Big River Industries Ltd. · ASX:BRI
Big River Industries — Investor Presentation (February 2022)
15 slides from Big River Industries's investor presentation, Feb 25, 2022
Slide 1: Big River Industries Limited 1H22 Results Presentation
Big River Industries Limited (ASX:BRI) 1H22 Results Presentation – 25 February 2022
Slide 2: Contents
Contents • Big River Business mix • Geographic coverage • Performance headlines • Operational Summary • Strategy update • Earnings Summary • Balance Sheet • Cash Flow • FY22 Outlook • Appendix • Disclaimer
Slide 3: Big River Business Mix
Big River Business Mix Formwork & Commercial – 26% Target Building Trade Centres – 44% Categories Panels – 30% Detached Housing 10% 9% Commercial 35% High Density Residential Revenue by 7% Construction Medium Density Residential 9% Market Civil 9% 21% Alterations Industrials ❑ QLD – 29% ❑ NSW/ACT –
Slide 4: Strong geographic and category diversity
Strong geographic and category diversity 0% 0% 4
Slide 5: Performance Headlines
Performance Headlines ❑ 1H22 Revenue of $193.8m, up 45% on 1H21 ❑ Like for like sales revenue increased 14%, with now six consecutive quarters of accelerated revenue growth Financial ❑ Underlying EBITDA of $21.5m, an increase of 115% on the 1H21 Results ❑ Underlying NPAT increased by $6.7m or 204% t
Slide 6: Operational Summary
Operational Summary ❑ 1H22 revenue of $193.8m, up 45% on the prior period, and tracking ahead of expectation ▪ NSW and Victoria growth lagged the other geographies, as these markets were the most impacted by Covid disruption ▪ Like for like revenue growth of 14% was achieved across the Company, with
Slide 7: Strategy – Divisional realignment to enhance focus
Strategy – Divisional realignment to enhance focus ❑ New three year strategy developed with strong growth in revenue and profitability targeted, with sustainable EBITDA margins of 10% achievable ❑ Major growth opportunities across all three divisions, and in multiple geographies ❑ Increased focus on
Slide 8: Revised structure highlights growth opportunities
Revised structure highlights growth opportunities 8
Slide 9: Earnings Summary
Earnings Summary 1H22 1H21 Key Financial Measures Financial Summary Change ($m's) ($m's) Revenue $193.8m 45.2% (1) Revenue 193.8 133.5 45.2% Operating EBITDA $21.5m 115.0% EBITDA & Other: Operating EBITDA margin 11.1% 48.1% NPAT (before significant items) $9.9m 203.9% Construction 13.1 7.6 7
Slide 10: EBITDA 1H22 Waterfall
EBITDA 1H22 Waterfall $21.5m 1. Excellent operating leverage achieved through the 14% organic growth achievement 2. Gross margin improvements of 200 bps driven by multiple improvement measures a) Enhanced product mix, particularly growth in the Panels range b) Solid operating efficiencies improved m
Slide 11: Balance Sheet
Balance Sheet 31 Dec 21 30 Jun 21 Balance Sheet ($m's) ($m's) Cash 6.5 7.9 ❑ Trade working capital (TWC) as a percentage of revenue was Receivables 48.8 48.0 17.6% on a weighted average basis, up marginally from Government Grant 3.0 6.0 FY2021 of 17.3% Inventories 65.4 54.1 ❑ TWC increased $10.2m in
Slide 12: Cash Flow
Cash Flow 1H22 1H21 ❑ Operating cash flow before interest and tax (OCFBIT) as a Cash Flow percentage of EBITDA remained strong at 73% despite increase in ($m's) ($m's) working capital Receipts from customers 213.2 154.8 ❑ $3m of cash payments for Wagga Wagga redundancies and other Payments to suppli
Slide 13: 2H22 Outlook
2H22 Outlook ❑ Market conditions in 2H22 are expected to remain fundamentally in line with 1H22 ❑ Construction starts continue to lag approvals, with supply chain and Covid disruptions further impacting this lag. This supports demand from the detached housing sector well in FY23 Market ❑ Recent mult
Slide 14: Appendix
Appendix Key Financial Measures 1H2018 1H2019 1H2020 1H2020 1H2021 1H2022 PROFIT & LOSS ($m's) 1H2018 1H2019 1H2020 1H2020 1H2021 1H2022 Pre AASB16 Pre AASB16 Pre AASB16 Post AASB16 Post AASB16 Post AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Post AASB16 Post AASB16 Post AASB16 Profitability Revenue 104
Slide 15: Important Notice and Disclaimer
Important Notice and Disclaimer ▪ This presentation is dated 25 February 2022. ▪ Big River Industries Limited (the "Company") advises that the information contained in this presentation is intended to be general background information about the Company's activities as at the date of this presentatio
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