Slide 1: MaxiTRANS Industries Limited Half Year Ended 31st December 2016
For personal use only MaxiTRANS Industries Limited Half Year Ended 31st December 2016
Slide 2: 1H17 Overview
1H17 OVERVIEW • For personal use only Revenue down 5.7% on pcp • Trailer Solutions business down 8% o Strong Australian tipper sales more than offset by softer Freighter and Maxi-CUBE sales o NZ significantly impacted by delay in equipment regulation change (now passed) • Parts and Components up 1%
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS For personal use only Sales $M NPAT $M 200 7 180 6 160 5 140 120 4 100 3 80 2 60 40 1 20 0 1H15 2H15 1H16 2H16 1H17 0 -1 1H15 2H15 1H16 2H16 1H17 NPAT Underlying NPAT • 2H15 includes AZMEB impairment $1.8m • 1H16 includes Bundaberg closure $0.44m • 2H16 includes Hamelex White &
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS For personal use only 1H15 1H16 1H17 % Change $,000 $,000 $,000 on 1H16 Revenue 172,022 181,365 171,591 (5%) EBITDA 10,673 11,197 12,164 9% NPBT 6,708 7,364 8,590 17% NPAT attributable to 5,086 5,189 6,074 17% MXI equity holders Underlying NPAT attributable to MXI 5,086 5,627(1)
Slide 5: Financial Highlights: Underlying NPAT Bridge 1H17 vs 1H16
FINANCIAL HIGHLIGHTS For personal use only Underlying NPAT Bridge - 1H17 vs 1H16 ($000) 8,000 $484 $6,074 6,000 $5,627 ($1,998 ) $799 $1,162 4,000 2,000 - 1H16 Sales volume Gross margin FX MTM reval & Tax & minority 1H17 variance variance provision movement amendments
Slide 6: Financial Highlights (cont...)
FINANCIAL HIGHLIGHTS (CONT…) For personal use only 1H15 1H16 1H17 % Change $,000 $,000 $,000 on 1H16 • Operating cashflow Operating Cashflow 10,682 13,182 2,034 (84%) impacted by lower Net Debt 34,334 31,809 36,127 13% revenue and higher working capital, Net Debt / Equity 28% 25% 28% 3ppts largely d
Slide 7: Working Capital
Working Capital For personal use only Working capital movement (1H17v1H16) Higher inventory holding due to: - MaxiPARTS ($3m) - Trailer customer orders awaiting -$4,345 Creditors delivery($2.1m) - Stock trailers (2.5m) - Used units ($0.7m) Inventory $8,478 -$1,138 Debtors -$6,000 -$4,000 -$2,000 $-
Slide 8: Trailer Solutions - Australia
TRAILER SOLUTIONS - AUSTRALIA • Australian trailer market starts to show first For personal use only signs of growth in two years led by stronger tipper demand • Benefits gained from diverse product portfolio • Revenue down 8% and unit sales down 6% on pcp • Improved order intake at the end of 1H re
Slide 9: Freighter
FREIGHTER For personal use only • All major general freight trailer manufacturers lost market share in 2016. • Low business confidence drove sales down 22% on pcp • Order intake down 20% on pcp, however, showed improvement late in the half and continues to improve • A number of product changes impro
Slide 10: Maxi-CUBE
MAXI-CUBE For personal use only • Notwithstanding aggressive discounting, sales down 36% on pcp driven by abnormally high pcp sales in pcp. Unit sales in line with prior two year average • Order bank up 6% on pcp • Significant opportunities from major fleets remain in the market
Slide 11: Tippers
TIPPERS For personal use only All tipper sectors (agriculture, construction and waste) performed strongly • Sales 67% up on pcp • 3 of top 10 customers, 2 of which are in the waste sector • Order intake 22% up on pcp • Order bank at end of 1H FY17 80% higher than same time last year.
Slide 12: Parts and Components
PARTS AND COMPONENTS For personal use only • MaxiPARTS revenue is flat with the continued decline in Gladstone offset by new growth initiatives • Significant profit improvement • Strong pricing disciplines delivering trading margin improvement • In excess of 100 MaxiSTOCK customer inventory manageme
Slide 13: Trailers - New Zealand
TRAILERS - NEW ZEALAND For personal use only • Revenue down 44% on pcp. • Regulation changes impacting trailer dimensions and allowing for greater productivity caused deferral in order placement. The new regulations are now in place.
Slide 14: Maxi-CUBE Tong Composites (MTC) - China
MAXI-CUBE TONG COMPOSITES (MTC) (1) - China For personal use only • Revenue up 20% on pcp • Profit improvement of 76% on pcp due to stronger production volumes and higher margin product mix (1) – 80% owned
Slide 15: Outlook FY17
OUTLOOK FY17 For personal use only • Strong Australian tipper order book leading into 2H17 and flat order book v pcp for other products • NZ regulation change and customer contract changes should see improvement in orders in H2 FY17 but will not result in sales improvement until FY18 • MaxiPARTS sho
Slide 16: For personal use only
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