Slide 1: FY21 Full Year Results Presentation
FY21 Full Year Results Presentation David Christie (Chair) & Zane Banson (Interim CEO) Investor briefing | May 2021 “Well placed for growth” 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Wingara for professional investors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in t
Slide 3: Agenda
Agenda FY21 Overview 4-5 FY21 Financial results 6 - 13 Outlook & strategy 14 - 19 Appendix 20 - 23 3
Slide 4: FY21 Growth during challenging external & internal conditions
FY21 Growth during challenging external & internal conditions A year of challenges… … and transformation Well placed for growth JC Tanloden • Independent Chair and Board appointed and committed to • Change in strategic focus - back to core instilling robust corporate governance and oversight • Reduc
Slide 5: Our commitment to our employees
Our commitment to our employees Corporate governance and oversight Independent Chair and Board appointed and committed to instilling robust corporate governance and oversight across the business to ensure operational health & safety, wellbeing & welfare of employees, compliance and timely reporting.
Slide 6: FY21 Financial results
FY21 Financial results Zane Banson, Interim CEO 6
Slide 7: FY21 Wingara headlines
FY21 Wingara headlines Key comments (vFY20): • Revenue up $3.0m (or 8%), resilient despite $38.0m 44.8% challenging market conditions Revenue Gross margin +8% YOY -1.6pp YOY • Underlying EBITDA down by 25% at $2.5m. A challenging year for Austco Polar Cold Storage and 65.6k 12.2k MT higher operating
Slide 8: Historical underlying results
Historical underlying results Revenue (#039;000) Revenue 10,368 • Strong YoY revenue growth for JCT despite 13,348 challenges faced in FY21 12,362 APCS • Consolidated CAGR since the acquisition of APCS is JCT 27,641 14.2%; JCT increasing by 28.4%; offset partially by - 21,710 - 16,758 10,763 APCS decre
Slide 9: Operations resilient despite COVID-19
Operations resilient despite COVID-19 Income statement - Underlying FY21 FY20 Change Wingara Group summary: (#039;000) • Revenue up $3.0 to $38.0m, in line with growth in Revenue 38,009 35,058 +8% cash receipts Gross profit 17,036 16,271 +5% GP Margin 45% 46% • JC Tanloden production output up 56% to O
Slide 10: JC Tanloden: Achieves 75% production capacity milestone
JC Tanloden: Achieves 75% production capacity milestone Segment performance - Underlying FY21 FY20 Change (#039;000) • FY21 production was up 56% to 65.6kMT Segment revenue 27,641 21,710 +27% • Capacity utilisation surpassing 75% in Q4 FY21 Segment EBITDA 2,976 3,119 -5% target due to improved Total Pr
Slide 11: Austco Polar Cold Storage: strategic review underway
Austco Polar Cold Storage: strategic review underway Segment performance - Underlying FY21 FY20 Change • Business remains impacted by contractions in (#039;000) livestock markets and lower volume of slaughter Segment revenue 10,369 13,348 -22% rates over the past 18 months as a flow on from the Segment
Slide 12: Balance sheet
Balance sheet 31 March 2021 Balance Sheet FY21 FY20 Change • Trade and other receivables increased to $3.5m (#039;000) reflective of revenue growth Cash and cash equivalents 1,920 3,449 -44% Trade and other receivables 3,458 2,548 +36% • Inventories YoY decrease of 50% due to: Inventories 2,070 4,100 -
Slide 13: Cash flow
Cash flow 31 March 2021 Cash flow statement FY21 FY20 Change • Strong cash receipts from customers ending at (#039;000) $37.3m, up by 9% YoY Receipts from customers 37,332 34,167 +9% Payments to suppliers and employees (36,530) (30,634) +19% • Net cash from operating activities is $0.3m, down Grant inc
Slide 14: Outlook & Strategy
Outlook & Strategy David Christie, Chair 14
Slide 15: James Whiteside appointed as CEO, commences July 2021
James Whiteside appointed as CEO, commences 1 July 2021 Completes Wingara’s executive management team • 28 years’ agricultural sector experience, including 13 years in executive roles: • CEO of AUSVEG – Australia’s major horticultural body • Incitec Pivot – roles included Group COO and COO of Fertil
Slide 16: JC Tanloden well placed in FY22 - high demand in large market opportunity
JC Tanloden well placed in FY22 - high demand in large market opportunity Current markets South Korea • Total Australian exports 107k MT* • JC Tanloden has a strong market • Recent export growth of 10%** position in Taiwan and expects to • WNR market share: 10%*** maintain this going forward • The c
Slide 17: FY22 outlook
FY22 outlook 01 02 03 Return to core: change in strategic focus to Hay exports Strategic review for APCS, cold storage segment Build trust and maximise returns for shareholders • Expect to carry strong volume run-rates into • Challenging industry conditions not expected to • $1m annualised cost savi
Slide 18: Appendix
Appendix 18
Slide 19: Reconciliation: Reported to Underlying results
Reconciliation: Reported to Underlying results Mark-to- market Impairment Reported Bad debts Forfeiture of Transaction Disposal of Share-based inventory Restructure of capital Underlying 1 2 3 4 5 6 7 (#039;000) FY21 expense deposit costs fixed assets payments adjustment costs projects FY21 Revenue 38,
Slide 20: Enabling Australian agricultural products to reach end markets
Enabling Australian agricultural products to reach end markets WNR’s business model: • Owns and manages critical export infrastructure assets within the protein supply chain • Diversified revenue model based on throughput • Capitalise on our global trading network Business Model: Processor and Busin
Slide 21: A diversified agricultural products platform
A diversified agricultural products platform WNR has built a sustainable platform for processing and marketing agricultural products – more products can be added at the appropriate time 1 2 3 For Primary For Customers Producers Process raw Logistics to move Provide insights Receive Connect primary p
Slide 22: JC Tanloden: 2021/22 harvest season looking optimistic
JC Tanloden: 2021/22 harvest season looking optimistic • After a difficult end to the last hay-growing season, signs are looking more positive for the 2022 harvest. • Rainfall for Jun-21 to Aug-21 is forecasted to be above average for JCT key catchment areas with chance of exceeding median greater t
Slide 23: Austco Polar Cold Storage: no signs of short-term recovery
Austco Polar Cold Storage: no signs of short-term recovery • Australian red meat processing and export is where the majority of Austco Polar’s customers’ activity is concentrated. A combination of macroeconomic uncertainty across global markets, and the cyclical restocking of beef herds across the c
Slide 24: We connect primary producers to the global market efficiently through our protein supply chain.
We connect primary producers to the global market efficiently through our protein supply chain. wingaraag.com.au