Slide 1: FY22 Results Presentation
FY22 RESULTS Presentation We help build Australia pan) ‘| és . Metro Tunnel, Melbourne, VIE
Slide 2: Disclaimer
DISCLAIMER This presentation is based on unaudited final results and 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 conta
Slide 3: Record financial results
Record financial results All organic growth Record pipeline sill im Growth across all states & markets il i Strong FY23 Outlook ‘ i it mm WL
Slide 4: Transformational Success FY18-FY22
TRANSFORMATIONAL SUCCESS FY18-FY22' cil] TOTAL REVENUE EBITDA? $148.3 a ae @ ‘cml $65.3 f , sm 2 ae . a “HE | CAGR $132 29% :. _— | CAGR ° aL _| FYI8 FY22 FYI FY22 FYI8 FY22 ENGINEERED SALES CONTRIBUTION® EBITDA MARGIN? . 87.8% * 505% , a 50 49.5% G 5 os ‘a 4 38.2 ppts % wo 4.3 ppts ; : i FYI8 FY22
Slide 5: Overview
OVERVIEW CONSTRUCTION Civil infrastructure SECTORS SERVICED Industrial - Energy, Pulp, Paper & Mining Commercial Acrow Formwork and Construction Services Limited (Acrow) is a leading provider of smart integrated construction systems. ACROW OFFERS Engineered formwork sales and hire service Specialist
Slide 6: Our Competitive Advantages
OUR COMPETITIVE ADVANTAGES facroW = ENGINEERING QUALITY OF EXPERTISE & OUR PEOPLE SOLUTIONS PRODUCT GEOGRAPHIC RANGE FOOTPRINT
Slide 7: Key FY22 Highlights
Slide 8: Key Financial Metrics FY22
KEY FINANCIAL METRICS FY22' PacROW [od REVENUE EBITDA $148.3 150 40 $36.3 $105.7 oO 30 oO 100 § 7 $24.3 GN | 40% on . 49% ° | ne o | NPAT (Stat.) NPAT 20 20 $178 $157 15 15 10 wo $87 Fy21 FY22 Fyai FY22 EPS DPS ROE 276 25 23% 72c 20 6 2) lee. 15 145% 4 eee cps | 79% eps , 42% % 0 8.5ppts 2 5 : | : |
Slide 9: Key Achievements FY22
KEY ACHIEVEMENTS FY22 'acROW = = r i aE = s RECORD SECURED HIRE STRONG ORGANIC INDUSTRIAL CONTRACTS GROWTH SERVICES Record hire contracts secured of Organic growth across all divisions Revenue up 110% YoY to $45.6m. $50.4m up 28% YoY drives record results. Sales contribution up 53%. ys Ee QUEENSLAND
Slide 10: Safety Is Our Priority
SAFETY IS OUR PRIORITY ZERO HARM IMPROVEMENT 30 23% IMPROVEMENT 20 7 ) TRIFR FY21 TRIFR FY22 TOTAL RECORDABLE INJURIES 18 } i i 5 ° Fy21 Fy22 LLost Time Injury Frequency Rate LTIFR' . 49% IMPROVEMENT ° a 21 Fy22 FY; LOST TIME INJURIES 6 i ' IMPROVEMENT 4 2 ° a Fy21 Fy22 10
Slide 11: N o = B @ a —— S =
N 2 o = B 5 @ a —— S =
Slide 12: Major Transport Infrastructure Projects - Australia
2! 2 5 10 a 3 a o MAJOR TRANSPORT INFRASTRUCTURE PROJECTS - AUSTRALIA PROJECTED MAJOR TRANSPORT INFRA SPEND ($BILLION) FyI8 FYI9 FY20 FY21 FY22 Source: Macromonitor, February 2022 FY23 FY24 FY25 FY26 FY27 ncn | MAJOR CONTRIBUTING PROJECTS - PROJECTED REVENUE Melbourne Metro Rail, Victoria 16.0m+ Acr
Slide 13: Formwork Revenue by State & National
FORMWORK REVENUE BY STATE & NATIONAL (i) = QLD FORMWORK REVENUE VIC FORMWORK REVENUE eal 29.3 15 13.8 147 20 es NATIONAL FORMWORK 10 14.8 75 $m REVENUE $m : | . - oO 60.4 ° FY20 Fy21 FY22 ud 50.6 ° FY20 FY21 FY22 $m 40 NSW FORMWORK REVENUE 20 WA FORMWORK REVENUE 15 a 120 ° i 88 . Fy20 FY21 FY22 78 1
Slide 14: Acrow Equipment - Hire Wins & Pipeline
ACROW EQUIPMENT - HIRE WINS & PIPELINE (= HIRE CONTRACTS WON 428.4%. 60 50.4 40 39.3 20 0 FY21 FY22 CURRENT PIPELINE* 100 +14.2% ——__ 75 83.9 735 50 25 oO FY21 FY22 * Comprises tenders and quotes provided > Record hire contracts won FY22 up 28.4% YoY * Formwork & Natform very strong * Significant gr
Slide 15: Pivoted to Engineered Systems & Services
PIVOTED TO ENGINEERED SYSTEMS & SERVICES i] APRIL 2018 _ t's) . Product quality ae in, Reputation 43% @ swtery 84% FY22 FYI8 FY22 wen Exposure to Gov't funded civil projects 84% ENGINEERED SYSTEMS & SERVICES [ES¥4 @ 16% COMMERCIAL SCAFFOLD 57% Ah Time saving engineered solutions UN Strong civil cons
Slide 16: Marquee Civil Projects
MARQUEE CIVIL PROJECTS facroW 3 BENEFICIARY OF REPUTATION FOR QUALITY, SAFETY & SERVICE SNOWY HYDRO 2.0, NSW = f METRO TUNNEL, MELBOURNE, VIC A ' BRUCE HIGHWAY UPGRADE, QLD TOTALG) $30 million TOTALG) $16million } a5 TOTALG) $18million Fy22 @) $8.3million Fy22 () $12.2million —_ FY22 @) $9.5million
Slide 17: Marquee Civil Projects
MARQUEE CIVIL PROJECTS facroW BENEFICIARY OF REPUTATION FOR QUALITY, SAFETY & SERVICE SYDNEY METRO, NSW TOTALG) $9million CROSS RIVER RAIL, BRISBANE, QLD TOTAL@) $10million WESTGATE TUNNEL, MELBOURNE, VIC TOTALG) $12million Fy22 @) $3.2million FY22 ©) $7.3million Fy22 () $9.5million tt?% Expected co
Slide 18: Operational Update
Slide 19: Segmental Breakdown
SEGMENTAL BREAKDOWN CROW $ %chg (O74 Total revenue up 40% Year end 30 June ($000) Fy 22 FY 21 Mvt PCP * Generated wholly from organic growth initiatives Formwork 78,766 60,463 718302 30% © Growth across all divisions Industrial Services 45,636 21,719 23,916 110% ¢ Growth across all state markets Com
Slide 20: Sales Contribution Bridge - FY21 to FY22
SALES CONTRIBUTION BRIDGE - FY21TO FY22 acROW | 2g $m 84 74 64 54 44 34 24 Sales contribution FY21 Formwork hire Industrial Scaffold hire Industrial Services labour hire 20 27 81.4 a4 Commercial Product Timber Other labour Sales Scaffold sales sales &cartage contribution hire FY22 20
Slide 21: Formwork Division
FORMWORK DIVISION Year end 30 June ($000) FY 22 FY 21 Formwork Hire 39,807 29,039 Product Sales 37,717 29,898 Cartage 1,241 1,527 Total Revenue 78,766 60,463 Formwork Hire 39,807 29,039 Product Sales 15,525 11,724 Cartage 581 429 1 Total Contribution 55,914 41,192 14,722 36% Contribution Margin” 71.
Slide 22: Engineering Expertise: Metro Tunnel
ENGINEERING EXPERTISE CASE STUDY 1: METRO TUNNEL Scope * Client: CYP Design & Construction * Project: Metro Tunnel (TBM Lining) Walls - CBD Down City Square shaft * Location: Melbourne, VIC * Systems used: MK System Solution Our versatile MK — system, accompanied by a few rolled sections, was the so
Slide 23: Engineering Expertise: Cross River Rail
ENGINEERING EXPERTISE Scope Project: Cross River Rail Location: Brisbane, QLD Client: CBGU Design & Construction JV Systems used: MK System, SMK frames (single sided wall) Solution Our SMK frames allowed CBGU to pour the station structures single sided walls from basement level 4 to above basement l
Slide 24: Engineering Expertise: Rozelle Interchange
ENGINEERING EXPERTISE Scope * Project: Rozelle Interchange (vent shafts) * Location: Rozelle, NSW * Client: Seadar Contractors * Systems used: RKS System + fabrication Solution Given the circular nature of the elements we introduced a radiused square hollow section (SHS) to achieve the curved shape
Slide 25: Engineering Expertise: White Residences
ENGINEERING EXPERTISE es CASE STUDY 4: WHITE RESIDENCES Scope Product Over 1068m’ of Natform Screen System Natform 2 RAM Hydraulic System Natform Access Stair System - 3.5 level stair plus finishing level below Natform Stretcher Stair System - 3.5 level stair plus finishing level below * Project: Wh
Slide 26: Industrial Services
INDUSTRIAL SERVICES $ %chg Year end 30 June ($000) F¥22 FY24 Mvt PCP Equipment Hire 7,858 5,934 1,924 32% Labour Hire 23,378 9,115 14,263 156% Product Sales 14,400 6,670 7,729 116% Total Revenue 45,636 21,719 23,916 110% Equipment Hire 7,858 5,934 1,924 32% Labour Hire 4,528 1,967 2,561 130% Product
Slide 27: Engineering Expertise: Mount Piper Power Station
ENGINEERING EXPERTISE _ | CASE STUDY 5: MOUNT PIPER POWER STATION \e } | ly Scope Product | I u - i * Project: Mount Piper Power Station + Specialised furnace kit } * Location: Blackmans Flat, NSW * Client: UGL Limited Solution Benefits The Industrial Services division offered the full turnkey solut
Slide 28: Commercial Scaffold
COMMERCIAL SCAFFOLD MACROW $ %chg Year end 30 June ($000) FY22 FY21 Mvt PCP Equipment Hire 8,999 7,557 1,442 19% Labour & Cartage 14,945 16,004 -1,059 7% Total Revenue 23,944 23,561 383 2% © Revenue and sales contribution stabilised Equipment Hire 8,999 7,557 1,442 19% Labour & Cartage 934 2,563 -1,
Slide 29: People & Culture
PEOPLE & CULTURE Steven Boland, MD & CEO
Slide 30: A Team Foundation
A TEAM FOUNDATION Team * Focus on succession planning * Developing depth of talent across all divisions — especially in engineering * Focus on attracting best talent in the industry. Recent appointments: © Peter Fehrenbach — NSW General Manager ° Evan Field — National Engineering Manager © Robert Pa
Slide 31: Financials
FINANCIALS Andrew Crowther, CFO & Z
Slide 32: Profit & Loss
PROFIT & LOSS PacROW [od $ %chg © Scale benefits - 79% of EBITDA growth flowing through to pre-tax Year end 30 June ($000) FY22 FY21 Mvt PCP profit Sales 148,346 105,744 42602 40% Total Contribution 81,362 61,424 79.938 32% © Sales revenue up 40%, all organic growth Contribution Margin* 54.8% 58.1%
Slide 33: Balance Sheet
BALANCE SHEET racROW | Strong balance sheet including $1lm improvement in net current assets surplus Year end 30 June ($000) FY22 FY21 to $3m h 1 Wi: BP ae wee Net debt up by $10.4m due to capital investment, impact of expanding sales and : x © industrial services labour business and payment of defe
Slide 34: Funding and Liquidity
FUNDING AND LIQUIDITY $m 50 40 ‘oa FY21 TRADE FINANCE EQUIPMENT FINANCE BUSINESS TERM LOAN 1.5 || HEADROOM. 9999 9 Y ncn | Finance facilities expanded demonstrating banking partners confidence in the company Total finance facility including Trade, Equipment and Term loan plus overdraft available hea
Slide 35: Timber Business Re-Base
TIMBER BUSINESS RE-BASE oO Timber business has grown significantly, benefiting from: Growing Australian demand Exit of Australian suppliers Difficult access to supply Acrow has secured supply of LVL and plywood Significant margin growth . Sales contribution $0.9m | $13m | $4.0m Contribution margin 1
Slide 36: Cash Flow
CASH FLOW Operating Cash Profit ncn | © Operating Cash Profit of $23.0m, +76% on PCP Year end 30 June ($000) FY19 FY20 FY21 FY22 Underlying EBITDA 11,550 19,461 24,349 36,312 © Cashflow from operations $18.9m. This was specifically impacted Leases’ 0 -4,443 -5874 -6.655 by $20m one off increase in w
Slide 37: Capital Expenditure
CAPITAL EXPENDITURE GROWTH, IT & MAINTENANCE CAPEX 25 20 MAINTENANCE 15 £ | IT, PP&E * 10 | GROWTH & 5 NON-HIRE 0 FYI9 FY20 FY21 FY22 60% 50% som I - .------------- DLE RATE 40% Fv2i FY22 mmm Actual cumulative return === Target revenue “Actual cumulative return = Capex return weighted by time in the
Slide 38: Cross River Rail - Adit pre-assembly in Morrison Lane yard
Cross River Rail - Adit pre-assembly in Morrison Lane yard, Beenleigh, QLD
Slide 39: Short-Medium Term Opportunities
SHORT-MEDIUM TERM OPPORTUNITIES PacROW [od Industrial Services - Continue to expand revenue base on the East Coast. Push hard into SA and WA markets via targeted new contract wins and potential M&A activity NSW Formwork - Continue to grow market share and overall revenues with specific focus on majo
Slide 40: Jump Form - A Transformational Investment
JUMP FORM - A TRANSFORMATIONAL PacROW [od INVESTMENT Acrow has entered into an exclusive 10-year licensing agreement to market the Jacking Systems (New Zealand), Jump Form product throughout the Australian Market Jump Forms are one of the most highly engineered, critical path, formwork items on any
Slide 41: Outlook
OUTLOOK © Current Guidance for the FY23 as follows: 999 Revenue $165m - $175m up 15% EBITDA $43m - $44m up 20% NPAT $21.5m - $22.56m up 23% EPS. 8.3 - 8.7¢ up 19% Forecast underpinned by. ncn | Secured hire revenue contracts in FY22 of $50.4m up 28% on FY21. First two months of FY23 already totallin
Slide 42: Appendices
Slide 43: Major Projects in Focus
MAJOR PROJECTS IN FOCUS SNOWY HYDRO 2.0 - NSW MELBOURNE METRO RAIL PROJECT ~ VIC BRUCE HIGHWAY - COOROY TO ‘CURRA, SECTION D WOONDUM - Qu Industrial Services Formwork Formwork ‘Acrow contract direct with Future Generation for the provisions of services in relation labour and hire of Quickstage scaff
Slide 44: Major Projects in Focus
MAJOR PROJECTS IN FOCUS WESTGATE TUNNEL, PROJECT, MELBOURNE - VIC CROSS RIVER RAIL = BRISBANE - QLD SYDNEY METRO RAlL, ‘SYDNEY - NSW Formwork Industrial Services Formwork Multiple contracts awarded to Acrow from various contractors including CPB John Holland JV T/A WGTP direct, Speedpro Industries,
Slide 45: Major Projects Won (Jan - Jun'22)
MAJOR PROJECTS WON (JAN - JUN'22) ORIGIN APLNG - TAR SHUTDOWNS, QuD MOUNT PIPER POWER STATION SHUTDOWN, NSW WwovA STAGE 2, PLUS THE MELROSE, WODEN.ACT 12 MONTH ‘SUPPLY AGREEMENT, SYDNEY,NSW. MULTIPLE PROJECTS - ULMACC4 SYSTEM Industrial Services Industrial Services Screens Residential Scaffolding Fo
Slide 46: Major Projects Won (Jan - Jun'22)
MAJOR PROJECTS WON (JAN - JUN'22) 213-225 CARTER STREET LIDCOMBE, ‘SYDNEY NSW ‘OLYMPIC DAM ACID TANKS, SA, ATHENA = ‘SYD66, SYDNEY, NSW 3861-LIVERPOOL CIVIC PLACE, SYDNEY , NSW CROFT & CREMORNE ~ 30 MERIVALE STREET, SOUTH BRISBANE Screens Industrial Services Screens Screens Screens Natform contract
Slide 47: Major Projects Won (Jan - Jun'22)
MAJOR PROJECTS WON (JAN - JUN'22) 205 NORTH QUAY, BRISBANE, QuD CORE FORMS - GMHBA STADIUM, GEELONG, VIC 13 CORDELIA STREET, ARKLIFE, BRISBANE, QLD ‘SYDNEY GATEWAY $821, SPAN 4 DECK WALKWAYS, SYDNEY, Nsw Screens Formwork Screens Formwork Natform contract Direct within FINAL FORM. Commencing Sept for
Slide 48: Key Projects FY22 & Beyond
KEY PROJECTS FY22 & BEYOND PacROW [od SURAT : ; ; ide i ‘ar jd! onal cash ; ; EAGIN OWAND GASTACLITY’ trdastnal Acrow contract direct with Origin Energy to provide industrial scatfold equipment and services for maintenance to the $78 Milt (3 years) ; Origin’s Surat Basin Oil and Gas facility. This c
Slide 49: Key Projects FY22 & Beyond
KEY PROJECTS FY22 & BEYOND WATERLOO STATION - SYDNEY METRO, SYDNEY, NSW PHOSPHATE HILL - QLD cooROY TO CURRA SECTION D METRONET ~ YANCHEP RAIL EXTENSION = YANCHEP, WA MULTIPLE PROJECTS NEGOTIATED AS A PACKAGE - QLD Formwork Industrial Services Formwork Industrial Services Scaffold Actow contract wit
Slide 50: Cash flow statement
Year end 30 June ($000) FY22 FY21 Cash flows from operating activities Receipts from customers Payments to suppliers and employees Cash generated from operations Income tax paid Net cash from operating activities Cash flows from investing activities Proceeds from disposals of property, plant and equ
Slide 51: Acrow Snapshot
ACROW SNAPSHOT ENTERPRISE REVENUE REPLACEMENT VALUE ' VALUE” $159m $170m >$140m 1.EV = net debt + market capitalization. 2.Mid point of guidance range. 8 9 Ld 20 1950 Apr 2018 6 states . a eo B&B . am &8& cf 10 280FTE 1300 51
Slide 52: Acrow National Footprint
ACROW NATIONAL FOOTPRINT TOTAL REVENUE BY GEOGRAPHY (FY22) WA SA 5.9% tas 48% 4.3% vic 13.2% QLD 56.1% Perth Size :17,600m2 Asset Focus: F F: Formwork Cs: Commercial Scaffold IS: Industrial Services Ser: Screens Adelaide Size: 14,820m2 Asset Focus: F, CS, IS, Scr Launceston Size: 3,500m2 Asset Focus
Slide 53: Contact
CONTACT cKO ACROW HEAD OFFICE 2A Mavis Street Revesby NSW. 2212 & 1300 138 362 info@acrow.com.au & www.dcrow.com.dau Steven Boland Andrew Crowther MD & CEO CFO 02-97806500 02-97806500 Investor enquiries & presentation questions investors@acrow.com.au We help build Australia 53