the food travel experts/media/... · •robust lfl sales growth of 2.8% •net contract gains...
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www.foodtravelexperts.com
The Food Travel Experts
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Presentation structure
1. Group highlights Kate Swann
2. Financial review Jonathan Davies
3. Business review Kate Swann
4. Q&A All
SSP: The Food Travel Experts 2
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Group highlights
• Good first half performance with operating profit up 29.0% at actual exchange rates, 32.6% at constant currency
• Like for Like sales up 2.8%, net new space growth strong at 7.1%
• Total sales growth including acquisitions 11.9%*
• Strong operating margin growth of 50bps, excluding the acquisition impact of India
• Strategic initiatives, delivering further growth and efficiency
• EPS 5.6p, up 33.3%
• Interim dividend 4.8p, up 50.0% YOY
• Medium term pipeline encouraging
SSP: The Food Travel Experts 3
* At constant currency
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Financial review
SSP: The Food Travel Experts
Jonathan Davies, CFO
Interim Results 2018
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Group financial overview
SSP: The Food Travel Experts
Change (%)
£m
H1 2018 H1 2017 Constant Currency
Reported FX Rates
Revenue 1,177.8 1,072.5 11.9% 9.8%
LFL Sales Growth 2.8% 2.9% n/a n/a
Operating Profit* 55.2 42.8 32.6% 29.0%
Profit Before Tax* 48.7 34.7 n/a 40.3%
Earnings per share (p)* 5.6 4.2 n/a 33.3%
Net Debt (290.1) (378.8) n/a 23.4%
5
*Excludes amortisation of intangible assets created at acquisition of the SSP business by EQT in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.
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H1 2018 LFL sales growth 2.8%
SSP: The Food Travel Experts
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
H1 H2 FY17 Q1 Q2 H1
Note: Same store like-for-like sales growth at constant currency
LFL
Sale
s G
row
th (%
YOY
)
FY17 H1 FY18
2.9%
6
3.3% 3.1%
2.7% 3.0%
2.8%
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Revenue growth of 11.9% at constant currency
SSP: The Food Travel Experts
Change at Constant Currency LFL Sales Net Contract
Gains/(Losses) Total
Revenue
UK 0.7% 0.5% 1.2%
Continental Europe 2.2% 2.9% 5.1%
North America 3.1% 31.1% 34.2%
Rest of World (inc India) 10.3% 9.5% 19.8%
Group 2.8% 7.1% 9.9%
Acquisition Impact
India 1.4%
Stockheim 0.6%
Reported Growth 11.9%
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Operating profit growth of 32.6% at constant currency
SSP: The Food Travel Experts
Operating Profit* Change (%)
£m H1 2018 H1 2017 Constant Currency
Reported FX Rates
UK** 33.4 29.7 12.5% 12.5%
Continental Europe 21.8 20.2 9.0% 7.9%
North America 6.4 5.6 20.0% 14.3%
Rest of World 13.6 4.8 202.1% 183.3%
Non-attributable (20.0) (17.5) (14.3)% (14.3)%
Group 55.2 42.8 32.6% 29.0%
* Operating profit is underlying, at actual currency ** UK includes Republic of Ireland
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Operating profit margin up by 70 bps (50bps ex acquisition impact of TFS)
SSP: The Food Travel Experts
YOY bps Change
£m H1 2018 H1 2017 Constant Currency
Reported FX Rates
Revenue 1,177.8 1,072.5
Gross Profit % Sales
821.5 69.8%
738.8 68.9%
100
90
Labour Costs % Sales
356.7 30.3%
327.5 30.5%
30
30
Concession Fees % Sales
222.3 18.9%
195.5 18.2%
(70)
(70)
Overheads % Sales
139.6 11.9%
129.0 12.0%
10
20
Depreciation & Amortisation*
% Sales
47.7 4.1%
44.1 4.1%
0
0
Operating Profit*
Operating Margin (%)
55.2 4.7%
42.8 4.0%
70
70
9
*Excludes amortisation of intangible assets created at acquisition of the SSP business in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.
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Net profit up 35.9%
SSP: The Food Travel Experts
£m H1 2018 H1 2017 Change (%)
Operating Profit* 55.2 42.8 29.0%
Net Financing Cost* (6.7) (8.8)
Share of Associates 0.2 0.7
Profit Before Tax* 48.7 34.7 40.3%
Tax* (10.7) (7.6)
Non-Controlling Interests (11.1) (7.3)
Net Profit* 26.9 19.8 35.9%
Earnings per share (p)* 5.6p 4.2p 33.3%
Dividend per share (p) 4.8p 3.2p 50.0%
10
*Excludes amortisation of intangible assets created at acquisition of the SSP business in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.
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Free cash outflow of £6.5m
SSP: The Food Travel Experts
£m H1 2018 H1 2017
Operating Profit* 55.2 42.8
Depreciation & Amortisation* 47.7 44.1
Working Capital (0.5) (19.6)
Capital Expenditure (61.5) (61.4)
Net Tax (17.6) (14.4)
Acquisitions (18.8) (35.0)
Other (4.5) (1.6)
Operating Cash Flow* (0.0) (45.1)
Net Financing Costs (6.1) (7.9)
Other (0.4) -
Free Cash Outflow* (6.5) (53.0)
11
*Excludes amortisation of intangible assets created at acquisition of the SSP business in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.
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Net debt of £290.1m
SSP: The Food Travel Experts
H1 2018 H1 2017
£m Leverage
(Net Debt/EBITDA)
£m Leverage
(Net Debt/EBITDA)
Opening Net Debt (1 October) (262.2) 1.0x (317.4) 1.6x
Free Cash Flow (6.5) (53.0)
Dividend (23.5) (13.8)
Impact of foreign exchange rates 2.3 6.1
Other (0.2) (0.7)
Closing Net Debt (31 March) (290.1) 1.1x (378.8) 1.7x
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Financial summary
• Robust LFL sales growth of 2.8%
• Net contract gains strong at 7.1 %
• Acquisitions add a further 2.0%
• Strategic programme delivering strong operating margin growth up 50bps excluding the acquisition impact of India
• Operating profit up 32.6 % at constant currency
• EPS up 33.3%
• Interim dividend per share of 4.8p, up 50.0%
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Business Review
SSP: The Food Travel Experts
Kate Swann, CEO
Interim Results 2018
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SSP business fundamentals
• Multiple structural market growth drivers
• Market leader in attractive channels and regions
• Strong business platform combining international scale and local expertise
• 5 key levers to drive growth and efficiency
• Sales growth, margin expansion and strong cash generation
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Regional update progress since IPO
SSP: The Food Travel Experts 16
• Strong revenue growth since IPO, up 36%
• More balanced business, better geographic
diversification • Fast growth in North America and ROW, now
c30% of the Group
• Air sector now 62% of SSP
• Further opportunities to grow
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Our focus remains on five key levers to deliver value
SSP: The Food Travel Experts
1 Optimise our offer to benefit from the positive trends in our markets
Grow profitable new space
Optimise gross margin and leverage scale benefits
Run an efficient and effective business
Optimise investment using best practice and shared resource
2
3
4
5
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Optimising our offer
• LFL growth of 2.8% in line with plan
• Geographic diversification helps mitigate specific country issues
• Underlying medium term positive trends in travel market remain
• Strategic initiatives continue to deliver well
SSP: The Food Travel Experts
Areas of Focus
Improve ranges
Optimise price and promotion
Upselling
Maximise use of space
Focus on category as well as brand performance
1
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Optimising our offer: Premiumisation with our brand partners
• Premiumisation meets customer demands and drives ATV
• Travel is a unique sector for many of our partners • Trial of new “Starbucks Deli” range e.g. artisan
sourdough sandwiches and filled croissants not available on high street
• Trial of new premium – range in Jamie’s Deli, e.g. premium pizza
• Bespoke premium dishes in Tai Hing e.g. Angus steak stir fried noodles
• Further opportunities across other categories and
brand partners
SSP: The Food Travel Experts 19
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5
Main menu
YOUR ORDER
EXTRA WATER FOR YOUR JOURNEY?
Total £X.XX View full order
YES PLEASE
NO THANKS
CANCEL BACK
Choose your
meal
Customize and
change quantity
Add extras
Review your
order and pay
CARD ONLY
4
Optimising our offer: Self-order screens
SSP: The Food Travel Experts 20
• High quality speed of service critical in travel environment
• Self-order kiosks being trialled in selected QSR units
• Located at front of the unit to encourage
participation
• Kiosks driving service improvements and ATV growth • Screens guide the customer through menu quickly,
and to optimise add on sales
• Technology being developed with plan to trial in other formats
Main menu
YOUR ORDER
YOUR ORDER IS EMPTY
SEASONAL OFFERS BURGERS
CHICKEN BREAKFAST
VEGGIE, WRAPS AND SALAD
DRINKS
WHOPPER MEAL
CHICKEN ROYALE
MEAL
QUICK ORDER
OUR MOST
POPULAR MEALS
Main menu
YOUR ORDER
Added to your order
Total £X.XX View full order
Main menu Review order
and pay
ADD ONION RINGS ADD CHICKEN NUGGETS
ADD CHICKEN STRIPS ADD DESSERT
CANCEL BACK
Choose your
meal
Customize and
change quantity
Add extras
Review your
order and pay
CARD ONLY
1 2
3 4
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Grow profitable new space
• Very strong performance, 7.1% net gains
• Successful growth in existing sites, new sites and new markets
• New contracts/openings will materially differ from year to year
• Impact on P&L in first year varies based
on type and timing of openings • Disciplined approach to new business
• Renewal rate in line with plan
SSP: The Food Travel Experts
Areas of Focus
New units within existing sites
Existing markets, new sites
New markets
High renewal rate
2
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Growing the business – progress since IPO
SSP: The Food Travel Experts 22
• Significant progress since the IPO to develop internationally
• Asia Pac and North America have seen high levels of unit and site growth
• Expansion into new countries (e.g. India, Philippines)
• Brands portfolio has increased
• Investment in Asia and US management
• Future growth opportunity continues 2014 2018
2014 2018
North America
154%
Asia Pac
280%
Sales
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New opening: Shenyang airport, China
SSP: The Food Travel Experts 23
• Shenyang airport, NE province • 17.3 million passengers in 2017 • Double digit passenger growth forecast
in medium term • 6 airside and landside units, openings
commenced early 2018 • International and local brands: Ajisen
Ramen, Yon Ho Soya Bean, Happy Gimbaq, Gang Zai, Da Qing Hua and Yoshinoya
Da Qing Hua
Yon Ho
Ajisen Ramen
Yoshinoya
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Strong progress on new contract wins - including:
SSP: The Food Travel Experts 24
Strong progress on new contract wins - including:
Helsinki 3 units
New York 3 units
Phoenix 9 units
Moscow 9 units
Barcelona 7 units
Portland 1 unit
San Francisco 4 units
Mumbai 5 units
Taipei 3 units
Paris 22 units
Bhubaneswar 7 units
Lucknow 8 units
Guwahati 8 units
Goa 14 units
Seattle 3 units
SSP presence
Key:
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Contract win: LaGuardia airport, New York
SSP: The Food Travel Experts
• La Guardia airport: nearly 30m passengers annually
• Major plan to redevelop airport
• Initially redevelopment of existing terminal
• Brief to create a sense of place reflecting New York City and State
• Brands include a mix of local brands and concepts
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Further progress optimising gross margin
• Gross margin improved by 100bps
• Increase in food inflation in some geographies
• Key initiatives continue to deliver good
results
• Good progress on simplification and standardisation
SSP: The Food Travel Experts
Areas of Focus
Procurement disciplines
Simplify and standardise recipes
Reduce waste and losses
3
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Gross margin: Automation in Kitchens
SSP: The Food Travel Experts 27
• Automated equipment rollout underway • New purpose-built central production kitchen at Chicago Midway opened
with full automation package
• Improves labour efficiency, food quality, recipe compliance, portion size and waste
• Now rolling out into many CPUs, food production kitchens and individual
units
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Encouraging progress on operating efficiency
• Labour costs 30bps improvement
• Labour cost pressures continue as expected
• Service optimisation; a major focus in parallel with forecasting and scheduling
• Further technology being piloted
SSP: The Food Travel Experts
4
Areas of Focus
Service optimisation
Improve forecasting and scheduling
Employ technology to improve efficiency
Improve reporting and accountability
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Operating efficiency: Better Service Planning
SSP: The Food Travel Experts
• BSP better matches labour spend to sales • BSP business-as-usual in the UK for 12 months and
has delivered:
‒ More efficient labour usage
‒ Improved service levels
‒ More consistent weekly labour spend vs target • Go live in Norway and Sweden from March 2018,
following successful 26 week pilot
• Proof of concept commenced in America • BSP pilots in Denmark and Finland commenced,
France and Germany being planned
29
More consistent scaling of labour hours with sales….
Labour
Sales
Labour
Sales
BEFORE AFTER
Pilot Week 1 - Tuesday Pilot Final Week - Tuesday
Labour hours better aligned to sales trends
… achieved by better matching hours to sales within the day
Example Pilot Unit: Yo Sushi Oslo Central Station
Sales
Hours
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Summary and outlook
• Strong half year financial performance, profit up 32.6% at constant currency, 29.0% at actual exchange rates
• Good LFL sales in line with expectations
• Net new openings ahead of plan at 7.1%
• On-going good progress on margin and efficiency
• EPS 5.6p, up 33.3%
• Half year dividend of 4.8p, up 50.0% YOY; special dividend executed in April
• Pipeline encouraging, continued investment in profitable new contracts
• Second half started in line with expectations
• Focus on delivering value for our shareholders
SSP: The Food Travel Experts 30
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Q&A
SSP: The Food Travel Experts
Interim Results 2018
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Disclaimer Certain statements in the presentation may constitute “forward-looking statements”. These statements reflect the Company’s current beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and members of its group will operate in and are subject to risks and uncertainties that may cause actual results, performance or achievements to differ materially. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements.
Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Group operates or in economic or technological trends or conditions. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Forward-looking statements speak only as of their date and the Company, any other member of the Group, its parent undertakings, the subsidiary undertakings of such parent undertakings, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law or regulatory obligations. It is up to the recipient of this presentation to make its own assessment as to the validity of such forward-looking statements and assumptions. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.
SSP: The Food Travel Experts 32