Nrw Holdings Limited · ASX:NWH
Nrw — H1 FY2018 Earnings Presentation
23 slides from Nrw's earnings presentation, Feb 20, 2018
Slide 1: NRW Holdings 2018 Half Year Results
NRW HOLDINGS 2018 HALF YEAR RESULTS For personal use only Forrestfield-Airport Link, Perth WA 20 FEBRUARY 2018
Slide 2: Results Overview
RESULTS OVERVIEW For personal use only • Revenue of $345.3M (1) up 95% on the same period last year • Underlying EBITDA(2) of $40.3M up 38% on the prior comparative period • Net Profit after Tax before amortisation of $19.5M(3) (up 70%) on the pcp • Golding acquisition completed September 2017; Acqu
Slide 3: Operational Summary
OPERATIONAL SUMMARY For personal use only • Golding Integration well advanced The business is meeting or exceeding our expectations Significant active tenders and strong pipeline • NRW Civil & Mining • Rio Tinto Yandicoogina Project completed • Commenced works on Carrapateena • Appointed EGM a
Slide 4: HSE & People
HSE & PEOPLE For personal use only • Retaining key project staff critical to successful delivery, current headcount at circa 2,000 • Business is responding well to increasing manning requirements – particularly re-engagement of previous NRW employees • 9.6% Indigenous employment as a percentage of d
Slide 5: Financial Overview
FINANCIAL OVERVIEW For personal use only Sanctuary Cove, QLD 5
Slide 6: Summary Financials
SUMMARY FINANCIALS First Half FY18 First Half FY17 For personal use only $M Revenue Earnings EBITDA Revenue Earnings EBITDA Civil 161.1 7.8 9.7 41.8 (1.5) (0.4) Mining 133.1 13.5 25.4 104.5 14.3 24.4 Drill & Blast 56.1 1.7 4.9 35.0 1.6 3.8 Eliminations/ other (5.0) (4.7) Corporate (2.3) (1.6) (2.6)
Slide 7: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY For personal use only Balance Sheet • Net assets increased to $244.6M • Goodwill relates to Golding transaction of which circa $18M will be amortised in FY18 and FY19 • Gearing at 20.4% - already significantly down on the 33% post acquisition pro forma gearing • Strong supp
Slide 8: Business Performance
BUSINESS PERFORMANCE For personal use only Pilgangoora Lithium Project, Pilbara WA 8
Slide 9: Structure
STRUCTURE For personal use only NRW GROUP CIVIL MINING DRILL & BLAST NRW Civil NRW Mining Action Drill & Blast Golding Civil Golding Mining Golding Urban AES Equipment Solutions CAPABILITIES CAPABILITIES CAPABILITIES • Mine development • Whole of mine management • Drilling • Bulk earthworks • Contra
Slide 10: Civil
CIVIL For personal use only Dawson Highway, QLD 10
Slide 11: Civil
CIVIL For personal use only • Revenue increase due to Golding Civil and Urban, new work in WA and increasing activity on FAL • EBITDA improvement reflects revenue increases (FY17 loss due to low volumes and bidding costs) • Margin (EBITDA) at 6.0% 200 30 Solomon TSF1 Wall Raise, Pilbara WA 161.1 25
Slide 12: Civil: Current projects, awards and outlook
CIVIL For personal use only Current projects include • Woolgoolga to Ballina (RMS), Offline storage facility (GAWB), Urban (includes Sunland, Mirvac), FAL (PTA), Yandi (Rio Tinto), Solomon (FMG), Aerodrome Carrapateena (OZ Minerals) Contract awards • ECI for OZ Minerals at Carrapateena project value
Slide 13: Mining
MINING For personal use only Isaac Plains Coal Mine, Bowen Basin, QLD 13
Slide 14: Mining
MINING For personal use only • Revenue increase due to Golding partly offset by completion of Nammuldi Incremental Tonnes in Q3 FY17 • EBITDA improvement reflects revenue increases • EBITDA margins at 19.1% slightly down on FY17 mostly mix related and some weather impact. FH17 result also positively
Slide 15: Mining: Current projects, awards and outlook
MINING For personal use only Current projects include • Curragh, Isaac Plains, Kogan Creek, Middlemount, Pilgangoora Contract awards • $324M for Gascoyne resources at Dalgaranga gold – to commence 2nd half FY18, term - 72 months • Broadlea - $25M mining services contract awarded to Golding Outlook •
Slide 16: Drill & Blast
DRILL & BLAST For personal use only Boggabri, Gunnedah Basin, NSW 16
Slide 17: Drill & Blast
DRILL & BLAST For personal use only • Revenue increase due to Hughes acquisition • EBITDA increased to $4.9M but margin impacted by mix of sales and weather delays particularly on East Coast coal projects and lower than expected drill utilisation 80 30 25 60 56.1 20 40 35.0 15 10 20 4.9 3.8 5 0 0 FH
Slide 18: Drill & Blast: Current projects, awards and outlook
DRILL & BLAST For personal use only Current projects • Active on 18 projects – including: • Isaac Plains, Blackwater, Middlemount, Pilgangoora, Telfer, Greenbushes, Boggabri Contract awards • $57M – a mix of new awards (e.g. Broadlea) and contract extensions (e.g. Boggabri) • Drill and blast support
Slide 19: Summary
SUMMARY For personal use only Pilgangoora Lithium Project, Pilbara, WA 19
Slide 20: Tender Pipeline & Outlook
TENDER PIPELINE & OUTLOOK For personal use only • Order book $1.6B Pipeline • Secured revenue for second half is $360.0M • Pipeline circa $6.0B, with $1.5B in active tenders Outlook • Golding delivers expansion and diversification of NRW’s business profile and geographic exposure • Integration of Go
Slide 21: Project Locations
For personal use only PROJECT LOCATIONS 21
Slide 22: Disclaimer & Important Notice
DISCLAIMER & IMPORTANT NOTICE For personal use only Information, including forecast financial information in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities of other instruments in NRW Holdings Limited or any other compa
Slide 23: NRW.com.au
For personal use only NRW.COM.AU