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Annual Report 2015 TRANSFORMATION CABCHARGE ANNU A L R E PO R T 2015 ANNUAL REPORT 2015 TRANSFORMATION Together, our people and projects are transforming Cabcharge into an agile business, primed for a new chapter of growth and expansion in payments and transport technology. Our people are firmly focused on the road ahead. But we have not forgotten our past – in fact we are commencing our journey into the future from a strong starting point. During the year we were able to invest significantly in future growth platforms, generate cash for distribution to shareholders, and strengthen our balance sheet. Andrew Skelton Chief Executive Officer CABCHARGE ANNUAL REPORT 2015 1 CONTENTS 2 About Us 22 Board of Directors 55 Index to Consolidated Financial Statements 3 2015 Overview 24 Executive Team 56 Consolidated Financial Statements 6 Chairman’s Report 26 Corporate Governance Statement 87 Directors’ Declaration 8 Chief Executive Officer’s Report 35 Directors’ Report 88 Independent Auditor’s Report 10 Transformation Strategy 40 Remuneration Report 90 Additional ASX Information 12 Operating and Financial Review 54 Auditor’s Independence Declaration 92 Corporate Directory ANNUAL GENEraL MEETING The 2015 Cabcharge Australia Limited Annual General Meeting will be held on Wednesday, 18 November 2015 at 11am (AEST) in the Heritage Ballroom at The Westin Sydney, 1 Martin Place, Sydney, NSW 2000. ABN 99 001 958 390 2 TRANSFORMATION ABOUT US Taxi networks Cabcharge provides leading taxi network services to taxi operators and More than drivers and is the largest taxi booking and dispatch service provider in Australia. More than 7,000 taxis operate on the Cabcharge networks in 7,000 taxis Sydney, Melbourne, Adelaide and Newcastle. Cabcharge’s taxi networks provide contact centre, vehicle fit-out, taxi licence management and insurance services to affiliated taxi operators while focusing on the delivery of quality services to drivers and passengers and technological innovation. Payments Cabcharge facilitates non-cash payments in taxis via electronic terminals. Forefront Cabcharge payments have been operating successfully for almost 40 years, and remain at the forefront of cashless payment technology of payment through continuous improvement and innovation. Cabcharge offers passengers a convenient, fast and secure method for fare payments via technology a range of payment options. We have applied our payments technology expertise and knowledge to provide clients in the banking and retail sectors with payments and funds transfer solutions. And our expertise in this expanding technology field is also generating a range of new and exciting business opportunities. Investments Cabcharge holds a 49% investment in ComfortDelGro Cabcharge (CDC), % 49 investment Australia’s largest private bus operator. CDC provides route and school bus services in Sydney, the Hunter Valley, Queanbeyan and the Blue in bus operator Mountains in New South Wales, and in Melbourne, Geelong and Ballarat in Victoria. and UK taxi Cabcharge also holds a 49% interest in CityFleet UK, which provides account, booking and dispatch services for taxis and private hire vehicles services in London, Birmingham, Liverpool, Edinburgh and Aberdeen, and coach operator services in London. CABCHARGE ANNUAL REPORT 2015 3 2015 OVERVIEW 49.7 50.3 60.0 60.6 46.6 196.6 197.3 80.3 192.4 79.8 56.1 188.0 73.8 184.5 68.4 38.3 38.7 65.6 46.1 46.5 FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15 $188.0m $65.6m $46.5m 38.7c revenue EBITDA profit after tax earnings excluding profit per share from Associates FINANCIAL OVERVIEW • Total taxi fares processed increased • Cash operating expenses down 1.4% to 8.6% as Cabcharge continued to win $112.1 million while delivering on • Total revenue of $188 million down 4.7% share in changing market. strategic objectives of increasing taxi fleet, on prior corresponding period (pcp). • Reported net profit after tax (NPAT) developing applications linking bookings – Taxi related services revenue up 2.6% $46.5 million, down 17.1% on pcp and payments and deployment of a new to $99.1 million due to taxi fleet growth primarily due to lower service fee income payments switch and in-vehicle technology (up 7.9%) as more taxis chose to in major domestic markets and lower to support payments strategy. affiliate with Cabcharge’s taxi networks equity accounted profits of Associates • Continuing strong cash generation in Sydney and Melbourne. that outweighed the benefit of market with cash conversion ratio of 83% – Taxi service fee income down 15.3% share gains in both payments and taxi (FY14: 80%). to $75.9 million, impacted by a related services. • Capital expenditure increased to government imposed limit of 5% • Implemented major cost reduction projects $13.7 million as we invest in our platforms for service fees on taxi payments to yield $7 million in annualised savings for future growth including our payments in Victoria, New South Wales and ($4.5 million in FY15), including: switch and FAREWAYplus terminals. Western Australia. – Discontinued taxi driver bonus in NSW • Free cash flow of $37 million used – Other revenue up 17.3% to $12.6 million to ensure parity with other states. to reduce net debt by $12.9 million driven by increased bus revenue in and pay dividends of $24.1 million. South Australia and revenue from – Closed TCS Smash Repairs. FAREWAYplus in-taxi equipment. – Restructured 13LIMO business. • Net debt at 30 June 2015 $104.3 million and net debt to equity ratio 26.6% versus – Managed net reduction in merchant 32% at 30 June 2014. processing fees to taxi networks arising from price cap. • Full year dividend 20 cents per share fully franked (52% payout – Migrated 60% of active Cabcharge ratio of NPAT). clients onto electronic statements. – Negotiated reduced processing costs with NAB, Amex and other third party card providers. 4 TRANSFORMATION 2015 OVERVIEW Built new payments Registered switch and new brand payment for launch gateway of national Agreement with smartphone Secure Parking to app provide a software solution for the processing of electronic payments OPERatIONAL OVERVIEW • Selected a new phone system for national • Built a payments gateway to facilitate roll-out in 2015. broader acceptance of Cabcharge • Announced agreement with FASTCARDS and eTICKETS through our Secure Parking to provide a software • Registered new brand for launch of payments switch. solution for the processing of national smartphone app. electronic payment and credit card • Strong technology developments for taxi • Achieved strong volume growth through transactions in Secure Parking’s car parks bookings and payments: the Cabcharge payments terminals in Victoria (up 22.6%) and New South throughout Australia. – Designed and processed in-app Wales (up 15.9%) to mitigate the revenue • Significant increase in taxi fleet numbers payments for pilot program at impact of government imposed limits on led by Victoria and New South Wales – Bellarine Taxis. service fees. net fleet increase of 533 cars to 7,259. – Built and delivered in-app payments to • Trialled FAREWAYplus taxi meters • Standardised and migrated multiple taxi third party dispatch services providers and deployed 3,000 in Queensland in booking applications onto a common for testing with their customers. response to regulatory requirements. technology platform. – Prepared payment functionality for • Added 34 cars from Peninsula Cabs • Migrated all network contact centres network apps (e.g. 13CABS) for release to our Black Cabs Combined network onto common dispatch technology in 2015. to service the Mornington Peninsula platform and instituted national call • Launched Australia’s first taxi area, and finalising the acquisition of answer standards. booking app for Apple Watch. Dandenong Taxis. • Processed first Apple Pay transaction in • Added two new taxi network customers to the field. our bureau service. • Delivered pinpad software to Woolworths • Launched a revitalised taxi network and PC Eftpos code to Westpac brand in Adelaide and consolidated and Suncorp. branding between the Melbourne and Adelaide networks as 13CABS. CABCHARGE ANNUAL REPORT 2015 5 Net fleet increase of 533 cars to 7,259 led by Announced Victoria and two new Launched NSW and Board appointments Australia’s expanded Enhanced first taxi operational customer booking footprint service via app for to include customer Apple Mornington service roles Watch Peninsula and training • Established dedicated merchant support BOARD, MANAGEMENT team and entered new agreements with AND GOVERNANCE taxi networks in Victoria, NSW and WA to reflect the imposition of price controls. • Announced two new Board appointments effective 21 August 2015: • Boosted support for merchants with implementation of new website for – Stephen Stanley, previously Head of merchants and Customer Relationship Strategy and M&A at Toll Group and Management (CRM) system. CEO of Mayne Logistics. • Enhanced customer service via increased – Trudy Vonhoff, Director of Ruralco number of customer service roles and Holdings and AMP Bank Limited. upgraded recruitment and training. Previously a Senior Executive at Westpac and AMP. • Restructured Combined Communications Network (CCN) contact centre and • Implemented national management implemented team-based best practice. operating structure with new executive team. • Introduced Tiger Team to Adelaide (mobile driver security • Announced new Chief Financial Officer and support services). in April 2015 and appointee commenced work in July 2015. •
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