ILIAD AFRICA LIMITED UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2014
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1 ILIAD AFRICA LIMITED UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2014
2 AGENDA Strategic alignment Building industry perspec ve Key industry trends Financial overview Divisional overview Current market trends Prospects 2
3 Strategic alignment DRIVING FORCE Our strategy is to meet the product needs DRIVING FORCE of the building industry through focused sourcing, retailing and redistribu on of goods into selected markets Top of the Industry profitability 3
4 Strategic alignment PHILOSOPHY Maximise stakeholder value, through a decentralised front end, supported by an integrated back office DRIVING FORCE PHILOSOPHY Top of the Industry profitability 4
5 Strategic alignment CORE COMPETENCIES To prosper we must excel at: Customer orienta on Market intelligence DRIVING FORCE PHILOSOPHY Product knowledge Procurement CORE COMPETENCIES Trading skills Leadership/Managerial excellence Top of the Industry profitability 5
6 Strategic alignment STRATEGIC THEMES Market and brand Sales Procurement DRIVING FORCE PHILOSOPHY Effec ve cost base Human capital / Stakeholders B- BBEE STRATEGIC CORE COMPETENCIES Governance THEMES Top of the Industry profitability 6
7 Strategic alignment VALUES Customer focus Entrepreneurial Responsible DRIVING FORCE PHILOSOPHY Integrity Diversity Respect VALUES CORE COMPETENCIES STRATEGIC Engaging THEMES Energy and passion Top of the Industry profitability 7
8 Group Structure GROUP STRUCTURE ILIAD GROUP CEO - Eugene Beneke GENERAL BUILDING MATERIALS SPECIALISED BUILDING MATERIALS INLAND MD - Gerrit du Preez MD George Sentoo COASTAL MD - Rowland Meek 8
9 Strategic themes and detailed planning STRATEGIC ROADMAP Balanced por olio contribu on Growth through a combina on of organic and acquisi ve expansion (RSA) Consolidated brand por olio Consolidated IT pla orm Sustainable top of the industry profitability Integrated approach to procurement Decentralised front- end trader focus Back- office consolida on and efficient support 9
10 Project Keystone PROJECT KEYSTONE ke ston noun a central stone at the summit of an arch, locking the whole together. The term KEYSTONE is used figura vely to refer to the suppor ng element of a large structure, without it the whole structure would fail. 10
11 Project Keystone PROJECT KEYSTONE Project Keystone 1 IT Strategy 2 Shared Services 3 Procurement Alignment of the IT strategy through the implementation of an integrated IT platform Re-evaluate the current back-office processes & structure to support the strategy To enhance the current procurement model in order to support the business strategy The founda on for Keystone with joint collabora on from leadership & staff 11
12 Project Keystone IT STRATEGY OBJECTIVE Alignment of the IT strategy through the implementa on of an integrated ERP pla orm PROGRESS Single ERP pla orm - Kerridge 100 % of the conversions completed by August 2014 Focus on op misa on ini a ves Pla orm for various projects in support of the business strategy Total cost within the budget of R55 million 12
13 Project Keystone SHARED SERVICES OBJECTIVE To re- evaluate the current back- office processes & structure to support the strategy PROGRESS IT pla orm integra on an enabler Payroll 80% consolidated Group treasury, integrated accounts payable and administra on under review Scoping of addi onal work streams in progress 13
14 Project Keystone PROCUREMENT OBJECTIVE To enhance the current procurement model in order to support the business strategy PROGRESS Ini al review completed Centre- led procurement model ini ated Approved supplier list ra onalised Significant progress on rebatable purchase objec ves Next level of review ini ated 14
15 Group Features GENERAL BUILDING MATERIALS Locally sourced Non- differen ated Wide range of products Focused choice per range SPECIALISED BUILDING MATERIALS Differen ated or value- added products Significant percentage imported Range of specialist products Extensive choice per range 15
16 Building Industry BUILDING INDUSTRY PERSPECTIVE 35% Residen al 30% Addi ons, altera ons and refurbishments 35% Non- residen al Total building industry R194 billion Labour R78 bn Materials R116 bn Direct R46 bn 40% Distribu on R70 bn 60% 16
17 Key Industry Trends KEY INDUSTRY TRENDS Building plans passed (BPP) Building plans completed (BC) Mortgage loans Lending criteria Lumber sales 17
18 Key Industry Trends TOTAL BUILDING PLANS PASSED AND BUILDINGS COMPLETED BPP & BC Total Building (Including A&A): by month: m2 (Source: StatsSA; BMI-BRSCU: BC Total RSA by Month and Type of Building : TOTAL BLDNG BC&BPP R) The m2 of Total Building BC has decreased by some 40% since The decline has been arrested and trend is moving sideways following the trend in BPP m BC TOTAL BUILDING: M2 BPP TOTAL BUILDING: M2 12 per. Mov. Avg. (BC TOTAL BUILDING: M2) 12 per. Mov. Avg. (BPP TOTAL BUILDING: M2) 18 BMI-BRSCU
19 Key Industry Trends TOTAL RESIDENTIAL BUILDING PLANS PASSED AND BUILDINGS COMPLETED BPP & BC Total Residential (Including A&A): by month: m2 (Source: StatsSA; BMI-BRSCU: BC by Month and Type of Building: Chart 28(14)) The BC m2 of Total Residential has decreased by some 50% since The decline has been arrested and trend is moving sideways Square Metres BC TOTAL RESIDENTIAL: M BPP TOTAL RESIDENTIAL: M2 12 per. Mov. Avg. (BC TOTAL RESIDENTIAL: M2) 12 per. Mov. Avg. (BPP TOTAL RESIDENTIAL: M2) BMI-BRSCU
20 Key Industry Trends TOTAL NON- RESIDENTIAL BUILDING PLANS PASSED AND BUILDINGS COMPLETED BPP & BC Total Non Residential (Including A&A): by month: m2 (Source: StatsSA; BMI-BRSCU: BC by Month and Type of Building: Chart 29(14)) The BC m2 of Total Non Residential has decreased by some 50% since The decline has been arrested and trend is tending upward. Square Metres BC TOTAL NON RESIDENTIAL: M2 BPP TOTAL NON RESIDENTIAL: M2 12 per. Mov. Avg. (BC TOTAL NON RESIDENTIAL: M2) 12 per. Mov. Avg. (BPP TOTAL NON RESIDENTIAL: M2) 20 BMI-BRSCU
21 Key Industry Trends MORTGAGE LOANS Cum Actual New Mortgage Loans and Readvances applied on Existing Buildings: FC 2014 vs 2013 and 2007 by month (Source: SARB, BMI-BRSCU Workings) 45% CUM YTD ACTUAL CUM YTD FORECAST 40% R Millions (Current Values) % 30% 25% 20% 15% 10% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Y/Y Cum Actual Y/Y Cum Actual Y/Y Cum Forecast % 0% BMI-BRSCU Y/Y Cum Forecast 2014 vs 2013 % Change 25.51% 35.88% 40.93% 28.36% 22.18% 18.92% 14.97% 13.32% 12.68% 10.64% 10.04% 9.47% 21
22 Key Industry Trends LENDING CRITERIA BANKS' LENDING CRITERIA for HOUSEHOLDS Percentage of respondents VERY EASY < EASIER < > STRICTER > VERY STRICT Average 68 EASY National Credit Act Introduced Global Financial Crisis VERY STRICT STRICT EASY NORMAL Source: BER; Ernst & Young; MFA DATABASE (Economic upswings shaded) 22
23 Key Industry Trends LUMBER SALES Lumber Sales by End-use: Local Building: Cum Y/Y 2014 vs 2013 (May) (Source: Crickmay & Associates, BMI-BRSCU Workings) % Cubic Metres CUM YTD ACTUAL CUM YTD FORECAST % Change Cum Y/Y Local Building: 2014 vs % 14% 12% 10% 8% 6% 4% 2% - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Cum Y/Y Local Building Cum Y/Y FC Local Building % Change Cum Y/Y FC Local Building: 2014 vs % 15.50% 14.26% 14.43% 14.05% 13.32% 10.94% 9.07% 8.51% 6.00% 5.58% 6.31% 0% 23
24 Key Industry Trends OBSERVATIONS Industry infla on rate increased to approximately 4,5% Residen al building plans con nuing to show signs of gradual recovery Consumer confidence levels nega vely impacted by macro economic factors - Low GDP growth - Challenges in the labour environment - Increasing consumer infla on - Increasing interest rates Building industry confidence levels gradually improving Bank s lending criteria con nues to impact the industry The industry remains highly compe ve 24
25 Financial Overview SALIENT FEATURES 2014 INTERIM Revenue (Group) down 3,3% Revenue (Comparable stores) up 4,6% Gross margin percentage 27,8% 2013: 26,7% Gross margin (Rand) up 0,7% Opera ng expenses down 4,4% Opera ng margin 2,8% 2013: (2,8%) Adjusted opera ng margin 2,8% 2013: 2,9% Opera ng profit/(loss) before interest and tax R58,7m 2013: (R61,9m) Earnings /(Loss) per share (cents) 30,3 2013: (39,0) Headline earnings per share (cents) 30,0 2013: 0,4 25
26 Financial Overview SALIENT FEATURES 2014 INTERIM (CONTINUED) Net overdra R68,2m 2013: R127,1m Proceeds on disposals of business assets R18,2m 2013: Nil Working capital to sales ra o 9,2% 2013: 9,3% Share buy- back 1,8% 2013: 0% Capex R20,4m 2013: R21,9m 26
27 Financial Overview IMPACT OF PORTFOLIO ADJUSTMENT - REVENUE R June June 2013 % Change Comparable stores ,6 Affected opera ons Group Revenue (3,3) 27
28 Financial Overview IMPACT OF PORTFOLIO ADJUSTMENT - EXPENSES R June June 2013 % Change Expenses (Excl. deprecia on and amor sa on) (18,3) Normalised expenses (4,4) Por olio adjustment expenses
29 Financial Overview IMPACT OF PORTFOLIO ADJUSTMENT - PROFITABILITY (EBITDA) R June June 2013 % Change Comparable stores ,7 Affected opera ons - (26 793) - Group EBITDA ,7 29
30 Financial Overview Gross Margin Percentage (%)
31 Financial Overview Working Capital (Rm) Accounts Receivable Accounts Payable Inventory
32 Financial Overview Earnings per share (cents) Interim Final * Excluding restructuring and impairment costs 32
33 Financial Overview CONDENSED SEGMENT CONTRIBUTION Divisions General Building Materials Specialised Building Materials Revenue 81% Revenue 19% 33
34 Financial Overview CONDENSED STATEMENT OF COMPREHENSIVE INCOME R June June 2013 % Change Revenue (3,3) Opera ng profit before restructuring costs Opera ng profit/(loss) before interest and taxa on Comprehensive income/(loss) for the period , (61 911) 194, (53 925) 176,2 Earnings/(loss) per share (cents) 30,3 (39,0) 177,7 34
35 Financial Overview CONDENSED STATEMENT OF FINANCIAL POSITION R June June 2013 EQUITY AND LIABILITIES Total equity Non- current liabili es Current liabili es * Total equity and liabili es *Incl. liabili es directly associated with assets held for sale 35
36 Financial Overview CONDENSED STATEMENT OF FINANCIAL POSITION R 000 ASSETS 30 June June 2013 Property, plant and equipment Intangible assets Long term receivable Deferred taxa on Current assets * Total assets *Incl. assets directly associated with assets held for sale 36
37 Financial Overview CONDENSED STATEMENT OF CASH FLOWS R June June 2013 Cash flows from opera ng ac vi es (58 889) Cash flows from inves ng ac vi es (702) (26 847) Cash flows from financing ac vi es (47 351) (25 478) Decrease in cash and cash equivalents ( ) (50 197) Cash and cash equivalents at the beginning of the period (76 917) Cash and cash equivalents at the end of the period (68 159) ( ) 37
38 Divisional Overview - GBM GENERAL BUILDING MATERIALS OVERVIEW 38
39 Divisional Overview - GBM GENERAL BUILDING MATERIALS GENERAL BUILDING MATERIALS 46 OUTLETS INLAND 24 CENTRAL 6 EAST 9 NORTH/WEST 9 COASTAL 22 WESTERN CAPE 7 EASTERN CAPE 6 KWAZULU- NATAL 3 NORTHERN CAPE/FREE STATE 6 39
40 Divisional Overview - GBM REVENUE UP 1,8% Revenue growth achieved by both Inland and Coastal regions Improvement on gross margin percentages Consolidated divisional procurement contributed to this result BUCO marke ng campaign and brand equity building ini a ves in progress ERP conversion 100% completed Well posi oned to capitalise on the gradual improvement in the market 40
41 GBM Inland REVENUE UP 4,9% An improved 2014 performance, compared to a challenging 2013 first half result Sa sfactory performance in Mpumalanga Subdued trading ac vity in Limpopo Cash & Carry stores Certain regions, to an extent, impacted by the challenges faced in the mining industry New Acornhoek store profitable New Koma poort store to be opened by end October
42 GBM Coastal REVENUE UP 0,7% (COMPARABLE STORES) 2014 to date reflects a subdued but profitable result Muted trading environment in the Western Cape Commendable performance in the Eastern Cape Kathu store reloca on (Northern Cape) completed in March 2014 New Western Cape store to be opened by January
43 Divisional Overview - SBM SPECIALISED BUILDING MATERIALS OVERVIEW
44 Divisional Overview - SBM SPECIALISED BUILDING MATERIALS SPECIALISED BUILDING MATERIALS 26 OUTLETS IRONMONGERY 11 WHOLESALE PLUMBING & HARDWARE 3 BOARDS 11 EQUIPMENT HIRE 1 44
45 Divisional Overview - SBM REVENUE UP 9,9% (COMPARABLE STORES) Commendable revenue growth Recovery in gross margin percentages Sa sfactory profitability improvement Por olio adjustments (disposals) implemented in 2013 and benefits realised Ceramics Cash & Carry (Na onal Tile Traders) Ceramics (Ferreiras) Timber Wholesale (Thorpe Timber and Timber Preserva on Services) ERP conversion completed by the end of July
46 Divisional Overview - SBM IRONMONGERY Another consistent performance Con nued market share leadership Real growth delivered by most opera ons Design Hardware targeted for improved results WHOLESALE PLUMBING AND HARDWARE Sa sfactory revenue and profitability growth Significant importer impacted by the exchange rate vola lity Compe ve trading environment resulted in gross margin pressure 46
47 Divisional Overview - SBM BOARDS Commendable profitability performance driven by the Chipbase businesses Aggressive compe tor ac vity within the Ci wood segment of the business Scope for Chipbase expansion EQUIPMENT HIRE (B- One) Sa sfactory revenue growth Significant Gauteng market share Ongoing sales mix adjustment 47
48 Market Trends CURRENT MARKET TRENDS Affordability Confidence Ac vity 48
49 Affordability TOTAL HOUSING INVESTMENT vs HOUSEHOLD DEBT RATIO Rm AT CONSTANT 2012 PRICES DEBT LEVELS HAVE REACHED A PEAK, BUT REMAIN HIGH HHOLD INDEBTEDNESS % OF DISPOSABLE INCOME Source: SARB; MFA DATABASE 20 TOTAL HOUSING Rm HOUSEHOLD DEBT RATIO 49
50 Affordability PRIME RATE COMPARED TO BPP NUMBER OF HOUSES (>80m²) BPP ANNUAL PERCENTAGE CHANGE BPP HOUSES ANNUAL PERCENTAGE CHANGE PRIME RATE (INVERTED) -40 Introduction of National Credit Act 26 Banks' stricter lending criteria applied Source: Stats SA; SARB; MFA DATABASE BPP NO OF HOUSES PRIME RATE 50
51 Confidence MFA COMPOSITE LEADING INDICATOR (CLIBI) FOR THE SOUTH AFRICAN BUILDING INDUSTRY Shaded areas represent the upswing phases of the business cycle OPTIMISM PESSIMISM < 50 > OPTIMISM Source: FNB / BER; SARB; MFA DATABASE PESSIMISM 51
52 Ac vity YEAR- ON- YEAR SALES RETAIL 52
53 Ac vity ANNUAL GDP GROWTH RATE IN SOUTH AFRICA 53
54 Ac vity TOTAL VEHICLE SALES & TOTAL REAL RESIDENTIAL PLANS PASSED ANNUAL PERCENTAGE CHANGE ANNUAL PERCENTAGE CHANGE Shaded areas represent the upswing phases of the business cycle Source: NAAMSA; STATS SA; SARB, MFA DATABASE (Economic upswings shaded) TOTAL VEHICLE SALES TOTAL RESIDENTIAL BPP 54
55 Ac vity TRANSFER DUTY PAID ANNUAL PERCENTAGE CHANGE in REAL TERMS ANNUAL PERCENTAGE CHANGE ARROWS BELOW HIGHLIGHT CYCLICAL LEAD TIMES ECONOMIC UPSWINGS SHADED Thresholds Sharply Raised NCA Thresholds again raised in Feb 2011 Budget DEMOCRATIC ELECTIONS ASIAN CRISIS GLOBAL CRISIS Source: DEEDS OFFICE; TREASURY; SARB; MFA DATABASE (Economic upswings shaded) 55
56 Ac vity INVESTMENT IN TOTAL HOUSING AT CONSTANT 2012 PRICES LONG TERM GROWTH 2 % p.a. 2nd 3rd 4th KUZNETS CYCLE RAND BILLION st Source: SARB; MFA DATABASE 56
57 Ac vity 57
58 Prospects Market indicators reflect an opportunity for gradual growth Business growth a key focus area various feasibilities under review The balance sheet structure is a key growth enabler Further progress targeted on key strategic projects Leveraging the BUCO brand Use of IT as a strategic business enabler The business is well positioned as we move into the second half of 2014 and beyond 58
59 Questions 59
60 Thank You 60
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