Wilson Bayly Holmes-ovcon Limited · JSE:WBO
Wilson Bayly Holmes-ovcon — H1 FY2025 Earnings Presentation
35 slides from Wilson Bayly Holmes-ovcon's earnings presentation, February 2025
Slide 1: Unaudited Interim Results for the Six Months Ended 31 December 2024
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Slide 2: Contents
CONTENTS 1 OPERATIONAL REVIEW 2 FINANCIAL REVIEW DISCLAIMER: THIS PRESENTATION IS BEING RECORDED. 3 ORDER BOOK, PIPELINE AND YOUR CONTINUED ATTENDANCE AT THE PRESENTATION CONFIRMS YOUR CONSENT OUTLOOK 2
Slide 3: Operational Review
OPERATIONAL 1 ESG PERFORMANCE 2 BUILDING AND CIVIL ENGINEERING REVIEW 3 ROADS AND EARTHWORKS 4 UNITED KINGDOM 3
Slide 4: ESG Performance
ESG PERFORMANCE H1:FY2025 PERFORMANCE LOST TIME INJURY FREQUENCY RATIO (LTIFR) • Safety is our primary and most important objective within 1.0 WBHO • Our priority is to ensure that all persons, comprising our employees, clients, subcontractors and suppliers, that enter 0.8 our sites are safe and ret
Slide 5: Building and Civil Engineering
BUILDING AND CIVIL ENGINEERING 1 H1:FY2025 PERFORMANCE 2 GEOGRAPHIC ANALYSIS 3 ORDER BOOK 5
Slide 6: Building and Civil Engineering H1:FY2025 Performance
BUILDING AND CIVIL ENGINEERING H1:FY2025 PERFORMANCE • Revenue increased by 8% - consistent with the elevated levels experienced since H2:FY2023 7,000 400 6 298 6 232 • Operating profit up 14% from December 2023 at a margin of 6 066 5 836 4.7% 6,000 BUILDING 307 4 915 • Revenue increased by 4% 298 5
Slide 7: Building and Civil Engineering Geographic Footprint and Performance
BUILDING AND CIVIL ENGINEERING GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 9,000 6 074 5 720 REVENUE (Rm) 6,000 3,000 224 116 0 H1 2025 H1 2024 SOUTH AFRICA REST OF AFRICA 400 OPERATING PROFIT (Rm) 283 300 251 200 100 15 10 0 H1 2025 H1 2024 SOUTH AFRICA REST OF AFRICA 7
Slide 8: Building and Civil Engineering Order Book
BUILDING AND CIVIL ENGINEERING ORDER BOOK DOWN 10% 31 December 30 June % • 45% of renewable energy order book executed in the period 2024 2024 change - Preferred bidder with early works contract in place on R5 billion Khauta South Africa 10 158 11 086 (8) South and West solar farm – financial close
Slide 9: Roads and Earthworks
ROADS AND EARTHWORKS 1 H1:FY2025 PERFORMANCE 2 GEOGRAPHIC ANALYSIS 3 ORDER BOOK 9
Slide 10: Roads and Earthworks H1:FY2025 Performance
ROADS AND EARTHWORKS H1:FY2025 PERFORMANCE SOUTH AFRICA • Revenue increased by 25% while operating profit 6,000 600 increased by 56% at an increased margin of 6.9% 5 035 • 43% contribution from mining and energy infrastructure projects 4 699 5,000 • Roadwork accounted for 41% of activity 4 236 4 196
Slide 11: Roads and Earthworks Geographic Footprint and Performance
ROADS AND EARTHWORKS GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 3 507 4,000 2 804 3,000 REVENUE (Rm) 1 528 1 432 2,000 1,000 0 H1 2025 H1 2024 SOUTH AFRICA REST OF AFRICA 300 241 OPERATING PROFIT (Rm) 200 154 128 120 100 0 H1 2025 H1 2024 SOUTH AFRICA REST OF AFRICA 11
Slide 12: Roads and Earthworks Order Book
ROADS AND EARTHWORKS ORDER BOOK UP 8% 31 December 30 June % • South African order book levels sustained at elevated levels 2024 2024 change - R3.7 billion in new Sanral tenders secured in H1:2025 South Africa 13 586 12 373 10 - Further R3.1 billion secured after the reporting period Rest of Africa 2
Slide 13: United Kingdom
UNITED KINGDOM 1 H1:FY2024 PERFORMANCE 2 GEOGRAPHIC ANALYSIS 3 ORDER BOOK 13
Slide 14: United Kingdom H1:FY2025 Performance
UNITED KINGDOM H1:FY2025 PERFORMANCE • No improvement in macro-economic environment 4,000 300 • Project suspensions and delays in awards still prevalent BYRNE GROUP 2 756 • Revenue increased by 10% 2 748 3,000 2 631 2 620 • Increased activity within Byrne Bros.and Ellmers 200 2 232 outweighed lower
Slide 15: United Kingdom Geographic Footprint and Performance
UNITED KINGDOM GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 4,000 3,000 2 205 REVENUE (Rm) 2 003 2,000 628 1,000 415 0 H1 2025 H1 2024 BYRNE GROUP RUSSELL WBHO 200 150 OPERATING PROFIT (Rm) 100 78 67 50 11 2 0 ( 2) ( 3) -50 H1 2025 H1 2024 BYRNE GROUP RUSSELL WBHO WBHO UK 15
Slide 16: United Kingdom Order Book
UNITED KINGDOM ORDER BOOK UP 44% 31 December 30 June % • Growth in order book attributable to new awards within Russell WBHO and 2024 2024 change Ellmers Construction Byrne Group 4 961 3 751 32 • Large office redevelopment and a new-build hotel have boosted Ellmers’ Russell WBHO 1 414 676 109 order
Slide 17: Financial Review
FINANCIAL 1 KEY FINANCIAL INDICATORS 2 FINANCIAL PERFORMANCE REVIEW 3 FINANCIAL POSITION 17
Slide 18: Key Financial Indicators
KEY FINANCIAL INDICATORS December December 2024 2023 Target / growth Revenue from continuing operations (%) 10.2 28.7 >10 Segment operating margin from continuing operations (%) 5.2 4.8 4.0 - 6.5 Earnings per share (cents) 1 080 906 19% Headline earnings (cents) 1 072 897 20% Ordinary dividend per s
Slide 19: Financial Performance
FINANCIAL PERFORMANCE CONTINUING OPERATIONS 14 658 14 227 • FY2022 signified the end of the severity of Covid-19 15 000 1 500 13 439 13 299 • FY2023 reflected sharp growth on the back of large renewable and road infrastructure projects and the data centre sector 10 330 • Moderated growth trajectory
Slide 20: Continuing Operations – Contribution by Geography
CONTINUING OPERATIONS – CONTRIBUTION BY GEOGRAPHY December December % Dec 2024 Dec 2023 REVENUE 2024 2023 change South Africa 10 282 9 050 13.6 18% 20% Rest of Africa 1 756 1 618 8.9 12% 12% United Kingdom 2 620 2 631 (0.4) 68% 70% Total 14 658 13 299 10.2 % December % December % Dec 2024 Dec 2023 O
Slide 21: Financial Performance
FINANCIAL PERFORMANCE December December June Rm 2024 2023 2024 Revenue 14 658 13 299 27 526 Operating profit before non-trading items 762 636 1 415 Share-based payment expense (67) (34) (82) Impairment of goodwill - - (86) Operating profit 695 602 1 247 Share of profits from interests in associates
Slide 22: Financial Position
FINANCIAL POSITION December June Property, plant and equipment (Rm) 2024 2024 Property, plant and equipment 2 466 2 331 • The Group adopts a plant replacement policy aimed at ensuring an optimal size and age of its fleet Right of use assets (IFRS 16) 138 156 • Heavier weighting toward replacement pl
Slide 23: Financial Position – Concession Investments
FINANCIAL POSITION Share of profits Interest in associates Country Effective Carrying December December and joint ventures (Rm) Industry of operation % amount 2024 2023 Concession investments: Gigajoule International Group Gas and power supply Mozambique 26.6 379.9 23.8 39.6 Dipalopalo Concession Se
Slide 24: Financial Position – Property Developments
FINANCIAL POSITION Share of profits Interests in associates Country Effective Carrying December December and joint ventures (Rm) Industry of operation % amount 2024 2023 Property developments: Lizcobiz (Trilogy) Property development South Africa 50 10.5 - - 19 on Loop (Pty) Ltd (Rubik) Property deve
Slide 25: Financial Position – Tax
FINANCIAL POSITION December June Tax (Rm) 2024 2024 Net deferred tax asset 576 518 Deferred tax consists of: Net current tax (liability) / asset (20) 27 • Tax losses of R12m (June 2024: R33m) • Timing differences of R564m United December December June (June 2024: R485m) Tax expense (Rm) Africa Kingd
Slide 26: Financial Position – Long-term Liabilities
FINANCIAL POSITION December June Long-term liabilities (Rm) 2024 2024 Property development funding 101 101 • Property development funding in respect of student accommodation building in Tshwane SCMB loan 34 53 • SCMB operating loan amounts to R34 million Asset-based finance 389 325 • Asset-based fin
Slide 27: Financial Position – Cash Flow and Cash Balances
FINANCIAL POSITION 129 160 937 5 000 4 023 177 3 660 134 44 4 000 59 569 3 000 2 000 1 000 - Cash and cash Foreign currency Operating profit Working capital Net finance and Taxation Dividends paid Cash flows from Cash flows from Cash and cash equivalents at the translation effect adjusted for non- c
Slide 28: Order Book, Pipeline and Outlook
ORDER BOOK, 1 CONSOLIDATED ORDER BOOK PIPELINE AND 2 PROJECT PIPELINE 3 OUTLOOK OUTLOOK 29
Slide 29: Consolidated Order Book
CONSOLIDATED ORDER BOOK GROUP ORDER BOOK UP 7% 31 Dec 30 June 31 Dec To June Beyond • Group order book levels remain elevated 2023 2024 2024 2025 June 2025 • Resilience across all divisions and key regions South Africa 24 810 23 459 23 744 7 594 16 150 • Potential awards of R13.1 billion within the
Slide 30: Project Pipeline – Building and Civil Engineering
PROJECT PIPELINE December June Building and civil engineering (Rm) South Africa Rest of Africa 2024 2024 Commercial and mixed-use developments 14 352 3 815 18 167 13 084 5% Residential 12 132 1 000 13 132 11 767 Industrial buildings and warehousing 12 707 - 12 707 11 730 Data centres 24 489 - 24 489
Slide 31: Project Pipeline – Roads and Earthworks
PROJECT PIPELINE December June Roads and earthworks (Rm) South Africa Rest of Africa 2024 2024 Roadwork 28 230 4 925 33 155 57 920 Mining infrastructure 7 370 46 790 54 160 18 640 43% 57% Energy infrastructure 8 885 9 650 18 535 15 660 Marine and pipeline infrastructure 900 2 500 3 400 2 500 Rail an
Slide 32: Project Pipeline – United Kingdom and Summary
PROJECT PIPELINE December June United Kingdom (Rm) 2024 2024 Byrne Group 31 939 33 247 Russell WBHO 13 954 11 064 Total 45 894 44 311 December June Summary (Rm) 2024 2024 Building and civil engineering 157 713 107 950 Roads and earthworks 147 800 107 080 United Kingdom 45 894 44 311 Total 282 193 25
Slide 33: Outlook
OUTLOOK • Large-scale infrastructure projects in the road and renewable energy sectors have supported a strong growth trajectory • Liquidity position and balance sheet are now stable • Prospects for the African operations are positive over the near and medium-term • UK operations will retain risk av
Slide 34: Disclaimer
DISCLAIMER Certain statements contained within this presentation may be classified as forward-looking statements. Words, including but not limited to, “believe”, “anticipate”, “expect”, “seek”, “intend”, “estimate”, “project”, “plan”, “indicate” or “predict” are used to identify such statements. For
Slide 35: www.wbho.co.za
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