers remain cautious, and so do we 64MW…
Q&A
Appendix
Revenue Mix m Revenue % of Revenue (ex fuel) Underlying(1) Change 2013 2012 2013 2012 % pp Power 1,086 1,109 2% 71% 72% (1) Temperature Control 124 114 8% 8% 7% 1 Oil-Free Air 30 28 7% 2% 2% - Total Rental 1,240 1,251 3% 81%…
Revenue by Sector FY13 Group Revenue by customer type Utilities contribute 42% of Revenue (ex fuel): 1,531m total Group revenue driven by Petrochemical and refining Oil and gas Power Projects 7% Manufacturing 15% 5% Shipping…
Revenue by geography FY13 Revenue excl. pass-through fuel by region Revenue: 1,531m Latin America North America 18% 22% Asia & Australasia 20% 14% Europe 10% 16% Middle East Africa 46
Impact of Military & Japan Military & Japan are not mainstream Japan & Military Revenue (m) Power Projects markets 180 22 Japan was a black swan event; 160 20 major disruption to OECD grids are 18 very rare Japan &…
Impact of foreign exchange FX Rates Revenue (m) FY13 Feb. 2014 FY13 FY13 Actual at % Variance Average Closing Actual Feb. 14 Rates Variance US Dollar 1.57 1.67 983 924 (59) (6)% Euro 1.18 1.22 96 93 (3) (3)% Australian Dollar…
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