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Cabcharge a Nnual Report 2011

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Cabcharge a Nnual Report 2011 Cabcharge Annual Report 2011 H50778 Cover.indd 1 22/09/11 8:38 AM Highlights 2 About Cabcharge 6 Executive Chairman’s Report 8 Corporate Social Responsibility 12 Directors’ Report 16 Corporate Governance 26 Financial Statements 31 Corporate Directory 68 Cabcharge Annual Report 2011 1 Highlights FINANCIAL OPEraTIONAL • Strong Profit result despite difficult economic conditions. NPAT • National rollout of new EFTPOS terminals completed. (before non-recurring items) up 6.1% to $61.1m. • Successful launch of contactless Cabcharge FASTCARD™ • Reported Net Profit after tax of $46.1m. provides fast, safe and secure payment system. • Total Revenue up 5.8% to $184.5m. • FAST eTICKET (contactless eTICKET) pilot is in progress. • Successful rollout of MTData taxi dispatch system which has • Total FY11 dividend of 30¢ per share fully franked. been accepted by operators and drivers in Black Cabs group (VIC) and CCN group (NSW). • Strong growth in fleet numbers in New South Wales and • Taxi Services revenue up 8.4% to $83.6m. Victoria. • Effective diversification strategy – Associates now contribute • Won more software contracts through EFT Solutions – 24.4% of Group Profit. Australia Post, 2 major retailers, 3 major banks. • Successful rollout of new Askari Security Cameras, developed in-house that meet new regulatory framework in NSW. 2 Cabcharge Annual Report 2011 P REVENUE ($m) ^ R Before non-recurring items -ACCC settlement (see note 39) 2001 12.5 OFIT AFTE 2001 49.3 2002 16.1 2002 63.9 2003 20.3 2003 89.8 R T 2004 23.1 AX ( 2004 100.3 2005 27.8 $m) 2005 113.5 2006 38.0 2006 130.7 2007 51.8 2007 150.9 2008 59.0 2008 172.9 2009 61.4 2009 173.6 2010 57.6 2010 174.5 2011 61.1 2011 184.5 ^ E E $m) B A IT 2001 11.5 R 2001 20.2 NINGS D 2002 14.7 2002 25.7 A ( 2003 18.0 P 2003 32.9 E R 2004 20.6 S 2004 39.5 HA CabchargeAnnual Report2011 2005 24.8 R 2005 48.1 E (c 2006 33.9 ents) 2006 62.3 2007 44.9 2007 80.1 2008 50.3 2008 92.2 2009 51.0 2009 94.8 2010 47.8 2010 91.6 ^ 2011 50.7 2011^ 98.3 3 Highlights cont. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 CAGR# Financial Performance ($m) Turnover 545.4 588.1 645.7 693.5 779.3 883.3 1,024.9 1,149.7 1,130.9 1,096.5 1,131.6 8% Revenue* 49.3 63.9 89.8 100.3 113.5 130.7 150.9 172.9 173.6 174.5 184.5 14% EBITDA** 20.2 25.7 32.9 39.5 48.1 62.3 80.1 92.2 94.8 91.6 98.3^ 17% EBIT** 17.1 21.2 26.4 30.6 36.8 53.0 72.0 83.9 86.4 81.1 85.8^ 18% Profit after Tax 12.5 16.1 20.3 23.1 27.8 38.0 51.8 59.0 61.4 57.6 61.1^ 17% Financial Position ($m) Total assets employed 110.4 137.8 145.8 158.4 168.9 229.1 310.2 380.8 418.9 447.9 479.0 16% Capital and reserves 96.0 103.5 120.6 126.7 140.0 156.7 217.6 263.4 279.7 294.9 306.8 12% Per share (cents) Earnings per share - basic 11.50 14.70 18.00 20.60 24.80 33.90 44.90 50.30 51.00 47.80 50.70^ 16% Earnings per share - diluted 11.50 14.60 18.00 20.60 24.80 33.90 44.90 50.30 51.00 47.80 50.70^ 16% Ordinary dividends per share 8.00 10.00 12.00 13.75 17.00 23.00 30.00 34.00 34.00 34.00 30.00 14% Net assets per share 85.8 90.4 104.6 106.2 114.7 139.1 185.0 213.1 221.3 233.9 243.8 11% (ex goodwill) Key ratios (%) Earnings per share growth 30 32 23 14 20 37 32 12 1 -6 6^ Return on contributed equity 18 22 27 32 38 53 46 43 44 42 44^ 4 Cabcharge Annual Report 2011 TEN YEAR SHARE PRICE PERFORMANCE VERSUS ALL OrdINARIES INDEX 180%180% 160%160% 140%140% Cabcharge % Change 120%120% 100%100% 80%80% 60%60% 40%40% All Ordinaries Index % Change 20%20% 0%0% -20%-20% -40%-40% 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 and 2011 excludes interest income ** EBIT (Earnings Before Interest and Tax) and EBITDA (EBIT before Depreciation and Amortisation) are shown inclusive of equity accounted share of profit of associates ^ Before non-recurring items - ACCC settlement (See note 39) ^ Before non-recurring items - ACCC settlement (see note 39) Cabcharge Annual Report 2011 5 About Cabcharge Cabcharge is an Australian Company devoted to innovation in particular focus on customer protection and ease of payment the Taxi Industry. It was established by the Taxi Industry in 1976 for drivers. as a financial services provider for the Industry. Its first priority was to improve convenience and security for passengers and In Australia, Cabcharge’s customer base spans accounts drivers through providing a national alternative payment system ranging from large corporations and government bodies to to cash. It was listed on the Australian Stock Exchange in small businesses and individuals. Cabcharge holds merchant December 1999. Today it is a diversified Australian technology, agreements with a range of Taxi Companies. financial services, taxi payments and passenger land transport Company. It also develops and manufactures in-taxi equipment. When the Company listed on the ASX, a wide range of Taxi Throughout its history, Cabcharge has had a strong community Industry participants including Taxi Networks, operators, focus, especially in relation to assisting the Taxi Industry to drivers and staff took the opportunity to become shareholders improve services to those with mobility constraints. in Cabcharge at a share offer price of $1.05 and many of them remain shareholders today. The Cabcharge payment system is still core to what we do and today the Cabcharge electronic payment system is found in In 2008, Cabcharge established EFT Solutions which develops approximately 97% of Australian taxis as well as limousines payment system software for other clients, including major and water taxis. In addition to Cabcharge products, it processes banks and retailers, as well as for the Cabcharge system. all credit and debit chip and contactless cards, as well as those This has placed us at the forefront of this area of technology with magnetic stripe. This includes bank issued cards such as development. MasterCard and Visa and third party cards such as AMEX. While some vehicles choose to have additional hand held terminals Growth and diversification into from other suppliers, these do not provide the same range related markets have long been of features which includes taxi integration, GPS, trip details capture and contactless processing capability. We source and priorities for Cabcharge and build the in-vehicle equipment which is world class with a remain so. 6 Cabcharge Annual Report 2011 Combined Communications Network in Sydney became a wholly Cabcharge has a longstanding relationship with ComfortDelGro, owned subsidiary of Cabcharge in January 2002. It provides one of the largest land transport companies in the world. booking and dispatch services for Taxis Combined Services, Together we own CityFleet UK, on the same basis as CDC. Yellow Cabs, ABC Taxis, South Western Cabs and Silver It provides account, booking and dispatch services for taxis Service. It also provides a wide range of additional services to and private hire vehicles in London, Edinburgh, Aberdeen, taxi operators in these fleets including vehicle leasing, loans, Birmingham and Liverpool. insurance, smash repairs and driver training. In addition, it operates Zero 200 on behalf of the Taxi Industry which provides The success of Cabcharge has stemmed from its commitment booking and dispatch services for all Wheelchair Accessible to look ahead, seek new opportunities to grow, invest in Taxi Service (WATS) vehicles in metropolitan Sydney. Black leading technology and set consistently high standards. This Cabs, Melbourne’s second largest taxi company, was acquired commitment continues to ensure Cabcharge’s position as an in March 2003. This was followed by Newcastle Taxis and industry leader. We share this vision and commitment with our Melbourne’s Arrow Taxis. joint venture partner. In 2005 Cabcharge, together with ComfortDelGro Corporation Our initiatives in relation to contactless payments technology Limited (Singapore), formed a joint venture company, demonstrate that we are still at the forefront of a very ComfortDelGro Cabcharge Pty Ltd (CDC) – with ComfortDelGro competitive market in the Taxi Industry. New opportunities owning 51 percent and Cabcharge 49 percent of the business. are continually emerging for us in different areas, for example, It purchased the Westbus Group and later the Baxter private innovative technology in taxi meter and camera products, bus business and Toronto Bus Services. CDC is the largest further development in other modes of transport such as buses, private bus operator in Australia and operates under brands that and expanding into new geographic centres. We examine each include Westbus, Hillsbus and Hunter Valley Buses. In 2009, CDC opportunity on the basis of its value to our shareholders. purchased the Kefford Group in Victoria.
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