Slide 1: Facilities by ADF Plc FY23 Financial Results
Facilities by ADF Plc FY23 Financial Results
Slide 2: Presentation Team
Presentation Team John Richards Chairman ▪ Extensive career in the building materials industry. Served at Ibstock Brick for 31 years as Sales and Marketing Director, Director and General Manager, and as Managing Director of several of the group’s subsidiaries ▪ Chairman of Brickability Group PLC (Ma
Slide 3: About ADF
About ADF VISION: a one-stop-shop for Film & High- End TV (HETV) production, operating across multiple businesses, run by talented local management ▪ A fleet of 700+ make-up, costume and artiste trailers, mobile production offices, diners, school rooms, toilets, technical vehicles and tractor units
Slide 4: FY23 performance
FY23 performance ▪ Delivered a strong financial performance in FY23 in-line with market expectations despite a challenging environment in H2, with full year revenue at £34.8M and adj. EBITDA at £7.3M ▪ Added 133 assets taking the fleet total to 703 at year-end – positioning the business well for fut
Slide 5: US Actors & Writers Strikes (May-23 to Nov-23)
US Actors & Writers Strikes (May-23 to Nov-23) ▪ Several ADF productions stopped filming immediately, with a corresponding suspension of all revenue ▪ ‘US’ led productions that ADF had in its pipeline for H2-23 were all suspended ▪ ADF responded proactively to preserve cash and maximise profitabilit
Slide 6: ADF Customer Base
ADF Customer Base i Customer Mix: Productions by Value (No.) FY23 FY22 £0 - £500k 72 54 ▪ FY23 average revenue per production: £385K (FY22: £500k - £1.0m 7 16 £388K). £1.0m - £1.5m 3 4 £1.5m - £2.0m 1 1 ▪ Higher average revenue in H1-23 vs H1-22 offset by £2.0m - £2.5m 1 0 impact of strikes in H2-23
Slide 7: Industry Outlook
Industry Outlook i UK Film & HETV Production Stats: Film & HETV Production UK (source BFI) ▪ Total UK production spend in FY23 was £4.2Bn, down 27% from all-time high of £6.3Bn in FY22 £7.0 600 £6.0 500 Platforms: £5.0 400 £4.0 ▪ After a number of subscriber losses earlier in FY23, 300 £3.0 Netflix
Slide 8: Growth Strategy – Organic
Growth Strategy – Organic ADF has continued to grow footprint and market share Capex £M's and year-end asset numbers (FY24 estimates) £14.0 800 ▪ Increase in assets to 703 at 31 Dec 2023 (31 Dec 2022: 602) £12.0 700 ▪ Orders were significantly accelerated in H1-23 in advance 600 of the potential wit
Slide 9: Growth Strategy – Acquisitions
Growth Strategy – Acquisitions ▪ Completed first major acquisition of Location One in Dec-22 and is now fully integrated in ADF’s systems and processes and is delivering the expected efficiencies o IT systems, insurances, HR support, finance procedures & reporting, sales & CRM platforms are now inte
Slide 10: Environmental, Social & Governance
Environmental, Social & Governance People ▪ Invested in senior leadership – appointment of new NED and COO ▪ Focused on protecting the employment of our staff Environmental ▪ Launched our longer term ESG Strategy, “Eco Set” ▪ Completed first carbon audit in FY23 with our partner Creative Zero with a
Slide 11: Eco-Base
Eco-Base Facilities by ADF 11
Slide 12: Financials: Profit and Loss
Financials: Profit and Loss i H1-23 Profit & Loss (£000's FY-22 H1-23 H2-23 FY-23 Revenue 31.4 21.8 13.0 34.8 ▪ A strong start, continuing from H2-22, with larger and longer productions than in the first half of FY22 Cost of sales (19.7) (13.3) (9.1) (22.4) Gross profit 11.7 8.4 4.0 12.4 ▪ Revenues
Slide 13: Financials: Balance Sheet
Financials: Balance Sheet i Balance Sheet £000's FY-22 FY23 Fixed Assets Property, plant and equipment 10.7 12.6 ▪ In FY23, capex was £11.9M, of which £7.3M was financed by hire Right-of-use assets 25.9 31.5 purchase and the remaining £4.6M by cash. Intangible assets 7.3 6.3 ▪ 133 assets were added
Slide 14: Financials: Cash Flow
Financials: Cash Flow i Cash Flow £000's FY-22 FY23 ▪ ADF generated a net inflow of £5.5M cash from operating Profit before tax 4.6 0.6 activities in HFY23 (£4.3M in FY-22) Depreciation & amortisation 2.5 5.0 Impairment of goodwill 0.0 1.0 ▪ This was adversely affected by the strikes – the expectati
Slide 15: Summary & Outlook
Summary & Outlook ▪ The effects of the strikes are rapidly receding and the impact relatively short lived ▪ A strong order book for H2-24 and beyond ▪ Remains the leading provider of premium production facilities to the Film & HETV industry ▪ Limited supply of premium production facilities gives ADF
Slide 16: Appendices
Appendices Facilities by ADF 16
Slide 17: Board of Directors
Board of Directors John Richards Alexandra Innes Chairman Senior Independent Non-Executive Director • Alexandra’s executive career spans investment banking, • Extended career in the building materials industry. global capital markets, and investment management, Served at Ibstock Brick for 31 years a
Slide 18: High barriers to entry
High barriers to entry Premium-quality vehicles are an essential requirement for HETV/Feature Films, but they are in limited supply, and only a few providers can service large productions in the UK ▪ Barriers to entry are very significant • Purchase of the specialised equipment – building a business
Slide 19: ADF in Action
ADF in Action Honey-wagon Costume & Makeup Artiste & Cast Production Office Ground Protection Power Marquee Water Heras Fencing Matting Facilities by ADF
Slide 20: ADF’s New Operational Hub & Major Studio Locations
ADF’s New Operational Hub & Major Studio Locations Levesden Elstree Pinewood Ealing Shepperton ADF/Longcross Studio Old ADF Site Facilities by ADF 20