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2014 HALF YEAR RESULTS PRESENTATION – Intertek

Intertek · Aug 4, 2014 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 1
    2014 Half Year Results Presentation 4 August 2014 Wolfhart Hauser Lloyd Pitchford Chief Executive Officer Chief Financial Officer 1 www.intertek.com
  2. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 2
    Lloyd Pitchford Chief Financial Officer Financial Performance 2014 Half Year Results Presentation 2 www.intertek.com
  3. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 3
    Results Overview Revenue headwinds in some businesses Good growth in remaining portfolio Focus on profit and cash Currency impact Improving second half and into 2015 Strong acquisition contribution and pipeline 4…
  4. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 4
    Financial Highlights For the six months to 30 June 2014 Revenue 1,024m + 2.9% at constant - 5.6% at actual - 0.5% at constant organic(2) Operating profit(1) 152m + 5.1% at constant - 3.8% at actual + 0.8% at constant organic(2)…
  5. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 5
    H1 Revenue Growth m + 2.9% + 2.9% m Constant rates Constant rates 1,200 1,200 5.9 (89.4) (3.3) (4.5) 8.5 22.4 33.9 (89.4) 1,100 1,100 (4.9) 1,000 1,000 900 900 800 800 1,084.7 1,084.7 1,024.3 700 1,024.3 700 - 0.5%…
  6. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 6
    Organic Revenue Growth -0.5% m 1,100 (1.5%) 1,000 (0.8%) 4.3% (1.2%) (0.7%) (0.6%) 900 800 992.2 987.3 700 600 H1 2013 Industry Minerals Industry Contract Europe Cargo Other H1 2014 Contract Exits Energy…
  7. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 7
    Currency Analysis Local currency H1 H1 H2 FY to GBP 2014 2013 2013 2013 Revenue By Currency USD -7.8% 1.67 1.54 1.59 1.56 CNY -6.1% 10.25 9.62 9.79 9.68 EUR -3.3% 1.22 1.18 1.18 1.18 Other 25% HKD -7.7% 12.94 11.94 12.36…
  8. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 8
    Divisional Operating Margin 40.0% H1 14 31.6% 31.3% H1 13* 30.0% 20.0% 15.1% 15.1% 14.9% 14.6% 11.1% 10.8% 10.2% 10.4% 10.0% 8.6% 7.8% 0.0% I&A Commodities Consumer C&E C&P Group Goods *H1 13 at constant exchange…
  9. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 9
    Operating Profit & Separately Disclosed Items m actual exchange rates H1 2014 H1 2013 Adjusted operating profit (1) 152.3 158.3 (3.8)% Separately disclosed items: Amortisation of acquisition intangibles (10.3) (12.7) Acquisition…
  10. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 10
    Cash Flow, Tax & Investment Adjusted Cash Generated from Operations H1 2011 2012 2013 2014 Strong focus on cash management Cash from Operations m 91.1 118.1 123.7 148.2 Adjusted cash from ops up 20% % Change - 29.6% 4.7% 19.8%…
  11. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 11
    Financing Drawn debt 110m new bond debt 310m 452m Bank Debt Bank facility refinanced and Bond Debt expanded Strong maturity profile Debt duration(1) Interest charge H1 2014 11.4m (2013: 13.0m) 11% Net debt EBITDA of 1.6…
  12. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 12
    Interim dividend increased by 6.7% Interim Dividend Per Share Pence Interim dividend of 16.0p, up 6.7% 20 Interim pay-out of 26.0m 15 Reflects good underlying earnings progression 10 5 0 2010 2011 2012 2013 2014…
  13. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 13
    Wolfhart Hauser Chief Executive Officer Operating Performance 2014 Half Year Results Presentation 14 www.intertek.com
  14. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 14
    Divisional Overview H1 2014 H1 Organic % of Group revenue growth H1 Profit Chemicals & Pharma Industry & Assurance (6.7)% 24% 8% Commercial & Electrical Commodities (1.6)% 18% Industry & 17% Assurance 32% Consumer Goods…
  15. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 15
    Industry & Assurance H1 14 Performance H1 14 Trading m constant Organic Industry Services: Revenue down on low-margin exchange H1 14 Change change contract exits, capital project phasing delays Revenue 325.3 (1.0)% (6.7)% 15m…
  16. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 16
    Commodities H1 14 Performance H1 14 Trading m constant Organic Minerals: Strong decline continued (-16%). Indonesian exchange H1 14 Change change trade bans affecting entire region Revenue 262.8 (1.7)% (1.6)% Cargo: Improving growth.…
  17. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 17
    Consumer Goods H1 14 Performance H1 14 Trading m constant Organic Textiles: Good growth; market expansion in Turkey, exchange H1 14 Change change India, Vietnam Revenue 176.1 5.1% 5.0% 20% growth in new sourcing markets Toys: Growth…
  18. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 18
    Commercial & Electrical H1 14 Performance H1 14 Trading m constant Organic Transport Technologies: Very high growth exchange H1 14 Change change Electrical: Strong growth, particularly in UAE, Taiwan, Revenue 176.0 14.6% 6.3% Korea,…
  19. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 19
    Chemicals & Pharma H1 14 Performance H1 14 Trading m constant Organic Chemicals & Materials: Good growth in Middle East exchange H1 14 Change change EU weak, continued restructuring and site closure Revenue 84.1 7.5% 4.5% Margin…
  20. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 20
    Our strategic portfolio Chemicals & Pharma Minerals Consumers RETAIL & COMMODITIES MANUFACTURED & MATERIALS PRODUCTS Energy INDUSTRY ASSETS Food & Agri Business Assurance 21 www.intertek.com
  21. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 21
    Long term energy demand 18 16 14 Billion tonnes of oil equivalent 12 10 8 6 4 2 0 1990 1995 2000 2005 2010 2012 2015 2020 2025 2030 2035 Oil Gas Coal Nuclear Hydroelectric Renewables Source: BP Energy…
  22. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 22
    Market drivers in product industries End-User Quality Expectations & Diversity Consumers demanding safe & quality brands Supply Chain New Changes Technologies Shifting cycles, Innovation and Market sourcing and product…
  23. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 23
    Outlook Growth strengthening in H2 Profitability leverage from improving revenue growth Good development in and strong growth from emerging markets Portfolio positioned to benefit from strong structural drivers in coming…
  24. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 24
    Our Growth Platform RETAIL & COMMODITIES MANUFACTURED & MATERIALS PRODUCTS GLOBAL TRADE MARKET DRIVERS QUALITY NETWORK & SERVICE OUTSOURCING & CONSULTING INDUSTRY CONSOLIDATION INDUSTRY ASSETS 25 www.intertek.com
  25. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 25
    Appendix 2014 Half Year Results Presentation 26 www.intertek.com
  26. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 26
    Taxation m actual exchange rates H1 2014 H1 2013 Profit before tax 119.8 127.9 Tax (29.5) (32.5) Profit after tax 90.3 95.4 Reported tax rate 24.6% 25.4% Effective tax rate 24.5% 25.0% on adjusted profit before tax 27…
  27. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 27
    Operating Cash Flow m actual exchange rates H1 2014 H1 2013 Operating Profit before changes in working 184.0 195.4 capital and provisions Changes in working capital: Inventory (1.5) (2.1) Debtors and prepayments (14.2) (61.4)…
  28. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 28
    Free Cash Flow m actual exchange rates H1 2014 H1 2013 Cash generated from operations 142.5 119.2 Net interest (12.6) (12.1) Taxation (30.8) (37.7) Net capital expenditure (52.0) (60.0) Free cash flow 47.1 9.4 401% 29…
  29. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 29
    Net Debt m actual exchange rates H1 2014 H1 2013 FY 2013 Borrowings 761.3 757.3 734.6 Cash (100.5) (123.8) (116.4) Net debt 660.8 633.5 618.2 Net debt to EBITDA 1.55x 1.51x 1.44x 30 www.intertek.com
  30. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 30
    Liquidity Position at 30 June 2014 m actual exchange rates H1 2014 H1 2013 Debt facilities 902.3 976.0 Borrowings (761.3) (757.3) Undrawn committed borrowing facilities 141.0 218.7 Cash 100.5 123.8 Liquid funds 241.5 342.5…
  31. 2014 HALF YEAR RESULTS PRESENTATION – Intertek – slide 31
    Divisional Performance Summary H1 2014 Revenue Margin Organic Organic m constant exchange H1 14 Change change H1 14 Change change Industry & Assurance 325.3 (1.0)% (6.7)% 11.1% 30bps 10bps Commodities 262.8 (1.7)% (1.6)% 10.2%…

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