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ALS LIMITED — Interim / Quarterly Report 2009
Dec 2, 2008
64365_rns_2008-12-02_55bacde6-1013-467e-ae5d-8ad1adb663e2.pdf
Interim / Quarterly Report
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Campbell Brothers Limited Investors Overview – Half Year Sep 2008
All Financials Exclude the Gain Made on the Sale of Campbell Brothers’ Shareholding in CCI Holdings Limited
-Greg Kilmister (Managing Director)
-Henk Blok (Executive VP – ALS Minerals Division)
- Half Year Results (Excluding Unusual Items) Overview
| Sept 07 | Sept 08 | Change | |||
|---|---|---|---|---|---|
| Revenue ($m) | 367 | 456 | 24% | ||
| EBITDA ($m) | 64.3 | 105.1 | 63% | ||
| Profit before tax ($m) | 47.9 | 81.0 | 69% | ||
| Net profit after tax ($m) | 32.7 | 57.0 | 75% | ||
| Wtd. ave. number of shares | 51,855,000 | 52,373,000 | 1% | ||
| Earnings per share (c) | 63.0 | 108.9 | 73% | ||
| Interim Year Dividend (c) | 35 | 50 | 43% | ||
| Number of employees | 5265 | 6863 | 31% | ||
| Safety Statistic – LTIFR | 6.0 | 5.0 |
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Maintenance of Strong Historical Growth
Growth 30% 66% 27% 50% 25% 75% 60 120 50 100 40 80 30 60 20 40 10 20 0 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Half Year End September
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First Half EPS H1
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Group Segment Performance First Half 09
Revenues
EBIT
15%
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5% [2%]
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18%
ALS Laboratory Group Campbell Chemical Reward Distribution Group 67%
93%
ALS Group Campbell Chemicals
Reward Distribution
Revenue
$310 million
$82 million
$68 million
Revenue Growth cf. Previous Year
Reward Distribution -9% Campbell Chemical 7% ALS Laboratory Group -5% -20% -10% 0%
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21% 50% 60%
33% 10%
20%
30%
40%
– Revenue Geographic Spread
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Pacific
Pacific
Islands
Islands
Africa
Australia Australia
Africa
Europe
Europe
Asia
Asia
South
South America
America
North North
America America
H1 September 2008 H1 September 2009
$367 million $456 million
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Funding Strength
| CBL DEBT FACILITIES SUMMARY at September 2008 | CBL DEBT FACILITIES SUMMARY at September 2008 | CBL DEBT FACILITIES SUMMARY at September 2008 | CBL DEBT FACILITIES SUMMARY at September 2008 | CBL DEBT FACILITIES SUMMARY at September 2008 | CBL DEBT FACILITIES SUMMARY at September 2008 |
|---|---|---|---|---|---|
| $AUD million | Nov-09 | May-10* | Nov-10* | Nov-11 | Total |
| Committed Drawn Sep 08 |
200 187 |
60 0 |
30 0 |
120 99 |
410 286 |
| Available | 13 | 60 | 30 | 21 | 124 |
| * Bank credit approval obtained Nov-08 – currently being documented |
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250 Net Debt 20
18
Underlying EBITDA interest cover
18.0x
200 16
15.6x
14
150 12
12.5x
12.0x
8.9x 10
100 8
6
50 4
2
0 0
2004 2005 2006 2007 2008
12mths Ending September
Net Debt (AUD$m)
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Note: Underlying EBITDA interest cover based on net interest
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Campbell Chemicals
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Half Year Results
Revenue up 7.2% to $82 million EBIT up 11% to $5.2 million
Margin increase to 6.4% from 6.2%
o Cleantec Chemicals
-
Food Hygiene remains strong
-
– Laundry and Chemical Hygiene businesses relocated to Brisbane with new management
-
Market growing – but slowly
o Panamex Pacific
-
Strong trading conditions in Papua New Guinea
-
Focus on penetrating French territories
-
New head office in Auckland
-
Further brands developed
-
– Manufacturing outsourced to China and S.E. Asia
o Deltrex
-
Benefited from underlying improvement in chemical pricing
-
Agricultural sector strong
-
Forward purchases and higher carrying stock levels resulted in increased margins due to strong spot market prices
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Reward Distribution
o Market Conditions
-
Impacted by economic slowdown
-
– Pubs, clubs & restaurants reducing spending
-
Pricing pressure from competitors
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Half Year Results
Revenue down 9% to $68 million EBIT down 11% to $2.3 million
o Restructuring Initiatives
-
Closed a number of warehouses
-
– Dealing with obsolete and slow moving stock
-
One off costs associated with stock & warehouse rationalisation were in excess of $1.5 million.
o Future
-
Focus on higher margin market segments
-
Sacrifice revenue for improved margins
-
Stock rationalisation
-
Further one off operating costs associated with restructuring operations expected
-
Further development of internal
- ALS Divisional Focus Developments
• New 13,000 m[2] laboratory in Vancouver now 50 percent completed
- XRF laboratories for “bulks” established in Perth, Brisbane, & Lima
• New prep facility in Bogota Colombia
- New prep facility in Suva Fiji
MINERALS
-
New prep facility in Seville Spain
-
New prep facility in Goiania Brazil
• New prep facility in Lanzhou China
• Acquired mineral laboratory in Finland
-
Well progressed in establishing mineralogy laboratories in Johannesburg,
-
Perth, Vancouver & Lima
-
Johannesburg laboratory doubled in size to 4,000m[2]
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COAL
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-
New laboratory in Gladstone open
-
New Laboratory in Newcastle open
-
New laboratory in Springs South Africa open
-
Development commenced on a new $5 million hub lab in Witbank South
-
Africa
-
New global LIMS due to start rollout in December
-
Client web interface (Webtrieve[TM] ) under development
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- ALS Divisional Focus Developments
-
Acquisition of Staveley Services in USA and Canada for US$11.3 million –
-
eight laboratories
TRIBOLOGY
-
Acquisition of Wellington (New Zealand) based tribology laboratory
-
• Plans well advanced for a ‘greenfield” tribology laboratory in
-
Johannesburg
-
Will be the largest commercial tribology laboratory group in the world by
-
2010
-
New 3,000 m[2] trace pesticide laboratory in Edmonton close to completion
-
Acquisition of IQA in Thailand for $9 million
-
Acquisition of DataChem lab group in USA for US$11 million
ENVIRONMENTAL
-
LCMSMS services introduced into Australia and Asia
-
Presence in Finland established
-
Focus on ultra-trace nutrients & waste characterisation
-
Commenced development of new global LIMS
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- ALS Divisional Focus Developments
• Acquisition of IQA in Thailand
- Development of a food quality services in Hong Kong
FOOD
• Expansion of Singapore Food Division to include LCMSMS services
• Expansion of Australian Food Division to include LCMSMS services
• Development of food analytical services in Prague (Czech Republic)
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Ten Year History of ALS Half Year EBIT Margins
| 0% 5% 10% 15% 20% 25% 30% EBIT Margin |
H1 09 H1 06 H1 07 H1 08 |
|
|---|---|---|
| 0 50 100 150 200 250 300 350 Half Year Revenue AUD$ million |
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THANK YOU
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