OVERVIEW OF THE LOGISTICS INDUSTRY 2017
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- Alvin Ramsey
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1 A G E N D A
2 Evolving complexity in logistics: New markets New cost effective sources of supply Multiple supply chains - globalisation Complexity of offshore markets Changing sourcing locations and points of sale Smaller and more frequent purchase orders (e-commerce) OVERVIEW OF THE LOGISTICS INDUSTRY 2017
3 The State of Global Logistics Report for 2016 EUROPE 34.4% USA/CANADA 32.1% MIDDLE EAST 3.1% ASIA PACIFIC 20.6% 471 Respondents 40% Logistics Providers 33% Shippers 27% Other (Service providers to the industry) SOUTH AMERCIA 6.8% AFRICA 3.1%
4 The State of Global Logistics Report for 2016 Stagnant global growth, intense competition and the threat of being commoditised. LSPs face tough times and the threat of being commoditised unless they transform into agile and innovative entities. The industry remains averse to change, in part because of a strong emphasis on the human element and an acute shortage of specialised skills. Reluctance to embrace automation due to financial constraints and the rate at which technology is changing. Innovative solutions through data (fact) driven decisions is now an expectation of shippers. Only a LSP that provides a common global system and has global offices on strategic trade lanes can identify, resolve, and even prevent disruptions in the supply chain.
5 The State of Global Logistics Report for 2016 continued Customers are less interested in committing to long-term contracts that are based on a high cost IT solutions. They prefer smaller, scalable solutions that can successfully integrate and utilize existing systems, with some minor modifications. Labour shortages, increased customer demands, industry consolidations, emerging and disruptive Uber-like supply chain models, and the continued evolution of multi-channel fulfilment means that today s LSPs must be at the top of their game to thrive. The good news is that these challenges are driving more shippers to consider outsourcing. The global third party logistics market is expected to grow by 4.4% each year to 2022.
6 Santova has been and still is well placed to meet the challenges highlighted by the Global Logistics Annual Report 2016 Sustainable Business Model Santova s diversification in terms of geographies, currencies, industries, products and services enables it to hedge against unexpected regional risks whilst at the same time allowing it to capitalise on opportunities that may present themselves globally. The more ground we cover the luckier we seem to get Specialist Provider of Innovative Global Trade Solutions Managing a global network of interconnected activities for multinational organisations from origin to point-of-consumption is huge differentiator. Highly Entrepreneurial Culture A culture which thrives on change and is driven by innovation. Highly flexible, adaptable and proactive agile. Global Talent Pool Cultivating knowledgeable employees who are attuned to the Group s entrepreneurial culture and knowledge intensive business model. Next Generation Technology One common global platform for engagement and global multidimensional interface (EDI), enabling predictive analytics.
7 PERFORMANCE HIGH LEVEL OVERVIEW
8 Share price a reflection of market concerns Organic growth? State of the South African economy Flat global economies The state of the logistics industry, flat to negative growth MARKET CONCERNS? Brexit? Slow down in trade volumes and reduced inventory levels Depreciating Sterling? Reduced import volumes Reduced profit margins: US$ based freight costs and client invoicing in Sterling SANTOVA HAS MORE THAN ADEQUATELY DEALT WITH THESE CONCERNS 2017 Appreciating Rand? Translation of offshore earnings (Sterling to Rands) Reduced profit margins (last 6 months) based on fees raised on Rand value of goods and US$ freight margins translated to Rands
9 YEAR ON YEAR GROWTH ASIA PACIFIC 102% EUROPE 49% UNITED KINGDOM 12% AFRICA 12% Incl. WM Shipping Incl. Mauritius & Ghana SOUTH AFRICA 20.16% (LOGISTICS) NETHERLANDS 37,7% AUSTRALIA 56,70% HONG KONG 740,9%
10 Asia Pacific 42,9% Europe 38,5% Africa 23,2% United Kingdom 21,7% Industry norm 4% - 8% Improved buy-rates Diversified revenue streams Reduced costs: intelligent work flow processes, structures Leveraging off sophisticated technology, software and systems Profitable new business development Non asset based Variable cost structure Diversified quality earnings
11 ORGANIC GROWTH 2017 Group Total Excluding Excluding Excluding Tradeway Tradeway, Ghana, Mauritius Tradeway, Ghana, Mauritius, WMS 30,30% 15,80% 18,10% 33.00% SOUTH AFRICA 38% OFFSHORE 62% GROUP CONTRIBUTION EUROPE 31% UNITED KINGDOM 20% ASIA PACIFIC 16% Excludes Ghana -1.8% Mauritius 2.4%
12 Client Industry and Geographical Diversification Summary:. 4,605 Clients (total client base) generate net revenue of R 315 million. 20 Clients (0,5% of clients) generate net revenue of R 57 million (18% of total net revenue). The largest client only constitutes 3,3% of net revenue and the next only 1,4% Region Net Revenue % Contribution South Africa R % United Kingdom R % Netherlands R % Australia R % Germany R % R % PHARMACEUTICALS TEXTILE RECYCLING PAPER SALES PROMOTION ELECTRONIC SECURITY APPAREL FOOD & BEVERAGE TEXTILE RECYCLING LOGISTICS APPAREL WATCHES & JEWELLRY GOVERNMENT MINT BEVERAGES ELECTRICAL COMPONENTS SUPPLIERS ELECTRICAL APPLIANCES GAME TECHOLOGY Industry norm 1 client normally constitutes 15% and 3 clients 25% to 33% of total net revenue
13
14 SANTOVA (AUSTRALIA) SANTOVA (HONG KONG) TRADEWAY SHIPPING (UNITED KINGDOM) SANTOVA (HOLLAND) WM SHIPPING (UNITED KINGDOM) SANTOVA (SOUTH AFRICA) 6 Offices -115% 19% United Kingdom. Brexit. Low freight rates. Shipping lines going direct. Stagnant Caribbean economy. Limited vessel capacity. Ghana branch: Governance SANTOVA (UNITED KINGDOM) SANTOVA (GERMANY) 104% South Africa. Strong Rand. Struggling economy SANTOVA (MAURITIUS) 432%
15 UNITED KINGDOM BREXIT Initial period of uncertainty, slow trade and reduced inventory levels. Depreciation of the Sterling, reduced profit margins due to US$ costings and client invoicing in Sterling. United Kingdom. Brexit Santova s reliance on the United Kingdom European Union trade lane is minimal. Trade volumes have increased, not decreased. United Kingdom can now use its freedom to negotiate its own trading arrangements to good effect.
16 UNITED KINGDOM WM SHIPPING (UK) Solution Re-alignment of the business into new markets, products and services. Deployment of Tradenav Work with Agents in Africa Low freight rates, limited profit margins. Shipping lines going direct to market with low rates to fill up capacity. A stagnant Caribbean economy, vulnerability to external demand shocks and internal challenges, namely commodity prices and monetary tightening policies. Limited vessel capacity and excessive freight rates on the trade lane between the United Kingdom and the Middle East. However, an unexpected excessive increase in sea freight rates of late which has curbed trade volumes. Whilst detrimental to profits in the short term, this will benefit the business in the medium to long term. Well publicised (by the Ghana Commissioner of Customs) questionable Customs Clearance practices in Ghana. United Kingdom. Brexit. Low freight rates. Shipping lines going direct. Stagnant Caribbean economy. Limited vessel capacity. Ghana: poor governance
17 SOUTH AFRICA STRONG RAND Solution Santova s fundamental strategy and business model is founded on the principle of being a Rand hedge. Impact on Group earnings where the consolidation of offshore earnings (Sterling) has resulted in reduced contributions. Reduced profit margins (last 6 months) based on fees raised on Rand value of goods and US$ freight margins translated to Rands. United Kingdom. Brexit. Low freight rates. Shipping lines going direct. Stagnant Caribbean economy. Limited vessel capacity. Ghana: poor governance South Africa. Strong Rand Focus on short to medium term yet more so on long term sustainable earnings growth.
18 The main drag on overall economic growth was a massive decrease in mining and slow activity in the manufacturing sector. SOUTH AFRICA STRUGGLING ECONOMY Solution SA economy contracted by 0.3% quarter-onquarter (4 th Quarter 0f 2016). South Africa s GDP expanded just 0.3% in 2016 as a whole, which is the country s worst economic performance in seven years. Undermining of overall macroeconomic stability and investment:. loss of confidence in the government;. rising public debt;. inefficient state-owned enterprises;. spending pressures; United Kingdom. Brexit. Low freight rates. Shipping lines going direct. Stagnant Caribbean economy. Limited vessel capacity. Ghana: poor governance South Africa. Strong Rand. Struggling economy Continued focus on offshore markets that offer sustainable growth through diversified quality earnings.
19 Resilience As a result of a well diversified business model, there was a strong year on year earnings growth in the face of global economic challenges, particularly South Africa. Offshore expansion With the exception of WM Shipping, all offshore operations have delivered an exceptional performance, offshore contributions are now 62% of total earnings. Operating margins and profitability Group buy rates, efficiency-effectiveness, client retention and new business development have increased significantly year on year, protecting our earnings. ACHIEVEMENTS 2017 Brand awareness Top-end brand name companies have engaged Santova. We have also achieved the status of a preferred employer, with an entrepreneurial innovative culture and a quality talent pool. TradeNav Launch and deployment of next generation technology, virtual client-centric (single platform worldwide), end-to-end supply chain visibility, integration and communication, enabling predictive analytics and data based decision making.
20 FINANCIAL STATEMENT ANALYSIS
21 KEY FINANCIAL HIGHLIGHTS/EVENTS Improved overall Billings margin to 7.7% and Operating margin to 30.7% The inclusion of Tradeway (Shipping) for 12 months Strong operational performances in Australia - PBT up 56.7% Hong Kong PBT up 740.9% Netherlands PBT up 37.7% Successful turnaround in Germany, Solid performance in South Africa, profit before tax 20.2% Operational loss in W.M. Shipping, profit before tax 119.5% Strong cash generation from operating activities 85.7% profit before tax and rebranded Santova Logistics Continued debt reduction, debt to equity ratio improved to 53.0% Increased contribution from offshore operations to 62.1%
22 OPERATING CONTEXT Foreign Exchange Rates Movement R'000 R'000 % Average exchange rates: Profitability Impact - USD/ZAR % - GBP/ZAR (7.1)% - Euro/ZAR % - USD/GBP (12.6)% Closing exchange rates: Balance Sheet Impact - GBP/ZAR (27.2)% - Euro/ZAR (21.1)% IMPACT OF BREXIT IMPACT OF BREXIT R6 movement to the GBP FOREX Sensitivity Analysis Im pact on Capital & Reserves of a change: % 24,618 28,989-10% (24,618) (28,989) R78.8 million reduction in FCTR Impact on Profit of a change: % 3,664 4,890-10% (3,664) (4,890)
23 OVERALL GROUP PROFITABILITY Movement R'000 R'000 % Gross billings % Total Revenue (after net interest income) % Other income % Depreciation and amortisation (5 921) (4 043) 46.5% Administrative expenses ( ) ( ) 9.5% Operating profit % Interest received % Finance costs (9 187) (4 255) 115.9% Profit before taxation % Income tax (23 403) (16 841) 39.0% Profit for the year % Other comprehensive income Exchange differences arising from translation (78,840) 42,796 (284.2)% Key ratios: - Billings/revenue margin 7.7% 7.3% 0.4% - Operating margin 30.7% 25.4% 5.3% - Effective tax rate 26.6% 25.2% 1.4% - Interest cover (times) (6.5) - Basic earnings per share (cents) % - Headline earnings per share (cents) % Impact higher Tradeway margins and improved Group 'buy rates' R5.5 mil hedging FOREX gain on devaluation of GBP Accelerated write off of Oscar software 0% Growth excluding Tradeway Additional finance cost on Tradeway acquisition Primary impact of R6 strengthening to GBP
24 SOURCE OF PROFITABILITY Organic vs Currency Excl Excl T/Way, Total R'000 % Tradeway R'000 % Ghana, Maur R'000 % Profit before taxation Increase Made up of: Organic Growth % % % - Currency Growth % % %
25 FINANCIAL POSITION ASSETS Movement R'000 R'000 % Trade receivables & other receivables 590, ,902 (7.3)% Intangible assets 178, ,881 (19.9)% Cash and cash equivalents 91, ,657 (25.8)% Property, plant and equipment 18,540 25,086 (26.1)% Taxation 10,352 9, % Financial assets 6,332 4, % 896,072 1,023,165 (12.4)% Impact of 7.3% growth in Billings offset by currency translation differences Impact of ZAR R6 strengthening to GBP applied to GBP6.7 million goodwill Result of debt repayment and Tradeway payments EQUITY AND LIABILITIES Capital and reserves 365, ,415 (5.4)% Liabilities ST Borrowings and overdrafts 228, ,918 (13.1)% Trade and other payables 205, ,456 (5.0)% LT Interest-bearing borrowings 57,093 75,663 (24.5)% Short-term provisions 17,808 23,079 (22.8)% Financial liabilities 15,136 49,134 (69.2)% Taxation 4,953 8,000 (38.1)% Long-term provision 1,425 1,500 (5.0)% Santova Logistics SA ST Invoice Discounting client financing facility Ongoing repayment of amortising LT Medium Term acquisition loans Payment of purchase price for Tradeway 896,072 1,023,165 (12.4)% Key ratios: - Debtor days (8.4) - Creditor days (2.5) - Debt to equity ratio 53.0% 55.6% (2.6)% - Tangible NAV per share % - Current ratio Return on average equity 17.0% 16.1% 0.9%
26 ASSET QUALITY Trade Receivables Credit ratios Movement R'000 R'000 % Impairment provisions - year end - Total amount 10,666 19,003 (8,337) - Percentage of Trade Receivables 1.98% 3.22% (1.24%) Trade Receivables written off - during the year - Total amount (net of recoveries) 224 2,181 (1,957) - Percentage of Trade Receivables 0.04% 0.37% (0.33%) Ageing of Trade Receivables - year end - Total amount >60 days past terms 7,967 8,426 (459) - Percentage >60 days past terms 1.48% 1.43% 0.05% Trade receivables 539, ,133 (51,022) - South Africa 403, ,229 (47,781) - % 74.8% 76.5% (2.6)%
27 CASH FLOWS Movement R'000 R'000 % OPERATING ACTIVITIES Net cash flows from operating activities 56,474 30,414 86% INVESTING ACTIVITIES CAPEX (3,999) (5,951) (47)% Acquisition of Tradeway (24,077) (59,275) (100)% FINANCING ACTIVITIES LT Borrowings raised/(repaid) (18,885) 48,861 (139)% Share capital (360) 50,172 (99)% Dividends paid (8,654) (5,794) 49% Result of increased profit and improved Debtor collections Additional Tradeway purchase price payments Repayment of two 5 year Medium Term Loans TRANSLATION FOREX Impact (31,619) 19,576 (262)% CASH AT YEAR END 91, ,892 (25)%. Total cash on hand: 100% 100% - South Africa 8% 14% (5)% - Offshore 92% 86% 5% Total funding facilities available 451, ,195 (5)% Total unutilised funding facilities 165, ,610 22%
28 REGIONAL PERFORMANCE SEGMENT REPORT Africa Asia Pacific United Kingdom Europe Financial Services Head Office GROUP 2017 R'000 R'000 R'000 R'000 R'000 R'000 R'000 Gross billings Percentage movement -6.8% 19.6% 69.1% 30.2% 7.3% Revenue (after net interest income) (762) Percentage movement 2.1% 27.0% 33.9% 16.3% -4.8% 52.4% 13.2% Operating profit Percentage movement 16.1% 93.1% 12.0% 54.9% -14.5% 347.9% 36.7% Key ratios: - Revenue/Billings Margin 5.3% 13.7% 10.7% 10.8% 7.7% Percentage movement 0.5% 0.8% -2.8% -1.3% 0.4% - Operating Margin 23.2% 42.9% 21.7% 38.5% 40.5% 30.7% Percentage movement 2.8% 14.7% -4.2% 9.6% -4.6% 5.3%
29 FINANCIAL DASHBOARD CONCLUSION % R' million R' million Change 1 Revenue Billings % Revenue % Revenue/Billings Margin 7.7% 7.3% 0.4% 2 Profitability Net Profit before Tax % Operating Margin 30.7% 25.4% 5.3% 3 Cash Focused on sustainable year on year growth Cash generated from Operations % Cash and Cash Equivalents % Debt to equity ratio 53.0% 55.6% -2.6% 4 Tradability Volume of shares traded Number of Shareholders Percentage Traded 19% 30% PE Ratio Dividends Paid th annual dividend paid Average annual growth since inception 26.0%
30 FUTURE STRATEGY2018
31 Acquisitions Further entrenching our business offshore through acquisitions that are located on strategic trade lanes, enabling the continued diversification of the Group in terms of geographic regions, currencies, industries and services. Deployment of advanced supply chain services The deployment of advanced client - centric supply chain services and solutions throughout the United Kingdom, Europe and Australia. FUTURE STRATEGY 2018 Technology The migration of the Group onto next generation information and communication technologies (TradeNav ) which will facilitate the faster processing of data, easier retrieval of information, reduced duplication of errors and the time it takes to complete a shipment. Global Talent pool Investing in, developing and cultivating dedicated, skilled and knowledgeable employees who are attuned to the Group s entrepreneurial culture and knowledge intensive business model.
32 Fundamental dimensions underlying future strategy Organic growth. New clients. New services with existing clients. New trade routes. New services/products Acquisitions. Bolt-on acquisitions. Strategic acquisitions Growth Innovation Leveraging off next generation technology Business model (knowledge intensive) Advanced supply chain solutions Face-to-face client consultative engagements Core ideology culture, values, talent Application-implementation Geographical Currency Service/product Markets Industry Trade route Diversification Efficiency Effectiveness Information communication technology Data (information) based decision making Elimination of duplication - automation Workflow process design Standard operating procedures Key performance indicators (metrics) Free flow of intellectual capital Centralisation vs. decentralisation
33 Thank you Questions and discussion? A specialist provider of innovative global trade solutions Santova s diversification in terms of geographies, currencies, industries, products and services enables it to manage a global network of interconnected activities for multinational organisations from origin to point-of-consumption.
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