Raubex Group Limited · JSE:RBX
Raubex — H1 2021 Earnings Presentation
35 slides from Raubex's earnings presentation, November 2020
Slide 1: Unaudited Interim Results for the six months ended 31 August 2020
UNAUDITED INTERIM RESULTS for the six months ended 31 August 2020 Raubex Group Limited (Incorporated in the Republic of South Africa) Registration number 2006/023666/06 Share Code: RBX ISIN Code: ZAE000093183 (“Raubex” or “the group”)
Slide 2: Agenda
Agenda • The Period in Review • Group Financial Highlights • Divisional Review • Order Book • Major Projects Progress • Conclusion Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 1
Slide 3: The Period in Review
The Period in Review • The group commenced the period with a solid order book of R10,1 billion and was well positioned to execute this work profitably • The results for all three divisions were severely impacted by Covid-19 lockdowns • The lockdown in South Africa commenced on 26 March 2020 under le
Slide 4: Group Financial Highlights
Group Financial Highlights • Revenue down 10,5% to R3,94bn (H1 2020: R4,40bn) • Operating profit down 90,0% to R21,7m (H1 2020: R216,3m) • Group operating profit margin of 0,6% (H1 2020: 4,9%) • HEPS down 145,4% to a loss of 26,6 cps (H1 2020: earnings of 58,6 cps) • Cash generated from operations u
Slide 5: Income Statement
Income Statement Interim results Interim results Annual results 2021 2020 2020 (R’000) (R’000) (R’000) Revenue 3 938 303 4 398 589 8 734 896 % growth (10,5%) (1,9%) 2,5% EBIT 21 673 216 259 480 458 % growth (90,0%) 37,0% 132,1% Operating margin 0,6% 4,9% 5,5% Net finance costs 12 288 16 257 34 260 P
Slide 6: Statement of Financial Position – Assets
Statement of Financial Position – Assets Interim results Interim results Annual results 2021 2020 2020 (R’000) (R’000) (R’000) Non-current assets 4 160 730 3 985 344 4 248 558 Property, plant and equipment 2 429 530 2 427 902 2 451 516 Right-of-use assets 296 370 263 202 376 379 Intangible assets 1
Slide 7: Statement of Financial Position – Equity and Liabilities
Statement of Financial Position – Equity and Liabilities Interim results Interim results Annual results 2021 2020 2020 (R’000) (R’000) (R’000) Equity 4 512 919 4 400 252 4 513 774 Attributable to shareholders 4 253 732 4 135 338 4 256 357 Non-controlling interest 259 187 264 914 257 417 Non-current
Slide 8: Statement of Cash Flows
Statement of Cash Flows Interim results Interim results Annual results 2021 2020 2020 Cash flows from operating activities (R’000) (R’000) (R’000) Cash generated from operations 714 998 414 815 790 205 Finance costs – net (12 003) (11 030) (21 912) Taxation paid (80 073) (79 576) (178 023) Net cash
Slide 9: Segmental Analysis
Segmental Analysis Roads and Operating segments Materials Earthworks Infrastructure Consolidated August 2020 Revenue (R’000) 1 232 280 1 433 939 1 272 084 3 938 303 Operating profit (R’000) 106 441 (66 061) (18 707) 21 673 Operating margin 8,6% (4,6%) (1,5%) 0,6% August 2019 Revenue (R’000) 1 359 38
Slide 10: Dividend Declaration
Dividend Declaration • No final dividend was declared for the year ended 29 February 2020 due to Covid-19 cash preservation measures • Strong cash flow generated during the 6 months period to 31 August 2020 • All sites fully operational now and there has been a significant increase in secured order
Slide 11: Materials Division
Materials Division • Revenue decreased 9,4% to R1,23bn (H1 2020: R1,36bn) • Operating profit decreased 26,1% to R106,4m (H1 2020: R144,1m) • Operating margin decreased to 8,6% (H1 2020: 10,6%) • Capital expenditure of R90,0m (H1 2020: R87,0m) • Order book of R1,81bn (H1 2020: R1,95bn) • All operatio
Slide 12: Roads and Earthworks Division
Roads and Earthworks Division • Revenue decreased 18,4% to R1,43bn (H1 2020: R1,76bn) • Operating loss of - R66,1m (H1 2020: - R5,1m) • Operating margin of - 4,6% (H1 2020: - 0,3%) • Capital expenditure of R33,7m (H1 2020: R7,7m) • Order book of R6,81bn (H1 2020: R4,06bn) • All construction operatio
Slide 13: Infrastructure Division
Infrastructure Division • Revenue decreased 0,7% to R1,27bn (H1 2020: R1,28bn) • Operating loss of - R18,7m (H1 2020: R77,3m profit) • Operating margin of - 1,5% (H1 2020: 6,0%) • Capital expenditure of R43,3m (H1 2020: R50,3m) • Order book of R3,12bn (H1 2020: R3,07bn) • This division was severely
Slide 14: Infrastructure Division continued
Infrastructure Division continued Source: IRP 2019 | Government Gazette 18 October 2019 | page 39 of 94 Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 13
Slide 15: International (Rest of Africa)
International (Rest of Africa) • Revenue decreased 43,7% to R359,2m (H1 2020: R638,3m) • Operating profit decreased 99,2% to R0,5m (H1 2020: R64,5m) • Operating margin decreased to 0,1% (H1 2020: 10,1%) • Order book decreased to R252,9m (H1 2020: R681,2m) • Operations in the rest of Africa were seve
Slide 16: International (Australia)
International (Australia) • Revenue increased 144,7% to R526,9m (H1 2020: R215,3m) • Operating profit increased 56,0% to R36,1m (H1 2020: R23,1m) • Operating margin of 6,8% (H1 2020: 10,7%) • Order book increased to R870,4m (H1 2020: R450,0m) • There has been no material impact from Covid-19 to date
Slide 17: Order book
Order book FY15BOOK ORDER Divisional Operating Profit FY 2020 H1 2021 International 9% SANRAL International 13% 10% SANRAL 28% Concessions 17% Private Private 30% 27% Concessions 13% Provincial Municipal 23% Municipal 7% Provincial 8% 15% Timing R10,137bn Timing R11,735bn FY 2021 R6,850bn FY 2021 (6
Slide 18: Order Book History
Order Book History 14 000 000 12 000 000 10 000 000 TOTAL ORDER BOOK 100% STACKED LINE 8 000 000 (R’000) 6 000 000 4 000 000 2 000 000 - Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015 Feb 2016 Feb 2017 Feb 2018 Feb 2019 Feb 2020 Aug 2020 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R
Slide 19: Major Projects Progress
Notes: Major Projects Progress
Slide 20: Raubex Building: Douala Grand Mall in Cameroon
Raubex Building: Douala Grand Mall in Cameroon Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 19
Slide 21: Raubex Building: Douala Grand Mall in Cameroon
Raubex Building: Douala Grand Mall in Cameroon Notes:
Slide 22: Raubex Building: Douala Grand Mall in Cameroon
Raubex Building: Douala Grand Mall in Cameroon Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 21
Slide 23: Raudev: Woodwind Estates development
Raudev: Woodwind Estates development Notes:
Slide 24: Raubex Building: Lufhereng FLISP units
Raubex Building: Lufhereng FLISP units Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 23
Slide 25: Raubex Infra: Rietvlei pipeline for Rand Water
Raubex Infra: Rietvlei pipeline for Rand Water Notes:
Slide 26: Raubex Construction: N4 Bakwena Platinum Corridor
Raubex Construction: N4 Bakwena Platinum Corridor Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 25
Slide 27: Raubex Construction: N1 Musina Ring Road for SANRAL
Raubex Construction: N1 - 29 Musina Ring Road for SANRAL Notes:
Slide 28: Raubex Construction: N3 rehabilitation for N3TC, Warden
Raubex Construction: N3 rehabilitation for N3TC, Warden Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 27
Slide 29: Raubex Construction: Brookton Highway rehabilitation, Western Australia
Raubex Construction: Brookton Highway rehabilitation, Western Australia Notes:
Slide 30: Raubex Construction: Onslow landfill infrastructure, Western Australia
Raubex Construction: Onslow landfill infrastructure, Western Australia Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 29
Slide 31: Westforce Construction: Neerabup Ground Water Treatment Plant
Westforce Construction: Neerabup Ground Water Treatment Plant Notes:
Slide 32: Westforce Construction: Northam Roof Replacement
Westforce Construction: Northam Roof Replacement Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 31
Slide 33: B&E International: Crushing for Raubex Construction on N3TC
B&E International: Crushing for Raubex Construction on N3TC Notes:
Slide 34: SPH Kundalila: Crushing at Pilansberg Platinum Mine
SPH Kundalila: Crushing at Pilansberg Platinum Mine Notes: Raubex Group Limited Unaudited interim results for the six months ended 31 August 2020 33
Slide 35: Conclusion
Conclusion • All three divisions are now fully operational and executing at near normal levels of efficiency • The South African government’s economic recovery strategy in response to Covid-19 is encouraging • Strategy is stated to include “a substantial infrastructure build programme” • 18 Strategi