Big River Industries Ltd. · ASX:BRI
Big River Industries — H1 FY2025 Earnings Presentation
20 slides from Big River Industries's earnings presentation, Feb 18, 2025
Slide 1: HFY25 Results
BIG RIVER INDUSTRIES LTD (ASX:BRI) HFY25 RESULTS 18 February 2025
Slide 2: Contents
02 FY25 03 Business Overview RESULTS 04 Divisions 05 Investment Highlights 06 Performance Headlines 1H FY25 John Lorente CEO & Managing Director 07 Investment – Build for the future 08 Divisional Performance John O’Connor CONTENTS 09 Profit & Loss CFO 10 Profitability Waterfall 11 Balance Sheet 12 C
Slide 3: Business Overview
03 Business Overview Supply chain Diversified by geography, diversity 23% of revenue industry segment, Manufactured by BRI construction type and customer 15% of revenue Direct Import by BRI 62% of revenue Sourced from local supply partners Big River manufacturing facilities Revenue by Big River sale
Slide 4: Divisions
04 Divisions Panels Construction (Building Trades + Formwork & Commercial) Industry leaders in decorative timber panels to the Leading diversified Formwork & Building Products manufacturing & trade for architectural and Fit Out applications distribution to trade businesses Architectural Concrete pla
Slide 5: Investment Highlights
05 Investment Highlights Solid Track Record Robust Financial Profile Market Position Founded 100+ years ago, deep heritage of 1H’25 revenue of $211.5m & EBITDA of Focus on Trades & Building professionals who excellence in building and timber supplies $14.8m value expert knowledge, customer relations
Slide 6: Performance Headlines 1H FY25
06 Performance Headlines 1H FY25 Group 1HFY25 Revenue Gross Profit Margin Underlying EBITDA (Before significant items) $211.5m 26.4% $14.8M Down 3.3% on 1HFY25 Flat on pcp but up 76 basis points on 2HFY24. EBITDA (before significant items) (-9.0% L4L) down 26.0% on 1HFY24 with EBITDA on challenging
Slide 7: Investment – Build for the future
07 Investment – Build for the future Group Strategic Priorities Operational Safety & People Growth Delivering Synergies One Big River Efficiencies Continued prudent investment: Grow today – build for the future. Customer/Market facing Investment Distribution / Operational Investment Business support
Slide 8: Divisional Performance
08 Divisional Performance Revenue EBITDA EBITDA margin AUD in millions 1HY25 1HY24 % Change 1HY25 1HY24 % Change 1HY25 1HY24 Construction products 140.1 154.3 (9.2%) 10.3 14.6 (29.5%) 7.4% 9.5% Panels 71.4 64.5 10.7% 8.8 9.3 (5.4%) 12.3% 14.4% Corporate costs - - - (4.3) (3.9) 10.3% - - Total 211.5
Slide 9: Profit & Loss
09 Profit & Loss AUD in millions 1HFY25 1HFY24 % Change Highlights Revenue 211.5 218.8 (3.3%) Revenue is down 3.3% (L4L down 9.0%) Raw materials and consumables (155.8) (161.0) (3.2%) compared to pcp as residential markets have remained challenging in key Gross profit 55.7 57.8 (3.6%) geographies. G
Slide 10: Profitability Waterfall
10 Profitability Waterfall 25.0 EBITDA (AUD in millions) Revenue Gross Margin 20 20.0 Like for like revenue decline, Slight like for like gross on soft market dynamics, margin reduction. 1.5 largest contributor to EBITDA 15.0 14.8 -5.2 -1 movement. -0.5 10.0 Operating 5.0 EBITDA1 0.0 Expenses REVENU
Slide 11: Balance Sheet
11 Balance Sheet AUD in millions 31-Dec-2024 30-Jun-2024 Highlights Cash 18.8 20.5 Trade and other receivables 44.4 56.0 Strong balance sheet supports the Inventories 71.5 72.5 growth strategy. Income tax receivable - 0.4 Continued strong financial Fixed assets 24.5 25.2 disciplines in working capit
Slide 12: Cash Flow
12 Cash Flow AUD in millions 1HY25 1HY24 Highlights Receipt from customers 244.1 252.4 Cash conversion of 78.4% is lower Payment to suppliers and employees (232.5) (232.8) as compared to 98.0% in pcp due Operating cash flow before interest and tax 11.6 19.6 to unwinding of net working Interest paid
Slide 13: Capital Management
13 Capital Management AUD in millions 31-Dec-2024 30-Jun-2024 Highlights Net debt increased by $2.0m due Total borrowing facility¹ 80.8 80.9 to decrease in cash driven by Facility drawn 48.4 48.1 lower cash conversion and net Utilisation ratio % 59.9% 59.5% increase in borrowing relating to Cash 18.
Slide 14: Group Outlook
14 Group Outlook In the short term market conditions are expected to remain challenging, particularly in the residential sector and in key regions such as New South Wales, Victoria, and New Zealand. Queensland market (BRI largest footprint) expected strong growth. New Zealand market expected to impr
Slide 15: Appendices
15 Appendices
Slide 16: Appendix - Profitability
16 Appendix - Profitability AUD in millions 1HY21 1HY22 1HY23 1HY24 1HY25 Revenue 133.5 193.8 232.4 218.8 211.5 EBITDA - Construction 7.6 13.1 20.7 14.6 10.3 - Panels 4.4 10.9 10.6 9.3 8.8 - Corporate costs (2.2) (2.8) (3.4) (3.9) (4.3) Total EBITDA 9.8 21.2 27.9 20.0 14.8 Depreciation (4.2) (5.3) (
Slide 17: Appendix - Cash Flow
17 Appendix – Cash Flow AUD in millions 1HY21 1HY22 1HY23 1HY24 1HY25 EBITDA 9.8 21.2 27.9 20.0 14.8 Working capital changes & other items (2.2) (6.4) (7.0) (0.4) (3.2) Operating cash flow before interest and tax (OCFBIT) 7.6 14.8 20.9 19.6 11.6 Interest paid (net) (0.9) (1.5) (1.4) (1.7) (1.7) Inco
Slide 18: Appendix - Capital Management
18 Appendix – Capital Management AUD in millions 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 Overdraft and trade finance 1.5 2.8 2.7 - - Bank bills 12.2 36.0 41.0 41.0 46.0 Equipment finance liability 2.0 2.4 2.3 2.3 2.4 Less: Cash (6.5) (6.5) (16.9) (24.3) (18.8) Net debt 9.2 34.7 29.1 19.0 2
Slide 19: Appendix - Historical Performance
19 Appendix – Historical Performance Revenue ($m) EBITDA ($m) U-NPAT ($m)¹ 250 30 14 25 12 200 10 20 150 8 15 6 100 10 4 50 5 2 0 0 0 Cash Conversion Gearing 1 2 ROFE 120% 30% 30% 100% 25% 25% 80% 20% 20% 60% 15% 15% 40% 10% 10% 5% 5% 20% 0% 0% 0% 1. U-NPAT is NPAT before significant items. 2. Defin
Slide 20: Important Notice and Disclaimer
20 Important Notice and Disclaimer This presentation is dated 18th February 2025. results could differ materially from those which the Company Big River Industries Limited (the "Company") advises that the expects, depending on the outcome of various factors. information contained in this presentatio
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