Acrow Limited · ASX:ACF
Acrow — Acrow Formwork & Construction Services — Investor Presentation (July 2021)
23 slides from Acrow's investor presentation, Jul 22, 2021
Slide 1: Capital Raising Presentation
For personal use only Acrow Formwork & Construction Services Limited Capital Raising Presentation 22 July 2021
Slide 2: Important Notice
IMPORTANT NOTICE This presentation is 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 contained in this presentation was p
Slide 3: Background & Strategy
For personal use only BACKGROUND & STRATEGY Wiggins Island Coal Export Terminal (WICET), Golding Point (Port of Gladstone)
Slide 4: Acrow Snapshot
ACROW SNAPSHOT A Leading Provider of Engineered Formwork Solutions and Scaffold Hire in Australia For personal use only ACF share price vs Small Ords (adj.) National Customers Employees Footprint 245 FTE 0.60 0.50 Acrow Small Ord. (adj) - 6 states 1,300 0.40 - 10 depots 0.30 0.20 Enterprise Revenue2
Slide 5: Uniquely positioned nationally across formwork, scaffold and screens
Acrow is uniquely positioned nationally to offer a full suite of formwork, scaffold, screening products and services across all segments of the construction and industrial maintenance markets Total Revenue by Geography (1H21) For personal use only 5%4% 4% 41% 18% QLD NSW VIC 28% SA WA Brisbane TAS S
Slide 6: Acrow Strategy
Continue to Execute on Strategy of Creating For personal use only ACROW STRATEGY Long-term Shareholder Value Earnings accretive Become the The leading leading Acquisitions Engineered Target High ROI primarily across Engineered Recruit train and Formwork retain the best Organic formwork Sales & Hire
Slide 7: Financial Performance
FINANCIAL PERFORMANCE Group Revenue ($m) Group Sales Contribution ($m) & Margin (%) For personal use only 120 60 70% 100 50 65% 80 40 60% 60 30 55% 40 20 50% 20 10 45% 0 0 40% FY18 FY19 FY20 FY21e FY18 FY19 FY20 1H21 1H 2H 1H 2H Margin (%) - rhs Net Debt Waterfall (‘$000 )(1H21) Acrow Capital Raisin
Slide 8: Strategic Pivot Well Advanced
STRATEGIC PIVOT WELL ADVANCED Group Sales Contribution ❑ Strategic pivot towards highly For personal use only 100% engineered product markets 90% 80% ❑ Formwork/Industrial Scaffold 70% comprises 80% of Sales Contribution, 60% up from 43% in FY17 50% 40% ❑ Significant exposure to publicly funded 30%
Slide 9: Strategic Acquisitions
STRATEGIC ACQUISITIONS Natform Uni-span For personal use only ❑ Natform acquired August 2018 ❑ Uni-span acquired October 2019 ❑ Expanded Acrow product range with ❑ Highly complementary formwork protective screening offering equipment offering and introduction ❑ Very attractive cross-sell opportuniti
Slide 10: Market & Business Overview
For personal use only MARKET & BUSINESS OVERVIEW Manhattan, Canberra
Slide 11: Major Transport Infrastructure Projects - Australia
MAJOR TRANSPORT INFRASTRUCTURE PROJECTS - AUST $Bn For personal use only Source: Macromonitor January 2021 Acrow Capital Raising Presentation - 22 July 2021 | 11
Slide 12: Formwork Revenue by State + National
FORMWORK REVENUE – BY STATE + NATIONAL1. Queensland formwork revenue – Half yearly ($m) Victoria formwork revenue – Half yearly ($m) For personal use only 12 11.0 8 6.9 7.0 10 8.8 8.6 7.7 6 7.4 4.5 8 6.4 6.0 6 5.3 4 3.0 2.6 4 1.7 2 0.9 1.1 2 0 0 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21e 1H18 2H18 1H1
Slide 13: Acrow Equipment Hire Wins and Pipeline
ACROW EQUIPMENT HIRE WINS AND PIPELINE Hire Contracts Won ($m) ❑ Secured hire contracts up 35% in 2H21 and For personal use only FY21 on PCP, boosted by contributions from +35% Formwork (Qld), Formwork (VIC), Natform 21.8 (NSW), and Industrial Services (Qld) +35% ❑ Pipeline decline from Jun-20 to De
Slide 14: Key Drivers for Formwork Success
KEY DRIVERS FOR FORMWORK SUCCESS ✓ Provide Complex Engineering Solutions For personal use only ✓ Product Quality & Versatility ✓ OH&S Compliance/ISO9001 Accreditation Void Forms Travelling Platform Wall Formwork on Wheels CYP Melbourne Metro Sun-Metals Zinc Refinery CYP Melbourne Metro CBD South Des
Slide 15: Marquee Civil Project Involvement
For personal use only MARQUEE CIVIL PROJECT INVOLVEMENT Sydney Melbourne Metro Western Rail Distributor Melbourne Brisbane Metro Cross River Rail Rail Acrow Capital Raising Presentation - 22 July 2021 15
Slide 16: Opportunities & Outlook
For personal use only OPPORTUNITIES & OUTLOOK Melbourne Airport, Melbourne
Slide 17: Short-Medium Term Growth Opportunities
For personal use only SHORT-MEDIUM TERM GROWTH OPPORTUNITIES Industrial Formwork - Formwork - Services Sydney Queensland Expand into new markets Grow market share - Substantial infrastructure and territories across the new General Manager development programs East Coast of Australia appointed across
Slide 18: Industrial Services – Sizeable Opportunity
INDUSTRIAL SERVICES – SIZEABLE OPPORTUNITY Profit & Loss ($m) ❑ Industrial Services acquired through Uni-span acquisition (Oct 2019) For personal use only FY21 FY22 $m FY20 Guidance Target ❑ Highly specialised labour hire business Revenue 10.1 20.5 31.0 ❑ Highly regarded professional team Sales Cont
Slide 19: Key Financials & Guidance
KEY FINANCIALS & GUIDANCE National For personal use only footprint Revenue EBITDA Underlying -6 states 1H21 NPAT - 9 depots $50.4m $11.1m Actual +32% +41% $3.7m +72% Revenue EBITDA Underlying FY21 $106m $23.5-24.5m NPAT Guidance +22% +21-26% $8.7-9.5m +10-20% FY22 Strength in hire contract wins poin
Slide 20: Capital Raising
For personal use only CAPITAL RAISING Arden Street Station, Melbourne
Slide 21: Capital Raising – Offer Summary
CAPITAL RAISING – OFFER SUMMARY • Placement to raise approximately $10.5 million (which represents approximately 27.6 million For personal use only shares) to institutional and sophisticated investors (the Offer) Offer Structure and Size • The Offer represents approximately 12.5% of issued capital •
Slide 22: Capital Raising – Timetable
CAPITAL RAISING – TIMETABLE1. Event Date For personal use only Trading Halt and Offer announced Tuesday, 20 July 2021 Thursday, 22 July 2021 Announce results of the Offer and resume normal trading (before market) Settlement of shares issued under the Offer Tuesday, 27 July 2021 Wednesday, 28 July 20
Slide 23: Thank You
For personal use only Thank You For further information please contact: Steven Boland Andrew Crowther Managing Director Chief Financial Officer Ph: (02) 9780 6500 Ph: (02) 9780 6500 Acrow Capital Raising Presentation - 22 July 2021 | 23
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