Acrow Limited · ASX:ACF
Acrow — Acrow Formwork and Construction Services — Shareholder Meeting (November 2018)
20 slides from Acrow's shareholder meeting presentation, Nov 20, 2018
Slide 1: Acrow CEO Address
ASX:ACF Acrow Formwork and Construction Services Limited C/- Level 5, 126 Phillip Street Sydney NSW 2000 ASX Release For personal use only 20 November 2018 Acrow CEO Address Ladies and gentlemen, I am very proud to address you here today as the CEO of Acrow Formwork and Construction Services at our
Slide 2: CEO Address: Natform, Financing and Trading
ASX:ACF Acrow Formwork and Construction Services Limited C/- Level 5, 126 Phillip Street Sydney NSW 2000 Natform Effective September 1, Acrow acquired the business of Natform, one of the leading designer and hirers of Screen edge For personal use only protection systems to the construction industry.
Slide 3: Annual General Meeting 2018 Full Year Financial Results
For personal use only Acrow Formwork & Construction Services Limited Annual General Meeting 2018 Full Year Financial Results 20 November 2018
Slide 4: 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
Slide 5: 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
Slide 6: Financial Results
For personal use only Financial Results
Slide 7: 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) ($’000) Commentary EBITDA EBITDA margin, % Underlying EBITDA has increased steadily year-on-year, dem
Slide 8: Financial Overview
Financial Overview Summarised Financial Performance ($’000) Commentary For personal use only Y/E 30 June, $'000 FY15A FY16A FY17A FY18A Revenue of $65.3m (highest number since Boral divestment) Summary P&L Formwork Hire 12,625 10,960 12,669 15,583 Formwork Hire Revenue of $15.6m (an increase of
Slide 9: 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
Slide 10: 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
Slide 11: 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
Slide 12: 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
Slide 13: 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
Slide 14: Acquisition of Natform
For personal use only Acquisition of Natform
Slide 15: 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
Slide 16: 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.
Slide 17: 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
Slide 18: AGM Outlook Statement
AGM Outlook Statement Defensible Trading Business with Room to Grow For personal use only Following record result from 2018 financial year, YTD to October 2018 trading remains in line with expectations Particularly strong last six months in terms of the total hire revenue secured from new contra
Slide 19: 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
Slide 20: Thank you
For personal use only Thank you
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