Slide 1: Capital Raising Investor Presentation
Capital Raising Investor Presentation April 2022
Slide 2: Important Notice
Important Notice For personal use only The following important notice and disclaimer applies to this investor presentation (“Presentation”) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentati
Slide 3: Our Business
Our Business BSA is one of Australia's leading technical services and field solutions companies Headquartered in Sydney, BSA is a publicly-listed company on the Australian Securities Exchange with over 940 employees and revenues of circa $450 million1. 520 940 Skilled Field Employees Resources ~$450
Slide 4: The BSA Way
The BSA Way BSA has four key differentiators that enable us to deliver superior outcomes to our clients. Customer Workforce Experience Management We are experts at optimising the We know how to manage large and Customer Experience (CX). complex workforces. We have a proven track record Our approach
Slide 5: Our Capabilities
Our Capabilities Advanced Property Communications & Utility Solutions (APS) Infrastructure (CUI) Our Services We help our clients by being able to Fire Fixed-Line design and deliver services installations which are efficient, appropriate for the HVAC Wireless intended purpose, easy to maintain and b
Slide 6: Group Priorities CY22
Group Priorities CY22 Stabilising the core business to reset platform for future growth Group “Reset” Required But Strong Base Remains CUI APS Organic Growth Organic Growth • Core business was set for growth with divestment of HVAC Build, entry into the wireless market and successful tendering of ma
Slide 7: Outlook
Outlook Normalised trading conditions expected to return in FY23 • Due to the recent macroeconomic environment (including COVID-19 lockdowns, travel restrictions and extreme weather events in QLD and NSW), recovery has been slower than expected impacting full year results, with a sustained normalise
Slide 8: Capital Raising Overview
Capital Raising Overview Division: Advanced Property Solutions Project: Sydney Football Stadium Client: John Holland Description: BSA is designing and installing the fire services at Sydney Football Stadium. Secured: April 2020 Completion: Due July 2022 Image: Damien Ford Photography
Slide 9: Capital Raising Overview
Capital Raising Overview Offer size & • $15.5m capital raising comprising: structure • ~A$13.7m 1 for 3.19 Pro-Rata Accelerated Non-Renounceable Entitlement Offer (“Entitlement Offer”) comprising: ‒ Institutional Entitlement Offer (“Institutional Entitlement Offer”) ‒ Retail Entitlement Offer (“Reta
Slide 10: Timetable
Timetable Key Events Key Dates 2022 Trading Halt Pre-market, Wednesday, 6 April 2022 Announcement of Offer Wednesday, 6 April 2022 Bookbuild for Placement and Institutional Entitlement Offer conducted Wednesday, 6 April 2022 Announcement of the completion of the Placement and Institutional Entitleme
Slide 11: Source and Uses
Source and Uses Source of Funds $m Proceeds from the Offer $15.5m Total source of funds $15.0m Use of Funds $m Provide the Company funds for general working $14.8m capital purposes Costs of the Offer $0.7m Total use of funds $15.0m 11
Slide 12: Pro Forma Balance Sheet
Pro Forma Balance Sheet Placement & Pro Forma Placement 31 Dec 2021 Pro Forma 100% take Balance sheet (#039;m) Institutional Retail Offer Cost & Institutional Reviewed up Entitlement Offer Entitlement Offer Only Current assets 83.3 12.6 2.9 (0.7) 95.2 98.1 Cash 3.4 12.6 2.9 (0.7) 15.3 18.2 Working Capi
Slide 13: Appendix – 1H FY22 Results
Appendix – 1H FY22 Results Division: Communications and Utility Infrastructure Project: Prince Hwy Widening - Kilmany Client: Telstra Description: BSA assisted with the design verification and network construction including the installation of 1.2 km of cable at the township of Kilmany and connectin
Slide 14: Profit & Loss Statement
Profit & Loss Statement COVID-19 Impacted Results Summary (#039;m) H22 H21 Restated* Change Group Revenue (#039;m) Revenue 217.6 213.2 4.4 300 259.1 EBITDA pre-significant items (2.0) 9.7 (11.7) 213.2 217.6 EBITDA pre-significant items % (0.9%) 4.5% (5.4%) 200 100 Depreciation & Amortisation (4.1) (5.2) 1
Slide 15: Balance Sheet & Funding
Balance Sheet & Funding FY21 Balance sheet (#039;m) H22 Change Change % Borrowings ($’m) Institution H22 H21 Change Restated* Debtor financing facility CBA 7.5 - (7.5) Current assets 83.3 88.9 (5.6) (6.3%) - Cash 3.4 12.8 (9.4) (73.4%) Premium funding Attest 0.7 0.5 (0.2) - Working Capital 77.4 76.1 1.
Slide 16: Cash Flow
Cash Flow Cash flow results (#039;m) H22 H21* Change OCFBIT/EBITDA (%) 100% 78% 66% EBITDA pre sig items (2.0) 9.7 (11.7) Significant items (23.9) (2.9) (21.0) EBITDA (25.9) 6.8 (32.7) 0% Non-cash & working capital** 17.2 (1.5) 18.7 -34% Operating Cash flow before interest and tax (8.7) 5.3 (14.0) -100
Slide 17: Segment Results
Segment Results Revenue (#039;m) H20 H21 H22 Change Group Revenue (#039;m) CUI 150.9 105.3 122.5 17.2 300 259.1 213.2 217.6 APS 108.2 107.9 95.1 (12.8) 200 Total Revenue 259.1 213.2 217.6 4.4 100 - H20 H21 H22 H20 H21 EBITDA (#039;m) H22 Change Restated* Restated* CUI 11.7 8.9 3.4 (5.5) Group EBITDA pre-sign
Slide 18: Key Risks
Key Risks Division: Communications and Utility Infrastructure Project: Prince Hwy Widening - Kilmany Client: Telstra Description: BSA assisted with the design verification and network construction including the installation of 1.2 km of cable at the township of Kilmany and connecting rural end users
Slide 19: Key Risks
Key Risks Business specific and industry risks (a) Possible payroll tax liability. As previously disclosed by the Company, the Company has been in dispute with the New South Wales Office of State Revenue (OSR) over a FY17 payroll tax assessment in NSW in relation to certain amounts paid to contracto
Slide 20: Key Risks (cont.)
Key Risks (cont.) (f) Invoicing and cash collection risk. The Company relies on its staff to invoice for work performed and collect debts owed, promptly and in full so as to minimise the Company’s reliance on the bank facilities available. While the Company has established systems and processes in p
Slide 21: Key Risks (cont.)
Key Risks (cont.) Financial risks (a) Contingent liabilities. As is typical in the industries in which the Company operates, the Company is regularly required to provide and fund bank guarantees and bonds in relation to projects and contracts, which can be in respect of material amounts. There is a
Slide 22: Offer Jurisdictions
Offer Jurisdictions Division: Communications and Utility Infrastructure Project: Prince Hwy Widening - Kilmany Client: Telstra Description: BSA assisted with the design verification and network construction including the installation of 1.2 km of cable at the township of Kilmany and connecting rural
Slide 23: Offer Jurisdictions
Offer Jurisdictions WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securi