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Slovar Limited AGM Information 2017
17773_rns_2017-11-27_80444912-e753-4881-9b9d-74f4e984d37e.pdf
AGM Information
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money3
ANNUAL GENERAL MEETING
28 November 2017
Ray Malone
Chairman
Scott Baldwin
Managing Director
Brett Coventry
Chief Financial Officer
Annual General Meeting 2017 Proxy Snapshot
| FOR | OPEN | AGAINST | TOTAL VALID AVAILABLE VOTES | AS A % OF ISSUED CAPITAL | ABSTAIN | ||
|---|---|---|---|---|---|---|---|
| Resolution 2 | VOTES | 53,822,021 | 891,640 | 7,370,915 | 62,084,576 | 38.92% | 115,842 |
| % | 86.69% | 1.44% | 11.87% | ||||
| Resolution 3 | VOTES | 55,706,982 | 837,570 | 1,581,607 | 58,126,159 | 36.44% | 3,932,857 |
| % | 95.84% | 1.44% | 2.72% | ||||
| Resolution 4 | VOTES | 47,497,564 | 832,342 | 610,791 | 48,940,697 | 30.68% | 3,924,693 |
| % | 97.05% | 1.70% | 1.25% |
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Resolution 1
Financial Statements and Reports
To receive the Financial Statements for Money3 Corporation Limited for the year ended 30June 2017, together with Directors Report and the Auditors Report as set out in the Annual Report.
No resolution is required for this item. However shareholders were provided with an opportunity to forward questions to the Company's auditor prior to the meeting. No questions were received prior to the meeting
ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
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Resolution 2
Re-election of Stuart Robertson as a Director
To consider and, if thought fit, pass the following resolution as an ordinary resolution:
"That Stuart Robertson having retired by rotation in accordance with clause 79(4) of the Company's Constitution, being eligible and having offered himself for re-election in accordance with clause 79(5) of the Company's Constitution, be re-elected as a Director of the Company."
| FOR | OPEN | TOTAL VALID AGAINST AVAILABLE VOTES | AS A % OF ISSUED CAPITAL | ABSTAIN | |||
|---|---|---|---|---|---|---|---|
| Resolution 2 | VOTES | 53,822,021 | 891,640 | 7,370,915 | 62,084,576 | 38.92% | 115,842 |
| % | 86.69% | 1.44% | 11.87% |
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
money3
Resolution 3
Issue of Shares to Scott Baldwin
To consider and, if thought fit, pass the following resolution as an ordinary resolution:
"That, for the purposes of ASX Listing Rule 10.11, the Shareholders approve the issue of 233,845 ordinary fully paid shares to Scott Baldwin (or his nominee) on the terms set out in the Explanatory Memorandum which accompanies and forms part of this Notice of Meeting"
| FOR | OPEN | TOTAL VALID AGAINST AVAILABLE VOTES | AS A % OF ISSUED CAPITAL | ABSTAIN | |||
|---|---|---|---|---|---|---|---|
| Resolution 3 | VOTES | 55,706,982 | 837,570 | 1,581,607 | 58,126,159 | 36.44% | 3,932,857 |
| % | 95.84% | 1.44% | 2.72% |
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Resolution 4
Remuneration Report
To consider and, if thought fit, pass the following resolution as an ordinary resolution:
"That the remuneration report section of the Director's Report for the Company for the year ended 30 June 2017 be adopted"
| FOR | OPEN | TOTAL VALID | AS A % OF ISSUED CAPITAL | ABSTAIN | |||
|---|---|---|---|---|---|---|---|
| Resolution 4 | VOTES | 47,497,564 | 832,342 | 610,791 | 48,940,697 | 30.68% | 3,924,693 |
| % | 97.05% | 1.70% | 1.25% |
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Results and Business Update
Scott Baldwin
Managing Director
ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
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About Money3
Money3 is a national credit provider committed to servicing the needs of customers who cannot access funding from traditional lenders
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Key Highlights FY17
9 ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
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Total revenue of $109.6 million, increase of
13.4%
(2016: $96.7 million)
Final dividend declared of 3.15 cents fully franked, taking full year dividend to
5.65 cents
Secured automotive loan revenue of $56.0 million, increase of
21.5%
(2016: $46.1 million)
Gross Loan Book at $273.2 million, increase of
37.4%
(2016: $198.8 million)
Net profit after tax of $29.1 million, increase of
44.5%
(2016: $20.1 million)
EBITDA margin improved to
46.2%
(2016: 36.5%)
Key Highlights FY17
Group Performance
- Significant EBITDA margin improvement from FY16, 36.5% to FY17, 46.1%
- Gross loan book increased 37.4% to $273.2m up from $198.8m
- Reduction in bad debts as a percentage of gross loan book from 6.5% in FY16 to 4.5% FY17
- Record cash receipts of fees, interest and principle of $307.4m up from $282.6m
- $21.1m cash on hand at 30 June 2017 to fund business growth in FY18
- Early adoption in FY18 of new accounting standards
- Well placed for regulatory change
Secured Automotive lending
- Demand for secured automotive loans continues with 40.9% growth in loan book to gross loans of 213.9m
- Record full year revenue from secured automotive lending of $56.0m up 21.5%
- Cash receipts from secured automotive loans grew 34.4%
Branch & Online lending
- Completed Online lending platform integration into Money3 lending platform
- Completed closure of 13 branches into neighbouring sites including loan book run down
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Financial Performance
| | FY17
$m | FY16
$m | $ Change
$m | % Change |
| --- | --- | --- | --- | --- |
| Revenue | 109.6 | 96.7 | + 12.9 | ↑ 13.3% |
| Expenses | 59.0 | 61.4 | - 2.4 | ↓ 3.9% |
| EBITDA | 50.6 | 35.3 | + 15.3 | ↑ 43.3% |
| EBITDA as % of revenue | 46.1% | 36.5% | | |
| NPAT | 29.1 | 20.1 | + 9.0 | ↑ 44.8% |
| NPAT as % of revenue | 26.6% | 20.8% | | |
| EPS (Basic)
cents per share | 18.81 cps | 14.21 cps | + 4.6 cps | ↑ 32.4% |
| DPS
Cents per share | 5.65 cps | 5.25 cps | + 0.4 cps | ↑ 7.6% |
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Balance Sheet
| | FY17
$m | FY16
$m | FY15
$m |
| --- | --- | --- | --- |
| Cash and Cash Equivalents | 21.1 | 27.2 | 12.4 |
| Loans and Other Receivables (Net) | 225.1 | 164.4 | 130.3 |
| Other Assets | 9.3 | 7.1 | 6.2 |
| Intangible Assets | 19.2 | 19.7 | 19.4 |
| Total Assets | 274.7 | 218.4 | 168.3 |
| Borrowings | 79.5 | 48.6 | 35.2 |
| Other Liabilities | 13.1 | 13.3 | 10.4 |
| Total Liabilities | 92.6 | 61.9 | 45.6 |
| Total Equity | 182.1 | 156.5 | 122.7 |
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Long Term NPAT Growth
ANNUAL GENERAL MEETING - 28 NOVEMBER 2017
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Growth Opportunity of Auto Loans
- Money3 estimates the addressable used car market in Australia is approx. 700,000 + vehicle sales per annum with Money3 writing 14,000 + automotive loans in FY17, which represents about 2% of the addressable market
- With significant scope for Money3 to grow its market share of the used car finance market through leveraging the existing broker relationships established around the country
- Money3 continues to experience strong growth and demand for its loan products
- Strong cashflows will support continued loan book growth and an expectation of doubling the loan book in the medium term
- Emerging opportunities for loan book acquisitions, utilising Money3’s strong collection capabilities
- Continued development of API’s to further integrate our relationships with the broker community
ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
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15 ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
Continued Growth in Auto Lending
Gross Loan Book $m
■ Small Amount Credit Contract ■ Larger Amount Longer Term
■ Auto Loans
Strong start in secured automotive lending, underpinning material revenue growth for FY18.
Secured Loans Settled /Financial Year
money3
Distribution of Secured Loans by State
Money3 estimates a market share of 2% of the addressable market
THORNEY OPPORTUNITIES LTD AGM
money3
Outlook
- Money3 is currently considering a number of debt proposals which it has received, to continue the growth trajectory of the automotive lending and repay the bonds due May 2018
- The business is now focused towards the transition away from SACC lending and is considering options of how best to complete this and maximise shareholder value in the process
- Guidance under the accounting standard, is maintained at $29-30m NPAT
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Disclaimer
The content of this presentation has been prepared by Money3 Corporation Limited (the Company) for general information purposes only.
Any recommendations given are general and do not take into account your personal circumstances and therefore are not to be taken as a recommendation or advice to you.
You should decide whether to contact your financial adviser so a full and complete analysis can be made in respect to your personal situation.
Whilst all care has been taken compiling this presentation neither the Company nor any of its related parties, employees or directors give any warranty with respect to the information provided or accept any liability to any person who relies on it.
ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
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19 ANNUAL GENERAL MEETING – 28 NOVEMBER 2017
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Money3 Corporation Ltd
Enquiries to:
Ray Malone
Chairman
e. [email protected]
Scott Baldwin
Managing Director
e. [email protected]
Brett Coventry
Chief Financial Officer
e. [email protected]
Head Office
Level 1 / 40 Graduate Road,
Bundoora, 3083
p. 03 9093 8255
https://investors.money3.com.au/