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Seven Group Holdings ShareholderSeven Review Group 2014 Holdings Limited ABN 46 142 003 469 Shareholder Review 2014 Creating value through a diversified portfolio with market leading positions in the core sectors in which we operate. a Seven Group Holdings Shareholder Review 2014 Contents Chairman’s Letter 3 2014 Highlights 4 Operating and Financial Review 6 Industrial Services 12 Media Investments 20 Other Investments 24 Energy 26 Risk factors associated with SGH 27 Five year key results 30 June 2014 30 June 2013 30 June 2012 30 June 2011 30 June 2010(a) Five year key financial results $m $m $m $m $m Trading revenue 3,088.2 4,751.6 4,467.4 3,162.8 537.6 Underlying results: EBITDA 422.5 686.0 629.8 420.8 58.9 EBIT 374.4 622.8 553.1 353.0 47.2 Profit before tax 302.2 514.0 440.1 298.0 39.4 Profit after tax 253.2 398.9 343.2 248.3 28.1 Reported results: Profit before tax 310.7 622.9 132.8 32.4 724.5 Profit after tax 262.5 488.6 176.7 79.9 718.7 Underlying EPS $ 0.74 $1.20 $0.98 $0.67 $0.09 Reported EPS $0.77 $1.49 $0.43 $ 0.12 $5.87 Operating cash flow per share $0.81 $2.73 $(0.37) $(0.09) $( 0.14) Full year fully franked dividend per share $0.40 $0.40 $0.38 $0.36 $ 0.18 (a) relates to the period from commencement of the Group’s trading on 28 April 2010 to 30 June 2010 Seven Group Holdings Limited ABNb 46 142 003 469 Seven Group Holdings Shareholder Review 2014 Seven Group Holdings Limited is a significant Australian diversified operating and investment group. It has market leading businesses and investments with strong revenues and earnings. SGH shareholders have exposure to Seven’s media assets, exposure to the operating business of WesTrac which is leveraged to the mining and construction industries and a growing investment in oil and gas assets in the energy sector. 1 Seven Group Holdings Shareholder Review 2014 2 Seven Group Holdings Shareholder Review 2014 Chairman’s letter Kerry Stokes AC Executive Chairman Seven Group Holdings faced challenging market conditions over the on Harvard Business School’s 100 Best-Performing CEOs in the World. past financial year. Despite retaining a market leading position in the core I have tasked Don with driving his disciplined approach to value creation sectors within which we operate; construction and mining machinery throughout each of the operating businesses. sales and service, media, and equipment rental, we experienced a 35 per Tim Worner will capitalise on his extensive television experience cent decrease in trading revenue year on year. Many of our customers and integrate Seven’s rich content across television, newspapers and are also experiencing significant pressure due to decreased commodity magazines in his new role as CEO Seven West Media. Jarvas Croome prices. To address these market challenges, each of our operating has assumed responsibility for WesTrac Australia, bringing his significant businesses has been significantly restructured. Our goal has been to engineering expertise developed in numerous global multinationals. right-size the labour force and refine our cost base to remain competitive Lawrence Luo will lead WesTrac China utilising his valuable knowledge of and deliver the best value to our customers. The actions we took during the local market developed working for other OEMs in China and Europe. the year are already starting to deliver results. For example, 30 per cent Complementing these CEOs, Don has recruited process engineers, of the variable cost base was removed from WesTrac China and we have safety security and finance personnel capable of supporting these returned this business to profitability. talented leaders. To ensure we retain our competitive position, the businesses SGH has also effectively managed its investment portfolio to drive continue to invest in world class infrastructure and product which will value whilst preserving financial flexibility. Under the leadership of our enable us to continue to service our customers effectively. One such COO Ryan Stokes, the portfolio has delivered a 21 per cent pre-tax investment is the new automated parts warehouse in Western Australia return this financial year, outperforming the comparative ASX 200 return which systemically selects parts, aggregates orders, weighs to ensure by 6 per cent. Since inception in May 2010, the investment portfolio accuracy and automatically reorders to guarantee availability. The next has outperformed the comparative ASX 200 return by 24 per cent. We stage of this investment will see WesTrac implement SAP to ensure it have also focused on realising the full value of our legacy property assets drives operational efficiency and allow a greater level of integration with through the development of Kings Square in Perth with stages 1-4 being our customers and Caterpillar. To maximise the opportunities offered by contracted and 5-7 under consideration and the subdivision of Dianella this technology we are partnering with other Caterpillar dealers globally likely to be realised in the next 12 months with the relocation of Channel to develop and implement common dealer processes. Such Enterprise Seven in Perth underway. Resource Planning systems are more than merely financial reporting SGH has continued to focus on creating shareholder value by systems. They also deliver smarter operational practices. For example, disciplined capital management. The distribution of fully franked dividends when they are integrated with our upgraded oil sampling technology places SGH in the top quartile of the ASX in terms of the gross dividend they will allow WesTrac to further expand its predictive maintenance yield with a 8.3 per cent yield against an average of 5.1 per cent. This customer offerings. has been supplemented by an on-market share buy-back reflecting To remain at the forefront of mining equipment automation, WesTrac our fundamental belief that we continue to trade at a discount to our Australia has also partnered with BHPB and FMG to operationalise theoretical value. Caterpillar’s autonomous mining equipment and Cat MineStar planning To create further shareholder value, SGH has sought to establish a technology. Productivity and cost competitiveness will be vital for the third operating arm in the oil and gas sector. We believe that Australia has Australian economy as a whole, and it is our belief that automation will a comparative advantage in the energy sector given the quality of the play an increasing role. natural resource combined with our proximity to growing centres of Seven West Media is also investing in top tier sports rights, winning demand. We have therefore acquired a direct interest in an operated oil the competitive tenders for both the Olympic and Commonwealth Games field in the United States of America to supplement the long dated broadcast rights which will be pivotal to retaining its leading advertising reserves we hope to gain via the acquisition of Nexus Energy Limited. market share. Whilst the Nexus transaction has been publicly complex, SGH has As we look to the future I’d like to pay tribute to David Leckie, remained focused and methodical in acquiring this business. This Peter Gammell and Jim Walker. Each has played a critical role in investment provides our Company with an opportunity to deploy forming and then nurturing their respective operating business. With substantial capital, investing in energy assets with industry leading partners the resignation of each of these stalwarts, each of the businesses has and strong future growth prospects that will provide long term value. undergone leadership transition. New management teams have been We have great assets, a strong management team and significant introduced which are ready to meet the changing demands of the media, opportunities to strengthen the performance of our businesses. We have construction and mining sectors. a successful partnership with Caterpillar, we are creating new operating Don Voelte AO has transitioned from Seven West Media to assume businesses that complement our presence in the mining and infrastructure the role as Managing Director & Chief Executive Officer of SGH. In this sectors and we have a major investment and market-leading presence in role, Don’s valuable global experience positions him well to ensure wealth media. We believe that the combination of our assets, people and creation and developing the next generation of talented management opportunities will allow SGH to continue to deliver shareholder value. within the Group. Don’s ability to generate sustained shareholder value On behalf of the Board I thank you, our shareholders, for your is globally recognised, being one of only three ASX CEOs to be listed continuing support and commitment to your Company. 3 Seven Group Holdings Shareholder Review 2014 2014 Highlights Industrial services Challenging commodity prices and an emphasis on cost management by customers has lowered demand for the Group’s equipment and services. However, continued cost base refinements coupled with investments in productivity improvements position the Group’s industrial services businesses for growth in product support. SEGMENT AssETS AT 30 JUNE 2014 $2.9b Media investments Seven West Media delivered its eighth consecutive year of television ratings dominance with a record advertising revenue share of 40.5 per cent for the twelve months ended 30 June 2014. SEGMENT AssETS AT 30 JUNE 2014 $1.0b 4 Seven Group Holdings Shareholder Review 2014 Other investments The Group’s listed investment portfolio provided a pre-tax total return of 21 per cent for the year, outperforming the comparative ASX200 return by 6 per cent. It remains a strong store of value capable of being leveraged by the Group. SEGMENT AssETS AT 30 JUNE 2014 $1.0b Energy The Nexus transaction and the acquisition of an operated interest in oil and gas assets located in the United States of America provide the Group with a potential new earnings platform with exposure to opportunities in the growing domestic and international energy sector.
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