Latest News

Final CCV Notice of AGM 2013


Notice is hereby given that the Annual General Meeting of Cash Converters International Limited ("Company") will be held at 10.00am (WST) on Wednesday 20 November 2013 to be held at The Pan Pacific Hotel, 207 Adelaide Terrace, Perth, WA 6000 - For further information click here

Cash Converters Response to Class Action Claim


Cash Converters International Limited ("the Company") refers to press reports concerning a potential class action relating to micro-lending in New South Wales. For the full response click here

Carboodle Announcement


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


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


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. 
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


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


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


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

Cash Converters Reports a Record Half Year Result


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


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