Tasmea Limited · ASX:TEA
Tasmea — FY2024 Earnings Presentation
26 slides from Tasmea's earnings presentation, Aug 26, 2024
Slide 1: ASX Announcement: FY24 Results Presentation – Update
ASX Announcement ASX: TEA 26 August 2024 Tasmea Limited FY24 Results Presentation – Update Tasmea has updated page 16 of the Results Presentation released to ASX this morning. The updated presentation is attached to this announcement. A change has been made to the Water & Fluid Segment results slide
Slide 2: FY24 Results Presentation
For personal use only FY24 Results Presentation For the 12 months ended 30 June 2024
Slide 3: Contents
For personal use only Contents SIGMA POWER SERVICES 3 Performance Highlights 5 Business Over view 6 Company Highlights 7 Recent Acquisitions 8 Group Finance Over view 13 Segment Overview 17 Health & Safety 18 Capital Management Framework 21 Business Outlook TECHNICAL LUBRICATION SYSTEMS 2 2024 RESUL
Slide 4: Performance highlights (Pro Forma)
Performance highlights For personal use only (Pro Forma) Revenue (Pro Forma) EBIT (Pro Forma) NPAT $407m $54.8m $36.9m 10.8% on $368m in FY23 1.5% on Prospectus target 10.3% on Prospectus target 27.4% on $43.0m in FY23 29.9% on $28.4m in FY23 3 2024 RESULTS PRESENTATION NOTE – ALL AMOUNTS
Slide 5: Performance highlights (Statutory)
Performance highlights For personal use only (Statutory) Revenue (Statutory) EBIT (Statutory) NPAT $400m $46.4m $30.5m 25.0% on $320m in FY23 53.2% on $30.3m in FY23 56.5% on $19.5m in FY23 Fully Franked (Statutory) Operating Cashflow EPS (Stat) EPS (Pro Forma) Final Dividend FY24 Total Divide
Slide 6: Business overview
TASMEA ELECTRICAL MECHANICAL CIVIL WATER & FLUID Business For personal use only overview Tasmea owns and operates 22 inter-dependent leading Australian diversified specialist trade skill services businesses focusing on maintenance, shutdown, breakdown and brownfield upgrade services of fixed plant f
Slide 7: Company highlights
Company highlights For personal use only • Blue-chip customer base supporting specialist high margin business • Focus on specialist maintenance segment of the mining services market • High ROE and cash generating business • Clear program to grow organically and by programmatic acquisition • Founder
Slide 8: Recent Acquisitions
Recent Acquisitions Tasmea is now positioned with an end-to-end electrical capability with the recent Future Group acquisition, For personal use only enabling Tasmea Group to offer fully integrated solutions which is a unique capability in the national electrical service sector SUBSIDIARY OVERVIEW A
Slide 9: Comparison to prospectus
Comparison to prospectus For personal use only Tasmea has outperformed Group Pro Forma EBIT and Margin ($m) Group Pro Forma NPAT and Margin ($m) Prospectus projections for 23% EBIT and NPAT on a Pro CAGR 27% CAGR Forma basis 54.8 36.9 54.0 33.5 KEY HIGHLIGHTS 28.4 43.0 • Tasmea achieved a Pro Forma
Slide 10: Group financial performance
Group financial performance For personal use only Tasmea delivered strong financial growth in comparison to FY23 on both a pro forma and statutory basis Pro Forma FY24 FY23 Change Change Statutory FY24 FY23 Change Change Results Summary $m $m $m % Results Summary $m $m $m % Revenue 407.4 367.5 39.8
Slide 11: Comparative financial performance
Comparative financial performance For personal use only Demonstrated growth track record GROUP PRO FORMA REVENUE ($M) GROUP PRO FORMA EBIT AND MARGIN ($M) 24% CAGR 23% CAGR 407.4 54.8 367.5 293.4 43.0 34.7 215.1 29.8 13.8% 13.5% 11.8% 11.7% FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 EBIT Margin 10 2024
Slide 12: Group Financial Position
Group Financial Position For personal use only Tasmea has a strong financial position with an efficient working capital profile GROUP BALANCE SHEET 30 June 2024 KEY HIGHLIGHTS $m Statutory Trade and other receivables 59.5 Inventories and contract assets 37.7 • Low working capital requirement as a pe
Slide 13: Group Financial Performance
Group Financial Performance For personal use only Strong financial metrics Return on Capital Employed Return on Equity Reported earnings per share (cents) 18.4 28.2% 15.2 27.7% 41.0% 26.0% 36.6% 37.2% 1 35.3% 22.7% 9.9 7.0 5.0 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY24 Pro Form
Slide 14: Electrical Segment
Electrical Segment Pro Forma Revenue ($m) 24.4% CAGR 144.3 For personal use only 137.5 Tasmea’s electrical segment continues to show strong 122.9 year on year EBIT growth with more to come 105.8 71.4 FY24 Revenue FY24 EBIT $137m 11.8% on FY23 $14.7m FY21 FY22 FY23 FY24 FY24 37.0% on FY23 (Prospe
Slide 15: Mechanical Segment
Mechanical Segment Pro Forma Revenue ($m) 26.3% CAGR For personal use only 155.1 Tasmea’s mechanical segment outperformed 134.5 142.1 the Prospectus target at an EBIT level 85.8 70.5 FY24 Revenue FY24 EBIT $142m 5.6% on FY23 $22.5m FY21 FY22 FY23 FY24 FY24 9.8% on FY23 (Prospectus) (Actual) Pro
Slide 16: Civil Segment
Civil Segment Pro Forma Revenue ($m) 15.8% CAGR 55.7 53.9 For personal use only Tasmea’s civil segment showed strong 42.5 growth in FY24 in comparison to FY23 34.7 39.5 FY24 Revenue FY24 EBIT $54m 26.8% on FY23 $11.2m FY21 FY22 FY23 FY24 FY24 78.1% on FY23 (Prospectus) (Actual) Pro Forma EBIT an
Slide 17: Water & Fluid Segment
Water & Fluid Segment Pro Forma Revenue ($m) 24.4% CAGR 80.0 For personal use only Tasmea’s water & fluid segment 67.5 73.9 62.3 showed strong growth on FY23 38.4 FY24 Revenue FY24 EBIT $74m 9.5% on FY23 $6.4m FY21 FY22 FY23 FY24 FY24 16.4% on FY23 (Prospectus) (Actual) Pro Forma EBIT and Margin
Slide 18: Health and Safety
Health and Safety For personal use only Tasmea is committed to focusing on safety and sustainability, which is key to maintaining our strong relationships with clients and ensuring the long-term success of our business KEY HIGHLIGHTS 4,200+ • Safety is a top priority across all Tasmea operations • I
Slide 19: Capital Management Framework
Capital Management Framework For personal use only Tasmea operates under a strict capital management framework to deliver growth Excess Cash Organic Growth $49.8m ($55.4m) ($33.2m) $9.0m Operating Cashflow * Investing Cashflow Net Debt Fully Franked Programmatic Final Dividend Acquisitions D
Slide 20: Cashflow
Cashflow OPERATING CASH FLOW • Tasmea has a strong OCF (before interest and tax) to EBIT conversion, with the average last four years being 104.3% For personal use only on a reported basis Tasmea has a disciplined approach to cashflow management As a specialist trade skill services business with hig
Slide 21: FY24 Pro Forma EBIT with recent acquisitions included
FY24 Pro Forma EBIT with recent acquisitions included Since listing, Tasmea has already delivered on its programmatic acquisition strategy and has acquired $20.6 million For personal use only of sustainable EBIT out of its total $30.0 million target to be achieved for FY25-FY27 Recent Acquisitions B
Slide 22: Shareholder Distributions
Shareholder Distributions For personal use only Tasmea has declared a fully franked final FY24 dividend of 4.0 cents per share Dividend (Cents) 6.5 6.5c 47% FY24 Fully Franked Dividend Payout Ratio Final dividend of 4.0cps ~33% after DRP 3.5 4.0 100% 17 Oct 2024 Franked Dividend Payable Final divide
Slide 23: Business Outlook
Iron Ore production in Australia (mt)1 1,100 Business Outlook 1,050 1,000 For personal use only 950 Tasmea is strategically positioned for continued growth 900 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 KEY HIGHLIGHTS Copper production in Australia (mt)1 • Tasmea Limited remains well-position
Slide 24: Appendix
For personal use only Appendix 23 2024 RESULTS PRESENTATION TASMEA LIMITED LAPTEK SYSTEMS
Slide 25: FY24 statutory to pro forma results reconciliation
FY24 statutory to pro forma results reconciliation 1 2 3 For personal use only Pre-acquisition Business FY24 Statutory earnings Non-recurring acquisition costs Pro forma $m FY24 Mechanical IPO costs Mechanical FY24 Revenue 400.0 7.4 - - 407.4 Cost of sales (286.0) (4.6) - - (290.6) Gross margin 114.
Slide 26: Important Notice
Important Notice For personal use only • This document has been prepared by Tasmea Limited (ABN 22 088 588 425) (“Tasmea” or “the Company”). No other party other than Tasmea has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or