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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
INTERIM RESULTS ANNOUNCEMENT
Six months ended 31 August 2012
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Agenda
Welcome Andy Payne, CEO
Review of the period to Aug 2012 Andy Payne, CEO
Final results Derek de la Harpe, CFO
Outlook and prospects Andy Payne, CEO
Questions
2
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Overview of the business
Safari operations: 63 camps, 1052 beds, in eight countrieso DumaTau (Botswana) re-builto Two new camps in Odzala National Park, Republic of Congo
(management contract under the Wilderness Collection)o Closure of two camps in Namibia:
• Skeleton Coast and Kulala Wilderness
Air operations: 42 aircraft
Travel shops: six offices in four countries
Employment: 2 800 people
3
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Trading environment
Improvement in the overall economic climate mainly driven by recovery in the USA (our largest source market)
Demand out of Europe continues to be soft
Exchange rates:o USD:ZAR in our favour for most of the period
Inflation running at 5.8% to 6.6%
4
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Our response to the climate
Investment in service delivery and the relevance of the Wilderness offering (want to be the first to fill and the last to empty)o Virtual training platformso Wilderness TVo Travel trade portal
Realignment of certain business units to lower demand:o Namibiao Zambia
Continued investment in initiatives to improve productivityo Technologyo Flying business
Continued strong focus on marketing and sales efforts
Brand development, including:o Brand simplification (to two trading brands: Wilderness Safaris and Wilderness
Collection)o Connecting with customer (on social network platforms)
Building cash resources and strengthening the balance sheet
5
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Non-financial achievements
Awards for quality and sustainable tourism productso Travel and Leisure Global Vision Award for Leadership
Further progress in implementing our 4Cs sustainability platformo Latest Integrated Report
Increased investment in human capitalo Innovations in training and quality management
Capex of P35 million: all facilities are properly maintainedo Rebuild of Duma Tau
6
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Financial highlights
Bednight sales decreased by 2% on prior periodo ‘Normalised’ 1% increase
Revenue per bednight increased by average of 4%, in source currency terms
Source currency turnovers (except ZAR) increased:o US$ by 8%
Reported turnover has increased by 17% to P672 million
Reported EBITDA is P71 million, 16% up on prior period
7
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Revenue drivers
Our business has three major revenue drivers:
Bednight sales
Revenue per bednight
Exchange rates
8
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 20129
2010 PRIOR 2011 PRIOR 2012 PRIOR 2013 ACTUAL 2013 BUDGET0
20000
40000
60000
80000
100000
120000
98031 98760104089 102313
Total Group Bednight Sales:6 months to Aug 2012
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 201210
Botswana Namibia Seychelles South Africa Zambia Zimbabwe Congo
2010 - PRIOR 38818 37698 1700 7787 6753 5275 NaN
2011 - PRIOR 41566 32850 2731 6825 7422 7366 NaN
2012 - PRIOR 47084 27064 2346 7153 10962 9480 NaN
2013 - ACTUAL 48094 23945 2037 7893 11101 9027 216
5000
15000
25000
35000
45000
55000
Bednight sales
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 201211
US$ Euro BWP N$ ZAR0
20000000400000006000000080000000
100000000120000000140000000160000000180000000
71,527,136
3,385,070
44,738,470
152,257,174
167,192,199
76,962,668
3,704,824
63,257,142
156,492,671164,170,437
Source currency revenue
FY 2012 FY 2013
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2011
Foreign exchange rates
12
1 2 3 4 5 6 7 8 9 10 11 12
1
1.05
1.1
1.15
1.2
1.25
3 Years Foreign Exchange History ZAR-BWP
Budget 201320122011
<<---
---TR
ADE
IMPR
OVE
S
1 2 3 4 5 6 7 8 9 10 11 12
6.5
7
7.5
8
8.5
9
9.5
3 Years Foreign Exchange History USD-ZAR
Budget
2013
2012
2011
<<---
---TR
ADIN
G W
ORS
ENS
18% -3%
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Abridged income statement
13
BWP 000s 2013 2012 ChangeRevenue 672,323 576,329 17%
EBITDA 71,299 61,416 16%Impairment losses (136) (11,449)
Depreciation and amortisation (23,981) (23,600)
Operating profit 47,182 26,367 79%Net finance costs (3,990) (2,624)
Unrealised forex loss on loans (3,324) (3,343)
Share of profits of associates 712 1,015
Profit before tax 40,580 21,415 89%Taxation (12,300) (9,349)
Profit after tax 28,280 12,066 134%
EPS basic and diluted (thebe) 10.63 6.25
HEPS basic and diluted (thebe) 8.98 7.05 27%
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Abridged balance sheet
BWP 000s 2013 2012
Assets
Non current assets 468,338 432,650
Current assets 414,723 376,963
Total assets 883,061 809,613
Equity and liabilities
Capital and reserves 338,460 327,669
Non current liabilities 160,650 133,707
Current liabilities 383,951 348,237
Total equity and liabilities 883,061 809,613
14
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Cash flow extracts
BWP 000s 2013 2012
Cash flow from operating activities
EBITDA 71,299 61,416Adjustment for non-cash items 7,372 (9,163)Changes in working capital 49,213 67,648
Cash generated from operations 127,884 119,901
Net finance costs (3,990) (2,624)
Taxation paid (11,405) (4,812)
Net cash generated from operating activities 112,489 112,465
Cash used in investing activities (34,825) (10,204)
Net cash used in financing activities (12,460) (28,899)
Increase in cash and cash equivalents 65,204 73,362
Unrealised exchange gains on foreign cash balances 10,167 2,285
Cash and equivalents at beginning of period 157,504 152,593
Cash and equivalents at end of the period 232,875 228,240
15
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Ratio analysis
Detail 2013 2012
Gross profit 43.0% 44.7%
EBITDA 11% 11%
Effective tax rate 30% 44%
Return on equity 8% 6%
Debt : equity 54% 40%
Interest cover (times) 12 10
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Dividends
17
A dividend has not been declaredo Due to the annual cash flow cycle of the
business
A final dividend is expected in May each yearo Subject to results, financial position, capital
requirements, etc.
WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010
WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
Summary and outlookThe economic climate remains uncertainForward booking sheets show steady recovery in forward bednight salesCash generation continues - noting:o All facilities are fully maintainedo Dividends maintained
Innovation continues in the business:o People development (Wilderness Business School and the virtual training
environment)o Wilderness TVo Technology platforms
We are cautiously optimistic about the outlook:o Re-organised and positioned well for growtho Strong balance sheet and cash reserves (ungeared)o Exchange rate remains in our favour
Now entering ‘green season’o Soft demand till dry season commenceso Measures to increase demando Temporary camp closures to reduce overheads 18
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