DICKER DATA LIMITED — Investor Presentation 2013

Oct 17, 2013

David
Dicker
–
Chairman
&
CEO

David
Dicker (Chairman
&
CEO), welcomes
you
to
2013
annual general
meeBng
of
Dicker
Data
Ltd

2

FULL YEAR RESULTS

3

**FINANCIAL

HIGHLIGHTS**

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Revenue
Gross
Profit
$37.7m
$455.9m
$451.6m
$34.0m
$384.7m
$27.4m
$286.7m
$268.2m
$19.8m
$16.8m
FY09A
FY10A
FY11A
FY12A
FY13A
FY09A
FY10A
FY11A
FY12A
FY13A
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EBITDA
$17.4m
$16.1m
$13.1m
$8.8m
$7.9m
FY09A
FY10A
FY11A
FY12A
FY13A
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NPAT
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$9.2m
$8.3m
$6.1m
$4.5m
$3.8m
FY09A
FY10A
FY11A
FY12A
FY13A
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4

**FINANCIAL

PERFORMANCE**

§ Revenues
are
down
1%
due
to
lower
demand
from
the
PCs
market
and management’s
new
strategy
of
focusing
on
higher
margin
product groups
like
servers,
storage
and
networking
products.

§ Gross
margin
has
increased
1%
per
cent
to
8.4%
as
the
Company implemented
the
new
strategy,
uBlised
the
new
inventory
purchase finance
facility
from
Macquarie
Bank
to
take
advantage
of
early seSlement
discounts
and
capitalised
on
opportunisBc
inventory
buying made
possible
with
the
warehouse
expansion.

§ Dicker
Data
posted
record
net
profit
aVer
tax

§ Rolling
12
months
DPS
of
7.0c,
up
31%
from
FY2012,
represenBng
a payout
of
97%
on
FY2013
NPAT.

5

**FINANCIAL

HIGHLIGHTS**

$ million	FY2013	FY2012	Change
Sales revenue	451.6	455.9	-0.9%
Gross profit	37.4	33.1	+12.9%
EBITDA	17.4	16.1	+8.1%
EBIT	16.7	15.4	+8.4%
Net profit after tax	9.2	8.3	+10.8%
Earnings per share(cents)	7.28	6.55	+11.2%
Dividends per share(cents)	7.00	5.36	+30.6%
Payout ratio	97%	82%	+18.3%

6

**FINANCIAL

HIGHLIGHTS**

$ million	FY2013	FY2012	§ The warehouse extension cost $3.4m in total § Increase in borrowings is due to the new Macquarie facility that is used to seSle invoice within 48 hours and hence can be viewed as a replacement of accounts payable
Receivables	64.4	68.7
Inventories	49.7	41.3
PPE	19.7	16.6
Others	1.3	0.9
Total assets	135.1	127.5
Payables	47.2	58.5
Borrowings(ST and LT)	63.8	47.1
Others	4.0	3.3
Total liabilities	115.0	108.9
Net assets	20.1	18.6

7

OUTLOOK

§ Profitability
is
expected
to
benefit
from
the
full
year
impact
of
the extended
warehouse
and
the
inventory
purchase
finance
facility.

§ AddiBon
of
the
HP
prinBng
and
supplies
products
is
projected
to generate
substanBal
revenue
for
the
2014
financial
year.

§ Management
conBnues
to
review
the
vendor
mix
as
the
right
vendor alignment
is
key
to
remain
compeBBve
in
the
market
and
achieve
both top
line
and
boSom
line
growth.

§ The
Board
is
reviewing
DDR’s
inorganic
strategy
to
further
fuel
growth.

8

CAPITAL MANAGEMENT

9

Dividend payments for FY2013

Payment Date	Dividend/Share	Amount	Type	Amount Franked
11 Jan 13	1.0c	$1.27m	Interim	100%
09 Apr 13	2.0c	$2.55m	Interim	100%
10 Jul 13	1.25c	$1.60m	Interim	100%
10 Oct 13	2.75c	$3.51m	Final	100%
Total	7.0c	$8.93m	-	100%

10

**ROLLING

12
MONTHS
DPS
–
UPLIFT
OF
31%**

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7.00c

6.50c

6.25c

5.36c

5.36c

5.43c
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
DPS
in
cents
per
share
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11

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INVESTORS RETURNS SINCE JULY 2012
12 months YTD
Share price
80.0% 55.2%
a reciation
pp
Dividend
7.8% 4.4%
ield
y
Total return
87.8% 59.6%
As at 16/10/2013
Share rice 90c
p
Shares on issue 127.7m
Market cap $114.9m
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12 MONTHS RELATIVE PERFORMANCE

12

QUESTIONS THANK
YOU