Raubex Group Limited · JSE:RBX
Raubex — FY2022 Earnings Presentation
46 slides from Raubex's earnings presentation, Feb 28, 2022
Slide 1: Audited Results for the year ended 28 February 2022
AUDITED RESULTS for the year ended 28 February 2022 Raubex Group Limited (Incorporated in the Republic of South Africa) Registration number 2006/023666/06 Share Code: RBX ISIN Code: ZAE000093183 (“Raubex” or “the Group”)
Slide 2: Agenda
Agenda • The Year in Review • Group Financial Highlights • Divisional Reviews • Order Book • Major Projects Progress • Conclusion • Leadership Transition 2
Slide 3: The Year in Review
The Year in Review • The Group is pleased to present a strong set of results for the year ended 28 February 2022 • The Group commenced the year with a record order book of R17,1 billion • Executing the order book profitably • The Beitbridge Border Post project in Zimbabwe, the Group’s largest projec
Slide 4: Group Financial Highlights
Group Financial Highlights • Revenue increased 30,9% to R11,58bn (2021: R8,85bn) • Operating profit increased 159,4% to R945,3m (2021: R364,5m) • Group operating profit margin of 8,2% (2021: 4,1%) • HEPS increased 263,1% to 297,4 cps (2021: 81,9 cps) • Cash generated from operations decreased 39,8%
Slide 5: Income Statement
Income Statement Annual results Annual results 2022 2021 (R’000) (R’000) Revenue 11 577 951 8 846 454 % growth 30,9% 1,3% Operating profit 945 316 364 456 % growth 159,4% (24,1%) Operating margin 8,2% 4,1% Net finance costs 24 084 21 980 Profit before tax 913 278 341 612 Profit after tax 625 433 203
Slide 6: Statement of Financial Position – Assets
Statement of Financial Position – Assets Annual results Annual results 2022 2021 (R’000) (R’000) Non-current assets 5 046 367 4 193 981 Property, plant and equipment 3 043 285 2 384 052 Investment property 114 495 - Right-of-use assets 377 188 295 030 Intangible assets 999 984 1 025 282 Investment i
Slide 7: Statement of Financial Position – Equity and Liabilities
Statement of Financial Position – Equity and Liabilities Annual results Annual results 2022 2021 (R’000) (R’000) Equity 5 217 971 4 674 224 Attributable to shareholders 4 796 114 4 403 385 Non-controlling interest 421 857 270 839 Non-current liabilities 1 404 516 1 226 827 Borrowings 557 578 397 022
Slide 8: Statement of Cash Flows
Statement of Cash Flows Annual results 2022 Annual results 2021 Cash flows from operating activities (R’000) (R’000) Cash generated from operations 800 090 1 329 416 Finance costs – net (21 326) (18 428) Taxation paid (212 635) (190 615) Net cash generated from operating activities 566 129 1 120 373
Slide 9: Segmental Analysis
Segmental Analysis Roads and Operating segments Materials Earthworks Infrastructure Consolidated February 2022 Revenue (R’000) 2 491 841 5 537 481 3 548 629 11 577 951 Operating profit (R’000) 272 697 297 352 375 267 945 316 Operating margin 10.9% 5.4% 10.6% 8.2% February 2021 Revenue (R’000) 2 452
Slide 10: Dividend Declaration
Dividend Declaration • Final cash dividend declared of 54 cents per share (Full year dividend of 101 cents) • 3 times cover policy maintained • Relevant dates • Last day to trade cum dividend - Tuesday, 31 May 2022 • Commence trading ex dividend - Wednesday, 1 June 2022 • Record date - Friday, 3 Jun
Slide 11: Materials Division
Materials Division • Revenue increased 1,6% to R2,49bn (2021: R2,45bn) • Operating profit decreased 9,6% to R272,7m (2021: R301,8m) • Operating margin decreased to 10,9% (2021: 12,3%) • Capital expenditure of R430,5m (2021: R215,8m) • Order book of R2,30bn (2021: R1,85bn) • The division continued to
Slide 12: Roads and Earthworks Division
Roads and Earthworks Division • Revenue increased 56,0% to R5,54bn (2021: R3,55bn) • Operating profit increased to R297,4m (2021: R10,4m) • Operating margin increased to 5,4% (2021: 0,3%) • Capital expenditure of R172,5m (2021: R108,1m) • Order book of R10,20bn (2021: R11,06bn) • The division focuse
Slide 13: Infrastructure Division
Infrastructure Division • Revenue increased 24,8% to R3,55bn (2021: R2,84bn) • Operating profit increased to R375,3m (2021: R52,2m) • Operating margin of 10,6% (2021: 1,8%) • Capital expenditure of R93,0m (2021: R93,3m) • Order book of R4,63bn (2021: R4,21bn) • Strong performance from commercial bui
Slide 14: Infrastructure Division – Renewable Energy Update
Infrastructure Division – Renewable Energy Update • Renewable Energy IPP Risk-mitigation round • Commercial close was delayed due to various legal actions • In final stages of signing these contract awards • Raubex is well positioned with strategic partners • Renewable Energy IPP Bid Window 5 • Pref
Slide 15: International (Rest of Africa)
International (Rest of Africa) • Revenue increased 172,0% to R1,54bn (2021: R564,9m) • Operating profit increased to R288,2m (2021: -R12,8m operating loss) • Operating margin increased to 18,8% (2021: -2,3% operating loss margin) • Order book of R3,05bn (2021: R4,36bn) • Strong results reported from
Slide 16: International (Australia)
International (Australia) • Revenue increased 49,3% to R1,64bn (2021: R1,10bn) • Operating profit increased 138,9% to R177,5m (2021: R74,3m) • Operating margin increased to 10,8% (2021: 6,8%) • Order book of R1,03bn (2021: R848,3m) • Good results were reported by Westforce Construction during the ye
Slide 17: Order book
Order book FY 2022 FY 2021 International 24% International 30% SANRAL SANRAL 37% 39% Private 24% Private 15% Concessions 7% Concessions 8% Provincial 7% Municipal Municipal 2% Provincial 4% 3% Timing R17,133bn Timing R17,123bn FY 2023 R9,997bn FY 2022 R8,733bn FY 2024 R4,191bn FY 2023 R4,491bn FY 20
Slide 18: Order Book History
Order Book History Order book trend to 28 February 2022 18 000 16 000 14 000 12 000 Rand million 10 000 8 000 6 000 4 000 2 000 - Feb 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17 Feb 18 Feb 19 Feb 20 Feb 21 Feb 22 INTERNATIONAL 893 624 843 330 1 678 2 207 2 130 1 903 2 548 1 132 935 5 206 4 0
Slide 19: Major Projects Progress
Major Projects Progress
Slide 20: Beitbridge Border Post Zimbabwe (Phase 1 – Truck Terminal)
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe (Phase 1 – Truck Terminal) 20
Slide 21: Beitbridge Border Post Zimbabwe (Phase 2 – Bus Terminal)
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe (Phase 2 – Bus Terminal) 21
Slide 22: Staff Village at Beitbridge Border Post Zimbabwe
Raubex Building & Raubex Construction: Staff Village at Beitbridge Border Post Zimbabwe 22
Slide 23: Empa Structures: Reservoir at Beitbridge Border Post
Empa Structures: Reservoir at Beitbridge Border Post Zimbabwe 23
Slide 24: Extension of Vereeniging Drive, Bloemfontein
Raubex Infra: Extension of Vereeniging Drive, Bloemfontein, Bridge Construction and Interchange 24
Slide 25: Belhar Student Housing Facility – Cape Town
Raubex Building: Belhar Student Housing Facility – Cape Town 25
Slide 26: Raubex Building: Bridge City - Durban
Raubex Building: Bridge City - Durban 26
Slide 27: Raudev: Woodwind Bassoon Park
Raudev: Woodwind Bassoon Park 27
Slide 28: B&E International: Howard Quarry
B&E International: Howard Quarry 28
Slide 29: Transkei Quarries: Butterworth Operation
Transkei Quarries: Butterworth Operation 29
Slide 30: Shisalanga Construction: Ixopo Plant
Shisalanga Construction: Ixopo Plant 30
Slide 31: SPH Kundalila: Kookfontein Mine – North West Province
SPH Kundalila: Kookfontein Mine – North West Province 31
Slide 32: N4 Witbank to Maputo Toll Road - Karino Interchange - Before
Raubex Construction: N4 Witbank to Maputo Toll Road - Karino Interchange - Before 32
Slide 33: N4 Witbank to Maputo Toll Road - Karino Interchange - After
Raubex Construction: N4 Witbank to Maputo Toll Road - Karino Interchange - After 33
Slide 34: Raubex Construction: N3 Dardanelles
Raubex Construction: N3 Dardanelles 34
Slide 35: Raubex Construction: N4 Witbank
Raubex Construction: N4 Witbank 35
Slide 36: Roadmac Surfacing Cape: R311 Riebeek Kasteel
Roadmac Surfacing Cape: R311 Riebeek Kasteel 36
Slide 37: National Asphalt: Portland Plant – Cape Town
National Asphalt: Portland Plant – Cape Town 37
Slide 38: Tosas: R61 from Beaufort West to Aberdeen
Tosas: R61 from Beaufort West to Aberdeen 38
Slide 39: Westforce Construction: Roy Hill ROM 4 Concrete Works
Westforce Construction: Roy Hill ROM 4 Concrete Works 39
Slide 40: Westforce Construction: FMG Mobile Maintenance Works
Westforce Construction: FMG Mobile Maintenance Works, Western Australia 40
Slide 41: Raubex Construction: Cape Busselton, Western Australia
Raubex Construction: Cape Busselton, Western Australia 41
Slide 42: Raubex Construction: Coolgardie Landfill, Western Australia
Raubex Construction: Coolgardie Landfill, Western Australia 42
Slide 43: Raubex Construction: CBH, Carnamah Wheatbelt
Raubex Construction: CBH, Carnamah Wheatbelt, Western Australia 43
Slide 44: Conclusion
Conclusion • The Materials Division will continue to pursue strategic partnerships with mineral resource owners to afford the Group the opportunity to participate in various materials handling and processing opportunities over the medium and long term • In the Roads and Earthworks Division the curre
Slide 45: Leadership Transition
Leadership Transition • Important leadership changes to take the business forward on its next growth phase • Felicia and Dirk both have over a decade experience with Raubex and strong complementary skills • Addressing Raubex’s growing complexity and scale; in-line with ongoing succession processes •
Slide 46: Q&A
CALBES: ub, O&A