Slide 1: Full Year Results
FULL YEAR RESULTS Results for the year ended 30 June 2024
Slide 2: Agenda
Agenda 01 Salient features 02 Financial results 03 Market outlook 04 Strategic review 05 Key messages 06 Appendices New Bridgewater Bridge, Tasmania, Australia Tasmania’s largest ever transport infrastructure project 2
Slide 3: FY24 Salient features – Results summary
FY24 Salient features – Results summary Resilient return to profitability and positive cash generation Revenue 27% A$3.1 billion Operating Earnings >100% A$34.5 million (R37.5 billion) Before (R424 million) Capital Items Headline Earnings >100% A$38.0 million Headline Earnings >100% A$29.6 cents (R4
Slide 4: FY24 Salient features – Executive Summary
FY24 Salient features – Executive Summary CEO insights and reflections - Returned the Group to profitability and positive cash generation. - Strengthened balance sheet through improved profitability, strong cash generation and the repayment of debt. - Projects impacted by COVID and hyper escalation
Slide 5: Segment performance – Infrastructure
FY24 Salient features - Segment performance - Infrastructure 96% of projects across the portfolio are profitable Australia 81% of segment revenue 78% of Group revenue - The few remaining projects awarded pre-COVID and impacted by hyper escalation did not contribute margin. - Projects awarded post-CO
Slide 6: Segment performance – Building
FY24 Salient features - Segment performance - Building 100% of projects across the portfolio are profitable Overall 13% of Group revenue - Significant increase in revenue; in line with the segment’s growth agenda. - Operating earnings above plan due to good project execution. - Margin in line with i
Slide 7: Segment performance – Mining
FY24 Salient features - Segment performance - Mining New executive management. Consolidation and reset operational strategy well progressed. Moolmans 9% of Group revenue - Increase in revenue and positive operating earnings despite the scaling down of two contracts in the period. - Moolmans’ clients
Slide 8: FY24 Salient features - Our people
FY24 Salient features - Our people Over 4,500 proud and passionate employees Organisational development Diversity, Equity and Inclusion - Continued increase in staff alignment and engagement across - 149 formal internships, learnerships and apprenticeships across infrastructure and building with ali
Slide 9: FY24 Salient features – ESG highlights
FY24 Salient features – ESG highlights The Group continues to improve ESG outcomes for all stakeholders Environmental - Continue to minimise carbon footprint, water use, and waste. - Over 1,935,000 tonnes of waste diverted from landfill. - 637 million litres of non-potable water used. - 442 tonnes o
Slide 10: Financial results
02 Financial results Tshipi Mine Moolmans, South Africa
Slide 11: Financial results – FY2024 Salient features
Financial results – FY2024 Salient features Full year earnings build on the improved operating earnings of H1 - Revenue up A$650 million compared to 2023. 2024 20233 A$m A$m - Operating earnings before capital items improved significantly1/3. Group revenue1 3 055 2 405 Growth2 27% - Basic earnings p
Slide 12: Financial results – Comprehensive Earnings
Financial results – Comprehensive Earnings FY2023 without impact of BLNG1 FY 2024 FY 2023 FY2023 Commentary A$m A$m A$m Continuing operations Revenue 3 055.4 2 405.4 2 405.4 Cost escalation translates into additional revenue. Gross earnings 175.6 38.8 142.8 Gross margin expected to improve following
Slide 13: Financial results – Segmental results
Financial results – Segmental results FY 2024 Aveng Other & Pro-forma information Infrastructure Building Mining A$m Legacy Elimination Revenue 3 055.4 2 417.1 419.1 268.9 0.8 (50.5) Gross earnings 175.6 144.2 19.9 15.7 (4.2) - Gross margin % 5.7% 6.0% 4.7% 5.8% (>100%) - Operating earnings / (loss)
Slide 14: Financial results – Financial position
Financial results – Financial position Aveng strengthened its balance sheet through improved profitability, strong cash generation and the repayment of debt. 30 June 30 June Change Statement of financial position as at 2024 2023 A$m A$m A$m Non-current assets 445.4 408.4 37.0 Current assets 817.3 68
Slide 15: Financial results – Financial position
Financial results – Financial position Movements in PPE and ROU (A$m) 104.2 - Additions represent investment in replacement mining equipment in Mining segment and replacement PPE & ROU office leases in Infrastructure segment. - Effective annualised depreciation rate of 25.3% per annum. Other / Openi
Slide 16: Financial results – Financial position
Financial results – Financial position Movements in working capital (A$m) Balance Inventory Trade & other Contract Trade & other Contract Balance 30 June receivables assets payables liabilities 30 June 2023 2024 - Minimal net movement in inventory or trade & other receivables across the portfolio. -
Slide 17: Financial results – Liquidity
Financial results – Liquidity Movement in cash (A$m) 45.7 Cash balance Cash from Working capital Net finance Taxation Net capex Repayment of Net repayment Net payment of Net new Foreign Other Cash balance 30 June 2023 operations change charges term debt of external capital portion ABFs exchange 30 J
Slide 18: Market outlook
03 Market outlook The Queen Elizabeth Hospital Stage 3 Redevelopment Built Environs, South Australia
Slide 19: FY25 Market outlook
FY25 Market outlook Positive outlook for FY2025 and beyond Infrastructure: Building: Mining: - Macro trends used to inform long term strategy - Markets in Australia and New Zealand remain - Mining environment impacted in South Africa by (Horizon 2030) coming to fruition. strong with government spend
Slide 20: Strategic review
04 Strategic review Mardie Salt & Potash Marine Structures McConnell Dowell, Western Australia
Slide 21: Strategic review
Strategic review Enhancing stakeholder value and maximising value to shareholders. Aveng remains committed to all stakeholders, including clients, suppliers and employees. Context - Aveng's two operating businesses (McConnell Dowell and Moolmans) have distinctly different business characteristics an
Slide 22: Key messages
05 Key messages Corban Reserve Stormwater Upgrade McConnell Dowell, Auckland
Slide 23: Key messages
Key messages Return to profitability and strategic direction confirmed - Return to profitability and cash-generation. - Pre-COVID projects nearing completion – post-COVID projects performing well. - McConnell Dowell (including Built Environs) – aligned to growing defence, energy, water, marine and r
Slide 24: Thank you & Questions
Thank you & Questions Aveng.co.za
Slide 25: Appendices
06 Appendices Tengah Plantation, Tengah Park and Bukit Batok West Stations and Viaduct McConnell Dowell, Singapore
Slide 26: Appendices – Comprehensive Earnings
Appendices – Comprehensive Earnings 2024 2023 Change Rm Rm Rm Continuing operations Revenue 37 450 28 865 8 585 Gross earnings 2 151 443 1 708 Gross margin % 5.7% 1.5% 4.2% Operating earnings / (loss) before capital items 424 (1 060) 1 484 Capital (expenses) / earnings (90) 9 99 Operating earnings /
Slide 27: Appendices – Statement of financial position
Appendices – Statement of financial position 30 June 2024 30 June 2023 Change Rm Rm Rm Non-current assets 5 427 5 125 302 Current assets 9 954 8 539 1 415 Total assets 15 381 13 664 1 717 Stated capital 4 801 4 776 25 Accumulated losses (2 989) (3 305) 316 Other 1 627 1 684 (57) Total equity 3 439 3