Guy Dubois Presentation

Transcription

1 Guy Dubois Presentation

2 Income Statement information In CHF m Change reported constant FX Revenue 2, , % 0.5% EBITDA % 10.1% EBITDA margin 7.5% 8.4% Operating profit % 11.3% gategroup Operating profit margin 3.6% 4.2% Profit before tax % 90.9% Profit for the period % 8.4% Basic earnings per share (CHF) Diluted earnings per share (CHF)

3 Balance Sheet information In CHF m Change reported Cash and cash equivalents Tangible fixed assets gategroup Trade working capital Debt Net debt Equity (owners of the Company) Available debt

4 Cash Flow information In CHF m Change reported Change adjusted Cash generated from operations Interest net Income taxes paid, net (35.9) (9.3) (41.0) (22.6) Net cash flow operating activities gategroup Acquisition of subsidiaries Capital expenditure (19.5) (58.6) (34.9) (79.6) Other Net cash flow investing activities (71.9) (109.6) 37.7 Net cash flow financing activities Change in cash

5 Segment information In CHF m Change reported constant FX Europe and Africa 1, , % 0.7% Revenue North America Asia-Pacific % 9.0% 8.4% 9% 19.8% 22.7% Other Segments % 10.3% gategroup Employees Europe and Africa 9,289 9,014 North America 7,286 8,714 Asia-Pacific 2,083 1,880 Other Segments 2,988 2, , Notes: excludes eliminations Employees stand for average annual full-time employees

6 Segment information In CHF m Change reported constant FX gategroup EBITDA Europe and Africa North America Asia-Pacific Other Segments (16.7) (5.5) Other Segments * (10.1) % 14.2% 3.2% 3.6% 60.7% 57.2% Europe and Africa 8.9% 10.5% 1.6pp 1.5pp EBITDA margin North America 6.4% 6.0% Asia-Pacific 10.6% 7.9% Other Segments (10.5)% (3.4)% 0.4pp 2.7pp 0.4pp 2.3pp Other Segments * (6.3)% 3.4% Notes: excludes eliminations * excluding one-time charges of costs related to the listing process

7 British Airways at London Heathrow In January, Gate Gourmet retains British Airways long-haul catering and handling business for 10 years at its London Heathrow hub effective April 1, 2010 Short-haul business to be transitioned to another provider by May 2010, including over 400 personnel Revenue short-haul loss impact vs about CHF 60 million Heathrow operations being rightsized to new environment Traditional full service inclusive ethnic food capabilities New asset light unit operational by July 2010 Return 2nd legacy unit to landlord by December 2010

8 SAS Scandinavian Airlines new hub customer In May, Gate Gourmet announced take-over of catering and provisioning for SAS in Scandinavia Includes hubs in Copenhagen, Stockholm/Arlanda, Oslo Gothenburg, Malmoe and Bergen SAS now a top 10 customer Customer satisfied with the transition effort and ongoing reliability Since start-up, SAS dramatically reduced its capacity Scandinavian meal production decreased to 13 million versus expected 16 million Start-up costs fully included in 2009 annual results Scandinavian go-to-market strategy remains confirmed

9 United Airlines at Tokyo Narita In June, Gate Gourmet announced the acquisition of United s Narita flight kitchen Signed long-term contract to service United Airlines daily wide-body flights More than doubles Gate Gourmet Japan meal production at Tokyo Narita Integration and transition of all customers from former Gate Gourmet unit into United Airlines facility successfully completed Strengthens gategroup presence in key Asian hub Asia-Pacific now separate reporting Segment due to relative size within the group Acquisition case confirmed

10 Delta Air Lines and Northwest Airlines In November, gategroup announces retention of all current hubs with Delta Air Lines and Northwest Airlines as part of the carriers post-merger process Awarded new business at AMS, LAX, FLL, and EWR Lost existing business at MEX, MCO, IAD, MIA, PHX, and PHL Umbrella agreement encompasses more than CHF 1 billion in revenue over several years Great example of cross-selling/ one stop service provisioning to largest carrier

11 Other highlights In February, dester renews a contract for 3 years with its largest customer Duni In April, dester, Pourshins and Gate Gourmet launch Brasil a Bordo - a new meal concept featuring disposable packaging is launched for TAM Airlines In June, Performa develops service concepts to manage and operate SkyTeam s first co-branded lounge at London Heathrow Airport In July, Gate Gourmet is awarded a multi-year contract to provide onboard retail services to Vueling

12 Other highlights In November, Gate Gourmet and Pourshins sign long-term agreements with LAN Airlines of Chile for catering and asset management and galley planning services In November, Gate Gourmet extends its contract with Swiss International Air Lines at its bases in Switzerland In November, egate Solutions acquires Abanco s technology, supply contracts, customer relationships and staff In December, new contract with Cremonini, whose business with the Spanish national railway was expanded to the entire network

13 Strengthened management team in 2009 NEW

14 Where are we? 10.0% 9.0% EBITDA Margin 8.4% 8.0% 7.5% In % of Revenue 6.0% 4.0% 5.9% Cash Flow from operations Margin 4.2% 5.1% 3.6% 2.0% 2.4% Operating profit Margin 1.3% 0.0% Notes: 2007 relates to Gate Gourmet Holding I S.à r.l gategroup positioned well for upturn

15 Outlook Macroeconomics remain challenging Upturn expected in 2010, but only fully deliver run rates in 2011 Stabilization first expected in the U.S., followed by Europe with at least 1 to 2 quarter lag Pressure on cost base likely to increase (inflation and labor) 2010 will translate into a stable top line, an improved EBITDA margin of 7.5% to 8.0% and continued strong operating cash flow gategroup Create value cautiously for shareholders confident

16 gategroup s strategic targets 3- year targets include: EBITDA-margin range 9-12% 15 % EBITDA * 10 % 9 12% Free cash flow margin of 4-6% Return on invested capital > 15% 5 % * Revenues 2009 Free Cash Flow 4-6% * ROIC > 15% Revenues 2013 * 2009 actual performance Create value for shareholders

17 End of Guy Dubois Presentation