SIX MONTHS ENDED 30 SEPTEMBER 2018
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1 PRESENTATION TUESDAY, 20 NOVEMBER 2018 SIX MONTHS ENDED 30 SEPTEMBER 2018
2 CONTENTS PRESENTED BY Neil Birch Chief Executive Officer Harry Todd Chief Financial Officer 2
3 EXECUTIVE OVERVIEW 3
4 RESULTS SUMMARY REVENUE R2 297 m [Sep 17: R2 295 m] (0%) OPERATING PROFIT (Excl. impairments, profit / (loss) on disposal of assets and loss on derecognition of foreign subsidiary) R228 m [Sep 17: R332 m] (31,4%) HEADLINE EARNINGS PER SHARE 49,4 c [Sep 17: 71,7 c] (31,2%) EXECUTIVE OVERVIEW 4
5 STRATEGIC FINANCIAL OPERATIONAL BUSINESS FEATURES [FOR SIX MONTH ENDED 30 SEPTEMBER 2018] New base for Print division established post Media24 agreement. ITB Plastics has been successfully integrated into the Group. Labels performing well. Tissue turnaround slow but steady improvement. Management structure settling in and focused. Intense scrutiny of cash utilisation. Department of Basic Education (DBE) Workbook Project continues to contribute strongly to results. Forex had a negligible impact in first half, mostly negated by Group s Forex cover policy. Share buy-backs. Drive to improve B-BBEEE scorecard. No new acquisition targets, in line with strategy, but organic growth related Capex still contemplated. EXECUTIVE OVERVIEW 5
6 6
7 GROUP INCOME STATEMENT KEY FEATURES [SIX MONTHS ENDED 30 SEP 2018] % CHANGE (Rounded) Revenue R m R m 0% Gross profit R 599 m R 659 m (9,1%) Gross margin 26,1% 28,7% (2,6%) Overheads R 371 m R 327 m (13,5%) OPERATING PROFIT (Excl. impairments, profit / (loss) on disposal of assets and loss on derecognition of foreign subsidiary) OPERATING MARGIN (Excl. impairments, profit / (loss) on disposal of assets and loss on derecognition of foreign subsidiary) R 228 m R 332 m (31,4%) 9,9% 14,5% (4,6%) HEADLINE EARNINGS PER SHARE (Cents) 49,4 c 71,7 c (31,2%) FINANCIAL REVIEW 7
8 CASH POSITION ANALYSIS Six months ended 30 Sep 2018 (R m) Six months ended 30 Sep 2017 (R m) Cash generated from operations Net property, plant, equipment and intangibles 6-76 Taxation paid Free cash flow Acquisitions of subsidiaries, non-controlling interest Other loans and receivables -1-4 Net loan & finance cost payments Dividends paid Share buy-back Net interest paid -4 - Net cash flow Opening cash balance CLOSING CASH BALANCE FREE CASH FLOW While EBITDA was lower, cash outflow decreased due to timing of debtor collections notwithstanding higher raw material inventory. Significantly reduced capital expenditure by R30 m. Positive cash proceeds on sale of Paarl building of R61 m. NET CASH FLOW 2018 dividend of 2 times HEPS cover was distributed during the period. Share buy-backs and odd-lot repurchase during the period amounting to R63 m. Contingent consideration settled for ITB Plastics acquisition of R42 m on 01 June FINANCIAL REVIEW 8
9 R'm CASH FLOW MOVEMENTS SIX MONTHS ENDED 30 SEPTEMBER Trade and other payables: Inventory: (112) Trade and other receivables: (309) Cash balance 01 Apr 2018 Operating profit Depreciation Working Capital Taxation paid Acquisition of PPE Proceeds on disposal of PPE Acquisition of subsidiary Payment for shares bought back Dividends paid Other Cash balance 30 Sep 2018 FINANCIAL REVIEW 9
10 CAPEX OVERVIEW (EXCL. INTANGIBLES] SIX MONTHS ENDED 30 SEPTEMBER 2018 R m CAPEX Capex spend decreased by R30 m. R28 m spent on expansion for capacity enhancing projects within the Packaging division Maintenance Expansion FINANCIAL REVIEW 10
11 OPERATING PROFIT GROSS MARGIN REVENUE GROUP OVERVIEW SIX MONTHS ENDED 30 SEPTEMBER R 000 FY16 FY17 FY18 FY % 28.7% 26.5% 26.1% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Diversified operations (non-print) increased revenue contribution from 7% to 20% year-on-year. Reduced Print revenue, largely replaced by Packaging division revenue, at lower margins. H1 sees seasonality of DBE contract as majority of work was printed in this period. Packaging revenue is typically stronger in H2. Gross profit significantly impacted by retained print work and new Packaging revenue at lower margins. FY18 Print capacity reductions positively impacted the current year employee costs and depreciation charge. Operating overheads declined by 4% on a like-for-like basis. The first half of the year sees the benefit of the seasonal nature of the business, with the second half typically not continuing this trend. Revenue Operating Profit exc. Capital Items Gross Profit % FINANCIAL REVIEW 11
12 OPERATING PROFIT GROSS MARGIN REVENUE PRINT SEGMENT Commentary SIX MONTHS ENDED 30 SEPTEMBER 80% of revenue R 000 FY16 FY17 FY18 FY % % % 32.0% 30.5% 29.5% 30% 28.2% % 20% % 10% % 0 0% Revenue Operating Profit exc. Capital Items Gross Profit Revenue contribution to the Group reduced to 80% during the year (93% in prior year). Revenue in the Print division declined by 14,1% compared to prior year. Retail inserts and catalogue category increased by 5,5%. Overall print tonnage declining by 15,3%. Volume declines on magazines and newspaper publications. Print gross profit margin decreased by 1,0% to 29,5%. Benefit of costs reduction exercise conducted in FY18 which included depreciation savings on impaired assets in Coldset as well as savings due to reduced staff costs. Negligible impact of Forex volatility. Consumption well controlled. Lower revenue levels negatively impacted operating profit. This segment has also seen operating expenses measured as % of revenue increase from 14,3% to 17,7%. This increase of 3,4% is mainly as a result of renegotiated terms on key contracts. FINANCIAL REVIEW 12
13 OPERATING PROFIT GROSS MARGIN REVENUE PACKAGING SEGMENT Commentary SIX MONTHS ENDED 30 SEPTEMBER 15,6% of revenue R 000 FY16 FY17 FY18 FY % 40% Revenue contribution to the Group increased to 15,6% during the year (4,1% in prior year). Packaging revenue up on prior year by 283,8% mainly due to inclusion of ITB Plastics. Labels showed improved performance contributing positively to this division, with volume growth of 24,9% % 18.7% 26.1% 17,1% 35% 30% 25% 20% 15% Disappointing period for ITB Plastics, below expected margin contribution. Delay in passing on material costs increases, due to challenges faced in this period. Labels continued to extract efficiencies through improved production processes with gross profit up 3,7% Revenue Operating Profit exc. Capital Items Gross Profit 10% 5% 0% Labels operating expenses as a % of revenue decreased from 14,6% to 13,3% during the year. Despite positive efforts, ITB Plastics expenses are still unacceptably high. FINANCIAL REVIEW 13
14 OPERATING PROFIT GROSS MARGIN REVENUE TISSUE SEGMENT Commentary SIX MONTHS ENDED 30 SEPTEMBER 4,8% of revenue R 000 FY16 FY17 FY18 FY19 Revenue increased by 50,3%, contributing 4,8% to Group revenue during the period. (FY18: 3,2%). Operating in a very competitive market with rising input costs and over capacity % -2.0% % -20.1% Revenue Operating Profit exc. Capital Items Gross Profit 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Gross profit margin improved significantly by 18,1% but remained negative, this has turned positive, during the period. Division still operating at suboptimal levels due to decreased market demand, market competitiveness and rising input costs. Continuous drive from management to achieve operating efficiencies through cost extraction and sales price increases. The operating loss in Tissue reduced by 38%. The division managed to reduce operating expenses year-on-year. Operating expenses measured as % of revenue decreased from 12,5% to 11,5% during the year. FINANCIAL REVIEW 14
15 REVENUE CONTRIBUTION CATEGORY Share of Group Revenue Sep 2018 YTD Share of Group Revenue Sep 2017 YTD Volume growth/(decline) PRINT PRODUCT CATEGORY Magazines 10,8% 15,6% 19,9% Newspapers 10,1% 18,3% 49,0% Retail Inserts & Catalogues 26,2% 24,8% 0,1% Books & Directories 32,5% 33,5% 6,1% PACKAGING AND TISSUE PRODUCT CATEGORY Labels 5,0% 4,1% 24,9% Flexible Plastic Packaging 10,6% 0,0% 100,0% Tissue 4,8% 3,2% 63,2 % NON-SA SALES [ALL CATEGORIES OF REVENUE] For the six months ended 30 Sep 2018: R87,1 m (2017: R56,3 m) OPERATING REVIEW 15
16
17 PRINT PACKAGING TISSUE SEGMENTAL FOCUS Print is set to remain cash generative, despite ongoing decline in newspaper and magazine circulation. Input costs are increasing in hard currency terms. Ongoing assessment of structure and flexibility to changing environment. Relentless pursuit of cash extraction. Minimal expansion for Capex required. Identifying innovative ways to drive growth in declining categories. Short term focus on efficient throughput with current capacity to drive meaningful profit contribution. Remains a key growth area into the future. Plastic remains an essential packaging medium, despite public perception. Ability to pass on raw material price increases key to improve profitability. Innovation of new packaging products a definite differentiator. Capex for growth spent in Labels to enter new markets and remain relevant in the current industries. Capacity exists for continued growth in long-run Label offering. Improved market and operational understanding to drive sustainable improvements. Sustainable break-even beckons in the short term. Competitive market expected to continue. Cost extraction and efficiency improvement remain key focus areas. Ultimate exit strategy likely. OUTLOOK 17
18 GROUP OUTLOOK STRATEGIC FOCUS AREA STATUS NEXT 6 12 MONTHS Group Profitability The Group anticipated a lower performing period and is realistic about the challenges the business faces. Raw material pricing (paper and polymer) has shown a steady increase during the year. Further decline mitigated through improved contribution from other products revenues. Should the volatile exchange rate continue, it is expected to create further margin pressure. Consolidation & Stabilisation of Print The first half of the year has witnessed the stabilisation of the print segment with new bases having been set. The Group continues to monitor and assess the Print division. Group structure and capacity will be continually optimised to suit current loads and market opportunities. Turnaround Tissue The Tissue plant continues to receive disproportionate management focus and the preferred outcome remains an exit strategy on the most beneficial terms. While Management continues to pursue an exit we remain committed to ensuring that profitability continues to improve. Capital Structure & Allocation Cash generation has remained strong. Limited gearing in place. Share buy-backs commenced. Capital expenditure strictly scrutinised. Share buy-backs to continue. Prudent gearing will be continually assessed. Working capital to be optimised per operational unit. B-BBEE Current Level 4 B-BBEE status maintained. Specific initiatives in place to maintain and improve various aspects of B-BBEE transformation to ultimately deliver an improved rating. OUTLOOK 18
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20 INVESTOR RELATIONS CONTACTS
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