Slide 1: 2024 Full Year Results
2024 Full Year Results John Cerini – CEO & Executive Chairman Patsy Ch’ng – CFO 29 August 2024 Pro-Pac Packaging Limited ABN 36 112 971 874
Slide 2: Important Information
Important Information This Presentation contains the summary information about the current activities of Pro-Pac Any forecasts or other forward-looking statements contained in this Presentation are subject to Packaging Limited and its controlled entities (Pro-Pac Packaging or the Group). It should b
Slide 3: Pro-Pac Company Overview
Pro-Pac Company Overview Pro - P a c Group, is an Australian & New Zealand flexible packaging business that is focused on using its manufacturing and investment expertise to capitalise on $295M key industry trends including innovation and sustainability, to provide total TURNOVER packaging solutions
Slide 4: Safety Performance
Safety Performance • The LTIFR has shown an improvement trend throughout FY24 dropping 20% from FY23. FY24 LTIFR at 8.77 (FY23: 10.96) • The TRIFR has also shown an improvement trend throughout FY24, falling by 12% during the period. FY24 TRIFR at 18.43 (FY23: 21.01) • Pro Pac continues to play a pr
Slide 5: Strategy
- Our key immediate objective is to restore profitability in the business. We are focused on working capital management, product and Strategy portfolio profitability, and delivering operational efficiencies at all of our sites. - We maintain a strong focus on reducing costs and delivering on our pro
Slide 6: Group Financial Results
Group Financial Results
Slide 7: Group Financial Performance
Group Financial Performance Continuing Operations Results Headlines A$ million FY24 FY23 Change Statutory results: Revenue decreased 13.0% to $295.2 million (2023: $339.1 million) during the year reflecting the Revenue 295.2 339.1 (43.9) impact of: Profit/(loss) after tax (53.8) (8.5) (45.3) • Pass
Slide 8: Balance Sheet
Balance Sheet Balance Sheet Balance Sheet Results A$ million JUN-24 JUN-23 Change Working capital decreased by $8.3 million during the financial year: Working capital* 62.8 71.1 (8.3) • Receivables – decrease of $4.5 million primarily due to lower revenue in Net debt* (27.8) (15.0) (12.8) the June p
Slide 9: Cashflow
Cashflow Cash Management Cashflow Results A$ millions FY24 FY23 Change • The Group has returned to more normalised levels of cash flows compared Net cash flows from operating activities 4.6 (3.0) 7.6 to the prior period which included the completion of a rights issue which raised net proceeds of $28
Slide 10: Operating Segment Performance
Operating Segment Pro-Pac Packaging Limited Full Year Results FY24 Performance 10
Slide 11: Flexibles
Flexibles A$ million FY24 FY23 Change Result Headlines Revenue 230.1 265.3 (35.2) EBITDA pre-AASB 16 before corporate costs 1.9 13.5 (11.6) Revenue decreased by 13.3% to $230.1 million (2023: $265.3 million) reflecting: Corporate costs (3.7) (11.5) (7.8) - Significant loss of volume to our major cus
Slide 12: Specialty Packaging
Specialty Packaging A$ million FY24 FY23 Change Result Headlines Revenue 65.1 73.8 (8.7) EBITDA pre-AASB 16 before corporate costs 4.4 4.7 (0.3) Revenue decreased by 11.8% to $65.1m (2023: $73.8m) as a result of product rationalisation, the exit of non-core market segments to focus on Corporate cost
Slide 13: Investing in the Circular Economy
Investing in the Circular Economy • PPG has committed to becoming an industry leader in the recycled plastics and circular economy through the development of a soft plastics recycling facility. • The Company has been awarded a grant of $13.9m to build a $50m+ facility (including building and develop
Slide 14: Outlook
Outlook
Slide 15: FY25 Outlook
FY25 Outlook • The trading environment continues to remain volatile and challenging in a high inflationary market, which has created uncertainty around consumer buying patterns. However, we will continue with the process of restoring customer confidence through better service delivery, and we will u
Slide 16: Appendices
Appendices
Slide 17: Reconciliations – Continuing Operations
Reconciliations – Continuing Operations The impact on the profit or loss for Continuing Operations for FY24 is shown in the table below: FY24 FY23 A$ millions Pre- Adopt Post- Pre- Adopt Post- AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 Revenue 295.2 - 295.2 339.1 - 339.1 Operating expenditure (
Slide 18: Reconciliations - Group
Reconciliations - Group The impact on the profit or loss for the Group (continuing and discontinued) for FY24 is shown in the table below: FY24 FY23 A$ millions Pre- Adopt Post- Pre- Adopt Post- AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 Revenue 295.2 - 295.2 341.3 - 341.3 Operating expenditure
Slide 19: Reconciliations
Reconciliations Reconciliation to net debt JUN-24 JUN-23 A$ millions Borrowings 21.6 17.2 Less: cash and cash equivalents (1.1) (8.3) Net Debt* 20.5 8.9 Less: Government grant proceeds 7.3 6.1 27.8 15.0 Working capital JUN-24 JUN-23 A$ millions Trade Receivables 59.3 63.8 Inventory 63.8 65.3 Trade P
Slide 20: Definitions of Non-IFRS Financial Measures
Definitions of Non-IFRS Financial Measures Unless otherwise stated in this presentation, all metrics are disclosed post-AASB 16 FY23 means the financial year (12 months) ended 30 June 2023 FY24 means the financial year (12 months) ended 30 June 2024 Adjusted EBITDA means EBITDA before AASB 16 Leases
Slide 21: For further information please contact
For further information please contact: Investors: John Cerini CEO and Executive Chairman Email: investors@ppgaust.com.au Tel: +61 3 9474 4222 Patsy Ch’ng Chief Financial Officer Email: investors@ppgaust.com.au Tel: +61 3 9474 4222