Mastermyne Group Limited · ASX:MYE
Mastermyne — Metarock Group — FY2023 Earnings Presentation
15 slides from Mastermyne's earnings presentation, Sep 20, 2023
Slide 1: FY2023 Full Year Results
FY2023 FULL YEAR RESULTS For personal use only Metarock Group Limited (ABN 96 142 490 579) Jon Romcke, Executive Chairman Jeff Whiteman, Interim Chief Executive Officer September 2023
Slide 2: FY2023 Group highlights
Overview FY2023 Group highlights FY2023 HIGHLIGHTS For personal use only TURNAROUND PLAN › Turnaround plan implemented from late 2022, resulting in exit from legacy loss-making/underperforming contracts HAS ACHIEVED ITS KEY (including Cook post year-end), divestment of non-core assets enabling mater
Slide 3: Safety
Safety Achieving consistent, positive safety outcomes remains a key focus for Metarock › Building on the work completed to date in adopting the recommendations from the independent organisational safety review commissioned by the Board in 2022, For personal use only Metarock has commenced implementi
Slide 4: Statutory Versus Normalised Results
Statutory Versus Normalised Results Statutory net loss after tax of $74m was impacted by asset impairments and contract losses from terminated and onerous contracts amounting to $73m (before tax) and $57m (after tax) Normalisations: › For personal use only Crinum - $22.1m (before tax) of asset write
Slide 5: FY23 Normalised EBITDA
FY23 Normalised EBITDA Material turnaround in second half EBITDA performance (on a normalised basis) For personal use only › On a full-year basis, normalised EBITDA was $38.5m, above prior guidance of $31m › 2H FY2023 normalised EBITDA of $29.7m versus $8.8m in 1H FY2023, noting that 2H included one
Slide 6: 2H FY2023 Focus on long-term debt reduction
2H FY2023 Focus on long-term debt reduction Assets sales in 2H and post 30 June 2023 has reduced net debt* by approximately $48 million to $54 million For personal use only • $50m capex relating to the new plant and equipment required for the Cook and • Net debt* peaked in December 2022 at $102m due
Slide 7: Divisional Overview - Mastermyne
Divisional Overview - Mastermyne Divisional performance impacted by Crinum and Cook operations contracts (now ceased), but core Coal Contracting business performed strongly › Mine Operations contracts (now ceased): $322.2m For personal use only › Crinum - Significant costs continued into 1H on Crinu
Slide 8: Divisional Overview - PYBAR
Divisional Overview - PYBAR 1H challenges from Peak and Thalanga contracts (now ceased) with 2H showing improvement and new contracts commencing › 1H results for PYBAR were significantly impacted by Thalanga insolvency $190.3m For personal use only events and the onerous Peak contract (both of which
Slide 9: Group Outlook
Group Outlook FY24 underpinned by strong orderbook with growing pipeline of opportunities in core service offerings › Total order book currently stands at $558m For personal use only › Reduced from FY22 due to terminated contracts › Includes recent award for PYBAR of an extension at Blackrock mine t
Slide 10: Summary
Summary FY2023 results heavily impacted by previous growth strategies, but turnaround plan implemented in 2H achieved key milestones › 1H impacted financially and operationally by legacy challenges For personal use only arising from previous growth strategies, including entry into ‘whole of mine’ op
Slide 11: Disclaimer
Disclaimer The following disclaimer applies to this presentation and any information provided regarding the information contained in this presentation (the Information). You are advised to read this disclaimer carefully before reading or making any other use of this presentation or any information c
Slide 12: Appendix
For personal use only APPENDIX
Slide 13: Cash Flow
Cash Flow Cash position at 30 June 2023 was strengthened from the net proceeds of an equity placement to M Resources and the proceeds from surplus asset sales to repay debt and provide working capital funding › Cash increased by $7.7m in FY2023 For personal use only › Net operating cash flow was neg
Slide 14: June 2023 Balance Sheet
30 June 2023 Balance Sheet $AUD (000’s) FY23 FY22 Movements in assets: Assets Cash and Cash Equivalents 12,902 5,229 › Receivables lower due to cessation of a number of contracts throughout Trade and Other Receivables 75,604 84,042 FY2023 For personal use only Inventories and Other Assets 19,017 23,
Slide 15: Results FY2023
For personal use only RESULTS FY2023