Raubex Group Limited · JSE:RBX
Raubex — H1 2022 Earnings Presentation
43 slides from Raubex's earnings presentation, November 2021
Slide 1: Interim Results for the six months ended 31 August 2021
UNAUDITED Raubex Group Limited (Incorporated in the Republic of South Africa) INTERIM RESULTS Registration number 2006/023666/06 Share code: RBX ISIN code: ZAE000093183 (“Raubex” or “the group”) for the six months ended 31 August 2021
Slide 2: Agenda
Agenda • The Period in Review • Group Financial Highlights • Divisional Review • Order Book • Major Projects Progress • Conclusion
Slide 3: The Period in Review
The Period in Review • The group is pleased to present a strong set of results for the 6 months ended 31 August 2021 • The group commenced the period with a record order book of R17,1 billion • Started execution of the order book profitably • The Beitbridge Border Post project in Zimbabwe, the group
Slide 4: Group Financial Highlights
Group Financial Highlights • Revenue increased 52,0% to R5,99bn (H1 2021: R3,94bn) • Operating profit increased 1 907,9% to R435,2m (H1 2021: R21,7m) • Group operating profit margin of 7,3% (H1 2021: 0,6%) • HEPS increased 615,0% to earnings of 137,0 cps (H1 2021: loss of 26,6 cps) • Cash generated
Slide 5: Income Statement
Income Statement Interim results Interim results Annual results 2022 2021 2021 (R’000) (R’000) (R’000) Revenue 5 987 384 3 938 303 8 846 454 % growth 52,0% (10,5%) 1,3% Operating profit 435 180 21 673 364 456 % growth 1 907,9% (90,0%) (24,1%) Operating margin 7,3% 0,6% 4,1% Net finance costs 10 635
Slide 6: Statement of Financial Position – Assets
Statement of Financial Position – Assets Interim results Interim results Annual results 2022 2021 2021 (R’000) (R’000) (R’000) Non-current assets 4 307 094 4 160 730 4 193 981 Property, plant and equipment 2 374 534 2 429 530 2 384 052 Right-of-use assets 288 397 296 370 295 030 Intangible assets 1
Slide 7: Statement of Financial Position – Equity and Liabilities
Statement of Financial Position – Equity and Liabilities Interim results Interim results Annual results 2022 2021 2021 (R’000) (R’000) (R’000) Equity 4 873 107 4 512 919 4 674 224 Attributable to shareholders 4 584 605 4 253 732 4 403 385 Non-controlling interest 288 502 259 187 270 839 Non-current
Slide 8: Statement of Cash Flows
Statement of Cash Flows Interim results Interim results Annual results 2022 2021 2021 Cash flows from operating activities (R’000) (R’000) (R’000) Cash generated from operations 239 869 714 998 1 329 416 Finance costs – net (10 073) (12 003) (18 428) Taxation paid (75 071) (80 073) (190 615) Net cas
Slide 9: Segmental Analysis
Segmental Analysis Roads and Operating segments Materials Earthworks Infrastructure Consolidated August 2021 Revenue (R’000) 1 277 990 2 739 733 1 969 661 5 987 384 Operating profit (R’000) 188 805 116 542 129 833 435 180 Operating margin 14,8% 4,3% 6,6% 7,3% August 2020 Revenue (R’000) 1 232 280 1
Slide 10: Dividend Declaration
Dividend Declaration • Interim cash dividend declared of 47 cents per share • 3 times cover policy maintained • Relevant dates • Last day to trade cum dividend - Tuesday, 30 November 2021 • Commence trading ex dividend - Wednesday, 1 December 2021 • Record date - Friday, 3 December 2021 • Payment da
Slide 11: Materials Division
Materials Division • Revenue increased 3,7% to R1,28bn (H1 2021: R1,23bn) • Operating profit increased 77,4% to R188,8m (H1 2021: R106,4m) • Operating margin increased to 14,8% (H1 2021: 8,6%) • Capital expenditure of R149,6m (H1 2021: R90,0m) • Order book of R1,51bn (H1 2021: R1,81bn) • The divisio
Slide 12: Roads and Earthworks Division
Roads and Earthworks Division • Revenue increased 91,1% to R2,74bn (H1 2021: R1,43bn) • Operating profit increased 276,4% to R116,5m (H1 2021: - R66,1m operating loss) • Operating margin of 4,3% (H1 2021: - 4,6% operating loss margin) • Capital expenditure of R82,9m (H1 2021: R33,7m) • Order book of
Slide 13: Infrastructure Division
Infrastructure Division • Revenue increased 54,8% to R1,97bn (H1 2021: R1,27bn) • Operating profit increased 794,0% to R129,8m (H1 2021: -R18,7m operating loss) • Operating margin of 6,6% (H1 2021: -1,5% operating loss margin) • Capital expenditure of R54,8m (H1 2021: R43,3m) • Order book of R4,29bn
Slide 14: Infrastructure Division – Renewable Energy Update
Infrastructure Division – Renewable Energy Update • Renewable Energy IPP Risk-mitigation round • Commercial close was delayed due to various legal actions • Commercial close is estimated early 2022 • Raubex is well positioned with strategic partners • Renewable Energy IPP Bid Window 5 • Preferred bi
Slide 15: International (Rest of Africa)
International (Rest of Africa) • Revenue increased 80,9% to R649,8m (H1 2021: R359,2m) • Operating profit increased to R126,7m (H1 2021: R0,5m) • Operating margin increased to 19,5% (H1 2021: 0,1%) • Order book increased to R3,77bn (H1 2021: R252,9m) • Good results reported from commercial aggregate
Slide 16: International (Australia)
International (Australia) • Revenue increased 75,7% to R926,0m (H1 2021: R526,9m) • Operating profit increased 107,7% to R74,9m (H1 2021: R36,1m) • Operating margin of 8,1% (H1 2021: 6,8%) • Order book decreased to R626,8m (H1 2021: R870,4m) • Good results were reported by Westforce Construction dur
Slide 17: Order book
Order book ORDER FY15BOOK Divisional Operating Profit FY 2022 H1 FY 2021 International 27% International 30% SANRAL SANRAL 37% 40% Private 20% Private 15% Concessions 7% Provincial Provincial 7% 6% Municipal Municipal Concessions 2% 4% 5% Timing R16,555bn Timing R17,123bn FY 2022 (6mths) R4,898bn FY
Slide 18: Order Book History
Order Book History Order book trend to 31 August 2021 18 000 16 000 14 000 12 000 Rand million 10 000 8 000 6 000 4 000 2 000 - Feb 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17 Feb 18 Feb 19 Feb 20 Feb 21 Aug 21 INTERNATIONAL 893 624 843 330 1 678 2 207 2 130 1 903 2 548 1 132 935 5 206 4 402
Slide 19: Major Projects Progress
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Slide 20: Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe
Slide 21: Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe
Slide 22: Raubex Building & Raubex Construction: Oxidation dam at Beitbridge Border Post Zimbabwe
Raubex Building & Raubex Construction: Oxidation dam at Beitbridge Border Post Zimbabwe
Slide 23: Empa Structures: Reservoir at Beitbridge Border Post Zimbabwe
Empa Structures: Reservoir at Beitbridge Border Post Zimbabwe
Slide 24: Raubex Infra: Extension of Vereeniging Ave, Bloemfontein
Raubex Infra: Extension of Vereeniging Ave, Bloemfontein, bridge construction and interchange
Slide 25: Raubex Building: Belhar Student Housing facility – Cape Town
Raubex Building: Belhar Student Housing facility – Cape Town
Slide 26: OMV: Matlosana operation
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Slide 27: B&E International: Lyttelton Dolomite Mine
B&E International: Lyttelton Dolomite Mine
Slide 28: Transkei Quarries: Butterworth operation
Transkei Quarries: Butterworth operation
Slide 29: SPH Kundalila: Kookfontein mine – North West Province
SPH Kundalila: Kookfontein mine – North West Province
Slide 30: Raubex Construction: N4 Witbank to Maputo Toll Road - Karino Interchange
Raubex Construction: N4 Witbank to Maputo Toll Road - Karino Interchange
Slide 31: Raubex Construction: N3 Cato Ridge
Raubex Construction: N3 Cato Ridge
Slide 32: Raubex KZN: Rehabilitation of Main Road P235-1 in Empangeni Region
Raubex KZN: Rehabilitation of Main Road P235-1 in Empangeni Region
Slide 33: Roadmac Surfacing Cape: N2 from Kareedouw to Krom River
Roadmac Surfacing Cape: N2 from Kareedouw to Krom River
Slide 34: Roadmac Surfacing Cape: R58 from Lady Grey to Barkley East
Roadmac Surfacing Cape: R58 from Lady Grey to Barkley East
Slide 35: Roadmac Surfacing: N3 Estcourt – Seal and road marking completed
Roadmac Surfacing: N3 Estcourt – Seal and road marking completed
Slide 36: Shisalanga Construction: Ixopo plant
Shisalanga Construction: Ixopo plant
Slide 37: Tosas: R61 from Beaufort West to Aberdeen
Tosas: R61 from Beaufort West to Aberdeen
Slide 38: Westforce Construction: Roy Hill Ultrafine Iron recovery project
Westforce Construction: Roy Hill Ultrafine Iron recovery project
Slide 39: Westforce Construction: Simpec Pilgangoora Civil Concrete
Westforce Construction: Simpec Pilgangoora Civil Concrete
Slide 40: Raubex Construction: Cape Busselton, Western Australia
Raubex Construction: Cape Busselton, Western Australia
Slide 41: Raubex Construction: Onslow landfill infrastructure, Western Australia
Raubex Construction: Onslow landfill infrastructure, Western Australia
Slide 42: Australia – CCF WA Award for Civil Construction – Vasse Diversion Drain Upgrade JV
Australia – CCF WA Award for Civil Construction, project value $10m to $30m – Vasse Diversion Drain Upgrade JV
Slide 43: Conclusion
Conclusion • The Materials division will continue to pursue strategic partnerships with mineral resource owners to afford the group the opportunity to participate in various materials handling and processing opportunities over the medium and long term • In the Roads and Earthworks division the curre