Latest News

Carboodle Announcement

23/09/2013

Cash Converters International Limited (“the Company”) is pleased to announce that it has today
exercised its right under the terms of a Redeemable Preference Instrument to convert a $4 million
dollar loan to 80% equity in the company Green Light Auto Group Pty Limited, trading as Carboodle. Click here to read the full Carboodle Accouncement.

Successful Issue of $60m Australian Dollar Notes

19/09/2013

Cash Converters International Limited (“Cash Converters”) is pleased to announce it has today completed the issue of $60 million of medium term notes with a fixed coupon rate of 7.95% per annum maturing in September 2018. FIIG Securities Limited acted as the lead arranger for the note issue.
 
The Managing Director of Cash Converters, Mr Peter Cumins said:
 
 “We are very pleased with the successful outcome of our unsecured note issue which was well supported by professional and sophisticated investors and with some institutional support. Our relationship with Westpac Institutional Bank is still very strong and they have been very supportive of the process we went through to achieve the note issue. The additional funds are earmarked for strong growth opportunities within the business including the acquisition of further franchised stores and the growth of our loan books.”
 
For information on the terms and conditions of the note issue please click here to access the Information Memorandum.

Revenue growth of 16.4% to $272.7 million

22/08/2013

Chairman and Managing Director’s Review
 
The directors of Cash Converters International Limited (‘Cash Converters’) are pleased to report a growth in revenue of 16.4% to $272.7 million and a record earnings before interest  tax, depreciation and amortisation (EBITDA) result of $57.0 million for the 2013 financial year, an increase of 18.6% over the previous year.
 
The statutory earnings per share were 8.1 cents per share an increase of 4.4% on the previous corresponding period. 
 
In addition the Directors are pleased to advise that the final dividend has been increased to two cents per share, taking the full year dividend to four cents per share fully franked, up 14% on the on the dividend paid in the corresponding period. 
 
 
Highlights
 
Revenue growth of 16.4% to $272.7 million. The major drivers for revenue growth over the year included an increase in personal loan interest of $20.2 million and establishment fees of $5.9 million, an increase in corporate store revenue of $13.2 million and an increase in cash advance administration fees of $1.1 million. 
The net profit after tax was $32.9 million, up 11.7% on the previous year.
 
The Australian personal loan book has grown by 35.4% from $67.6 million at 30 June 2012 to $91.5 million at 30 June 2013 and generated an EBITDA of $40.7 million, up 37.5% on the previous period.
 
The growth of the online personal loan business in Australia continues to be very strong with the value of loans written increasing 89% to $26.9 million (2012 $14.2 million). 
The cash advance administration platform in Australia and the UK, generated an EBITDA of $14.4 million (2012 $13.7 million) which is up 4.8% on the previous year. 
 
Three ‘greenfield’ company owned stores were opened in Australia and nine franchise stores were acquired, taking total corporate store numbers in Australia to 55 as at 30 June 2013. In the UK four franchised stores were acquired taking corporate store numbers in the UK to 63 as at 30 June 2013. Total corporate store numbers are 118 (63 in the UK and 55 in Australia).  
 
The Company raised $32.7 million of capital through a placement of 38,500,000 shares at 85 cents per share in December 2012.  The placement was substantially oversubscribed with strong support from existing and new institutional investors. The funds from the placement will be used to acquire stores within the franchise network, to open new corporate stores and to finance the growth of the Australian and UK personal loan books.
 

Cash Converters Secures $60m Facility to Fund Growth

26/03/2013

Cash Converters International Limited is pleased to announce that a securitisation facility of $60 million has been established with Westpac Institutional Bank. The Company will use this funding facility to continue to grow the personal loan book.


Under this facility, Westpac will provide up to $60 million of funding, through a securitisation programme, for the Cash Converters personal loan book, by providing up to 70% of the principal amount of each eligible loan. This facility has an initial term of two years with provisions for extensions beyond this period.


Cash Converters Managing Director Peter Cumins said: “With strong demand for our loan products continuing, we are very pleased to obtain this facility. It will provide significant funds on attractive terms to enable us to increase our personal loan book. The securitisation of our loan receivables by leading Australian bank Westpac has been made possible by the management systems we have in place and the stability of the Australian loan book.”


Ralph Groom
Company Secretary
Cash Converters International Limited
26 March 2013 
 

Acquisition of 11 stores

18/02/2013

Cash Converters International Limited (“Cash Converters”) is pleased to announce that it has contracted to acquire eight franchised stores in Adelaide, South Australia and completed the acquisition of two stores in the UK and one in Perth, Western Australia.

The stores were or will be purchased from existing franchisees for a total cash consideration of $32.6 million, including assets of $6.9 million. The acquisition price represents an EBIT multiple of 4.7 times on current earnings and an EBIT multiple of 3.7 times excluding acquired assets. The consideration has or will be paid out of Cash Converters cash reserves and existing financing facilities. Based on historical financial results we expect the stores will add $6.9 million in EBIT in the 2014 financial year.  

Settlement of the acquisitions of the eight South Australian stores will occur in May 2013. Settlement of the Gosnells, Perth store occurred in late January and the settlements of the Bletchley and High Wycombe stores in the UK occurred last week.

These acquisitions will take the number of corporate owned stores in Australia to 55 and 63 in the UK.
The Company is continuing to review opportunities to acquire further stores and increase the distribution network for its financial services products.

Ralph Groom
Company Secretary
Cash Converters International Limited
18 February 2013  

Investor Presentation

18/02/2013

Please find attached a copy of the Investor presentation from February 2013 [PDF].

Cash Converters Reports a Record Half Year Result

14/02/2013

Cash Converters International Limited is pleased to report a growth in revenue of 20.8% to $134.9 million and a record net profit after tax of $18.4 million for the period, an increase over the previous period of 39.2%. In addition, the Directors are pleased to advise that the interim dividend has been increased to 2 cents per share, up 14% on the 1.75 cents per share dividend paid in the previous half and previous corresponding period.    

Full details in attached documents:

Chairman and Managing Directors Final Report (PDF)

Financial Report for the half-year ended 31 December 2012 (PDF)

Appendix 4D Results for announcement to the market (PDF)

Notice of General Meeting

11/02/2013

Notice is hereby given that a General Meeting of shareholders of Cash Converters International Limited (“Company”) will be held at 10.00am (WST) on Wednesday 13 March 2013 at: The Pan Pacific Hotel:

207 Adelaide Terrace

Perth Western Australia 6000

Please see the attached for Explanatory Statement and Proxy Form (PDF).

D.R. Groom, A.C.M.A., F.C.P.A., F.C.I.S.
Company Secretary 
 

LSE Delisting

22/01/2013

Cash Converters International Limited requests to be delisted from the London Stock Exchange.

(Incorporated and registered in Australia with Australian Company Number 069 141 546)


ASX code: CCV


LSE code: CCVU


ISIN: AU000000CCV1


CANCELLATION OF LISTING


Cash Converters International Limited ("the Company") has requested the UK Financial Services Authority to cancel the listing of the Company's ordinary shares of no par value ("Ordinary Shares") on the Official List of the United Kingdom Listing Authority  and to cancel the admission of the Ordinary Shares to trading on the London Stock Exchange's market for listed securities. It is expected that the cancellation of the UK listing and of the admission of the Ordinary Shares to trading on the London Stock Exchange ("LSE") will take effect at 8.00 a.m. (GMT) on 19 February 2013 (the "effective date").


Currently, Depositary Interest holders holding stock in CREST make up approximately 0.33% of the total issued capital of the Company.

The Board considers that the listing on the Australian Stock Exchange adequately provides for the capital requirements of the Company and gives shareholders a trading forum with reasonable liquidity and all necessary shareholder protections.  The additional listing on the London Stock Exchange duplicates costs but does not deliver a significant benefit given the make up of the UK share register and the low trading volume.


Following cancellation of the listing and the admission to trading in London, the Depositary Interest register currently maintained by Computershare Investor Services plc will be maintained and Depositary Interest holders need to take no action.

For further information in this regard Depositary Interest holders should contact Computershare at the address below.


Computershare Investor Services PLC, The Pavillions, Bridgwater Road, Bristol, BS99 6ZY

Enquiries:


Cash Converters International Limited

Mr. D.R. Groom

61 (8) 9221 9111


Charles Stanley Securities

Dugald Carlean / Karri Vuori

+44 20 7149 6000

  

Results of AGM - Cash Converters International Limited

16/11/2012

In accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, we advise details of the resolutions
and the proxies received in respect of each resolution are set out in the attached proxy summary (PDF).