Slide 1: H1 FY24 Results
For personal use only H1 FY24 Results 22 February 2024 CEO James Beeson CFO - COO Paul Murray
Slide 2: H1 FY24 Executive Summary - Financials
H1 FY24 Executive Summary - Financials Reported Results recovered in H1’24, driven by much lower credit impairments For personal use only Average Funds in Use (FIU)1 of $283.8, down 18% pcp2 Profit and Loss ($m) H1'23 H1'24 Reported Reported Reported Net Revenue of $18.2m, down 19% pcp2 (H1’22: $22.
Slide 3: H1 FY24 Executive Summary - Operations
H1 FY24 Executive Summary - Operations Several key strategic initiatives have been completed over the past six months For personal use only Resolution of On 11 December 2023, announced resolution of RevRoof recovery process with $8.4m cash from business sale released to Earlypay 1 RevRoof recovery I
Slide 4: H1 FY24 Proforma Financials
For personal use only H1 FY24 Proforma Financials
Slide 5: H1 FY24 Summary - Proforma (excluding RevRoof)
H1 FY24 Summary - Proforma (excluding RevRoof) NOTE: The remaining presentation is based on proforma unaudited financials that exclude the impact of RevRoof, providing investors with a Proforma profile of the Earlypay business on a continuing basis For personal use only Profit and Loss ($m) H1'23 H1
Slide 6: Product Segment: Invoice & Trade Finance
Product Segment: Invoice & Trade Finance Decrease in FIU reflecting a more cautious approach amongst uncertain economic backdrop For personal use only Proforma 1 Decline in NIM driven by Trade Finance Warehouse not fully deployed into IF & Trade Reporting ($m) H1'23 H1'24 Δ pcp income generating loa
Slide 7: Product Segment: Equipment Finance (EF)
Product Segment: Equipment Finance (EF) Modest EF originations as asset mix is managed within funding parameters For personal use only Proforma 1 Modest origination as the asset class allocation of the pool is managed EF Reporting ($m) H1'23 H1'24 Δ pcp 3 Reduction in Opex mostly mitigates lower Net
Slide 8: Consolidated Balance Sheet
Consolidated Balance Sheet Balance Sheet remains strong with Net Tangible Asset (NTA) position of $42.9m / 14.8 cps at 31 December 2023 Balance Sheet ($m) 30-Jun-23 31-Dec-23 Δ pcp 1 H1’24 cash position of $56.2m as at 31 December 2023 For personal use only Cash and cash equivalents 53.0 56.2 1 6% R
Slide 9: Completed Simplified Funding Structure – New $220m IF/TF Warehouse
Completed Simplified Funding Structure – New $220m IF/TF Warehouse Invoice & Trade Warehouse Facility settled on 14 February 2024; financial and operational benefits to follow in H2’24 Current Structure (Post 14 February 2024) For personal use only Facility Two warehouse structures Structure Cost of
Slide 10: Outlook
For personal use only Outlook
Slide 11: FY24 Outlook
FY24 Outlook EPY reaffirms FY24 Underlying proforma NPAT is expected to exceed FY23 Underlying proforma NPAT of $4.8m Throughout H1, FIU reduced as result of IF clients exiting due to EPY risk assessment decisions or attrition due to financial stress For personal use only Whilst this was somewhat of
Slide 12: Capital Management
Capital Management EPY reaffirms FY24 Underlying proforma NPAT is expected to exceed FY23 Underlying proforma NPAT of $4.8m For personal use only Capital Management Following the acquisition of Timelio and new warehouse refinancing, EPY expects to have c. $10m of cash available for corporate managem
Slide 13: Appendix
For personal use only Appendix
Slide 14: Earlypay Overview
Earlypay Overview Employing ~85 people in Sydney, Brisbane and Melbourne, Earlypay provides secured finance to SME businesses For personal use only Since 2012, Earlypay has become a leading provider of leading provider of business Share Price $0.23 funding solutions to Australian SME businesses Shar
Slide 15: Earlypay is addressing a massive SME market
Earlypay is addressing a massive SME market1 The SME market is still nascent in its awareness of invoice financing as a funding alternative • SMEs mainly use banks for funding Our Opportunity For personal use only • At Jun 23 borrowings were $588bn 2.6m SMEs in Australia 2 Substantial proportion of
Slide 16: Timelio acquisition
Timelio acquisition Highly synergistic acquisition that is expected to contribute strongly to Earlypay’s future success Overview Acquisition Rationale For personal use only On 13 November 2023, completed acquisition of select assets of Timelio Adds scale to core + $33m of invoice finance receivables
Slide 17: Reconciliation: Consolidated Profit & Loss
Reconciliation: Consolidated Profit & Loss Reported RevRoof Adjustment Proforma For personal use only Profit and Loss ($m) H1'23 H1'24 Δ pcp H1'23 H1'24 H1'23 H1'24 Δ pcp Average Funds in Use 346.4 283.8 -18% (26.7) (10.9) 319.8 272.9 -15% Interest Income 18.5 16.1 -13% (1.6) - 16.8 16.1 -4% Interes
Slide 18: Reconciliation: IF and Trade Segment
Reconciliation: IF and Trade Segment Reported RevRoof Adjustment Proforma IF & Trade Reporting ($m) H1'23 H1'24 Δ pcp H1'23 H1'24 H1'23 H1'24 Δ pcp For personal use only Key Metrics Year end funds in use 217.6 188.6 -13% (25.2) (1.4) 192.4 187.3 -3% 1 Ave. funds in use 208.5 178.1 -15% (23.4) (10.9)
Slide 19: Reconciliation: EF Segment
Reconciliation: EF Segment Reported RevRoof Adjustment Proforma EF Reporting ($m) H1'23 H1'24 Δ pcp H1'23 H1'24 H1'23 H1'24 Δ pcp For personal use only Key Metrics Year end funds in use 133.6 104.0 -22% (3.1) - 130.5 104.0 -20% 1 Ave. funds in use 137.9 105.7 -23% (3.2) - 134.7 105.7 -22% Loan Origi
Slide 20: Consolidated Cash Flow
Consolidated Cash Flow Generated positive net operating cash flow of $1.7m for H1’24 For personal use only Cash Flow ($m) H1'23 H1'24 Δ pcp Generated positive cash flow from operating activities Receipts 14.5 12.7 -13% Interest received from customer 18.5 16.1 -13% Payments (15.8) (16.0) 2% Interest
Slide 21: Board of Directors & Senior Management
Board of Directors & Senior Management Presenting Today CEO - James Beeson CFO / COO - Paul Murray For personal use only Geoffrey Sam OAM, Non-Executive Chairperson Stephen White, Non-Executive Director Qualifications: BCom (UNSW), MHA (UNSW), MA (Econ & Soc Studies) Qualifications: M.Mngt, GAICD (M
Slide 22: Disclaimer
Disclaimer This presentation (”this Presentation”) has been prepared by Earlypay Limited [ACN 098 952 277] (“EPY” or the “Company”) and is dated 22 February 2024. Summary information This presentation contains summary information about the current activities of EPY as at the date of this Presentatio
Slide 23: For further information, please contact
For personal use only For further information, please contact: Investor Enquiries James Beeson Managing Director & CEO, Earlypay 1300 760 205 James.beeson@earlypay.com.au