Interim Results 2005/06
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1 November 2005 TOTAL CABLE ASSEMBLY SOLUTIONS
2 Briefing Agenda 1. Introduction Martin May, Chairman 2. Results Overview John Corcoran, Group CEO 3. Financials Derek Walter, Group FD 4. Regional Review John Corcoran 5. Future View John Corcoran 2
3 Financial Summary - H1 2005/06 Turnover 124.0m 1H LY 123m Operating Profit* 1.4m 1.2m Equity Raising (June) 19.0m Finance Charges reduced 1.7m 2.5m Loss per share* 3.3p 7.8p * Pre major restructuring programme 3
4 Key Features of H1 SALES: MARGIN: In line with budget expectations, improved performance in North America. Strong sector performance in Consumer Products Commodity price (PVC and copper) impact continued. Gross margin held. FUNDING: Successful 19m equity fund raising, June Cash injection to effect competitive position. DEBT: Re-negotiated 3 year facility with reducing interest rates. FOOTPRINT: 4 of 12 sites planned were successfully closed, no customer impact. Full benefit in H2. 4
5 Trading Conditions Tele/Networking Wireless demand continues to improve with exception of Europe Mobile voice and data and broadband focus on convergence at service level 2006 outlook consensus for moderate growth Emerging markets gaining momentum Fixed line business flat to negative Computing PC unit sales rising, heavily commoditised Server demand improving - IBM and HP Drive to mobility phone convergence Entertainment drive media centres, portables Bridge into consumer electronics continues 5
6 Trading Conditions Consumer Products Digital migration to plasma, LCD price sensitive Copper price effect significant but equalising Innovation differentiating at sub-assembly level Technology churn benefit on new design margin RoHS compliance key environmental drive Appliance demand improving supply base consolidating Automotive/Aerospace Aerospace demand returns, contract awards improving Off-highway stable to slightly positive Focus on defence ground communications Opportunities for growth but incubation period extensive Strategic review of harness market/business 6
7 Group Sales by Destination Europe United Kingdom North America Asia 29% 2005/06 Percentage variation on prior H1 10% 6.1% 5% 1.1% 0.2% 0% -5% -10% -8.6% 26% 2005/06 Percentage variation on prior H2 31% 14% 10% 5% 0% -5% -10% -15% -20% 6.5% -15.0% 6.0% 3.0% 7
8 Group Sales by Product Data/Telecommunications Power Cords Harnesses 2005/06 Percentage variation on prior H1 15% 10.5% 10% 5% 1.8% 0% -5% -2.8% 13% 45% 2005/06 Percentage variation on prior H2 42% 15% 10% 5% 0% 0.5% 2.7% 3.0% 8
9 Group Sales by Market Sector Data/Telecommunications Consumer Products 2005/06 Percentage variation on prior H1 Industrial & Medical Vehicles & Aerospace 20% 15% 10% 5% 0% 3.6% 6.1% 14.1% -5% -10% -7.3% 13% 2005/06 Percentage variation on prior H2 11% 36% 10% 5% 5.3% 8.7% 6.4% 40% 0% -5% -10% -5.1% 9
10 What s Different.. Where we came from At end of 2004/05 - cash balances of 15.0m - gross debt of 45.5m - debt fully serviced throughout year However.. the Group was cash constrained: - scheduled debt repayments (totalling 5m) deferred - substantial interest and debt arrangement fees in 2004/05 - free cash from major disposals taken by the Banks Further restructuring was required to achieve acceptable returns by: - accelerating cost reduction - investing for growth - normalising the debt servicing 1 st Quarter governed by same Environment 10
11 What s Different.. Where we are now.. Reducing the manufacturing footprint and moving to lower cost locations Retain levels of capacity but closing 12 manufacturing sites 4 closed to date: Malaysia, Philippines, Conover (USA), Tczew (Poland), Kanata (Canada) significantly downsized Since half year Fremont downsizing and Aguascalientes closure announced Re-profiled the PLC executive directors team reduced from 5 to 3 Significant improvement in operating profit on re-profiling manufacturing cost base alone Profit Improvement Strategy is on track 11
12 Financial Highlights
13 Financial Highlights for the Half Year to 2 October 2005 H1 H1 1 H m m m Sales Operating profit Major restructuring programme (1.8) 1.3 (8.0) Loss before tax 2 (0.2) (1.2) (1.3) Loss per share 2 (3.3) p (7.8) p (15.6) p 1 As restated for IFRS 2 Pre major restructuring programme 13
14 Gross Sales by Source Europe United Kingdom North America Asia 2005/06 Percentage variation on prior H1 20% 10.6% 3.4% 3.8% 0% -20% -11.9% 39% 18% 2005/06 Percentage variation on prior H2 20% 3.5% 4.4% 4.3% 0% 31% 12% -20% -8.6% 14
15 Balance Sheet 2 Oct 3 April 3 April IFRS IFRS UK GAAP m m m Tangible fixed assets Inventories Receivables Current liabilities (46.2) (40.9) (40.2) CAPITAL EMPLOYED Provisions (7.5) (7.4) (4.2) Intangible assets Net debt (17.5) (30.5) (30.5) Net assets employed Gearing 58% 202% 162% 15
16 Operating Cash Flow H FY 2005 Ongoing MRP Total Ongoing MRP Total m m m m m m Operating profit 1.4 (1.7) (0.3) 1.8 (6.8) (5.0) Amort., dep'n and impairment Profit on disposal (1.9) (1.9) Working capital 0.1 (0.2) (0.1) (4.1) 1.4 (2.7) Provisions (0.3) (0.2) Free cash flow 3.2 (1.1) (0.4) 1.6 Capital expenditure (1.1) - (1.1) (2.2) - (2.2) Proceeds on disposal Operating cash flow 2.1 (1.1) MRP Major restructuring programme 16
17 Cash Flow H1 FY m m Ongoing operating cash flow Tax paid (2.3) (2.2) Interest paid (1.4) (3.8) Ongoing cash flow (1.6) (5.6) Cash flows of major restructuring programme (1.1) 6.8 Issue of share capital Refinancing costs paid (2.4) (0.7) FX movement (2.0) 0.7 Movement in debt Movement in net issue costs 2.5 (0.2) Movement in net debt Opening net debt (30.5) (31.5) Closing net debt (17.5) (30.5) 17
18 Operations Review
19 Volex in North America Revenue by source improved by 3.4% over 1H prior year Market strong in Q1, weakened somewhat in Q2 Closed Conover, downsizing Kanata and Fremont, announced closure of Aguascalientes Accelerated transfer of power cord production from Mexico to Asia Business restored close to break-even Further closures and overhead reductions will return region to profitability 19
20 Volex in Asia Sales flat, consumer electronics weak. Level of profitability improved Copper price increase of 20% over start of year Telecom and data business weak have transitioned to North American team Power cord sales strong New product designs represent 10% of power cord sales Malaysia and Philippines closed. Industrial market growing strongly Brazil strategic and improving, especially in telecoms 20
21 Volex in Europe Sales by source (excl. UK) at 88% of comparable period 1H 04/05 Some one-off projects last year not repeated 2 Poland sites consolidated Tczew closed Operating profit margin ahead of expectations Vehicle Harness steady to slightly negative, low-cost solutions from China and Estonia Aerospace remains a concern. Drive for increase in Military market revenue 21
22 The Future
23 Our Strategy To be the leading Value provider of Global cable assembly Solutions Differentiated: Service Quality Responsiveness Flexibility Independence On portfolio breadth On value-add service offering On ability to supply non-specific solutions Footprint Account mgt. Product transfer Low cost options Global technology Global materials Standardised mfg. Design Development NPI Logistics Portfolio mgt. Supply base mgt. Total Supplier 23
24 Momentum Building.. Volex operates in a growing market whose demand is not significantly cyclical competitiveness is key Potential for significant margin improvement costs are being stripped out Revenues can be grown in a highly fragmented market place Post refinancing, the Group has a stronger balance sheet with appropriate gearing and cash flow to invest and realign resources to meet customers needs Opportunity to leverage Volex key attributes of design strength, product quality, global sourcing and supply chain range of services Volex can be a leading provider of assembly solutions in the subassembly market. 24
25 Defined Value Offering... GLOBAL Global service for a global customer base Global cost solutions for a regional customer base PRODUCT PEOPLE Providing a one-stop shop to service our customers total product requirements with a range of services from solution engineering to product supply SERVICE Volex has the people: Account Management Engineering SCM experts Volex has the culture: Responsive Flexible Customer focused Maximising Customer Satisfaction 25
26 Outlook... Demand holding for balance of year, further site closures planned for completion by year-end: but.. Oil prices continue to pressure global economy, and PVC prices to Volex Copper prices continue to rise, risk to Q4 Consumer spending levels questionable so.. Expect modest sales growth (cautious) Expect second half to benefit from closures and overhead reductions Further improvements in H2 will have full year 07 benefit 26
27 Thank You
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