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Finning Reports Solid Q4 and Annual 2013 Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/19/14 -- Finning International Inc. (TSX:FTT) -

Q4 2013 HIGHLIGHTS


--  Revenues rose by 3% to $1.8 billion driven by higher parts and service
    revenues. 
--  Earnings before finance costs and income taxes (EBIT)(1) were $145
    million compared to $148 million in Q4 of last year. Excluding one-time
    items, EBIT performance improved from Q4 of last year. 
--  Basic earnings per share (EPS) of $0.54 were below $0.60 in Q4 2012,
    reflecting lower EBIT and higher provision for income taxes. 
--  Improvements in working capital(1) decreased invested capital(1) by $204
    million from Q3 2013, mainly through the reduction of equipment
    inventory in all operations. 
--  Free cash flow(1) of $365 million was $120 million higher than in Q4
    2012, driving the ratio of net debt to invested capital(1) to 41% at the
    end of 2013, down from 48% at the end of September 2013 and 50% at the
    end of 2012.

2013 ANNUAL HIGHLIGHTS


--  Revenues grew by 3% to a record $6.8 billion. Product support revenues
    rose by 12%, partly attributable to the contribution from the mining
    shovels and drills business. 
--  EBIT increased by 7% to $521 million, and EBIT margin(1) rose to 7.7%
    from 7.4% in 2012 due to improved EBIT margin in Canada. 
--  Basic EPS increased to a record $1.95 from $1.90 earned in 2012. 
--  Free cash flow was $441 million, reflecting record earnings before
    finance costs, income taxes, depreciation and amortization (EBITDA)(1),
    lower working capital, and lower capital expenditures compared to 2012. 

Finning International Inc. (TSX:FTT) reported quarterly revenues of $1.8 billion, a 3% increase over Q4 2012. Higher quarterly revenues in Canada and the UK & Ireland more than offset a revenue decline in South America compared to Q4 2012. Quarterly EBIT was 2% below Q4 of last year, mostly due to a $5.5 million write-off of the previously capitalized ERP costs in the UK in Q4 2013 and a $9.7 million gain on the sale of property in Canada in Q4 2012. Similarly, quarterly EBIT margin of 8.1% was below 8.5% in Q4 2012. Basic EPS was $0.54 compared to $0.60 in Q4 of last year. For the full year 2013, revenues increased by 3% to a record $6.8 billion, driven by approximately $215 million of additional revenue from the mining shovels and drills business, along with organic growth in product support. EBIT rose by 7% to $521 million and EBIT margin improved to 7.7% from 7.4% in 2012, reflecting higher EBIT margin in Canada. Net income and basic EPS were up 3% and reached new records of $335 million and $1.95, respectively. Full year free cash flow was strong at $441 million and net debt to invested capital declined to 41% at the end of 2013 from 50% at the end of 2012.

"Our Q4 results were in line with our expectations. Excluding one-time items, operating results improved year over year, as we grew our top line and improved EBIT performance in Canada. Importantly, we generated significant free cash flow, which enabled us to bring our net debt to invested capital ratio down to near the midpoint of our target range," said Scott Thomson, president and CEO, Finning International. "Going forward, we are driving higher return on invested capital by executing on clear and measurable plans to advance our operational priorities: customer & market leadership, service excellence, supply chain optimization, and asset utilization. Our increased focus on what we can control - costs, working capital and capital investment - gives me confidence in our ability to grow earnings faster than revenue and markedly improve our capital efficiency."

Q4 2013 FINANCIAL SUMMARY


---------------------------------------------------------------------
$ millions, except per share amounts    Three months ended Dec 31    
                                           2013    2012(2)   % change
---------------------------------------------------------------------
Revenue                                   1,796      1,746          3
EBIT                                        145        148        (2)
EBIT margin                                8.1%       8.5%           
Net income                                   93        103        (9)
Basic EPS                                  0.54       0.60       (10)
EBITDA                                      200        203        (1)
Free cash flow                              365        245         49
---------------------------------------------------------------------

--  Revenues rose by 3% from Q4 2012 to $1.8 billion, with higher revenues
    from Canada and the UK & Ireland more than offsetting the revenue
    decline in South America. New equipment sales were the highest of any
    quarter in 2013, but were 2% below Q4 2012 due to lower sales volumes in
    South America compared to the record-setting Q4 of last year. Product
    support revenues grew by 9%, driven mostly by Canada. Used equipment
    sales and rental revenues were relatively unchanged compared to Q4 of
    last year. A weakening Canadian dollar had a positive impact on revenues
    of approximately $60 million compared to Q4 2012. 
--  Gross profit increased by 6%, reflecting higher revenues and gross
    profit margin compared to Q4 2012. Gross profit margin(1) was 30.9%, up
    from 30.0% in Q4 2012 due to a higher proportion of product support in
    the revenue mix, most notably in South America. 
--  Selling, general and administrative (SG&A) expenses were 5% above Q4
    2012. In Canada, higher SG&A costs reflected revenue growth in all lines
    of business, as well as higher service related costs. An increase in
    SG&A expenses in South America and the UK & Ireland was due to a weaker
    Canadian dollar compared to Q4 2012. 
--  EBIT remained strong, but declined by 2% to $145 million due a $5.5
    million write-off of the previously capitalized ERP development costs in
    the UK in Q4 2013 and a $9.7 million gain on sale of property in Canada
    in Q4 2012, as well as higher SG&A costs, discussed above. As a result,
    consolidated EBIT margin of 8.1% was below 8.5% in Q4 2012.
    Sequentially, EBIT margin improved from 7.6% in Q3 2013. 
--  Net income declined by 9% to $93 million, mainly driven by a higher
    provision for income taxes. The effective tax rate was 25.1%, up from
    16.4% in Q4 2012. The higher effective tax rate in Q4 2013 was primarily
    the result of foreign exchange impacts due to the devaluation of the
    Argentinean peso. The effective tax rate in Q4 2012 was unusually low
    due to the benefit of previously unrecognized tax losses. Consequently,
    basic EPS of $0.54 was 10% below $0.60 in Q4 2012. 

---------------------------------------------------------------------
$ millions                                     Q4 2013        Q3 2013
---------------------------------------------------------------------
Invested capital                                 3,138          3,342
Return on invested capital(1)                    15.7%          15.8%
---------------------------------------------------------------------

--  Invested capital decreased by $204 million from Q3 2013, driven by
    improvements in working capital, mainly through the reduction of
    equipment inventory and lower accounts receivable in all operations.
    During Q4, inventory levels declined by $149 million as a result of
    strong equipment deliveries in all regions and continued focus on
    inventory management. Return on invested capital was similar to Q3 2013,
    as the invested capital calculation is based on an average of the last
    four quarters.  
--  Strong free cash flow of $365 million in Q4 was driven by lower working
    capital. 
--  Net debt to invested capital declined to 40.8% at the end of 2013 from
    47.8% at the end of September and 50.0% at the end of 2012 and is within
    the Company's 35-45% target range. Net debt to invested capital is at
    the lowest level since 2011, prior to the acquisition of the former
    Bucyrus distribution business.

Backlog


--  Q4 deliveries were higher than in any of the previous quarters in 2013.
    While the order intake in Canada remained strong, deliveries outpaced
    the order intake in South America and the UK & Ireland. The order
    backlog(1) was $0.9 billion at the end of December 2013, down from $1.0
    billion at the end of September 2013. 

Q4 2013 HIGHLIGHTS BY OPERATION

Canada


--  Revenues were up 11% from a year ago, with higher revenues in all lines
    of business. New equipment sales rose by 10% driven by demand from all
    sectors. Product support revenues increased by 12% and were higher
    across all sectors, despite challenges in the mining product support
    business as commodity producers continued to focus on cost reductions. 
--  EBIT was $69 million compared to $73 million in Q4 of last year. The Q4
    2012 EBIT included a $9.7 million gain on the sale of property. As a
    result, EBIT margin of 7.9% was lower than 9.2% in Q4 2012. Gross profit
    margin declined relative to Q4 2012, primarily due to a higher
    proportion of the lower margin equipment and parts in the sales mix.
    SG&A expenses were higher, largely driven by higher service related
    costs. 
--  Invested capital declined by $228 million from the end of September,
    driven by reduced equipment inventory, lower accounts receivable, higher
    accounts payable and a reduction in rental inventory.

South America


--  Revenues declined by 9% (down 14% in functional currency - USD) from the
    record revenues in Q4 2012; however, Q4 saw the highest revenue of all
    2013 quarters. New equipment sales were down 23% in functional currency
    from an exceptionally strong Q4 of last year, reflecting slower mining
    activity and reduced construction demand in Chile and Argentina. While
    copper prices and production levels remained steady, demand for
    equipment replacement and additional fleets has slowed as mining
    customers continued to focus on controlling costs. Product support
    revenue was down slightly in functional currency compared to Q4 2012,
    with higher product support in mining offset by a decline in non-mining
    sectors. 
--  EBIT of $76 million was comparable to Q4 2012 (down 6% in functional
    currency) reflecting lower revenues. The EBIT margin increased to 11.3%
    from 10.3% a year ago as a result of a shift in revenue mix to higher
    margin product support and favourable adjustments to certain mining
    service contracts. Product support contributed 51% to total revenue
    compared to 44% in Q4 2012, while new equipment sales comprised 45% vs.
    50% a year ago. 
--  Invested capital declined by US$33 million in functional currency from
    Q3 2013 driven by reduced equipment and parts inventory due to improved
    inventory management. However, the weakening Canadian dollar against the
    U.S. dollar resulted in a $12 million increase in invested capital in
    South America compared to Q3 2013.

United Kingdom & Ireland


--  Revenues increased by 14% (up 7% in functional currency - GBP), driven
    by new equipment sales and product support, which grew by 6% and 4%,
    respectively, in functional currency compared to Q4 of last year. 
--  Gross profit margin was similar to Q4 2012, and the SG&A costs remained
    flat in functional currency despite revenue growth. EBIT of $8 million
    included a $5.5 million write-off of previously capitalized ERP
    implementation costs, following the deferral of an ERP system decision
    in the UK for 2-3 years and the resulting time delays and uncertainties
    in recognizing future benefits. As a result, EBIT margin of 3.3% was
    below 4.2% a year ago. 
--  Invested capital decreased by approximately GBP 10 million in functional
    currency and $2 million in Canadian dollars compared to Q3 2013,
    primarily due to lower equipment inventory and an increase in accounts
    payable.

CORPORATE AND BUSINESS DEVELOPMENTS

Dividend

The Board of Directors has approved a quarterly dividend of $0.1525 per share, payable on March 20, 2014 to shareholders of record on March 6, 2014. This dividend will be considered an eligible dividend for Canadian income tax purposes.

Board of Directors appointment

On November 26, Finning announced the appointment of Kevin A. Neveu as the newest member of the Company's Board of Directors. Mr. Neveu is currently chief executive officer of Precision Drilling Corporation, a Calgary-based service provider to the oil and gas industry. Previously, he held senior management roles with National Oilwell Varco and its predecessor companies. Mr. Neveu's appointment is consistent the Board's strategy on director renewal and with this appointment, Finning's Board membership will be increased to eleven directors.

Finning Canada employees in Alberta and Northwest Territories ratify new labour agreement

On December 6, the Company announced that the hourly employees of its Canadian division, represented by the International Association of Machinists and Aerospace Workers - Local 99 ("IAMAW"), have voted in support of the previously announced tentative collective agreement. The new three-year collective agreement covers approximately 2,200 hourly-paid Finning Canada employees in Alberta and the Northwest Territories and expires on April 30, 2016. The new agreement provides for annual wage increases of 3% in year one, 3.5% in year two and 3.75% in year three.


SELECTED CONSOLIDATED FINANCIAL INFORMATION                                
(C$ millions, except per share amounts)                                    
                                                                           
                  ---------------------------------------------------------
                   Three months ended Dec 31   Twelve months ended Dec 31  
                  ---------------------------------------------------------
Revenue                                    %                              %
                       2013  2012(2)  change      2013   2012(2)     change
                  ---------------------------------------------------------
 New equipment        834.5    847.7     (2)   2,908.3   3,077.2        (5)
 Used equipment        82.1     81.9       0     303.3     295.4          3
 Equipment rental     102.2    101.4       1     391.9     379.8          3
 Product support      774.3    712.0       9   3,143.8   2,815.4         12
 Other                  2.7      2.7       0       8.7       7.8         11
---------------------------------------------------------------------------
  Total revenue     1,795.8  1,745.7       3   6,756.0   6,575.6          3
---------------------------------------------------------------------------
Gross profit          554.2    523.6       6   2,080.4   1,967.2          6
Gross profit                                                               
 margin               30.9%    30.0%             30.8%     29.9%           
SG&A                (402.7)  (384.0)     (5) (1,555.5) (1,490.4)        (4)
SG&A as a                                                                  
 percentage of                                                             
 revenue            (22.4)%  (22.0)%           (23.0)%   (22.7)%           
Equity earnings         0.3      2.5               9.3      10.1           
Other income                                                               
 (expenses)           (6.3)      5.6            (13.5)       1.7           
---------------------------------------------------------------------------
EBIT                  145.5    147.7     (2)     520.7     488.6          7
EBIT margin            8.1%     8.5%              7.7%      7.4%           
---------------------------------------------------------------------------
Net income             92.9    102.6     (9)     335.3     326.8          3
---------------------------------------------------------------------------
Basic EPS              0.54     0.60    (10)      1.95      1.90          3
---------------------------------------------------------------------------
                                                                           
EBITDA                200.3    203.0     (1)     736.4     701.1          5
Free Cash Flow        364.9    244.8             440.7    (37.4)           
---------------------------------------------------------------------------
                                                      Dec 31, 13 Dec 31, 12
                                            -------------------------------
Total assets                                             5,057.6    5,118.0
Total                                                                      
 shareholders'                                                             
 equity                                                  1,857.8    1,566.6
Net debt to                                                                
 invested                                                                  
 capital(1)                                                40.8%      50.0%
Return on invested                                                         
 capital(1)                                                15.7%      16.5%
---------------------------------------------------------------------------

To download Finning's complete Q4 and annual 2013 results in PDF, please open the following link: http://media3.marketwire.com/docs/FTT0219.pdf

Q4 AND ANNUAL 2013 RESULTS INVESTOR CALL

The Company will hold an investor conference call on Wednesday, February 19 at 5:30 pm Eastern Time. Dial-in numbers: 1-866-225-0198 (anywhere within Canada and the U.S.) or 416-340-8061 (for participants dialing from Toronto and overseas).

The call will be webcast live and subsequently archived at www.finning.com. Playback recording will be available at 1-800-408-3053 from 7:00 pm Eastern Time on February 19 until February 26. The pass code to access the playback recording is 4463383 followed by the number sign.

ABOUT FINNING

Finning International Inc. (TSX:FTT) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers for over 80 years. Finning sells, rents and services equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.

Footnotes


1.  These financial metrics do not have a standardized meaning under IFRS,
    which are also referred to herein as generally accepted accounting
    principles (GAAP). Management's Discussion and Analysis (MD&A) includes
    additional information regarding these financial metrics, including
    definitions, under the heading "Description of Non-GAAP and Additional
    GAAP Measures". 
2.  Prior year comparative figures have been restated to reflect the
    Company's adoption of the amendments to International Accounting
    Standard (IAS) 19, Employee Benefits, for the financial year beginning
    January 1, 2013.

Forward-Looking Disclaimer

This report contains statements about the Company's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include words such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company's financial results; expected revenue; EBIT margin; ROIC; market share growth; expected results from service excellence action plans; anticipated asset utilization, inventory turns and parts service levels; and the expected target range of the Company's net debt to invested capital ratio. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.

Unless otherwise indicated by us, forward-looking statements in this report describe Finning's expectations at February 19, 2014. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking statements and that Finning's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts may not be achieved. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Factors that could cause actual results or events to differ materially from those expressed in or implied by these forward-looking statements include: general economic and market conditions; foreign exchange rates; commodity prices; the level of customer confidence and spending, and the demand for, and prices of, Finning's products and services; Finning's dependence on the continued market acceptance of Caterpillar's products and Caterpillar's timely supply of parts and equipment; Finning's ability to continue to improve productivity and operational efficiencies while continuing to maintain customer service; Finning's ability to manage cost pressures as growth in revenues occur; Finning's ability to reduce costs in response to slowing activity levels; Finning's ability to attract sufficient skilled labour resources to meet growing product support demand; Finning's ability to negotiate and renew collective bargaining agreements with satisfactory terms for Finning's employees and the Company; the intensity of competitive activity; Finning's ability to raise the capital needed to implement its business plan; regulatory initiatives or proceedings, litigation and changes in laws or regulations; stock market volatility; changes in political and economic environments for operations; the integrity, reliability, availability and benefits from information technology and the data processed by that technology. Forward-looking statements are provided in this report for the purpose of giving information about management's current expectations and plans and allowing investors and others to get a better understanding of Finning's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.

Forward-looking statements made in this report are based on a number of assumptions that Finning believed were reasonable on the day the Company made the forward-looking statements. Refer in particular to the Outlook section of the Company's MD&A. Some of the assumptions, risks, and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this report are discussed in Section 4 of the Company's Annual Information Form (AIF).

Finning cautions readers that the risks described in the AIF are not the only ones that could impact the Company. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial may also have a material adverse effect on Finning's business, financial condition, or results of operations.

Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Finning therefore cannot describe the expected impact in a meaningful way or in the same way Finning presents known risks affecting its business.

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