Slide 1: FY24 Full Year Financial Results
August 2024 FY24 Full Year Financial Results
Slide 2: Agenda
Agenda • Results Overview • About Austin • Financial Results FY24 • Who we are • FY24 Highlights • Our 40-Year Journey • Financial Results • Sector analysis • Global Strategy • Outlook and Guidance P2
Slide 3: Financial Results FY24
Financial Results FY24 Austin 2.0 is now delivering outstanding results that set a new performance benchmark • Revenue up 21% to $313.2 million • Underlying EBITDA up 48.9% to $46.6 million • Underlying NPAT up 71% to $31.0 million • EPS up 315% to 5.1c per share • Operating cashflow up 132% to $36.
Slide 4: FY24 Results Highlights - Strong annual revenue and margin growth
FY24 Results Highlights - Strong, annual revenue and margin growth CAGR 54% P.A. 50 46.6 Revenue Order Book 45 $313.2m $187m 40 Up 21% from $258m Up 30% yoy 35 31.3 28.6 EBITDA1 Operating Cashflow 30 Impact of EBITDA $M $46.6m $36.6m Austin 2.0 25 20 Up 49% from $31.3m Up $20.9m from $15.82 m 12.7 1
Slide 5: Our 40-Year Journey - Business Delivering Globally
Our 40-year journey - business delivering globally Brisbane, Australia Perth, Australia Casper, USA La Negra, Chile Batam, Indonesia Global Operation Worldwide Mackay, Australia Batam and La Negra 1982 2004 2007 2009 2011 2017 2021 2022 2023 Facility expansion Austin is founded Acquired JEC Acquired
Slide 6: Who We Are
Who we are Austin designs and manufactures customised dump truck bodies, buckets, water tanks, tyre handlers, and other ancillary products used in the mining industry. Austin’s products deliver high returns on investment to customers through performance enhancement compared with OEM products. Austin
Slide 7: Financial Results
Financial Results David Bonomini, Chief Financial Officer P7
Slide 8: Analysis of Financial Performance
Analysis of Financial Performance Financial Performance 12 months ending FY24* FY23* VAR % • Revenue growth of 21% with higher revenue across all Revenue $M 313.2 258.3 21% regions: APAC +17%, South America +26% and North America +27%. EBITDA $M 46.6 31.3 49% EBITDA margin % 14.9% 12.1% 23% •
Slide 9: Revenue up 21%
Revenue up 21% - broad based revenue expansion 350 313 300 • Revenue up 21% driven by order book growth across the business and enabled by capacity 258 250 expansions: • North America up 27%, A$M REVENUE 198 203 • South America up 26%, 200 • APAC up 17% 150 • Circa 90% recurring revenue from custome
Slide 10: Strong NPAT Growth
Strong NPAT growth – continued focus on underlying operational efficiency is the basis for ongoing & stronger performance* 35 Underlying NPAT up 71% pcp driven by 31.0 continued growth across the business. 30 • South America margins at 27% on the 25 back of solid revenue growth. NPAT $M 18.1 20 • AP
Slide 11: Working Capital
Working capital – improved by $13 million $M FY24 FY23 Finished goods 0.3 0.4 Work-in-progress 26.7 20.6 • Raw materials decrease by $4.5 million following Raw Materials 43.5 47.8 improved material stock management driven by Total inventory 70.5 68.8 reductions in Chile and Australia. Trade rece
Slide 12: Operational Cashflow of $37 Million
Operational cashflow of $37 million continues to strengthen Operational Cash Interest and Capex Free Cash Flow Flow Tax $45m - $9m - $5m $31m Cash balance improved by $20M to $40M: • Strong operational cash flow excluding interest and tax of $45 million • EBITDA to cash conversion of 94% • Invested
Slide 13: Net Cash of $9.6 Million
Net cash of $9.6 million - achieved net cash position by year end FY24 FY23 Total Assets $M 293.0 260.9 • Net cash of $9.6 million driven by strong profit to cash conversion. Total Shareholders Funds $M 130.3 114.2 • Net debt to net debt plus equity ratio moved to a positive 8.0%. Net Cash/(Debt)
Slide 14: Order Book
Order book - has been growing at 44% CAGR and should drive multi-year revenue high this FY Austin Order Book FY2021-2024 200 184 187 180 158 160 144 CAGR 44% P.A. 140 120 108 106 100 81 80 63 60 40 20 0 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 CAGR is calculated year end FY21 to year end FY24
Slide 15: Sector Analysis
Sector Analysis David Singleton, Chief Executive Officer and Managing Director P15
Slide 16: Analysis of Financial Results - Asia-Pacific
Analysis of Financial Results Asia-Pacific FY2023* FY2024 Sector Analysis Revenue (continuing operations) EBITDA $M $M 141.9 8.1 166.1 18.1 EBITDA margin % 5.7% 10.9% Asia-Pacific • Enhanced sales and customer support team in place and 180 delivering. 166 • Perth re-tooling for mining buckets now co
Slide 17: Analysis of Financial Results - North America
Analysis of Financial Results North America FY2023* FY2024 Sector Analysis Revenue (continuing operations) EBITDA $M $M 75.3 16.5 95.5 17.4 EBITDA margin % 21.9% 18.2% North America 100 • USA has a record order book and is adding new multi- 96 90 year customers. • Increased use of sub-contract suppo
Slide 18: Analysis of Financial Results - South America
Analysis of Financial Results South America FY2023* FY2024 Sector Analysis Revenue (continuing operations) EBITDA $M $M 41.1 6.1 51.6 14.1 EBITDA margin % 15.0% 27.3% • Full year revenue was up 25.5% 60 • New management focus on improving quality of 52 income and developing new customers. 50 • Capac
Slide 19: Global Strategy
Global Strategy David Singleton, Chief Executive Officer and Managing Director P19
Slide 20: Strategy – success means doubling down in all areas
Strategy – success of the strategy means that we are doubling down in all areas • Investment in sales teams • Marketing activity increased including more Customer Focus trade shows • Customer support personnel expanded in Australia. 3 • Focus on delivering customised products to deliver mining effic
Slide 21: Strategy is delivering
Strategy is delivering – differentiating the business is key to long term success Austin 2.0 - product capability, operating efficiency, capacity expansion Installed base driving Financials strengthen ~90% repeat business Order book up 30% & delivering growth P 21
Slide 22: Focusing on Customer Needs
Focusing on customer needs is key - Accessible market for trays is estimated to be up to 7x current production levels ~20,500 Trucks ~3,500 Annual ~500 Current Replacement production level This slide relates to Austin’s ‘Home Markets’ which are located around its main production centres. External da
Slide 23: Manufacturing Excellence
Manufacturing Excellence – development is accelerating as we see benefits delivered COMMON MANUFACTURING CAPACITY EXPANSION SYSTEMS GLOBALLY THROUGH EFFICIENCY UNIFYING TO A AUSTBUY MATERIAL SINGLE ERP SYSTEM PLANNING P23
Slide 24: Product Leadership
Product Leadership – new and improved products in development OUR LIGHTEST EVER OUR BEST EVER BUCKETS TRUCK TRAY P24
Slide 25: Product Diversity
Product diversity - mix is improving aided by Mainetec & key to further growth 15% 17% Truck Bodies 17% FY22 FY24 Buckets and other products $203m 21% $313m 62% Repairs and Maintenance 68% P 25
Slide 26: Customers Include Many of the Industry Blue Chips
Customers include many of the industry ‘blue chips’ Customer map showing major orders over the last 12 months. P 26
Slide 27: Outlook & Guidance
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Slide 28: FY25 Objectives
FY25 objectives – building on the momentum Maintain order book strength by developing new customers and products Drive manufacturing systems and capacity to deliver order book AustBuy contribution growth Develop leadership teams to deliver the business growth and complexity P28
Slide 29: FY25 Full Year Guidance
FY25 Full Year Guidance – continued strong growth with new market opportunities ahead • FY25 full revenue of circa ~$350m up ~12% from FY24 • Underlying FY25 EBIT of ~$50 million up ~30% from FY24 Outlook 29 P 29
Slide 30: Saad
on Saad austin DESIGN MATTERS