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2014 Annual Report 2014 CABCHARGE ANNU ANNUAL REPORT 2014 A L R E PO R T 2014 ON THE MOVE ABOUT CABCHARGE BALANCED BUSINESS MODEL Our business operations are primarily focused on the Taxi Industry in Australia, along with investments in bus services in Australia and taxi and coach related services in the UK. TaXI NETWORKS We provide leading Taxi Network services to Taxi Operators and Drivers in Sydney, Melbourne, Adelaide and Newcastle. Network services include taxi booking services, full taxi fit-outs and repairs, and driver training and education. See page 2. ANNUAL GENERAL MEETING The 2014 Cabcharge Australia Limited Annual General Meeting will be held on Wednesday, 26 November 2014 at 11am (AEST) at the InterContinental Hotel, 117 Macquarie St, Sydney, NSW 2000. ABN 99 001 958 390 CONTENTS 2 Industry Today 20 Board and Management 88 Directors’ Declaration H 4 Overview 24 Corporate Governance Statement 89 Independent Auditor’s Report 6 Chairman’s Report 33 Directors’ Report 91 Additional ASX Information 8 Chief Executive Officer’s Report 40 Remuneration Report 93 Corporate Directory 10 Operating and Financial Review 52 Auditor’s Independence Declaration 16 Sustainability Report 53 Consolidated Financial Statements INVESTMENTS IN OTHER TRANSPORT BUSINESSES Cabcharge holds a 49% investment in ComfortDelGro Cabcharge Pty Ltd (CDC), Australia’s largest private bus operator. CDC provides route and school bus services in Sydney, the Hunter Valley and Queanbeyan in New South Wales, and in Melbourne, Geelong and Ballarat in Victoria. Cabcharge also holds a 49% interest in CityFleet UK, which provides account, booking and dispatch services for taxis and private hire vehicles in London, Birmingham. Liverpool, Edinburgh and Aberdeen and coach services in London. For further information on the Australian Taxi Industry and Cabcharge’s role and position in the Industry, please see pages 2 and 3. ELECTRONIC PAYMENTS SYSTEMS Cabcharge payments facilitate non-cash payments in taxis via electronic terminals. Cabcharge payments have been operating successfully for almost 40 years, and remain at the forefront of cashless payment technology through continuous improvement and innovation. Cabcharge offers Passengers a convenient, fast and secure method for fare payments via a range of card options. We have also applied our payments technology expertise and knowledge to provide clients in the banking and retail sectors with payments and funds transfer solutions. See page 2. 2 INDUSTRY TODAY THE TAXI INDUSTRY AND CABCHARGE The Taxi Industry in Australia is made up of State and Territory based regulated jurisdictions and involves several key participants operating in a dynamic and complex environment. We outline the high-level industry structure to help shareholders and other stakeholders to better understand the subtleties and key relationships in the Taxi Industry and Cabcharge’s roles in that industry. TaXI NeTWORKS Cabcharge provides services to Taxi Frequently, a taxi is fitted with more than Networks provide network services such Operators but is not itself a Taxi Operator. one payment terminal. as taxi booking and dispatch services to Cabcharge was the first in the industry Taxi Industry participants. Networks link TaXI DrIVerS to provide payment services across Taxi Drivers with Passengers and support Taxi Drivers drive taxis either as an owner/ different Taxi Networks, originally through Taxi Operators in a range of different ways. operator or typically by taking a taxi on paper dockets more than 35 years ago, and Networks earn revenue from services bailment from a Taxi Operator. Drivers Cabcharge was the first to offer contactless including network and depot fees, taxi interact with Cabcharge through the use payments (2009). Cabcharge earns service equipment sales and rentals, taxi fitouts, of Cabcharge payment terminals (if used fees on transactions processed through driver training fees and the like. There are in the taxi). If they drive a taxi affiliated its payment terminals. around 250 authorised Taxi Networks across with a Cabcharge Taxi Network, they also Australia, with Sydney the most competitive interact via that network’s dispatch system, RegULATORS market with 11 Taxi Networks. as well as through driver training and other State and Territory based Regulators control support services. Cabcharge’s network services include all aspects of the Taxi Industry from taxi bookings and dispatch, licence leasing and fitout and operational standards to driver brokerage, insurance brokerage, provision PaSSENgerS training, taxi licence regulations and fare of taxi vehicle communications equipment, Passengers use taxis for transport, setting. Regulations, rules and standards taxi fitouts and repairs, equipment sales and predominantly of people but in some vary between jurisdictions. driver training 1. Network services generate cases of parcels. Passengers book taxis around 50% of Cabcharge’s revenue from via telephone (including Interactive Voice the Taxi Industry. Recognition automated calls), web, app, at a taxi rank or hailing on the street. TAXI OPeraTORS Passengers pay fares using cash or non‑cash Taxi Operators source a vehicle and a payment terminals. Passengers interact taxi licence and choose a Taxi Network to with Cabcharge via booking through one of affiliate with. They affiliate with taxi networks Cabcharge’s Taxi Networks and/or by using a Cabcharge is an ASX200 to obtain booking and dispatch services, Cabcharge payment terminal to pay a fare. and in some cases to access drivers, taxi commercial services and equipment, and other support services. PaYmeNTS supplies company with a market They pay fees for these services and earn There are several payment alternatives. capitalisation of roundly income from passenger trips via regulated The traditional payment method has been fares and in most cases by offering their cash, however this is reducing over time $ taxi(s) to Drivers on bailment. Many Taxi as more passengers use EFTPOS or credit 650 MILLION Operators own (and drive) a single taxi. cards. Where Passengers pay by card, Taxi Some Taxi Operators run a large fleet of Drivers choose either a Cabcharge payment up to 200 cars. terminal or a payment terminal offered by one of a number of alternative providers. Cabcharge’s network operations are: Number of affiliated taxis City Network operator name(s) as at 30 June 2014 Sydney Taxis Combined Services, Silver Service, Apple Taxis, 3,931 13LIME, ABC Cabs, South Western Cabs 1 Not all services provided in each location 2 Australian Taxi Industry Association (ATIA) Melbourne 13 CABS, Black Cabs, North Suburban Taxis, 2,247 State and Territory Statistics as at December 2013 Arrow Taxis, Embassy Taxis published at http://www.atia.com.au/taxi‑statistics 3 Of the more than 20,000 taxi licences and Adelaide Yellow Cabs 299 permits on issue around Australia, Cabcharge Newcastle Newcastle Taxis 173 holds around 500 licences and leases these out to third parties who operate the taxi CABCHARGE 3 2014 ANNUAL REPORT TAXI NETWORKS Provide network services such as taxi booking and dispatch services to Taxi Industry participants OPERATORS DRIVERS Source a vehicle and a taxi Taxi Drivers drive taxis either licence and choose a Taxi as an owner/operator or Network to affiliate with typically by taking a taxi on bailment from a Taxi Operator PASSENGERS Use taxis for transport, predominantly of people but in some cases of parcels KeY FacTS • As at 31 December 2013 there were 20,658 taxis Australia-wide2. REGULATORS The largest concentrations were in Control all aspects New South Wales (7,162), Victoria of the Taxi Industry (5,231) and Queensland (3,262) • Cabcharge is an ASX200 commercial services and supplies company with a market capitalisation of roundly $650 million • Cabcharge does not own or operate taxis3 • Cabcharge is a key participant in the Taxi Industry via its roles as: – A network service provider in Sydney, Melbourne, Adelaide and Newcastle PAYMENTS There are several – A non-cash payments services payment alternatives provider to other network service providers • As a network service provider, Cabcharge has three main customer groups – Operators, Drivers and Passengers. 4 OVERVIEW FINANCIAL OVERVIEW • Total revenue up 0.3% on prior corresponding period (pcp) to $197.3 million FREVENUEINAN ($m)CIAL HIGHLIGHTS REVENUE ($m) – Member taxi related services revenue up REVENUE ($m) 2010 174.5 4.6% to $96.6 million, as more taxis chose 2010 174.5 20112010 174.5 184.5 Cabcharge owned taxi networks 2011 184.5 20122011 184.5 192.4 – Taxi service fee income revenue, down 1.3% 2012 192.4 to $89.5 million, impacted by the cap on 20132012 192.4196.6 2013 196.6 service fee on taxi payments to 5% in Victoria 20142013 196.6197.3 2014 197.3 • Net profit after tax (NPAT) $56.1 million, down 2014 197.3 7.4% on pcp primarily due to higher impairment charge in FY2014 on investments in associates • Normalised NPAT (NPAT excluding impairment NORMALISED EBITDA ($m) charges) down 0.6% on pcp, impacted by cap NORMALISED EBITDA ($m) NORMALISED2010 EBITDA ($m) 78.8 on service fees in Victoria 2010 78.8 20112010 78.8 83.4^ 2011 83.4^ • Cash conversion ratio of 84% (82% pcp) after ^ 20122011 83.4 89.1^ adjusting for timing of year-end payments 2012 89.1^ ^ 20132012 85.5^ 89.1 2013 85.5^ • Net debt at 30 June 2014 reduced ^ 20142013 83.5^85.5 by $36.3 million to $117.2 million 2014 83.5^ (FY13: $153.5 million). Net debt to equity 2014 83.5^ 32% versus 45.3% at 30 June 2013 • New $200 million bank financing facility negotiated with maturity
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