Francotyp-Postalia Holding AG

Transcription

Company Presentation and Third Quarter 2009 Financial Results
AGENDA
FP at a Glance
Business Model
Strategy & Markets
Third Quarter 2009 Financial Results
Appendix
2/35
Company Presentation Francotyp-Posalia Holding AG
FP at a Glance
Overview
Key Figures
Founded in 1923 as a franking machine manufacturer, FP
€ million
evolved into a successful mail management company with
around 1,000 employees worldwide.
Revenue
IPO in 2006 and extension of product portfolio
FP’s products cover the entire value chain in the outbound mail
market.
Market leader in Germany and Austria
Expanding in key markets US and UK
Globally 9.7% market share
Large worldwide base of approx. 260,000 customers
Strong aftermarket business leads to
more then 62% recurring revenues and strong cash flow
generation
3/35
EBITDA
9M 2008
9M 2009
106.1
97.3
14.3
14.2
in % of revenue
13.5
14.6
Free Cashflow
8.1
4.8
Installed Base
266,634
262,317
Worldwide Presence
International presence covered
International presence covered
bybyhigh
highmarket
marketentry
entrybarriers
barriers
inincore
business
core business
Asia-Pacific as emerging FP
Asia-Pacific as emerging FP
target
targetmarket
market
Active in 9 countries with own
Active in 9 countries with own
subsidiaries
subsidiariesand
andaadealer
dealer
network
networkinin44
44countries
countries
= FP centres (subsidiaries)
(1)
= Countries in which FP is active
= Emerging markets
= potential FP Locations/ Points of Print or preferred partners
(1)
4/35
USA, Germany, UK, The Netherlands, Canada, Italy, Belgium, Austria, Singapore
Business Modell
Will Electronic Mail Substitutes Letters?
?
6/35
Will Electronic Mail Substitute Letters?
We say: No!
Why? =>
7/35
The Written Letter Will Always Be Part Of Your Business Life
Letter Volume Worldwide
392
394
2003
2004
397
2005
2006
400
395
394
billion letters
394
397
2002
2007
2008e 2009e
Source: UPU, Postal Organisations
8/35
YOUR MAIL IS OUR BUSINESS
Digital Mail Solutions:
The letter is sent out directly by
your IT-System.
Printing – Franking (DV) –
Inserting – Consolidation
will be done by FP
Clichee:
Space for professional
advertisement
Consolidation:
Cost savings by pickup service and
presorting (Germany)
9/35
Franking/Inserting:
Easy handling and high
customer service standards
on the base of high security
technology
Our Competencies Support Customer‘s Needs
Competencies
Competencies
Technology complies to highest
Technology complies to highest
security
securitystandards
standardsby
byusing
using
powerful
hardware
and
powerful hardware andmethods
methods
for
cryptographic
operations
for cryptographic operations
Franking and Inserting
Professional image of letters
Professional image of letters
Elaborate customer service with
Elaborate customer service with
professional
professionalafter
aftersales
salesbusiness
business
Software solutions provider with
Software solutions provider with
customised
customisedproducts
products
combined
combinedwith
withlow
lowcost
costmarketing
marketing
Processing of high letter volume
Processing of high letter volume
through
througheasy
easydigital
digitalsolutions
solutions
Digital Mail Solutions
Unique network of cooperations
Unique network of cooperations
Advantage of a physical letter
Advantage of a physical letter
Collection of individual and regular
Collection of individual and regular
with
within-house
in-houseand
andexternal
external
companies
companies
mail
mailvolume
volume
Unlock of discount potential
Unlock of discount potential
Nationwide logistics with nine
Nationwide logistics with nine
state-of-the-art
state-of-the-artsorting
sortingcentres
centres
Cost savings of up to 80%
Cost savings of up to 80%
Consolidation
10/35
Customer’s
Customer’sNeeds
Needs
Efficient handling of letters
Efficient handling of letters
through
throughinserter
inserterand
andfranking
franking
machines
machines
Tailored Solution for Every Customer
Type A
Type B
Till Klages, MD, Sparks Advertising, Munich
Michael Ulbrich, GM, MEDIA Logistik GmbH, Dresden
Approx.
Approx.50
50letters/day
letters/day
Savings in time and cost when
Savings in time and cost when
franking
franking
No excess franking charges or
No excess franking charges or
trips
tripstotothe
thepost
postoffices
offices
Reliable, fast mail processing
Reliable, fast mail processing
and
andletters
letterswith
withprofessional
professional
look
look
11/35
Over
Over250
250letters/day
letters/day
Using franking machines and
Using franking machines and
inserters
inserters
FP konsomail to collect mail from
FP konsomail to collect mail from
the
thecompany
companyand
andgenerate
generate
postage
discounts
postage discounts
Highly professional and efficient
Highly professional and efficient
mailroom
mailroommanagement
management
Type C
Gisbert Beckmann, GM, BAS Abrechnungsservice
GmbH & Co. KG, Berlin
Around
Around33million
millionletters
lettersp.a.
p.a.
FP businessmail as software FP businessmail as softwarebased
basedsolution
solutiontotodeal
dealwith
withthe
the
total
of
all
outbound
mail
total of all outbound mail
Inbound mail solutions
Inbound mail solutions
Savings of 80% hidden costs
Savings of 80% hidden costs
Essential Savings Potential
€1.00
Outsourcing
costs/letter
€0.25
savings/letter
€0.75
Letter/day
7,000
Letter/year
2.1m
2.000.000 €
Savings
costs/letter*
1.500.000 €
1.000.000 €
- 80%
500.000 €
Savings Outsourcing:
~€1.500.000 per year
Ju
ly
Ju
ne
ay
M
Ap
ri l
ar
ch
Au
gu
st
Se
pt
em
be
r
O
ct
ob
er
N
ov
em
be
r
D
ec
em
be
r
+
M
Ja
nu
a
ry
Fe
br
ua
ry
0€
~€170,000
postage savings
A company may save up to 80% of hidden costs
*based on studies of Fraunhofer Institute, McKinsey, Bundesnetzagentur, FP estimate
12/35
Strategy & Markets
FP Faces Opportunities in the World Wide Letter Market
Need of high
security standards
and alternative
franking methods
Technology
14/35
Worldwide
network of crossborder
communication
Liberalisation
and
deregulation
of markets
Legislation
Legislation
Technology
Development
of emerging
markets
Globalisation
Globalisation
Industrialisation
Industrialisation
Multiple Growth Strategy of FP in the Coming Years
traditional
new
Markets
Expansion
into
emerging
markets
Growth in
traditional markets
New growth
opportunities
through shift to
digital solutions
Push of
Mail services
traditional
15/35
new
Products
New Growth Opportunities Through Shift to Digital Solutions
100%
90%
80%
16
1
70%
23
13
19
60%
50%
40%
60
68
30%
Source: USPS
16/35
2004
2008
new
Franking Methods (US)
Emerging
markets
Digital
Solutions
traditional
Markets
Traditional
markets
Mail
Services
traditional
new
Stamped Mail
Others
Franking
Permit Mail (DV)
Taking the US-market as
example we notice:
More and more companies see
the advantages of digital
solutions for there mail
processing.
Products
Growth in Traditional Markets Due to Positioning of Franking Machines
Segment
Franking
volume
A
B
<200 letters/day
200 – 2,000
letters/day
C
>2,000 letters/day
2.54%
-16.31%
Digital
Solutions
Traditional
markets
Mail
Services
traditional
new
Products
Mainly the A-Segment is
growing. Exactly the
segment, where the FPgroup provides state-of-theart franking machines.
Pitney Bowes
Neopost
17/35
Emerging
markets
-0.40%
Market
growth*
(US market
CAGR
2004-08)
Manufacturers
new
Key players / segments franking machine market
traditional
Markets
* USPS, Installed Base
Strong Market Position of FP Group in Matured Markets
Global Market
Franking Machines
GER
Installed base: 2.7m
•
4 4 .8 %
2006
4 4 .6 %
2007
USA
4 .6 %
4 3 .8 %
2008
4 4 .1%
4 .4 %
FP Market Share
Franking Machines
S e p- 0 9
4 .1%
•
9.9% global market share
•
262k Installed base
•
Installed base >80
countries worldwide
•
Leading position in key
markets
UK
10 %
9%
8%
7%
8 .7 %
8 .7 %
2008
S e p- 0 9
7 .9 %
7 .0 %
6%
5%
4%
3%
2%
1%
0%
2006
18/35
2007
2006
4 .2 %
2007
2008
S e p- 0 9
Expansion into Emerging Markets
666
new
Industrialised countries use letters more often. This reflects the
opportunities of emerging markets and the BRIC countries.
Emerging
markets
traditional
Markets
Traditional
markets
traditional
Letters per
inhabitant p.a.
335
253
172
5
17
28
28
45
47
S
U.
UK
.
y
an
sia
.
ed
19/35
rm
Ge
n
pa
Ja
lay
Ma
il
az
Br
d
an
ail
Th
F
ian
ss
Ru
ina
Ch
ia
Ind
Source: UPU, Postal Organisations
Digital
Solutions
Mail
Services
new
Products
Liberalisation Opened a Myriad of Possibilities
Beta Systems
Software
WebStamp (CH Post)
Online Postage
new
Franking/Inserting
Emerging
markets
Digital
Solutions
traditional
Markets
Traditional
markets
Mail
Services
Opex
BTA Digital Works
Earth Class Mail
traditional
Wincor
(Neopost) SmartStamp (Royal Mail)
IBML
Inbound mail
Innosource
Nixdorf
Eastman
Kodak
zazzle
StampIt (DPAG)
Ernst Reiner GmbH
Kofax
PostMatic
Elsag Datamat
TrackMyMail
QuickSort
Duplo
Kern Buhr
Click-n-ship (USPS)
Outbound mail
freesort
Endicia.com
s Inscerco
Grützmacher
Satori Software
Hefter
Presort BriefGenio
DuoShare
Stamps.com
Cendris Stralfors
Gunther Böwe Bell & Howell
Data-Pac
PostCon (TNT)
Franking
Document CodX Software
Printer
Océ
Hasler
Pegasus Gruppe
Harte-Hanks
manufacturers
Management Print And More iab
Neopost
Ricoh Seiko Epson
Dym
Inserting
Bixolon
AsmarcXerox
o
RR Donnelley
Pitney Bowes
HP
Rena
Systems
Esker
Canon
Frama
Astro
Integram Expedited
Lexmark
Printsoft
Samsung
Telefrank
eCopy
Videojet Tech.Brother
OKI
Zebra
iq letternet
Accu-Sort Systems
Tech.
Automatic Data Nirva Systems
PolyIC
Consolidation / Sorting
Software/Services
Hybrid mail
Business Process
Processing
QM TechnologiesPrintCom
(DPAG)
Outsourcing
Captaris ReadSoft
IBM
Emtex
foxray
Cendris
ecom
Softwaresolutions
Adobe
Microsoft
Service Point Solutions
Niit Smart Serve
omtool
DST Systems
Ikon Office Solutions
Consulting
Deutsche Post Com
Mentana Claimsoft DATEV
D-Trust
AuthentiDate
Trustweaver TC Trustcenter
Deutsche Telecom
Diebold
Totemo
20/35
Technology
DDD
IBC
SAP
Carriers
Oracle
PGP Corporation
GNU Privacy Guard
PayPal (eBay)
Sage Software
Electronic Signatures
/ Timestamps
Solystic
PIN Group
Pitney Bowes
Xerox
CodX
Software
MailConsult
Zöller & Partner
3M
Royal Mail
DHL
UPS
Deutsche Post TNT
USPS La Poste
FedEx
Software for document
creation
new
Products
First Tasks to Transmit FP Strategy
traditional
new
Asia-Pacific
India
Singapore,
Indonesia,
Malaysia
Organic growth of
installed base
High standard of
customer service
International
Roll-out of
FPbusinessmail
mailOne
Consolidation
traditional
21/35
DE-Mail
new
Products
new
Markets
Emerging
markets
Shift
traditional
Markets
Traditional
markets
Services
traditional
new
Products
Third Quarter 2009 Financial Results
High Stability of Recurring Revenue
Software/Services (Mailstream)
- 8.
11.3
3%
11.3
97.3
3.0
3.3
1.1
1.1
iab (Outsourcing /
Hybrid Mail
8.3
8.6
2.7
2.9
9M 2008
9M 2009
Q3 2008
Q3 2009
freesort
(consolidation)
€ million
11.9
3.8 5.3% 4.0
5.3% 11.9
€ million
106.1
€ million
Revenue
94.8
85.4
33.4 9.2% 30.4
3.8
29.6
9m 2008
9M 2009
Franking/Inserting (Mailroom)
23/35
Q3 2008
4.0
Franking/Inserting (Mailroom):
Franking/Inserting (Mailroom):
Stable recurring revenue with €60.5m (2008: €60.4m)
Stable recurring revenue with €60.5m (2008: €60.4m)
US business on prior year’s level due to positive currency effect of €2.4m
US business on prior year’s level due to positive currency effect of €2.4m
Currency effect leads to a minus of €1.2m in UK together with ongoing
Currency effect leads to a minus of €1.2m in UK together with ongoing
26.4
Q3 2009
challenges of recession (€-0.5m)
challenges of recession (€-0.5m)
Germany feels also recession and reaches revenue of €44.6m (€-2m)
Germany feels also recession and reaches revenue of €44.6m (€-2m)
Effect of cancelled high volume inserter business in NL end of 2008 (€-2m)
Effect of cancelled high volume inserter business in NL end of 2008 (€-2m)
Less decertifications and difficult economical environment reason for drop in
Less decertifications and difficult economical environment reason for drop in
revenue rest of europe (€-2m)
revenue rest of europe (€-2m)
Software and Mail Services (Mailstream):
Software and Mail Services (Mailstream):
Slight increase of revenue, but still reluctance to change processes
Slight increase of revenue, but still reluctance to change processes
Software/Services (Mailstream)
EBITDA on Previous Year‘s Level and Increase of Profitability
EBITDA
€ million
-0.7%
14.3
14.2
4.4%
9M 2008
9M 2009
4.5
4.7
Q3 2008
Q3 2009
EBITDA Margin
15.4%
14.6%
13.5%
9M 2008
24/35
13.5%
9M 2009
Q3 2008
Q3 2009
Strong Free Cash Flow
€ million
2008
9M 2009
Cash flow from operating activities
18.7
10.7
Cash flow from investing activities
-15.8
-5.9
R&D
-3.7
-1.9
Tangible assets
-3.6
-1.1
Intangible assets
-3.8
-0.4
Leased inventories
-4.9
-2.1
0.0
-0.4
2.9
4.8
-3.3
-3.6
7.0**
8.3**
thereof:
Corporate acquisitions
Free cash flow
Cash flow from financing activities*
Cash and cash equivalents
* incl. currency effect of €0.0m (previous year €-0.2m)
25/35
** including €0.7m securities
Outlook 2009 – FP Confirms Guidance for 2009
Revenues
€ million
136.0
Economic environment is still negative
Economic environment is still negative
Increased recurring revenue underlines FP’s
Increased recurring revenue underlines FP’s
142.4
133.0
2008
2009e
21.0
EBITDA
€ million
stable
stablebusiness
businessmodel
model
Start of 2D barcode in Austria Q4
Start of 2D barcode in Austria Q4
New product WebPost will be introduced in UK
New product WebPost will be introduced in UK
market
marketininQ4
Q4
Expansion of cooperation between Deutsche
Expansion of cooperation between Deutsche
Post
PostAG
AGand
andFP
FPfor
fordigital
digitalsolutions
solutions
EBITDA
EBITDAguidance:
guidance:
before restructuring
22.2
22.0
2008
26/35
Revenue
Revenueguidance:
guidance:
21.0
19.0 -
EBITDA reflects reduced revenue expectations
EBITDA reflects reduced revenue expectations
Agreement of protection of sites and cost cutting
Agreement of protection of sites and cost cutting
programme
programmewill
willhave
havepositive
positiveimpact
impacton
onEBITDA
EBITDA
Restructuring costs for 2009: approx. €2.0m
Restructuring costs for 2009: approx. €2.0m
(2008:
(2008:€4.0m)
€4.0m)
2009e
FP Stock Information
Main Investors:
Quadriga Capital Private Equity Fund
II L.P.
Quadriga Capital Ltd.
22.4%
3.9%
Freefloat
Amiral Gestion
ISIN:
DE000FHP9000
Segment:
Prime Standard/ All Industrial
IPO:
30. November 2006
Reuters:
FPHG.DE
Freefloat:
71.18%
Shares:
14.7 million
27/35
11.30%
Baillie Gifford & Co
5.39%
Financiére de l'Echiquier
5.11%
Richelieu Finance Gestion Privée
4.85%
Eric Spoerndli
3.28%
Treasury Stock
2.5%
Reasons to Invest in Francotyp-Postalia
Founded in 1923, FP is an experienced manufacturer and service provider of
mail handling equipment and services and for more than 85 years being The
Number One player in Germany
Strong global presence in all major markets and a strategic position in emerging
markets
Future-oriented product and services portfolio to fulfill customer needs worldwide
High competence in technology and market knowledge
Stable after-sales-business generating high percentage of recurring revenues
result in strong cashflows underlining a sustainable and profitable business
model
Clear strategy for next years to lay foundation for further growths
28/35
Thank you for your attention.
We’ll be happy to answer your questions.
29/35
Appendix
Cost Cutting Programme and Restructuring Show Positive Impact
€ million
Revenue
Change in inventories
Own work capitalised
Total output
Material expenses
in % of revenue
Gross profit
Personnel expenses
in % of revenue
Operating expenses ./. income
EBITDA before restructuring
in % of revenue
EBITDA
9M 2008
9M 2009
Q3 2008
Q3 2009
106.1
97.3
33.4
30.4
1.8
6.3
-2.2
4.2
0.3
2.1
-1.4
1.4
114.2
99.3
35.8
30.4
34.1
24.5
10.4
7.0
32.1
25.2
31.1
23.7
80.1
74.8
25.4
23.4
42.2
37.7
13.3
10.8
39.8
38.7
39.8
35.5
23.6
22.8
7.6
8.0
16.8
15.4
5.1
5.2
15.8
15.8
15.3
17.1
14.3
14.2
4.5
4.7
in % of revenue
13.5
14.6
13.5
15.4
Depreciation
7.4
8.6
2.6
2.9
EBITA
6.9
5.7
1.9
1.8
Amortisation
11.8
9.3
3.9
3.1
EBIT
-4.8
-3.6
-2.0
-1.3
-2.3
-0.7
0.8
-2.7
0.6
-0.8
-1.0
0.7
-0.1
-0.8
0.6
-0.2
-7.0
-6.5
-2.4
-1.6
-0.45
-0.42
-0.15
-0.10
0.14
-0.01
0.05
0.03
Interest result
Financial result
Tax result
Net profit/loss*
EPS (€)**
EPS (€)
adjusted by amortisation
31/35
Working capital project lead
Working capital project lead
totodeclining
decliningchange
changeinin
inventories
inventories
Material expenses decline due
Material expenses decline due
totocost
costreduction
reductionand
andless
less
product
productsales
sales
Personnel expenses €-1.5m
Personnel expenses €-1.5m
due
duetotofirst
firstresults
resultsout
outofof
protection
protectionofofsite
siteagreement
agreement
and
restructuring
and restructuring
Depreciation shows mainly
Depreciation shows mainly
impact
impactofofcurrency
currencyeffects
effectsinin
US
and
UK
US and UK
Scheduled amortisation of
Scheduled amortisation of
€9.3m
€9.3m
* before minorities
** after minorities
Further Improvement of Cash and Cash Equivalents
164.6
164.6
Cash and cash equivalents
Securities
Trade receivables
7.5
149.9
21.9
0.7
149.9
24.6
€ million
Trade payables
40.1
Other liabilities
39.3
18.7
0.7
Inventories
16.1
15.1
Deferred taxes
9,7
13.0
Other assets
14.1
10,5
ofof€4m
€4m
Net debt of €47.7m (€53.2m
Net debt of €47.7m (€53.2m
inin2008)
2008)
55.3
22.1
and
andcash
cashequivalents
equivalents
Equity ratio of 18.2% (20.4%
Equity ratio of 18.2% (20.4%
inin2008)
2008)
Financial
liabilities
20.3
Other liabilities on the way
Other liabilities on the way
back
backtotoyear
yearend
endlevel
levelofof2008
2008
24.0
Intangible assets
In Q3 2009 loan redemption
In Q3 2009 loan redemption
Further improvement of cash
Further improvement of cash
60.2
14.8
Tangible assets
5.1
22.2
Provisions
27.2
Equity
61.3
50.9
33.6
Assets
32/35
2008
9M 2009
2008
9M 2009
Equity and Liabilities
Financial Calendar
Results Q3 2009 – Equity Forum Frankfurt/M
Investor‘s Day
Full Year Results 2009
33/35
10 November 2009
February 2010
April 2010
Investor Relations Contact
Sabina Prüser
Vice-President Investor Relations/Public Relations
Telephone
+49 (0)3303 525 410
Fax
+49 (0)3303 53707 410
E-mail
s.prueser@francotyp.com
Address
Triftweg 21-26
16547 Birkenwerder
34/35
Disclaimer
This report contains forward-looking statements on the business development of the
Francotyp-Postalia Group. These statements are based on assumptions relating to the
development of the economic and legal environment in individual countries and
economic regions, which we have made on the basis of the information available to us
and which we consider to be realistic at the time of going to press. The estimates given
entail a degree of risk, and the actual developments may differ from those forecast.
Consequently, any unexpected fall in demand or economic stagnation in our key sales
markets, such as Western Europe (and especially Germany) or in the USA, UK, or
Canada, and Singapore will have a corresponding impact on the development of our
business. The same applies in the event of a significant shift in current exchange rates
relative to the US dollar, sterling, Canadian dollars, Singapore dollars. In addition,
expected business development may vary if the assessments of value-enhancing
factors and risks presented in the 2008 Annual Report develop in a way other than we
are currently expecting.
35/35

Francotyp-Postalia Holding AG

Transcription

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