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Annual Report 2012

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Annual Report 2012 ANNUAL REPORT 2012 60524 Cabcharge Ann Report 2012_Covers_SPINE.indd 1 15/10/12 4:06 PM Contents About Cabcharge 1 Highlights 2 Executive Chairman’s Report 6 Corporate Social Responsibility 12 Directors’ Report 16 Corporate Governance 28 Financial Statements 33 Corporate Directory 72 6052489826 CabchargeInnerCONTENTS Cov.indd Annual 1 Report 2012 P1-P15.indd 2 15/10/12 4:15 PM 60524 Cabcharge Ann Report 2012 P16-P72.indd 73 17/10/12 10:2310:44 AM About Cabcharge Cabcharge Australia Limited is a diversifi ed Australian technology, fi nancial services, taxi payments and passenger land transport Company. It also develops and supplies in-taxi equipment. Throughout its history, Cabcharge has had a strong community focus, especially in relation to assisting the Taxi Industry to improve services to those with mobility constraints. The Cabcharge payment system is still core to what we do and it processes all credit and debit chip and contactless cards, as well as those with magnetic stripe. This includes bank issued cards such as MasterCard and Visa and third party cards such as American Express and China UnionPay cards. We source and build the in-vehicle equipment which is world class with a particular focus on customer protection and ease of payment for drivers (which includes taxi integration, GPS, trip details capture and contactless processing capability). Our customer base spans accounts ranging from large corporations and government bodies to small businesses and individuals. In 2008, Cabcharge established EFT Solutions which develops payment system software for other clients, including major banks and retailers, as well as for the Cabcharge system. This has placed us at the forefront of payment system technology development. Growth and diversifi cation into related markets have long been priorities for Cabcharge and remain so. Our Taxi Networks have grown over the years and we provide services to member Groups to assist them in controlling inevitable cost increases. Many Operators and Drivers remain very loyal to the Company, appreciating the assistance they have received over many years. In 2005 Cabcharge, together with ComfortDelGro Corporation Limited (Singapore), formed a joint venture company, ComfortDelGro Cabcharge Pty Ltd (CDC) – with ComfortDelGro owning 51% and Cabcharge 49% of the business. It purchased the Westbus Group and later the Baxter private bus business and Toronto Bus Services. CDC is the largest private bus operator in Australia and operates under brands that include Westbus, Hillsbus and Hunter Valley Buses. In 2009, CDC purchased the Kefford Group in Victoria. In August 2012, CDC purchased Deane’s, a 97 bus operation based in Queanbeyan with services operating into Canberra and Yass. With this acquisition, CDC will have a total bus fl eet of over 1600 buses. The success of Cabcharge has stemmed from its commitment to look ahead, seek new opportunities to grow, invest in leading technology and set consistently high standards. This commitment continues to ensure Cabcharge’s position as an industry leader. We share this vision and commitment with our joint venture partners. Our initiatives in relation to contactless payments technology demonstrate that we are still at the forefront of a very competitive market in the Taxi Industry. New opportunities are continually emerging for us in different areas; for example, innovative technology in taxi meter and camera products, further development in other modes of transport such as buses, and expanding into new geographic centres. We examine each opportunity on the basis of its value to our shareholders and the Operators and Drivers who are the backbone of our Industry and who appreciate just what is done for their business. Cabcharge Annual Report 2012 1 60524 Cabcharge Annual Report 2012 P1-P15.indd 1 15/10/12 4:15 PM Financial Highlights Healthy Profi t result despite uncertain economic conditions, Net profi t after Tax $60.0m. Total Revenue increased by 4.2% to $192.4m. Full year Dividend up 16.7% to 35c per share fully franked. Members Taxi related services revenue up 7.6% to $90.0m. Successful diversifi cation strategy – Associates now contribute 28.2% of Group Profi t (before one off items). Operational Successful EMV capability activation enables acceptance of all contactless cards – Visa, Mastercard as well as Cabcharge products. Rapid growth in contactless transactions since EMV activation completed. Cabcharge FASTCARD proving popular due to its ease of use, speed and security. National rollout of FASTeTicket commenced. Agreement reached with China UnionPay, the world’s largest payment card scheme, to process their cards Australia wide. Successful re-tender of service agreement with Queensland Transport to administer Queensland Government Taxi Subsidy Scheme. Strong growth in fl eet numbers in New South Wales and Victoria. Successful acquisition of Austaxi Group Pty Ltd, enabling the provision of a more integrated service to the transport disadvantaged in Sydney. Post balance date, successful acquisition of Yellow Cabs in Adelaide to ensure the continued growth. Post balance date, successful acquisition of Deane’s Bus Line Pty Ltd and Transborder Express by ComfortDelGro Cabcharge Pty Ltd (our Associate). 60524 Cabcharge Annual Report 2012 P1-P15.indd 2 15/10/12 4:15 PM 60524 60524 Cabcharge Cabcharge Annual Annual Report Report 2012 2012 P1-P15.indd P1-P15.indd 3 3 SHARE EARNINGS TAX PROFIT EBITDA REVENUE ($m) (cents) AFTER ($m) ($m) PER 2002 14.70 2002 16.1 2002 25.7 2002 63.9 2003 18.00 2003 20.3 2003 32.9 2003 89.8 Cabcharge 2004 20.60 2004 23.1 2004 39.5 2004 100.3 - Impairment - ACCC 2005 24.80 2005 27.8 2005 48.1 2005 113.5 settlement 2006 33.90 2006 38.0 2006 62.3 2006 130.7 charge Annual 2007 44.90 2007 51.8 2007 80.1 2007 150.9 ˆ in in 2008 50.30 2008 59.0 2008 92.2 2008 172.9 Before FY FY 2009 51.00 2009 61.4 2009 94.8 2009 173.6 12 11 Report one (see (see 2010 47.80 2010 57.6 2010 91.6 2010 174.5 off note note items: 2011ˆ 50.70 2011ˆ 61.1 2011ˆ 98.3 2011 184.5 14) 37) 2012 2012ˆ 57.00 2012ˆ 68.7 2012ˆ 108.5 2012 192.4 15/10/12 3 4:15 4:15 PM PM HIGHLIGHTS 2002 2003 2004 2005 2006 Financial Performance ($m) Turnover 588.1 645.7 693.5 779.3 883.3 Revenue* 63.9 89.8 100.3 113.5 130.7 EBITDA** 25.7 32.9 39.5 48.1 62.3 EBIT** 21.2 26.4 30.6 36.8 53.0 Profi t after tax 16.1 20.3 23.1 27.8 38.0 Financial Position ($m) Total assets employed 137.8 145.8 158.4 168.9 229.1 Capital and reserves 103.5 120.6 126.7 140.0 156.7 Per share (cents) Earnings per share - basic 14.70 18.00 20.60 24.80 33.90 Earnings per share - diluted 14.60 18.00 20.60 24.80 33.90 Ordinary dividends per share 10.00 12.00 13.75 17.00 23.00 Net assets per share (ex goodwill) 90.4 104.6 106.2 114.7 139.1 Key ratios (%) Earnings per share growth 32 23 14 20 37 Return on contributed equity 22 27 32 38 53 TEN YEAR SHARE PRICE PERFORMANCE VERSUS ALL ORDINARIES INDEX 180% 160% 140% Cabcharge % Change 120% 100% 80% 60% 40% All ordinaries Index % Change 20% 0% -20% Figures presented in tables and graphs for years 2005 onward are expressed on the basis of AIFRS Standards while earlier years are per previous AGAAP #CAGR is Compound Annual Growth Rate over the 10 year period *Revenue in 2009, 2010, 2011 and 2012 excludes interest income **EBIT (Earnings Before Interest and Tax) and EBITDA (EBIT before Depreciation and Amortisation) are shown inclusive of equity accounted share of profi t of associates ^Before one off items: - Impairment charge in FY 12 (see note 14) - ACCC settlement in FY 11 (see note 37) HIGHLIGHTS60524 Cabcharge Annual Report 2012 P1-P15.indd 4 15/10/12 4:15 PM 2007 2008 2009 2010 2011 2012 CAGR# 1,024.9 1,149.7 1,130.9 1,096.5 1,131.6 1,156.9 7% 150.9 172.9 173.6 174.5 184.5 192.4 12% 80.1 92.2 94.8 91.6 98.3ˆ 108.5ˆ 15% 72.0 83.9 86.4 81.1 85.8ˆ 95.4ˆ 16% 51.8 59.0 61.4 57.6 61.1ˆ 68.7ˆ 16% 310.2 380.8 418.9 447.9 479.0 520.7 14% 217.6 263.4 279.7 294.9 306.8 320.8 12% 44.90 50.30 51.00 47.80 50.70ˆ 57.00ˆ 15% 44.90 50.30 51.00 47.80 50.70ˆ 57.00ˆ 15% 30.00 34.00 34.00 34.00 30.00 35.00 13% 185.0 213.1 221.3 233.9 243.8 255.4 11% 32 12 1 –6 6ˆ 12ˆ 46 43 44 42 44ˆ 50ˆ Highlights (Cont.) Cabcharge Annual Report 2012 5 60524 Cabcharge Annual Report 2012 P1-P15.indd 5 15/10/12 4:15 PM On behalf of the Board, I am pleased to report on a very solid performance for the Company for the 2012 fi nancial year. Our continued investment in leading technology, product innovation and diversifi cation is delivering what we envisaged and we have established a strong platform for future growth. This has enabled the Board to increase the full year dividend to shareholders to 35 cents, up 16.7% on the previous year.
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