tullio cofrancesco - agm 2015 - cfo address - office brands limited
TRANSCRIPT
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2015 Annual General Meeting
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Tullio CofrancescoChief Financial Officer/Company Secretary
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Financial Report 2014-2015OFFICE BRANDS LIMITED
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• Distributions to Licensees• Declaration of Dividend• Restoration of Balance Sheet• Revenues & Expenses• Net Earnings
KEY RESULTS 2014-2015
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• Compliance Distributions of over $1.28M
• Total Rebate Distributions over $6.3M (including the early payment of BPGI rebates)
• “Normalised” Rebate Distributions over $6.1M (when allowing for early BPGI payments) compared to $5.9M in 2014.
DISTRIBUTIONS
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DISTRIBUTIONS
20122013
20142015
$5,400,000
$5,600,000
$5,800,000
$6,000,000
$6,200,000
$6,400,000
Distribution to Licensees
Total Rebates Returned to Licensees
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DISTRIBUTIONS
2011 2012 2013 2014 2015 2016 -
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000 Compliance Distributions
Total Compliance Distributions BPGI Redistribution Advertising Redistribution
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• “Special” cash dividend of $2.10 cents per share (fully franked)
• Notional Yield of 11.6%
SPECIAL DIVIDEND
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• Net Equity to over $1.7M• Total Assets $3.97M• Total Liabilities $2.18M• Net Equity increased 14%• Net Assets per Share $18.06 (2014: $15.42)• Cash Reserves & Financial Assets increased 89%• Current Ratio increased to 0.99:1 (2010: 0.37:1) • Debt to Equity Ratio 1.5:1 (2014: 2.4:1)• Retained Earnings $1.67M inc Asset Revaluation Write-back
BALANCE SHEET STRENGTH
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BALANCE SHEET STRENGTH
20110.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00Current Ratio
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BALANCE SHEET STRENGTH
2011$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000 Net Assets
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BALANCE SHEET STRENGTH
20110.00
1.00
2.00
3.00
4.00
5.00
6.00
Debt To Equity Ratio
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• Rebate and Advertising Revenues 4% growth• Significant reduction in Direct Costs• Growth in Gross Profit• Increased Technology and e-Commerce Operational
Spend
REVENUES & EXPENSES
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BALANCE SHEET STRENGTH
2011$2,950,000
$3,000,000
$3,050,000
$3,100,000
$3,150,000
$3,200,000
Advertising Income
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• Earnings Before Interest, Tax & Compliance Distributions down by 7.5%
• Profit before Tax of $377,550 down 34% after early payment of BPGI Rebates
• Net Profit after Tax of $310,029 after early payment of BPGI Rebates
• Earnings per Share = $3.26
NET EARNINGS
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• Record Licensee Distributions (even after allowing for early payment of BPGI Rebate)
• Special Dividend $2.10 per share• Net Equity $1.7M ( 14%)• Net Assets per Share $18.06• Current Ratio = 0.99:1• Rebate & Advertising Revenues 4% Growth• Earnings per Share = $3.26
SUMMARY
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