Pro-pac Packaging Ltd · ASX:PPG
Pro-pac Packaging — Investor Presentation (August 2023)
24 slides from Pro-pac Packaging's investor presentation, Aug 23, 2023
Slide 1: 2023 Full Year Results
2023 Full Year Results John Cerini – CEO & Managing Director Domenic Romanelli - CFO 23 August 2023
Slide 2: Important Information
Important Information Pro-Pac Packaging Limited Full Year Results FY23 2
Slide 3: About Pro-Pac Packaging
About Pro-Pac Packaging Pro-Pac Packaging Limited Full Year Results FY23 3
Slide 4: Safety Performance
Safety Performance • LTIFR at 10.96 (FY22: 7.63) • The LTIFR increased due to less hours worked with the same number of injuries following the divestment of the Rigid business • TRIFR at 21.01 (FY22: 10.81) • Decline in performance for the trailing 12 months impacted by the reorganization of our bus
Slide 5: Strategy
Strategy • • • • • Pro-Pac Packaging Limited Full Year Results FY23 5
Slide 6: Group Financial Results
Group Financial Results
Slide 7: Group Financial Performance
Group Financial Performance Continuing Operations A$ million FY23 FY22 Change Statutory results: Revenue 339.1 358.7 (19.6) Profit/(loss) after tax (8.5) (45.3) 36.8 Operating results: • Revenue from continuing operations of $339.1m a 5.5% decrease from EBITDA pre-AASB 16 1.1 (0.1) 1.2 2022 refle
Slide 8: Half yearly comparison
Half yearly comparison - Continuing operations Continuing Operations Financial Performance A$ million 2H23 1H23 2H22 Statutory results: 155.8 183.3 173.4 • Half yearly profitability from 2H22 to 2H23 has continued to improve Revenue o Selling prices are now better aligned to our cost structures.
Slide 9: Balance Sheet
Balance Sheet Balance Sheet Balance Sheet Results A$ million JUN-23 JUN-22 Change • Working capital increased by $3.7 million during the year: Working capital* 74.8 71.1 3.7 o Receivables – decrease of $19.3 million; due to the divestment of Net debt* (13.9) (23.6) 9.7 the Rigid and Source & Sell
Slide 10: Cashflow
Cashflow Cash Management Cashflow Results A$ millions FY23 FY22 Change • Cash flows from operating activities were an outflow of $3.0 million which Net cash flows from operating activities (3.0) 6.5 (9.5) included the increase in working capital of $3.8 million. For the second Net cash flows from
Slide 11: Pro-Pac Packaging Limited Full Year Results FY23
Pro-Pac Packaging Limited Full Year Results FY23 11
Slide 12: Flexibles
Flexibles A$ million FY23 FY22 Change Result Headlines Revenue 265.3 279.5 (5.1%) • Revenue decreased by 5.1% to $265.3 million (2022: $279.5 million) EBITDA pre-AASB 16 2.0 1.0 100.% reflecting the impact of site consolidation/rationalisation and a focused transition towards more profitable market
Slide 13: Specialty Packaging
Specialty Packaging A$ millions FY23 FY22 Change Result Headlines Revenue 73.8 79.2 (6.8%) EBITDA pre-AASB 16 0.7 0.1 >100% • Revenue decreased by 6.8% to $73.8m (2022: $79.2m) as a result of EBIT (0.04) (1.9) (97.9%) product rationalisation, the exit of non-core market segments to focus on the dis
Slide 14: Investing in the Circular Economy
Investing in the Circular Economy • The Company received the first instalment of a Government grant of $6.1 million (inclusive of GST) during the quarter ended 30 June 2023. • The grant was received through the Federal Government’s Modern Manufacturing Initiative for the establishment of a soft plas
Slide 15: Outlook
Outlook
Slide 16: FY24 Outlook
FY24 Outlook • The trading environment remains challenging in a high inflationary market, which has created uncertainty around consumer buying patterns. However, we continue with the process of restoring customer confidence through better service delivery. • We will maintain a strong focus on reduci
Slide 17: Appendices
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Slide 18: Reconciliations – Continuing Operations
Reconciliations – Continuing Operations The impact on the profit or loss for Continuing Operations for FY23 is shown in the table below: FY23 FY22 Pre- Adopt Post- Pre- Adopt Post- A$ millions AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 Revenue 339.1 - 339.1 358.7 - 358.7 Operating expenditure (
Slide 19: Reconciliations - Group
Reconciliations - Group The impact on the profit or loss for the Group (continuing and discontinued) for FY23 is shown in the table below: FY23 FY22 Pre- Adopt Post- Pre- Adopt Post- A$ millions AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 Revenue 341.3 - 341.3 467.0 - 467.0 Operating expenditure
Slide 20: Reconciliations
Reconciliations Reconciliation to net debt JUN-23 JUN-22 A$ millions Borrowings 16.1 25.0 Less: cash and cash equivalents (8.3) (1.3) Less: Government grant proceeds 6.1 - Net debt* 13.9 23.7 Working capital JUN-23 JUN-22 A$ millions Trade Receivables 63.8 83.1 Inventory 66.5 75.9 Prepayments 2.5 1.
Slide 21: Reconciliations – Continuing Operations
Reconciliations – Continuing Operations Reconciliation of Significant Items* for Continuing Operations FY23 FY22 Post- A$ millions Pre- Adopt AASB Pre- Adopt Post- AASB 16 AASB 16 16 AASB 16 AASB 16 AASB 16 Goodwill impairment - - - 25.0 - 25.0 Integration and restructuring costs - - - 7.3 - 7.3 Sit
Slide 22: Reconciliations – Group
Reconciliations – Group Reconciliation of Significant Items* for the Group FY23 FY22 Pre- Adopt Post- Pre- Adopt Post- A$ millions AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 Rigid divestment gain, less associated costs 1.4 - 1.4 (18.3) - (18.3) Goodwill impairment - - - 25.0 - 25.0 Integration
Slide 23: Definitions of Non-IFRS Financial Measures
Definitions of Non-IFRS Financial Measures Unless otherwise stated in this presentation, all metrics are disclosed post-AASB 16 Pro-Pac Packaging Limited Full Year Results FY23 23
Slide 24: For further information please contact:
For further information please contact: Investors: John Cerini Chief Executive Officer & Managing Director Email: investors@ppgaust.com.au Tel: +613 9474 4222 Domenic Romanelli Chief Financial Officer Email: investors@ppgaust.com.au Tel: +613 9474 4222 \ u
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