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Friday, September 11, 2009

Share Investor Interview: Sky City CEO, Nigel Morrison

Sky City Entertainment Group [SKC.NZ] has had a very patchy last 7 years, and as a medium sized shareholder of the company I have obviously followed the fortunes, and mis-fortunes of a company that has; had huge financial write-offs due to overpaying for assets, flagging or stagnant profits, massive debts, a regulatory regime that has been deleterious to say the least and a former CEO in Evan Davies that has been over his head when it comes to operating a casino business in a sustainable and competent way.

Enter Nigel Morrison in March 2008, hired for his experience in casino "turn-arounds", most notably the Crown Casino by the Yarra River in Melbourne and he has had an impact almost immediately.

It is a positive impact to say the least.

Morrison first focused on cutting back costs from the bottom line then looked at ways to improve customer satisfaction and bring in more punters through the doors of its casinos and hotels.

This took a a mere 16 months to show a positive return to shareholders, with a large profit upgrade issued for the recently announced FY 2009 profit.

For the last year an almost obsessive pay down of company debt by Nigel will lead to lower interest costs over the next year and beyond, more interest by investors in the company's shares and a better return to shareholders in the long run, and after all isn't that what all investors want?

Morrison achieved this by issuing new capital to existing shareholders and new ones in a highly contentious capital raising some months back, but as shareholders all get dividends out of the business, we sometimes have to put our hands back in.

Sound capital management with a focus on customer service and unnecessary costs stripped out have been the key to Nigel's success so far.

But what of the next 12 months and longer?

How will the business go under his leadership and what new ideas does he have to take this company through the $1 billion revenue barrier and beyond.

With this in mind I submitted some questions to Nigel via email and he kindly offered to answer them. This is after he contacted me after something I wrote about company debt levels.

The Q & A

Share Investor (SI) With your FY 2009 result released last week of over $115 million, a 13% increase on last year’s net profit, how sustainable do you think this sort of result will be for FY 2010 and beyond?

Nigel Morrison (NM) We think it is sustainable and we will be aiming for double digit underlying NPAT growth again in 2010.

SI - What are your thoughts on the recession and recent (apparent) recovery - if you want to call it that - are and what effect that will have on the company's overall strategy?

NM -The recession did make it difficult to grow revenues, however we believe our underlying revenues have been good throughout the recession and some return to growth is expected as we come out of it.

SI - Has your time as SKC CEO been what you expected or has the restructuring of the company that you were hired for been more or less of a challenge?

NM - Looking back now, 2009 has been a very pleasing year for me as CEO. I assembled a very good management team and reinvested in the basics that will provide a very solid platform for growth going forward. There was a lot of work that had to be done to improve technology, our human resources and our property management systems.

SI - The SkyCity Cinema division has always been a challenge, to put it mildly. How do you see its fit within your gaming assets given its poor operating history and low to negative returns over a long period?

NM - As I’ve always said since my arrival at SKYCITY, I don’t believe that SKYCITY Cinemas is a core division of our Group. Our Cinemas team, led by Jane Hastings, has done a good job turning around this division in 2009 and we are looking for better performance again in 2010.

SI - You have a core of loyal customers in the Auckland casino that keep coming back. Is that reflected in your other casinos and what are you doing to retain these loyal customers long-term while attracting the new ones that you have already and those that you plan to attract in the future?

NM - As a casino and being a major entertainment destination in all of the cities in which we operate, it is important for us to continually reinvent our entertainment offering. This might include new products, new restaurants, new bars, new value propositions and exciting regular promotions. It is important that we continue to retain our loyal clientele (in Auckland and in our other properties) and all of our casino operations run loyalty membership clubs, but we are also aiming to continually attract new valued customers.

SI - Are the extra bars and food outlets at the Auckland site attracting new gamers and if so is that a strategy that you are or will use at your other casinos to grow revenue and profit?

NM - Casinos are destinations for entertainment. For us it is about providing holistic experiences whereby there is something for everybody from a quick meal to fine dining or from a glass of Champagne to a beer. We want all our properties to have aspirational bars and restaurants and we’ve certainly got that in Darwin. We are looking at further development plans in Auckland and Adelaide.

SI - With a new National Government and the possibility of a more relaxed gaming regime flowing from that, what do you think of any casino expansion in New Zealand, say a casino in Wellington and given the possibility of this what would SkyCity’s chances be in gaining a Wellington location given the company’s dominance in New Zealand ?

NM - I think it is unlikely that this Government would encourage casino expansion in New Zealand. There are currently six casino licenses in New Zealand, including two in Queenstown. I think there are merits to having a casino in Wellington and we would be keen to be a major contender if that scenario was to develop.

SI - In relation to the previous question, how would you respond to any new gaming competitor entering the New Zealand market?

NM - We would welcome competition. Auckland will always be our flagship property in NZ.

SI - You know the Australian gaming market well, what opportunities exist for SkyCity to expand its presence there beyond its existing casinos in Adelaide and Darwin?

NM - Our current focus is to continue to realise the potential of our existing licenses including those in Adelaide and Darwin. In particular, we believe that Adelaide has significant growth potential (if we can un-lock it) as we also do with Auckland. We will monitor opportunities as they unfold in Australia, but we are unlikely to be a catalyst for expansion but will rather continue to invest in our existing businesses.

SI - Are you surprised at the spectacular turnaround of fortunes at the Adelaide casino, what have been the main drivers behind this, is it sustainable and can shareholders expect the level of returns from this casino that are coming from your Auckland casino?

NM - Adelaide was coming off a very low base. By enhancing the table games offering, including a new baccarat room, and introducing rapid roulette and installing the latest technology offerings like shuffle machines and with a renewed focus on customer service we have been able to significantly enhance the earnings of Adelaide. Earnings now from Adelaide are sustainable but to generate significantly better returns from this operation, as we do in Auckland, we would have to significantly expand the Adelaide property.

SI - What are the biggest commercial threats to your businesses in terms of competition and is your reaction to this competition likely to be aggressive or reactive in nature?

NM - Our biggest challenge is to continue to reinvent ourselves on a monthly basis and maintain the attractiveness and levels of entertainment at our casinos for the thousands of people who visit us every day.

SI - Your concentration of debt retirement over the last year has been admirable. Given sufficient payback of debt over time and sustained profit levels would you look at buying additional gaming assets for expansion – given the right price – or would a capital return to shareholders be a more efficient and wise use of shareholder capital?

NM - We believe our existing gaming assets offer good potential for organic growth through focused investment (as opposed to acquisitive growth). Any projected capital investment is critiqued against a required hurdle rate of return. I’m sure if the time came when we could not maintain satisfactory rates of return we would then consider a return of capital to our shareholders or some other distribution.

SI - Who are some of your business mentors/heroes and why?

NM - The late Kerry Packer because he was tough, probing, highly articulate and had an uncanny sense of judgement. Lloyd Williams, Founder of Crown in Melbourne, because of his honed attention to detail, incredible persistence and never accepting “no” for an answer.

SI - Who is your favourite New Zealand business leader/s and why?

NM - Sir Ron Brierley, who was a hero of mine when I was a ‘wet behind the ears’ corporate adviser back in the 80s.

SI - In relation to the 2 previous questions, are there any particular books or periodicals that you have read that you would recommend to Share Investor readers?

NM - In short, no. I’ve come up through the school of hard knocks and have been very fortunate to work alongside some great inspirational leaders. I find it bemusing that analysts sometimes recommend “sell” at $2.60 and then shortly after “buy” at $3.30. My advice would be find an industry (and companies) you understand and stick to them.

SI - In my investing experience I have found the level of business leadership in New Zealand wanting – with a few very notable exceptions - when it comes to making good long-term decisions based on sound business skills, the basic understanding of running a business and accountability when it comes to making mistakes and this is often reflected in businesses hiring from an overseas talent pool. What are your views on how we can get good shareholder representation in the boardroom?

NM - SKYCITY has a very strong Board which numbers some very successful New Zealanders including Chris Moller, Brent Harman and Peter Cullinane, who all have strong international business backgrounds. Also, I’ve certainly found the counsel of Elmar Toime (former CEO of NZ Post) for example, who was acting CEO before me, and Sir Dryden Spring incredibly valuable.

SI - I have recently become a dad for the first time and am now aware of higher demands on my time. I am sure the life of a CEO is very busy. How have the demands of SkyCity impacted on your family and what skills as a dad have you used in your business life and where and how do you find the balance between home and work, is it just good time management?

NM - Unfortunately, if you want to be a CEO there are serious sacrifices to be made. Looking back, I probably have focused too much on my career and in balance that has probably cost me dearly. For me there still is not much balance it is mainly work. I have grown-up children now who are 18, 20 and 21 years and I’m very proud of all of them. They live in Melbourne and I try to get back to see them at least once a month. I do enjoy photography and bike riding and I hope to get fitter because of it.

SI - Any business has inherent risks and gaming businesses possibly more than others. How do you manage those risks in the normal business operating environment that changes due to economic cycles and other outside and inside influences?

NM - Casinos invariably have great systems in place. We track risks actively daily, hourly and analyse that data. We have strong security and surveillance systems and we set a tight limit on our gaming parameters though a rigorous application of probability theory. We have found that our core casino operations are relatively resilient through all economic cycles so our daily cash flows and related issues are somewhat different to other industries in a recessionary environment.

SI - What do you see as the strongest and weakest quality of your leadership style?

NM - Weakest – I can be quickly intolerant of poor performance and it’s readily apparent when I am not happy about how things are going. Strongest – developing a sound organisational structure incorporating an experienced and loyal management team together with a preparedness to make decisions.

SI - Do you like to gamble and if so what is your favourite game and are you allowed to have a flutter at your own institutions?

NM - No, we can’t bet in our own casinos. It wouldn’t look good if one of our employees won a jackpot. I do like to gamble, but in measured amounts. I enjoy playing roulette and the gaming machines. Im looking forward to the opening of our newest bar “Twentyone” on Thursday this week, where we have “free play” tables that even I’ll be able to play at! I have no doubt many of your readers will enjoy that bar and I look forward to seeing them there.

SI - Where do you see yourself and the business you run over the next five years?

NM - I’d like to think that when we look back on the next five years, we will have seriously maximised the potential of our existing casino licenses. Adelaide would be a significantly larger facility; we would own 100% of Christchurch; I’d like to see Auckland as a larger and more diverse property from what it is today……and I’d like to see a $10 share price……at which point I think we would be able to say we have delivered satisfactory shareholder returns……and then hopefully at that stage I’ll be on the verge of retirement.

Thank you for your time Nigel.

About Nigel Morrison - Supplied by Sky City

Nigel Morrison joined SKYCITY Entertainment Group as Chief Executive Officer in March 2008. Mr Morrison has over 18 years experience in the finance and gaming industry throughout Australia and most recently in Asia.

Prior to being appointed CEO of SKYCITY, Mr Morrison was the Group Chief Financial Officer of Galaxy Entertainment Group in Macau, a leading publicly-listed Hong Kong-based group operating and developing casinos in Macau. Before that he was Chief Executive of the Federal Group, Australia’s largest private gaming group and prior to this Chief Operating Officer of Crown Limited, (operator of Melbourne’s Crown Casino) where he played a key role in restructuring the business and increasing revenues to over A$1 billion.

Prior to embarking on a career in casinos in 1993, he was a Corporate Finance Partner with Ernst and Young, specialising in the gaming industry.Over the past year, Mr Morrison has concentrated on turning around the fortunes of SKYCITY. With a strong financial and analytical background along with proven leadership skills, he has made the necessary organisational and management changes and appointments to implement a new structure that is working well for the Group. The secret to success, he says, is having a strong management team in place, bringing people with you on the journey and making sure you have access to all the information needed to make successful decisions.Mr Morrison is a member of the SKYCITY board as Managing Director.

Disclosure: I own SKC shares in the Share Investor Portfolio

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c Share Investor 2009

Thursday, September 10, 2009

Questions to Mainfreight's MD Don Braid

Due to the popularity of the Q & A this week with Nigel Morrison, CEO of Sky City Entertainment Group [SKC.NZ] I have decided to make these things a semi regular thing at the Share Investor Blog.

One individual I have always wanted to put some questions to is Mainfreight Ltd [MFT.NZ] Managing Director Don Braid.

I have requested his time and he has kindly obliged to answer your questions.

So, now is the chance dear readers to put some questions to Don.

You can submit them at the Share Investor Forum here or email them to me here and I will submit the best ones to Don.

Disclosure: I own MFT shares in the Share Investor Portfolio

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c Share Investor 2009

Friday, July 6, 2007

Share Investor Interview: Josef Roberts, Senior Burger Fuel Director

Exclusive Interview with Josef Roberts, a director of Burger Fuel Worldwide [BFW.NZ] pre IPO and listing on the NZAX board of the New Zealand Stockmarket.

Burger Fuel IPO

New Zealand's fastest-growing gourmet burger chain BurgerFuel is putting its customers first as it plans to list on the NZAX after raising $15 million with an issue of 15 million shares at $1 each, with a one-for-five option to buy additional shares at the same price in 18-months' time. Minimum subscription is for $1000 worth of shares and options.

Funds raised from the issue will be used to fund the company's national and international growth aspirations, primarily in New Zealand, Australia, Europe and the United States. BurgerFuel currently has 19 outlets in New Zealand and one in Sydney.

This interview was conducted via email.

The Q & A

Share Investor

What exactly is the money raised to be used for?

Josef Roberts

Primarily securing and constructing new stores and expanding infrastructure to support growth. Although the construction costs of a franchisee owned store are paid for by the franchisee; capital is required to secure leases, make construction commitments and secure prime sites as they become available.

The stores built are then on-sold to franchisees. In this way capital can be recycled. In addition, however, it is possible that BFW could operate some stores until the appropriate franchisees are selected. In this case BFW would collect the revenue from those stores and could also elect to sell those stores on an earnings multiple, as opposed to a set franchise fee – so there are benefits – if a store is held and operated for a period of time by BFW.

Sometimes we have franchisees already signed and no site available and sometimes the other way around. Additional capital allows us to speed up store development by being able to proceed with immediately securing top locations as they become available and even operating them in the short term if necessary. However, we are primarily about franchising; this allows us to achieve much faster growth.

S.I. How was the value of the company at $60m arrived at?

J.R. Firstly, we have to remember that the $60 million valuation assumes a further $15 million in cash is raised in the IPO.

A company like ours is not so easy to value, as you know. A number of factors have to be taken into account such as the company investment to date, future earnings, growth capabilities, scalability, personnel and intellectual property - amongst other factors. The company has been extensively modeled under different scenarios to determine a valuation. Grant Samuel, the independent corporate advisory firm, analyzed the various scenarios and settled on a value that they considered to be achievable, based on our future growth potential and associated earnings.

Valuation ties into forecasts and as you know we are not providing those. Why? Well for a growth company like ours it is very difficult to confirm exactly where we will be in 12-months from now. As outlined on page 15 of the prospectus – there are 3 possible scenarios for expansion. Each would provide different financial outputs. If we were to make early predictions now and not achieve those predictions this could seriously impact on the company’s future share price. Accordingly, it is the most responsible approach to gain investment on the clear understanding that no projections are being provided.

Whilst we knew that this could make it harder for us to raise capital, we also believe in the fairness it gives investors up-front in accepting the terms we offer. We want them to assess the value and potential for themselves; which is what you guys are doing – even if this means they say “no thanks”.

The company intends to rely on continuous disclosure reporting to keep the market informed of key developments – such as yesterday’s announcement about our growth - already up 41%. Imagine what that would have done for our share price had we been listed?

We will have plenty of announcements to make in the future – because we are a high growth company and we operate very visibly. People can see progress and performance and this is what drives a share price – right?

To those who say the company is over-valued – they are entitled to their opinion. We know the value of what we have and we are confident in our ability to not only grow the company but also its share price. We have come to the market with an offer. If our offer is not acceptable – so be it – we stay private.

S.I. If you are opening company stores initially, how long do you intend to keep those stores?

J.R. As explained in question 1. However, in general only until the appropriate franchisee is appointed

S.I. The market is confused about what sort of company they might be investing in. Is it principally a franchisor or an owner of actual stores?

J.R. Principally a franchisor as explained in question 1, however, it is our view at this stage, that we should always own and operate at least one store long-term, in each country like we do in New Zealand and will do in Australia. This keeps us in touch with the reality of operations as well as providing a valuable training ground to personnel and franchisees in each local market.

S.I. Will stores be leased or owned outright?

J.R. Leased

S.I. Long-term, is the bulk of company revenue going to be based on royalty fees or revenue from store sales?

J.R. Answered in Q1. Also, please refer to page 54 of the prospectus – this sets out our revenue income. Clearly, you can see that royalty fees are the major on-going component, but up-fronts, transfer fees and income from our satellite kitchens also make substantial contributions.

S.I. There is similar competition from such outlets world-wide, most notably GPK in the UK, how well do you think you and/or your franchisees will do against this competition?

J.R. GPK is essentially a Wisconsin model. We think our track record in NZ in competing against Wisconsin speaks for itself. But we do not underestimate competition here or in other countries. In the end we are confident in our ability to compete with any gourmet burger offering.

What you have to understand with BurgerFuel is that we have strong operating systems that are scalable. We also have a strong brand that represents more than the sum of its parts. That is to say we have a defined culture – we don’t just make burgers – people eat BurgerFuel for the experience as well as the product and our culture. Once again, that’s either understood by investors or it isn’t.

S.I. It is nice to see owners retaining a stake in the business, so firstly why not float a larger stake if your intention is to expand quickly, wouldn’t it have been better borrow from banks, keep the company for yourselves if it is only a small 25% of the company going public?

J.R. We think that being listed will greatly assist us in expanding overseas as well as attracting franchisees – it’s as simple as that. Credibility toward securing leases, supply lines, staff, franchisees and other associated stake holders becomes easier if we are publically listed.

If people don’t want us listed here in NZ – I think you can work out for yourself what will happen. We will most likely continue as a private company and list further down the track in a different country or we may never list.

In respect of the 25% for $15 million, we have the ability to re-cycle capital (as explained in Q1). The options also provide for some future capital, as well as giving investors an incentive to invest now. If we asked for more now we would just be sitting on your cash – and you wouldn’t like that either Darren!

S.I. A related question to the above, why is the sunset clause on directors and founder owners for selling their shares such a brief one?

J.R. Yes, it could have been longer. Having said that, our aspirations are all about building a global brand. We are committed to doing that – I am personally doing this because I enjoy it and am passionate about growing BurgerFuel, just as I did with Red Bull in NZ and Australia. However, unlike Red Bull, this is a NZ brand. We feel it too can go global. It is my intention to be there when we open stores in the US, whether its next to the Viper room in LA, on the strip in Las Vegas or in Times Square I can’t say, but I want to be there for it. Chris is also a very passionate guy – he created this company and he loves it – it’s his life. We have everything to gain by building this up to be a huge company and increasing our own value as well as those of our partners (shareholders).

S.I. The decision to list on the NZAX instead of the NZX, why was that made when the disclosure rules of the NZX would give possible investors more confidence in their investments because as we know knowledge in investing is what it is all about?

J.R. The NZAX is designed for companies with high growth potential like us. They are not required to publish forecasts due to the fact that they are in a high growth phase and actual results could vary considerably.
We have come to the market with an offer on terms that we knew would not appeal to all investors – but they are our terms. We could have made grand projections now to attract investors (like other companies you know have) – but that is not how we do things.

As already outlined there are a range of scenarios for the way we can roll out and this goes to the heart of any projections we would have committed to. We want to be upfront about that. “Invest if you believe in us” – that is what our message is. People don’t have to invest. We would rather know that we have a certain style of investor. Like the franchisees that we select to become our partners – we want to attract investors who are there for the same reasons we are – because they are passionate about the company and believe that we can do it – (I can hear some of you laughing!!).

We’ve been criticised for targeting so called “naïve” investors. This is not the case at all. We want a big spread of investors including those who eat at our stores and take part in the ownership. Although these people may not be seasoned investors like yourselves, they should not be underestimated. They are the opinion leaders, they understand what makes a brand.

Our IPO advertisements are all about light hearted communication, boosting awareness and a bit of fun. This is who we are and this is how we do things. We polarize and we think that is important to build any strong brand or culture. It’s a mistake to try and be all things to all people.

We want a base of NZ investors who will review our business on a daily basis and tell us where we can improve. We think this is very important to our future. In this way, we have a constant R & D base assisting our international development. However, this offer is also for other serious investors who may not yet eat in our stores. We can see that by some of the larger amounts that are being applied for that also carry CSN numbers, that clearly, our growth potential and ability to drive the share price by announcements of progress and performance, is understood by some seasoned investors.

S.I. Finally, what or who was your inspiration to start the Burger Fuel company and did you intend to "go global" initially and where do you see your company in 10 years?

J.R. Chris knew he could make the world’s best burger and he knew he could come up with a scalable business model that could grow fast. He always wanted to take BurgerFuel global. For me; I invested for this reason. If you read the prospectus thoroughly you should get a strong sense of this. Just look at our trademark protection programme. This alone, demonstrates our vision in thinking global and acting to secure our intellectual property over the years.

Page 67 of the prospectus – clearly sums up where we see our company in the future.

S.I. Thanks for your time Josef and good luck for the future of Burger Fuel .

Burger Fuel Background

BurgerFuel started in 1995 when Chris Mason opened the company's first store in Auckland's Ponsonby Rd. It is the brainchild of founder and director Chris Mason, who met Josef Roberts when Roberts owned the Red Bull brand in New Zealand, and wanted to sell his drinks through Burger Fuel shops.

Roberts took Red Bull to Australia, and after selling the Australasian Red Bull franchise back to its original European owners, decided to join Mason and work to expand the business. He said both businesses were brand-driven. "But with Burger Fuel there is the prospect of exporting a Kiwi product globally."

Roberts said Burger Fuel eschewed private equity raising in favour of public listing because that would add to its credibility as it sought to roll out overseas.

Currently BurgerFuel serves over 35,000 burgers a week and has 20 outlets, with three more scheduled to open soon in New Zealand, including one in Queen St Auckland, and one planned for Kings Cross in Sydney.

Additional info from Josef Roberts unrelated to questions posed by Share Investor but furnished to us by him

This whole process reminds me of when I started Red Bull in NZ in 1996 and then Australia in 1999. When many laughed and mocked us for trying to sell a small, unusual tasting can of drink for an “outrageous” wholesale price of over $2.00! I was told “only Coca Cola can do something like this. Red Bull will never make it, it’s a fad drink that anyone can produce. This is destined to fail.”

Hmmmm!

Investors should look at the strong corporate governance and the people behind BurgerFuel. The advisors, the independent directors on the board – these are highly respected and experienced individuals who have chosen to join BurgerFuel. They did not need to. They have assessed the company’s prospects for themselves. Investors should take this into account.

We respect your community. We know that you guys carry huge influence. I bring you back to the fact that we have come to the market with an offer. Saying “here’s our price and terms”. If they are accepted – great we know we have the kind of partners (in the shareholders that buy in) that we want. If not – we will continue as a private company and still be successful.

Take a look at the total system sales growth figures from yesterday’s press release. Last year’s first quarter was a weekly average of $276,403, same period this year $390,379. Last week - $445,011.
We are growing anyway, but the IPO process alone has totally enhanced the value of the company even more. No one in New Zealand has not heard of BurgerFuel as a result of it. Remember, we’re a marketing company. Our campaign is all about growing the brand and selling burgers, as well as shares - and that’s what we’re doing.

Darren, best regards and thanks again for the time you have given us. We know this may not be everyone’s kind of investment and we respect that. We also respect you and your community’s views.

I would like to say one last thing though – if NZ continues to criticise companies and publish material so quickly before thoroughly assessing the offer – aren’t we somehow killing our own country? It’s amazing what gets published in the media without the prospectus even being read. There is in fact a lot of information in our prospectus for potential investors - it’s not just a pretty document.

New Zealand needs higher risk growth stocks (which is what we are) just as it needs the kinds of stocks that are like “watching paint dry”.

Would the last entrepreneur in NZ please turn the lights off when you leave? Australia, UK, USA – here we come!

Josef Roberts

Director

BurgerFuel Worldwide Limited

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c Share Investor 2007

Share Investor

Friday, September 11, 2009

Share Investor Interview: Sky City CEO, Nigel Morrison

Thursday, September 10, 2009

Questions to Mainfreight's MD Don Braid

Friday, July 6, 2007

Share Investor Interview: Josef Roberts, Senior Burger Fuel Director

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