Dalrymple Bay Infrastructure Ltd. · ASX:DBI
Dalrymple Bay Infrastructure — H1 2021 Earnings Presentation
24 slides from Dalrymple Bay Infrastructure's earnings presentation, Aug 25, 2021
Slide 1: 2021 Half Year Financial Results
2021 Half Year Financial Results August 2021
Slide 2: Today's Presenters and Agenda
Today’s Presenters and Agenda 1 1H-21 Highlights 2 1H-21 Financial Performance Anthony Timbrell Managing Director & CEO 3 Regulatory Framework Overview Dalrymple Bay Infrastructure 4 Key Priorities for CY-21 Stephanie Commons Chief Financial Officer Dalrymple Bay Infrastructure 4 2
Slide 3: 1H-21 Highlights
1H-21 Highlights Delivered stable, consistent 1H-21 financial results, meeting Prospectus forecasts QCA approved transition to light-handed regulation from 1 July 2021 Delivered aggregate 1H-21 distribution1 of 9 cents per security, in line with Prospectus. Distribution guidance of 18 cents pe
Slide 4: Why invest in DBI?
Why invest in DBI? 1 Critical link in the global steel supply chain 29% ~82% ~17% Queensland’s coal Metallurgical coal Global metallurgical exports in FY2019/20 throughput in 1H 2021 coal exports in 2020 The QCA approved a move to a light- handed regulation model 100% take-or-pay No relief for Users
Slide 5: 1H-21 Financial Performance
1H-21 Financial Performance
Slide 6: Financial Overview
Financial Overview The statutory results reflect DBI's acquisition of the DBT Entities on listing on 8 December 2020. Consequently, actual results differ to the forecast provided in DBI’s Prospectus which assumed listing and acquisition of the DBT Entities on 1 December 2020 Profit & Loss Prospectus
Slide 7: Cashflow Statement
Cashflow Statement DBI’s cashflow for the period, net of Liquidity Facility movements, was within Prospectus forecast, with variances mainly due to 1 Net Interest Paid Cash interest paid was 4.1% higher than Prospectus forecast due to interest timing accrued as at 31 December 2020 and paid during 1H
Slide 8: Balance Sheet
Balance Sheet Cash Balance Sheet 30-Jun-21 31-Dec-20 Variance 1 Actual 31 December 2020 cash at bank included $105.0 million earmarked to settle accrued but unpaid IPO Transaction Costs. $100m of these Transaction Costs have now been settled or A$ million Note refunded leaving $5m outstanding. Under
Slide 9: Key Credit Highlights
Key Credit Highlights (1) Investment grade credit profile with diversified funding sources Funding Source(1) (by Facility Limit, %) • $2.1 billion of total debt facilities(1,2) of which $1.9 billion was drawn at reporting date – headroom of $233 million • Post 30 June, $260 million of bank debt was
Slide 10: Regulatory Framework Overview
Regulatory Framework Overview
Slide 11: Revenue & Price Setting
Revenue & Price Setting The Queensland Competition Authority (QCA) approved a light-handed regulatory framework under a negotiate- arbitrate model, commencing from 1 July 2021 and applying for five years until the next review date. Commercial negotiations with customers are currently underway and DB
Slide 12: Engaging with Customers post Regulatory Reset
Engaging with Customers post Regulatory Reset DBI recently commenced the process of negotiating with its customers under the light-handed framework DBI has provided all information required by the QCA to its customers The negotiations remain ongoing, confidential and no agreement has been reached on
Slide 13: Key priorities for CY-21
Key priorities for CY-21
Slide 14: Outlook and priorities for CY-21
Outlook and priorities for CY-21 Continue to progress negotiations with customers under the light-handed regulatory environment Deliver total distributions for CY-21 of 18 cents per security Target 60-80% payout ratio with 1-2% p.a. DPS growth Maintain investment grade balance sheet Deliver our whol
Slide 15: Appendix
Appendix
Slide 16: 2021 Regulatory Reset
2021 Regulatory Reset Impact of a transition to a lighter handed framework under the 2021 AU Previous (expired 1 July 2021) 2021 AU (lighter handed regulation) (1 July 2021) Existing Users: Access Agreements Existing Users: Access Agreements Terms of Access Access seekers: apply for access under AU
Slide 17: Sustainability Strategy
Sustainability Strategy DBI’s Sustainability Strategy, in partnership with the Operator, reflects a strong, whole-of-terminal commitment to ESG principles FOCUS AREAS FOCUS AREAS Safety Healthy Reef and Ecosystems Positive Culture and Leadership Water Management Proactive Communication and Climate C
Slide 18: 2021 ESG Priorities and Highlights
2021 ESG Priorities and Highlights Our ESG priorities for FY21 will focus on sustainability and climate change Climate change • Shorten the timeframe for net zero commitment for Scope 1 and 2 emissions by considering a 100% renewable power purchase agreement for DBT at the next renewal date1; • Defi
Slide 19: Longstanding relationships with high quality Users
Longstanding relationships with high quality Users and strong alignment through the value chain • Diversified User portfolio comprising some of the world’s largest mining Users maintain strong credit ratings and reliance on the port companies Relationship • Key Users maintain strong credit ratings a
Slide 20: Terminal expansion pathway to 99.1Mtpa and beyond
An expansion of the terminal can accommodate growth in exports and is expected to drive a material increase in capital asset base Well-defined pathway to 99.1Mtpa through the 8X Expansion and potential further expansion through 9X to 136Mtpa (Mtpa) Additional Limited rail constraints ~37 ~136 land,
Slide 21: Reconciliation of Statutory Borrowings to Net Debt
Reconciliation of Statutory Borrowings to Net Debt Non- $ million Statutory Statutory Non-statutory(1) statutory 31 December 30 June 2021 30 June 2021 31 December 2020 2020 Short Term Debt Bank Facilities 27.0 27.0 33.0 33.0 Note Facilities - - - - Long Term Debt Bank Facilities 297.9 300.0 310.5 31
Slide 22: Reconciliation of Statutory Borrowings to Drawn Debt
Reconciliation of Statutory Borrowings to Drawn Debt Reconcile Reported Borrowings to AUD Equivalent Drawn Debt Note $ million Current borrowings 27.0 Non-current borrowings 1,975.2 Total borrowings per financial report 2,002.2 Adjustments: Fair Value adjustments to debt assumed as part of IPO trans
Slide 23: Glossary
Glossary $ Australian Dollar unless otherwise stated m Million /t Per metric tonne Mt Million tonnes 8X Expansion expansion program to bring terminal capacity to 97.5Mtpa Mtpa Million tonnes per annum ARR Annual Revenue Requirement NECAP Non-expansionary capital expenditure Access Undertaking. Sets
Slide 24: Disclaimer and Important Notices
Disclaimer and Important Notices This presentation has been prepared by Dalrymple Bay Infrastructure Limited ACN 643 302 032 (DBI or the No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or Company). correctness of the information, opinions and con
Dalrymple Bay Infrastructure — H1 2021 Earnings Presentation on 6ix