Acrow Limited · ASX:ACF

Acrow — Acrow Formwork and Construction Services — FY2018 Earnings Presentation

18 slides from Acrow's earnings presentation, Aug 28, 2018

  1. Slide 1: Acrow Formwork Investor Presentation FY18 Full Year Results

    For personal use only Acrow Formwork Investor Presentation FY18 Full Year Results

  2. Slide 2: Important Notice

    Important Notice This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not purport to be complete and is not intended to be relied upon as advice to investors or other persons. The information contained in this presentation was p

  3. Slide 3: Executive Summary

    Executive Summary Following Acrow’s successful listing, the underlying business has performed very strongly, achieving EBITDA growth of 21% pcp For personal use only Executive Summary Total Revenue by Category (FY18)  Successful ASX listing of Acrow Formwork and Construction Services (ASX:ACF) in A

  4. Slide 4: Financial Results

    For personal use only Financial Results

  5. Slide 5: Financial Performance

    Financial Performance Acrow has increased EBITDA and improved cash conversion, providing the platform for the maiden dividend announcement For personal use only Historical Underlying EBITDA(1),(2) ($’000) Commentary EBITDA EBITDA margin, %  Underlying EBITDA has increased steadily year-on-year, dem

  6. Slide 6: Financial Overview

    Financial Overview Summarised Financial Performance ($’000) Commentary For personal use only Y/E 30 June, $'000 FY15A FY16A FY17A FY18A Revenue of $65.3m (highest number since 2013) Summary P&L Formwork Hire 12,625 10,960 12,669 15,583  Formwork Hire Revenue of $15.6m (an increase of 23% on FY17 S

  7. Slide 7: Balance Sheet

    Balance Sheet Acrow had ~$39.0m of net assets at June 2018, which includes ~$31.2m of hire equipment and $4.9m of cash (no debt) For personal use only Consolidated Balance Sheet ($’000) Commentary $'000 Jun-18  Strong balance sheet position at 30 June 2018 Summary Balance Sheet Cash 4,918  Net cas

  8. Slide 8: Cash Flow

    Cash Flow Acrow has increased Operating Cash Profit from $1.0m in FY15 to $9.0m in FY18 For personal use only Cash Flow Statement ($’000) Commentary $m FY15A FY16A FY17A FY18A  The proxy for operating cash profit in the Acrow business is Underlying Summary Cash Flow Statement EBITDA less maintenanc

  9. Slide 9: Capital Expenditure

    Capital Expenditure Acrow has averaged maintenance capex of ~$2m between FY15 to FY18 For personal use only Growth and Maintenance Capex ($’000) Commentary Maintenance Growth & Non-Hire  The charts at left present the historical gross and net capex spend, split between growth and maintenance, for t

  10. Slide 10: Formwork

    Formwork The outlook for east coast civil infrastructure construction is strong, in particular transport related projects, as evidenced with the pipeline of transport infrastructure projects For personal use only Major Transport Infrastructure Projects – Australia ($Bn) Commentary Value of Work Done

  11. Slide 11: Recent Project – Pacific Highway, Harwood Bridge

    Recent Project – Pacific Highway, Harwood Bridge Harwood Bridge upgrade over the Clarence river is a project within a project and forms part of the larger c.A$4.4 billion Woolgoolga to Ballina Pacific Highway upgrade along the Eastern corridor connecting Sydney and Brisbane For personal use only Acr

  12. Slide 12: Acquisition of Natform

    For personal use only Acquisition of Natform

  13. Slide 13: Natform Acquisition

    Natform Acquistion Strategic acquisition of Natform, the leading designer and hirer of screen systems for the construction industry For personal use only Overview of Natform  Natform Pty Limited (Natform) is 100% privately Australian owned and is a provider of screen based formwork systems which su

  14. Slide 14: Financials

    Financials FY18 Natform EBITDA of c.$3.8m and EBITDA margin of c.50% For personal use only Natform Standalone Summary P&L ($m) Commentary $m FY17 FY18 % Growth  The business has demonstrated a strong track record of stable earnings Summary P&L and growth Revenue 6.8 7.6 11.5%  Natform generated c.

  15. Slide 15: Strategic Outlook for Natform

    Strategic Outlook for Natform Natform provides a range of strategic upsides for the group For personal use only Commercial high  Continue to pursue developed pipeline of opportunities in the commercial high rise construction 1 industry, which is enjoying strong growth rise opportunities  Acrow on

  16. Slide 16: Outlook Statement

    Outlook Statement  The business will continue to focus primarily on capitalising on the unprecedented project pipeline of civil infrastructure projects on the Eastern For personal use only seaboard  There are also growing signs of increased activity in the resource sector in Western Australia, in

  17. Slide 17: Appendix – EBITDA Reconciliation

    Appendix – EBITDA Reconciliation FY18A Reconciliation of Statutory Accounts to Underlying EBITDA For personal use only Net Profit 10,511 Gain on Bargain Purchase (10,825) ACF (NMG) Full Year 2,540 Q4 Net Profit 2,225 Depreciation 446 Finance Costs 76 Q4 EBITDA 2,747 March 2018 YTD EBITDA 7,512 Signi

  18. Slide 18: Thank you

    For personal use only Thank you

Acrow Formwork and Construction Services — FY2018 Earnings Presentation on 6ix