BidVest Namibia Limited

Transcription

1 BidVest Namibia Limited Presentation to Analysts and Investors March Infinite possibilities with one vision 1

2 Agenda Introduction Piet Steyn Bidvest Namibia Business Model and Overview Sebby Kankondi Financial Results Melanie Hodgson BidFish Outlook Jan Arnold BidCom Outlook Hans-Werner Timke Conclusion Sebby Kankondi Q and A 2

3 Introduction Piet Steyn 3

4 Introduction Introduction Bidvest Namibia Limited successfully listed on October :- creating BEE ownership valued at+/-n$220m via various indigenous Namibian entrepreneurs and broad based black empowerment that includes women and labour. 43,65 million new ordinary shares were taken up raising capital of N$314,1m to enable future strategic acquisitions and projects. Bidvest Namibia divisions house a broad spectrum of well recognised brands which continue to operate under two main operating divisions BidFish and BidCom 4

5 Bidvest Namibia Business Model Sebby Kankondi 5

6 What is the Bidvest Namibia business model? Bidvest Namibia Business model Bidvest Namibia Limited- a divisionalised investment holding company specialising in market leading service, trading and distribution businesses Fishing, Freight management, outsourced soft-services, foodservice & food ingredients, industrial & commercial products Own the cash flow Strategy Mastery of the distribution channel Stick to the basics Balance of mature & growth businesses Opportunistic and acquisitive Implementation Minimalist head office, manage businesses actively and successfully Maintain decentralised channels and reach common customers Collect the book, manage payment of creditors and manage the returns on investments Build and retain market leadership Remain constantly alert for acquisition opportunities 6

7 Business Overview Sebby Kankondi 7

8 Business Overview Business Overview Operations separated under two holding companies, Bidfish and Bidcom Bidfish Formerly known as Namsov Holdings, holds all the group s fishing interests Has access to more than 50% of total allowable catch for Horse Mackerel Also allowable catch for Monkfish and Pilchards. Pilchard canning facility was recently refurbished and reopened Exposure to mariculture industry through oyster processing operation Recently invested in a joint venture operation in Angola with focus on small pelagic species which will compliment Bidfish s operations and international marketing profile 8

9 Business Overview (continued) Business Overview Bidcom Holds all of Bidvest Namibia s non-fishing interests Manica: Freight and integrated supply chain solutions Budget Rent-A-Car Namibia: Car and van rental services Rennies Travel (Namibia): Established travel agent Minolco: Licensed distributor of Konica Minolta branded copiers, printers etc. Caterplus trading as Blue Marine Interfish: Distributor of perishable foods to hospitality, foodservice, wholesale and retail industries Voltex trading as Globe Electrical: Wholesaler of electrical equipment Waltons Namibia: Retailer of stationery, office furniture and corporate gifts CN Business Furniture: Manufacturer and retailer of office furniture and shop fittings Kolok Namibia: Distributor of printer consumables and hardware, commodities 9

10 H results summary when compared to H Introduction Revenue 10,3% to N$949,4m Trading profit 19,3% to N$150m Attributable profit EPS HEPS 28% to N$75,8m 16,6% to 42,3cps 17% to 42,1cps Cash generated from operations 41% to N$102,5m 10 Note: IFRS compliant

11 Financial Results Melanie Hodgson 11

12 Consolidated Income Statement Financials Note: IFRS compliant Half year ended December 31 Half year ended December 31 % Change Year ended June 30 Unaudited Unaudited Audited N$000 s Gross Revenue ,3% Net Revenue ,1% Gross income ,1% Gross income margin % 30,6% 30,9% 31,4% Trading profit ,3% Trading profit % 20,4% 19,7% 20,5% Revenue and Margins in F2009 were exceptional as a result of a bumper Fishing year, F2009 Key drivers were all positive namely catch rates, selling prices, rate of exchange and fuel/bunker prices. H Key drivers were positive namely catch rates, selling prices and fuel/bunker prices with rates of exchange coming in at an average of US$1=N$7,59 when compared with H US$1=N$9,30 12

13 Consolidated Income Statement Financials Note: IFRS compliant Half year ended December 31 Half year ended December 31 % Change Year ended June 30 Unaudited Unaudited Audited N$000 s Net Revenue Gross income Trading profit Net Finance Income Profit before Tax ,0% Taxation (52 426) (44 028) ( ) Effective Tax rate 34,1% 34,7% 36,5% Profit after Tax ,1% Profit after Tax Margin % 13,8% 13,0% 13,2% 13

14 Consolidated Income Statement Financials Note: IFRS compliant Half year ended December 31 Half year ended December 31 % Change Year ended June 30 Unaudited Unaudited Audited N$000 s Profit before Tax ,0% Taxation (52 426) (44 028) ( ) Profit for the period Profit attributable to minority shareholders Headline earnings ,4% Heps (cps) 42,1 36,0 17,0% 79,0 Distribution (cps) ,0 Interim Dividend (cps) 15,

15 Consolidated Cash Flow Statement Financials Note: IFRS compliant Half year ended December 31 Half year ended December 31 % Change Year ended June 30 Unaudited Unaudited Audited N$000 s Cash generated by operations ,8% Taxation paid (20 890) (31 324) (64 000) Distributions - - (24 493) Cash effects of investment activities ( ) (45 513) 478,5% (54 383) Cash effects of financing activities (3 428) (9728) Investment activities: Vessel acquired N$208,8m Financing Activities: Proceeds on Listing net of listing expenses N$304,8m and Net Borrowings raised on Vessel acquisition N$68,1m 15

16 Consolidated Balance Sheet Financials Note: IFRS compliant Half year ended December 31 Half year ended December 31 % Change Year ended June 30 Unaudited Unaudited Audited N$000 s Non Current Assets ,3% Current Assets ,4% Total Assets Capital and Reserves ,7% Non Current Liabilities ,4% Current Liabilities ,7% Total Equity and Liabilities Current Assets/Current Liabilities 2,66 1,71 1,85 16

17 Key Ratios Financials Note: IFRS compliant Half year ended December 31 Half year ended December 31 % Change Year ended June 30 Unaudited Unaudited Audited N$000 s EBITDA Margin % 23,2% 21,4% 8,4% 23,5% Gross Income Margin % 30,6% 30,9% - 31,4% Trading Profit Margin % 20,4% 19,7% 3,6% 20,5% Profit after Tax Margin % 13,8% 13,0% 6,2% 13,2% ROE 17,1% 25,3% 32,4% 25,6% NAV (cps) 4,27 2,87 48,8% 3,12 EPS (cps) 42,3 36,3 16,6% 79,8 Heps (cps) 42,1 36,0 17,0% 79,0 Price to Book

18 H1 F2010 Segmental contributions to results Financials Segment % Contribution to Net Revenue % Contribution to Trading Profit Bidfish Bidfreight Bidserv Bidfood Bid Industrial and Commercial Products Corporate 1.0 Note: IFRS 18 compliant

19 BidFish Outlook Jan Arnold BidCom Outlook Hans- Werner Timke 19

20 20 Take on the BIDFISH businesses Bidfish Outlook Namsov/Trachurus Namsea Comet/Pesca Fresca Twafika Tetelestai

21 BidFish Outlook Bidfish Outlook Outlook Development of the Angolan market is slow. Continued improved results from the re-opening of UFE cannery. Vessel acquired October will commence operations in Namibian waters by April Development of UFE shore based property to benefit Namsov Midwater trawl fishing vessels is being investigated. 21

22 22 Take on the BIDCOM businesses Bidcom Outlook Bidfreight Bidserv Bidfood Bid Industrial and Commercial

23 BidCom Outlook Bidcom Outlook Outlook BidCom Acquisition of complementary distribution and services interests actively being investigated Bidfreight - Manica Continued development of newly acquired infrastructure in Walvis Bay to serve as a dry port Continued growth as result of Walvis Bay Corridors Erongo region Mining Development Services to Marine engineering businesses 23

24 BidCom Outlook Bidcom Outlook Outlook Bidfood - Caterplus An undeveloped piece of land is earmarked for a planned facility Bidserv Rennies Travel, Minolco, Budget Rent a Car Recently established Travel Touring division is expected to show positive results Namibia is geared to become a preferred travel destination and a growth in tourism is expected Development of an improved airport facility for Budget Rent a Car is being planned BICP -Waltons,CN Business Furniture,Kolok, Globe Electrical Expand stationery footprint to benefit from doing business with neighbouring territories particularly Angola and Zambia 24

25 Conclusion Sebby Kankondi 25

26 Bidvest Namibia Conclusion Conclusion Pleasing results achieved in a challenging trading environment. Have capacity for future acquisitions and organic growth. Business conditions are expected to remain challenging for the remainder of the year. However we are confident that we will grow in line with our Prospectus 2009 Forecast. 26

27 Thank you for attending Q & A 27

28 Questions & Answers Q&A Any Questions? 28

29 Thank You Thank you Thank you for attending 29