Big River Industries Ltd. · ASX:BRI
Big River Industries — H1 2024 Earnings Presentation
18 slides from Big River Industries's earnings presentation, Feb 21, 2024
Slide 1: 1HFY24 Results Presentation
1HFY24 Results Presentation 21st February 2024 BIG RIVER INDUSTRIES LTD (ASX:BRI)
Slide 2: Contents
CONTENTS 03 Business Overview 04 Performance Headlines 1HFY24 05 1HFY24 Progress on strategic priorities BIG RIVER INDUSTRIES LTD (ASX:BRI) 06 New Branding Overview 07 Historical Performance 08 Divisional Performance 09 Profit & Loss 10 Balance Sheet 11 Capital Management 12 Cash Flow 13 Outlook 15
Slide 3: Business Overview
03 Business Overview Supply chain 19% of revenue Asset mix 26 7 4 3 diversity Manufactured by BRI 16% of revenue Direct Import by BRI Frame & Truss Plywood / panel 65% of revenue Sites across major population Manufacturing Sites prefabrication manufacturing BIG RIVER INDUSTRIES LTD (ASX:BRI) Sourced
Slide 4: Performance Headlines 1HFY24
04 Performance Headlines 1HFY24 Solid Performance, disciplines & building for growth Group 1HFY24 Revenue Operating Expenses Investment in growth Underlying EBITDA $218.8m up 3.8% ~$1.0m $20.0M BIG RIVER INDUSTRIES LTD (ASX:BRI) Consistent with prior period up Strong cost management in Investment in
Slide 5: 1HFY24 Progress on strategic priorities
05 1HFY24 Progress on strategic priorities Safety & People • Investment in safety initiatives, external audits and site improvements. Need a picture • Staff development & investing in key talent. BIG RIVER INDUSTRIES LTD (ASX:BRI) Growth • Good progress on organic growth initiatives across the group
Slide 6: New Branding Overview
06 New Branding Overview Strategic Rebrand Initiative Good Business. Fortifying market position by unifying diverse portfolio of brands. Good People. February April 2024 May 2024 2024 Grafton Grand Albion Park Foster synergies and coherence across BIG RIVER INDUSTRIES LTD (ASX:BRI) Market Opening Br
Slide 7: Historical Performance
07 Historical Performance Revenue ($m) EBITDA ($m) U-NPAT ($m)¹ 30 14 250 25 12 200 10 20 150 8 15 BIG RIVER INDUSTRIES LTD (ASX:BRI) 6 100 10 4 50 5 2 0 0 0 Cash Conversion Gearing 2 ROFE 2 120% 30% 30% 100% 25% 25% 80% 20% 20% 60% 15% 15% 40% 10% 10% 20% 5% 5% 0% 0% 0% 1. U-NPAT is NPAT before sig
Slide 8: Divisional Performance
08 Divisional Performance Revenue EBITDA EBITDA margin AUD in millions 1HFY24 1HFY23 % Change 1HFY24 1HFY23 % Change 1HFY24 1HFY23 Construction products 154.3 165.7 (6.9%) 14.6 20.7 (29.5%) 9.5% 12.5% BIG RIVER INDUSTRIES LTD (ASX:BRI) Panels 64.5 66.7 (3.3%) 9.3 10.6 (12.3%) 14.4% 15.9% Corporate c
Slide 9: Profit & Loss
09 Profit & Loss AUD in millions 1HFY24 1HFY23 % Change Highlights Revenue 218.8 232.4 (5.9%) • Revenue down 5.9% driven by lower residential activity, Raw materials and consumables (161.0) (168.1) (4.2%) impact of continued labour Gross profit 57.8 64.3 (10.1%) shortages and site delays. BIG RIVER
Slide 10: Balance Sheet
10 Balance Sheet AUD in millions 31-Dec-2023 30-Jun-2023 Highlights Cash 24.3 34.3 • Strong balance sheet to support Trade and other receivables 48.2 59.9 the growth and acquisition strategy. Inventories 68.8 69.5 • Strong financial disciplines BIG RIVER INDUSTRIES LTD (ASX:BRI) Fixed assets 24.2 23
Slide 11: Capital Management
11 Capital Management AUD in millions 31-Dec-2023 30-Jun-2023 Highlights Total borrowing facility** 86.1 86.1 • Net debt increased by $7.8 Facility drawn 43.3 45.5 resulting from payment of Utilisation ratio % 50.3% 52.8% contingent consideration and prior year income tax liability. BIG RIVER INDUST
Slide 12: Cash Flow
12 Cash Flow AUD in millions 1HFY24 1HFY23 Highlights Receipt from customers 252.4 262.7 Payment to suppliers and employees (232.8) (241.8) • OCFBIT to EBITDA conversion of 98% ahead of 74.9% in 1HFY23. Operating cash flow before interest and tax 19.6 20.9 • Strong financial disciplines Interest pai
Slide 13: Outlook
13 Outlook Short term delays, strong medium- term outlook BIG RIVER INDUSTRIES LTD (ASX:BRI) The outlook is supported by solid Our short to medium-term Western Australia should continue to project pipelines in the short-term commercial projects pipeline remains be the strongest state followed by tho
Slide 14: Outlook: Strategy & Financial
14 Outlook Strategy & Financial BIG RIVER INDUSTRIES LTD (ASX:BRI) The business is continuing to actively Our Grafton Consolidation project is Investment in People, systems and explore opportunities to add value- now complete and delivering processes will continue as we strive to accretive businesse
Slide 15: Appendix - Profitability
15 Appendix - Profitability AUD in millions 1HFY20 1HFY21 1HFY22 1HFY23 1HFY24 Revenue 126.1 133.5 193.8 232.4 218.8 EBITDA - Construction 7.1 7.6 13.1 20.7 14.6 - Panels 3.5 4.4 10.9 10.6 9.3 BIG RIVER INDUSTRIES LTD (ASX:BRI) - Corporate costs (1.9) (2.2) (2.8) (3.4) (3.9) Total EBITDA 8.7 9.8 21.
Slide 16: Appendix – Cash Flow
16 Appendix – Cash Flow AUD in millions 1HFY20 1HFY21 1HFY22 1HFY23 1HFY24 EBITDA 8.7 9.8 21.2 27.9 20.0 Working capital changes & other items (4.3) (2.2) (6.4) (7.0) (0.4) Operating cash flow before interest and tax (OCFBIT) 4.4 7.6 14.8 20.9 19.6 Interest paid (0.8) (0.9) (1.5) (1.4) (1.7) BIG RIV
Slide 17: Appendix – Capital Management
17 Appendix – Capital Management 31-Dec- 31-Dec- 31-Dec- 31-Dec- 31-Dec- AUD in millions 2019 2020 2021 2022 2023 Overdraft and trade finance 0.8 1.5 2.8 2.7 - Bank bills 22.6 12.2 36.0 41.0 41.0 BIG RIVER INDUSTRIES LTD (ASX:BRI) Equipment finance liability 2.0 2.0 2.4 2.3 2.3 Less: Cash - (6.5) (6
Slide 18: Important Notice and Disclaimer
18 Important Notice and Disclaimer This presentation is dated 21st February 2024. the Company's expectations or that the effect of future Big River Industries Limited (the "Company") advises that the developments on the Company will be those anticipated. Actual information contained in this pres