Raubex Group Limited · JSE:RBX
Raubex — FY2014 Earnings Presentation
29 slides from Raubex's earnings presentation, May 2014
Slide 1: Audited annual results for the year ended 28 February 2014
RHLIDED *Ubex Group Lirni® Audited annual results Vv for the year ended 28 February 2014
Slide 2: Agenda
Agenda • The Year in Review • Group Financial Highlights • Financial Review • Divisional Review • Order Book • Acquisitions • Major Projects Progress • Conclusion
Slide 3: The Year in Review
The Year in Review • Satisfactory performance given market conditions • Competitive landscape remains difficult • Challenging conditions persist in the road construction industry • SANRAL tender volumes maintained • Strike impact on construction contracts • Improved conditions in the materials secto
Slide 4: Group Financial Highlights
Group Financial Highlights • Revenues up 12,2% to R6,33bn (2013: R5,64bn) • Operating profit up 11,6% to R539,9m (2013: R483,8m) • Normalised operating profit down 0,5% to R539,9m (2013: R542,6m) • Group operating profit margin of 8,5% (2013: 8,6%) • HEPS up 17,9% to 187,1 cps (2013: 158,7 cps) • No
Slide 5: Income Statement
Income Statement Annual results 2014 Annual results 2013 (R’000) (R’000) Revenue 6 325 012 5 635 519 % growth 12,2% 12,0% EBIT 539 875 483 805 % growth 11,6% (9,0%) Profit before tax 534 462 477 139 Profit after tax 379 676 318 568 Share incentive scheme expenses 27 354 26 071 Operating margin 8,5%
Slide 6: Statement of Financial Position
Statement of Financial Position Annual results 2014 Annual results 2013 (R’000) (R’000) Non-current assets 2 642 791 2 349 119 Property, plant and equipment 1 841 611 1 561 232 Intangible assets 763 671 763 951 Other 37 509 23 936 Current assets 2 711 171 2 508 862 Inventory 420 240 245 546 Trade an
Slide 7: Statement of Cash Flows
Statement of Cash Flows Annual results 2014 Annual results 2013 (R’000) (R’000) Cash flows from operating activities Cash generated from operations 751 420 859 007 Finance costs – net (5 413) (5 629) Taxation paid (136 438) (173 269) Net cash generated from operating activities 609 569 680 109 Cash
Slide 8: Segmental analysis
Segmental analysis Business Raubex Raubex segments Raumix Roadmac Construct Infra Tosas Consolidated February 2014 Revenue (R’000) 1 624 577 2 505 115 1 179 805 730 759 284 756 6 325 012 Operating profit (R’000) 259 152 209 260 40 026 36 966 (5 529) 539 875 Operating margin 16,0% 8,4% 3,4% 5,1% (1,9
Slide 9: Dividend Declaration
Dividend Declaration • Final cash dividend declared of 35 cents per share • Interim cash dividend of 30 cents per share • 3 X cover ratio maintained • Relevant dates • Last day to trade cum dividend Friday, 30 May 2014 • Commence trading ex dividend Monday, 2 June 2014 • Record date Friday, 6 June 2
Slide 10: Roadmac
Roadmac • Revenue down 9,0% to R2,51bn (2013: R2,75bn) • Operating profit increased 4,9% to R209,3m (2013: R199,5m) • Operating margin increased to 8,4% (2013: 7,2%) • Capex of R85,5m (2013: R126,3m) • Order book of R1,781bn • Margins to remain in current range • Competitive landscape to maintain pr
Slide 11: Raubex Construction
Raubex Construction • Revenue down 3,1% to R1,18bn (2013: R1,22bn) • Operating profit decreased 35,1% to R40,0m (2013: R61,7m) • Operating margin decreased to 3,4% (2013: 5,1%) • Capex of R51,2m (2013: R37,1m) • Order book secured of R2,066bn • Division impacted by strike action and adverse weather
Slide 12: Raumix
Raumix • Revenue increased 8,2% to R1,62bn (2013: R1,50bn) • Operating profit increased 18,4% to R259,2m (2013: R218,9m) • Operating margin increased to 16,0% (2013: 14,6%) • Capital expenditure of R320,3m (2013: R283,8m) • Order book of R1,667bn • Improved performance from commercial quarries and m
Slide 13: Raubex Infra
Raubex Infra • New division specialising in infrastructure solutions • Good performance; first full year of operations • Revenue increased to R730,8m (2013: R162,8m) • Operating profit increased to R37,0m (2013: R3,7m) • Margin of 5,1% (2013: 2,3%) • Capital expenditure of R22,8m (2013: R13,7m) • Or
Slide 14: Raubex International
Raubex International • Revenue down 5,9% to R434,5m (2013: R461,7m) • 6,9% of group total • Operating profit down 4,1% to R80,8m (2013: R84,2m) • 15% of group total • Operating margin increased to 18,6% (2013: 18,2%) • Order book of R1,678bn; 26% of group total • Operations in Namibia, Botswana, Zam
Slide 15: Tosas
Tosas • Acquired 26 April 2013 from Sasol Oil • Revenues of R284,8m (H1 2014: R82,8m) • Net loss of R3,5m (H1 2014: Net loss of R5,3m) • Revenues including inter group supply of R411,5m; 30,8% internal • Bedding down well; synergies being realised • Loss reduced in H2; expected to return to profitab
Slide 16: Order book
Order book 2013 2014 Order Book R6,551bn Order Book R5,235bn FY 2015 R4,451bn FY 2014 R4,115bn FY 2016 R1,509bn FY 2015 R1,103bn FY 2017 R0,501bn FY 2016 R0,017bn Beyond R0,090bn
Slide 17: Acquisitions
Acquisitions OMV Crushers Shisalanga Construction • Materials • Asphalt • Revenue – R122m • Revenue – R165m • Percentage acquired – 70% • Percentage acquired – 60%
Slide 18: Major Projects Progress
Major Projects Progress Raubex Infra : 476 houses for Kumba Iron Ore in Kathu R243 million
Slide 19: Major Projects Progress
Major Projects Progress Raubex Infra : 476 houses for Kumba Iron Ore in Kathu R243 million
Slide 20: Major Projects Progress
Major Projects Progress Raubex Infra: 70MW solar farm for Scatec Solar at Dreunberg R120 million
Slide 21: Major Projects Progress
Major Projects Progress SANRAL: N8 Sannaspos to Thaba Nchu R463 million
Slide 22: Major Projects Progress
Major Projects Progress NAMDEB: MA1 material handling
Slide 23: Major Projects Progress
Major Projects Progress Queenstown Quarry : New crusher installation R30 million
Slide 24: Major Projects Progress
Major Projects Progress CLIFFDALE: Bitumen storage yard
Slide 25: Major Projects Progress
Major Projects Progress PAWC: Reseal from trunk road to Rooi Els R43 million
Slide 26: Major Projects Progress
Major Projects Progress SANRAL: R58 Reseal between Burgersdorp and Aliwal North R33 million
Slide 27: Major Projects Progress
Major Projects Progress N3TC: Rehabilitation of N3 from Mooi River to Midway R467 million
Slide 28: Conclusion
Conclusion • Satisfactory results given challenging conditions • Strong balance sheet and positive cash generation maintained • Short term order book secured • Competitive conditions persist • Upturn in the cycle dependent on: • Execution of government’s infrastructure plan • Successful implementati
Slide 29: Ubex Group Lite”
> d Ubex Group Lite” A