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Interim Results Presentation 2019 ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ Mission: to be the leading global specialist professional recruitment group Specialist professional Clerical recruitment Recruitment process recruitment Europe outsourcing 2 © Robert Walters plc Purpose Powering people and organisations to fulfil their unique potential. Principles Innovation, teamwork, integrity and passion – these principles Robert are the foundation stones of the activity of all staff worldwide. Walters Strategy Group The Group’s strategy for growth is centred on organic international expansion and discipline diversification; ensuring a balanced footprint covering mature and developing markets: ▪ International expansion – driving growth through expansion into new geographic locations ▪ Discipline diversification – driving growth through the building of scale in existing disciplines and the launch of new disciplines © Robert Walters plc © Robert Walters plc Record half-year performance ▪ Net fee income up 9% (7%*) to £204.9m (2018: £188.6m) ▪ Operating profit up 6%** (4%*) to £21.9m** (2018: £20.7m) ▪ Profit before taxation up 5%** (4%*) to £21.7m** (2018: £20.6m) ▪ 74% (2018: 72%) of net fee income generated from international businesses ▪ Japan and France, the Group’s two largest businesses, both delivered double digit growth in net fee income ▪ Continued investment in growing Group’s international footprint – new country (Mexico) and four new offices (Cologne, Nantes, Thailand Eastern Seaboard, Utrecht) in existing markets ▪ Group headcount now stands at 4,323 (2018: 3,996) Regional analysis ▪ Asia Pacific – net fee income up 10% (8%*), operating profit up 6%** (2%*) ▪ Europe – net fee income up 10% (11%*), operating profit up 5%** (6%*) ▪ UK – net fee income up 1%, operating profit down 1%** ▪ Other International – net fee income up 25% (20%*), operating profit up 172%** (146%*) * Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years. ** Adjusted figures exclude the impact of IFRS 16 Lease adjustments which only impact 2019 and respectively the statutory figures are £22.5m and £20.9m with the 5 specific adjustments disclosed in note 12. © Robert Walters plc £m H1 2019 H1 2018 % Change % Change (constant currency*) Revenue 634.5 625.9 1% 1% Gross Profit (Net Fee Income) 204.9 188.6 9% 7% Operating Profit 21.9** 20.7 6%** 4% Profit Before Taxation 21.7** 20.6 5%** 4% ▪ Basic earnings per share increased by 6%** to 22.5p** (2018: 21.2p) ▪ Interim dividend increased by 13% to 4.5p (2018: 4.0p) ▪ Strong balance sheet with net cash of £54.4m as at 30 June 2019 (30 June 2018: £24.8m) * Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years. ** Adjusted figures exclude the impact of IFRS 16 Lease adjustments which only impact 2019 and respectively the statutory figures are £22.5m and £20.9m with the 6 specific adjustments disclosed in note 12. © Robert Walters plc 6 months to 6 months to 12 months to £m 30 June 2019 30 June 2018 31 Dec 2018 Revenue1 634.5 625.9 1,233.2 Net Fee Income2 204.9 188.6 392.0 Operating Profit 22.5 20.7 49.7 Interest and Foreign Exchange (1.6) (0.1) (0.6) Profit before Taxation 20.9 20.6 49.1 Taxation (5.7) (5.5) (13.5) Profit for the Period 15.2 15.1 35.6 Basic EPS 21.7p 21.2p 50.4p Dividend 4.5p 4.0p 14.7p 1Revenue is the total income from the placement of permanent and contract staff and therefore includes the remuneration costs of contract candidates and the total cost of advertising recharged to clients. It also includes outsourcing fees, consultancy fees and the margin derived from payrolling contracts charged by Resource Solutions to its clients. 2Net fee income is the total placement fees of permanent candidates, the margin earned on the placement of contract candidates and the margin from advertising. It also includes the outsourcing, consultancy and payrolling margin earned by Resource Solutions. 7 © Robert Walters plc As at As at As at £m 30 June 2019 30 June 2018 31 Dec 2018 Goodwill 8.1 8.1 8.1 Tangible Assets and Computer Software 15.4 12.9 13.7 Right of use Asset 80.3 - - 103.8 21.0 21.8 Receivables 236.9 250.6 231.0 Lease Liabilities (82.7) - - Payables and Provisions (169.9) (169.1) (179.6) (15.7) 81.5 51.4 Current and Deferred Tax 5.4 5.9 5.3 Net Cash 54.4 24.8 74.3 Net Assets 147.9 133.2 152.8 8 © Robert Walters plc 6 months to 6 months to 12 months to £m 30 June 2019 30 June 2018 31 Dec 2018 Operating Profit 22.5 20.7 49.7 Depreciation and Amortisation 10.7 2.5 5.7 Share-based Payments and Other Non-cash Items 2.7 2.9 5.7 Working Capital Movements (13.7) (17.8) 12.3 Cash Generated by Operating Activities 22.2 8.3 73.4 Principal paid on Lease Liabilities (6.9) - - Taxation Paid (7.1) (4.6) (10.7) Capital Expenditure (4.7) (2.8) (6.3) Interest and Foreign Exchange Movements (1.3) (0.7) 1.3 Dividends Paid (7.5) (6.6) (9.5) Proceeds from Exercise of Share Options 0.4 0.1 0.1 Purchase of Shares (15.0) - (5.1) Movement in Net Cash (19.9) (6.3) 43.2 Net Cash at Year End 54.4 24.8 74.3 9 © Robert Walters plc 6months to 30 June 2019 6 months to 30 June 2018 26% 28% UK (£52.6m) UK (£52.9m) 39% 39% Asia Pacific Asia Pacific (£73.1m) (£80.5m) 26% 26% Europe (£48.9m) Europe (£54.0m) 7% 9% Other International Other International (£14.0m) (£17.5m) 10 © Robert Walters plc APAC (39% of Group NFI) UK (26% of Group NFI) 20% Australia 2015: 26% London 2015: 82% 22% Hong Kong 2015: 12% 23% Regions 2015: 18% Japan 2015: 23% New Zealand 2015: 6% 9% Singapore 2015: 11% 12% Other 2015: 22% 77% 6% 31% Europe (26% of Group NFI) Other International (9% of Group NFI) 6% 2% 3% 13% 2% 13% Belgium 2015: 15% 16% Canada 2015: N/A France 2015: 46% Chile 2015: N/A Germany 2015: 4% Middle East 2015: 13% Netherlands 2015: 21% 6% South Africa 2015: 17% Spain 2015: 6% USA 2015: 64% 22% Other 2015: 8% Other 2015: 6% 39% 71% 7% 11 © Robert Walters plc 4% 4% Commerce finance 2015: 32% 2% IT 2015: 15% 33% Banking finance 2015: 18% 4% Sales and Marketing 2015:11% HR 2015: 4% Engineering & Construction 2015: 4% 5% Support 2015: 5% Other 2015: 2% Legal 2015: 5% Procurement 2015: 4% 5% 11% 13% 19% 12 © Robert Walters plc 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 13 © Robert Walters plc Net Fee Income H1 2015 – 2019 Profit Before Taxation H1 2015 – 2019** 250,000 25,000 200,000 20,000 150,000 15,000 £000's 10,000 £000's 100,000 50,000 5,000 0 0 ** H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 Operating Profit H1 2015 – 2019** Interim Dividend 2015 – 2019 25,000 5.00 4.50 20,000 4.00 3.50 15,000 3.00 2.50 2.00 £000's 10,000 Pences 1.50 5,000 1.00 0.50 0 0.00 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019** 2015 2016 2017 2018 2019 ** Adjusted figures exclude the impact of IFRS 16 Lease adjustments which only impact 2019 and respectively the statutory figures are £22.5m and £20.9m with the 14 specific adjustments disclosed in note 12. © Robert Walters plc Operations © Robert Walters plc ROBERT WALTERS ALAN BANNATYNE Chief Executive Chief Financial Officer Officer 34 * 17 * TOBY FOWLSTON ANTOINE MORGAUT OLIVER HARRIS CEO CEO CEO Asia Pacific EMEA and Americas Resource Solutions 20 * 20 * 21 * *denotes length of tenure © Robert Walters plc Asia Pacific Permanent/contract 23% recruitment Contract ▪ Net fee income: £80.5m (2018: £73.1m) 2018: 23% ▪ Operating profit: £9.8m** (2018: £9.2m) 77% Permanent 2018: 77% Locations: Australia New Zealand Hong Kong Philippines India South Korea Indonesia Singapore Japan Taiwan Malaysia Thailand Mainland China Vietnam Recruitment net fee income by discipline 18% 17% Commerce Finance 2018: 21% Banking Finance 2018: 13% Average Tenure 6% HR 2018: 5% 13% Sales and Marketing 2018: 17% 11 years 8 years 5 years Procurement 2018: 6% Directors Associate Managers Engineering 2018: 5% Directors IT 2018: 25% 27% Other 2018: 8% 19% 17 ** Adjusted figures have been calculated to eliminate the impact of the IFRS 16 Leases adjustments. © Robert Walters plc Japan and Korea Japan ▪ Dominant international specialist professional recruitment player ▪ Prevailing shortage of bilingual professionals across all sectors and disciplines. Long-term structural demographic challenges ▪ Demand strong across both MNCs and Japanese businesses ▪ Visa restrictions softening to facilitate increased inflow of overseas talent ▪ Hyper-specialisation in existing disciplines (technology, digital, finance, HR, sales & marketing) and growth into newer disciplines such as healthcare and industrial ▪ Growing contractor base ▪ Investment in headcount to drive growth across both Tokyo and Osaka Korea ▪ First mover advantage. Limited competition ▪ Bilingual skill shortages across technology, digital and engineering disciplines 18 © Robert Walters plc South East Asia and Greater China ▪ Unrivalled footprint covering both established and fast-growing, emerging recruitment markets ▪ Bilingual talent shortages across all emerging markets ▪ International candidate management offering remains a key differentiator and source of competitive advantage ▪ Strong wage inflation and war for talent ▪ Technology and digital transformation are particular drivers of activity across the region ▪ Encouraging performance in Malaysia with double digit growth in both net fee income and operating profit despite challenging marketing conditions ▪ Hong Kong significantly impacted by political unrest in the second quarter ▪ Good growth in net fee income and operating profit in Mainland China ▪ Shenzhen emerging as a fast-developing technology hub 19 © Robert Walters plc Australia and New Zealand Australia ▪ Single digit* net fee income growth ▪ Mixed regional picture with Victoria and Sydney performing well.
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