AGM ADDRESS, MANAGING DIRECTOR & CEO, MR COLIN JORDAN
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1 ROYAL AUTOMOBILE CLUB OF VICTORIA (RACV) LTD AGM ADDRESS, MANAGING DIRECTOR & CEO, MR COLIN JORDAN Introduction I am delighted today to be able to report on RACV s operational and financial performance in 2004/05, and to make some comments on our future outlook. Overall, it has been a very rewarding and exciting year for our members and the RACV organisation. As the President has already reported, RACV s financial results were once again excellent. We posted a full year net profit after tax of $97.5 million which topped the previous year s record result of $86.7 million by some 12.5 per cent. This very positive outcome increases the sustainability of the business for the long term and ensures we can expand our efforts in delivering member value. Financial performance overview Group revenue from ordinary activities rose by $44.8 million to $383.3 million. This increase can be attributed to growth in membership subscriptions, insurance commissions, dividend income from our associated entities and trust distributions. Of the total, $233.5 million came from our trading operations, an increase of $11 million on the previous year. It has been another good year for the insurance industry, and our investment in, and part ownership of, Insurance Manufacturers of Australia continues to work very well for us, with dividends received increasing by $23.7 million to $95.8 million. Similarly, following a review of our investment strategy in 2004, we implemented some changes to our investment portfolio with the objectives of generating an attractive return while preserving the value of the capital. As a result, we have expanded our range of investment managers and asset classes. Investment returns in 2004/05 were very pleasing, increasing from 12 per cent the previous year to 19.9 per cent. Trust distributions for the year were $41.7 million, compared with $12.9 million the previous year. From an internal perspective, we continued to manage our expenses effectively, achieving a five per cent improvement. One of the contributors to the improvement was a four per cent reduction in computer and telecommunication costs achieved as a result of productivity improvements in the IT operating environment. RACV s individual businesses made a positive contribution to our results. 1
2 Review of businesses Member and motoring services The member and motoring services business continued to perform very well. Revenue from road service subscriptions totalled $111.6 million, an increase of $4.2 million on the previous year. The combined income from Extra Care and Total Care was $38.3 million, an increase of $3 million. Our commitment to efficiency meant we were able to limit the increase in membership subscriptions to no more than the general rate of inflation for the third successive year. Importantly, thee number of RACV members increased by 2.1 per cent to just over 1.3 million, reversing a six-year slightly downward trend. The number of members taking out Total Care continued to grow. At 30 June, we had 178,000 Total Care members, an increase of some 14,000 on the previous year. This premium roadside care product is popular because of additional benefits such as accident advice and assistance and unlimited service calls. In August 2004, we launched two of the most significant membership enhancements for many years the new RACV membership card and the Show Your Card and Save program, the latter developed in partnership with other Australian auto clubs. The colour-coded membership cards recognise and acknowledge the number of years a person has been a valued RACV member. They provide access to Show Your Card and Save, a program which gives members an extensive range of local, Australian and international discounts and savings without any additional fees or accrual of points. Member feedback on both initiatives has been very positive. We are very pleased in particular with the member take-up of the many Show Your Card and Save benefits. While this program is just over 12 months old, 16 per cent of members have already taken advantage of the valuable discounts across a range of products and services. RACV has been coming to the aid of motorists in trouble for 81 years, and we are proud of our tradition of keeping Victorians going. In 2004/05, our Roadside Assistance Centre handled 2.2 million calls for help from our members. Our dedicated patrols attended more than a million roadside service jobs and we were able to get members back on the road without a tow in more than 90 per cent of cases. For those members who need a tow, new benefits are now available, including towing a vehicle from your home address if you do not have a serviceable spare tyre. Members can also request a second tow for the same breakdown, which is especially useful when time is needed to organise a repairer. We expanded services to members requiring roadside assistance in regional areas by extending the geographic coverage of our electronic dispatch systems and providing more accurate arrival time estimates. This program was implemented in Yarra Junction, Healesville and Bacchus Marsh. It is planned to continue in a number of other centres across regional Victoria including Ballarat and Bendigo. The delivery of our handy and reliable mobile battery and parts services remained popular with members, with RACV parts usage growing by 16 per cent. Members who are buying a second-hand car have benefited from two useful additions to our vehicle inspection services. Comprehensive vehicle inspections are now made at locations convenient to members such as their home or office car park. These inspections were previously only available in a workshop. We also introduced the Green Light program which is a traffic light-like guide providing clearly graded purchase recommendations along with the technical report on the condition of the vehicle. 2
3 RACV Club The RACV Club, as I am sure we are all well aware, experienced an exciting year in 2004/05. Total Club revenue was $17.4 million, an increase of $0.7 million for the year to 30 June This included subscription income of $5.9 million, an increase of $0.4 million. Club membership renewal was at a record level of more than 93 per cent, largely attributable to our new flagship, the RACV City Club which was completed in June in time for opening on 4 July. Since then, we have signed up more than 2,000 new Club members, bringing the current total membership to over 21,000 members. I am sure you will share our sense of pride in what has been achieved for members. The new City Club is a world-class city facility which not only strengthens RACV s status as a Victorian icon, but also reaffirms our long-term commitment to delivering the highest standard of service to RACV Club members. So far, we have experienced unprecedented demand for Club services, and patronage has tripled that of our former premises at 123 Queen Street. We implemented extremely prudent funding arrangements for the construction and fit-out and I am delighted to report that this building was completed under budget and is fully debt free. We also achieved high attendance levels at both Club Healesville and our Cobram resort as members responded to RACV s enhanced promotional packages. In preparation for the Cobram resort s 20th anniversary last month, the apartments, cabins and amenities block were all refurbished, a number of new caravan sites were added, and new playground facilities established. It is very pleasing to be able to report that a record number of members visited this popular resort during the recent September school holidays. Insurance During 2004/05 RACV Insurance consolidated its leading position in the highly competitive Victorian home and motor vehicle market with a modest but pleasing increase in total policy numbers. Insurance commission earned on products sold was $52.7 million, representing revenue growth of 1.5 per cent. As at 30 June, the total number of policies was slightly over 1.4 million, an increase of more than 10,000 policies over the previous year. During the year, we launched RACV Fleet Insurance and our new Landlords Insurance product and further developed our range of commercial products in farm and business insurance to meet the needs of our customers. The take up rate of these new products has been very strong. RACV Insurance continued to support key community initiatives, and was the major sponsor of the State Government s Fire Awareness Community Service Awards. As part of this sponsorship, we launched a $10,000 RACV Insurance Fire Safety Grant to fund a community fire safety initiative. The winner of the 2005 grant was the Victorian Arabic Social Services, which will undertake research into the gaps in providing fire safety and emergency services education for newly arrived migrants in Melbourne. The winner of the RACV Insurance Award for Excellence was John Schauble, author of an authoritative bushfire safety guide and a suite of media articles on fire management topics. RACV Insurance and RACV Home Security provided a $130,000 grant as part of a two-year joint sponsorship of the Victoria Police Neighbourhood Watch Virtual House program. This allowed for a significant upgrade of the on-line facility designed to help homeowners assess the safety and 3
4 security levels of their home. Visitors to the site can complete a simple security audit on line and have access to a range of useful information on personal safety and security of their homes. Home security RACV Home Security achieved sales growth of 40 per cent in 2004/05 and established a strong position as a reliable provider of home security services in Victoria. Our market share will be strengthened further following our recent selection as the supplier of monitored security systems to Metricon Homes, Victoria s largest new home builder. This follows on from our existing successful partnership with Devine Homes under which we offer new home buyers a home security package including a back-to-base monitored alarm system and building and contents insurance. Travel and Tourism I am equally very pleased to report from our Travel and Tourism business that our members increasingly come to RACV for assistance when they need comprehensive travel and touring advice. During 2004/05, we received 1.5 million member enquiries through our retail shops, the HolidayLine and our website. This was more than double the number of enquiries received the previous year. The increase was driven strongly by the introduction of a new on-line accommodation booking service, which gives members easy access to last-minute and year-round accommodation deals, along with RACV products and services. RACV also provided more than $2.5 million worth of value in member discounts on attraction tickets, car hire, travel insurance and a range of Australian touring products. The popularity of our maps remains very high, with sales of 150,000 maps in 2004/05 exceeding the previous year s total by 40,000. A number of new maps were published, including those for popular destinations such as Victoria s Kelly Country, Tasmania and Adelaide. The new-look RACV Accommodation Guide for 2005/06 was launched, featuring nearly 900 pages in an updated style and more accessible format. Financial services RACV s finance company maintained its competitive product offers on car loans and debentures throughout the year as a result of a healthy operating environment and an expanding portfolio of member products. It delivered an after tax profit of $4 million, an increase of $0.3 million on the previous year s result. The level of lending was similar to the previous year, and nearly 8,000 members took out loans for motor vehicles. Loans totaling $129.6 million were provided, which was slightly down on the 2003/04 figure. About 8,000 investors took up RACV Finance debentures, confirming their popularity with members and bringing the total assets to $211.9 million an increase of $15.9 million. Last month, we launched a new novated lease business product which is expected to provide significant growth in the future. In March 2005, we sold RACV Financial Services Limited to St Andrew s Australia for $27.7 million to form St Andrew s Financial Services Limited for the mutual benefit of our members and the business. Under the new arrangement, our members and customers have access to a broader range of competitive RACV-branded products and financial services expertise, supported by a group that belongs to one of the world s largest financial institutions. Operations have remained in Melbourne and former RACV Financial Services staff are now working with HBOS Australia, with advisers still conveniently located within the RACV retail shops. 4
5 Our associates I would now like to report on the progress of activities being undertaken with our key business associates. Firstly, RACV acquired NRMA s 50 per cent shareholding of Intelematics Australia, achieving full ownership of this major provider of in-car assistance, safety and navigation services to motorists. The acquisition positions us as a leader in the fast-developing telematics industry. Intelematics has established strong relationships with vehicle manufacturers including Holden, Toyota and more recently, Mitsubishi, and is seeking to further strengthen its position in the Australian original equipment manufacturers market. I am pleased to report that our investment in the Melbourne-based logistics provider, Club Assist, continues to be very rewarding. RACV has a 25 per cent shareholding in Club Assist, which delivers our battery service under the RACV brand. Our investment has supported the company s successful expansion into the United States, Canada and South Africa. Club Assist experienced strong growth in 2004/05, selling more than 790,000 batteries, 80,000 more than in the previous year. About 45 per cent were sold internationally, primarily through 49 auto clubs in the United States and Canada. Similarly, we are pleased with the performance of Australian Motoring Services, a company owned by RACV and the other Australian auto clubs. AMS coordinates the clubs joint national commercial activities, including roadside assistance services to the wholesale market, tourism services and accommodation guide publishing. It experienced growth during the past year as a result of strong new car sales. AMS now has 78 per cent of the wholesale roadside assistance market, with contracts in place with major car companies such as Holden, Ford and Nissan. It also has more than 11,000 accommodation properties around Australia listed under the popular star rating system, including around 2,700 properties in Victoria. In July, RACV purchased one of Australia s fastest-growing novated leasing and fleet management companies, Direct Salary Packaging Group for $4 million. An additional $2.5 million is payable, subject to future performance over the next two years. This acquisition enables us to add further value for our members by offering an expanded range of motoring, finance and insurance products that now include novated leasing and extended fleet management services. Environment RACV is committed to supporting responsible environmental initiatives and ensuring that we run our business in an environmentally sustainable manner. To that end, we have developed environmental policies that we advocate in the areas of sustainable transport, air pollution, alternative transport and environmental education. One of our most successful environmental programs is the highly successful RACV Energy Breakthrough event at Maryborough, now in its 13 th year. This is an exciting and innovative event which encourages students to examine, use and consider the impact of the latest technology on the environment and the way people live. Last year, more than 130 schools took part. This year s Energy Breakthrough has significantly exceeded that number, with a record number of 200 entries from 170 schools taking part. From November 2004 to June 2005, we conducted a campaign to raise motorists awareness about the direct link between fuel consumption and greenhouse gas emissions. As part of this campaign, we promoted fuel-saving tips to members and motorists through a range of media and activities, including a test drive and competition. 5
6 For the past two years, RACV has conducted a battery recycling program called the RACV Great Battery Round Up. This program has been well supported by members, who have handed in more than 10,000 batteries. At the same time, we have raised more than $10,000 for the Royal Children s Hospital. RACV staff have played their part in supporting our environmental program by achieving an eight per cent reduction in office paper consumption and increasing the recycled content of copy paper from 47 to 57 per cent. Our staff have also been encouraged to reduce their travel emissions by trying alternative modes of travel to work. Outlook The future looks very positive. RACV s financial and operational performance in 2004/05 has placed the organisation in a very strong position, and we expect to perform well again this year subject to external factors in the general insurance and investment markets. Our main focus, however, will be to return some of the fruits of these good years to our members. As such, we are able to significantly enhance our roadside care packages, reinvigorate our member communications, improve our presence in regional Victoria, and provide additional holiday and leisure opportunities. From March 2006, members can look forward to a range of entirely new breakdown benefits. A key feature will be the doubling of our call-out limit for roadside assistance to eight calls a year, an initiative which we believe members will greatly appreciate. Members who break down more than 100 kilometres from home and can t continue their journey - will receive car rental and accommodation for up to four days and nights. We will increase the free metropolitan towing distance from eight to 20 kilometres and extend free towing in the country to 120 kilometres. Other enhancements include offering a taxi to a destination up to $50 per incident and the provision of up to 10 litres of free fuel for members who run out of fuel on the road. This package of benefits also includes locksmith services and ambulance assistance. Of course, our Extra Care and Total Care members will also be well looked after, with even better benefits than they currently enjoy. Extra Care members will get an additional four service call-outs a year and receive caravan and trailer assistance. Both Extra Care and Total Care will also benefit from ambulance assistance, additional accommodation and car hire if they break down more than 100 kilometres from home, and enhanced towing, taxi and courier services. As you may have read in the latest edition of RoyalAuto, we also will make a significant investment in the magazine to make it even more readable, relevant and engaging. From February 2006, RoyalAuto will have more pages so that we can bring you additional travel, motoring and general interest stories each month. In addition, we intend to produce the magazine on higher quality paper enabling better photographic reproduction and presentation to our members. Similarly, our website is being redesigned to provide members with easy access to the best possible information about all RACV products and services, including special offers. We will build on our strong network of shops throughout Victoria by expanding our presence even further. During 2006, we intend to open retail agencies in a number of regional towns, providing our country members with better access to RACV and our products and services. Our investment in more holiday facilities for all members is moving closer to fruition with the opening of stage 1 of the Inverloch resort in the new year. In addition, of course we have the exciting news about our new resort at Cape Shanck that the President has just now announced. This will provide great holiday and recreational opportunities for our total membership. 6
7 During 2005/06, we will be developing a new Corporate Plan covering the next three years to capitalise on the wonderful foundation we have established and to maintain the commitments to our 1.3 million members and other Victorians who rely on RACV. As we plan these important initiatives for members, we will keep in mind the importance of the values that RACV brings to the community. Trust, integrity and reliability are some of the most important qualities members see in us. Any new initiatives must have the capacity to reflect these qualities, now and into the future. In that context, I am delighted to also announce that RACV will be providing a vital support role at the 2006 Commonwealth Games. Our investment will contribute towards the successful operation of the Games, demonstrating that RACV is there for members and the wider Victorian community. RACV s key role as a sponsor will be to assist visitors find their way around the Games venues through very informative spectator guides and maps. Our staff will be also working with Games volunteers at the 20 information booths located at sites around Melbourne. RACV is proud to be associated with such a great event that will provide a wonderful showcase for Melbourne and Victoria and bring significant economic benefits to the State. Conclusion In conclusion, I wish to readily acknowledge that our strong performance would not have been possible without the outstanding contribution of the management team and RACV staff. Their commitment to putting members first has enabled us to sustain high levels of member satisfaction as well as a rewarding and productive workplace. We aspire to do even better in the future. I also wish to express my appreciation to the President and Chairman, Clive Hall, his predecessor, David Bullard, and the Board for their strong support of the executive management team throughout 2004/05. 7
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