Trellidor Holdings Ltd. · JSE:TRL
Trellidor — H1 2025 Earnings Presentation
27 slides from Trellidor's earnings presentation, Mar 5, 2025
Slide 1: Half Year Results Presentation
Trellidor Holdings Limited 31 December 2024 Half Year Results Presentation 5 March 2025 | 15:30 | Hosted by PSG Capital WELCOME We will begin shortly holdings.trellidor.co.za
Slide 2: Half Year Results for the Six Months Ended 31 December 2024
TRELLIDOR HOLDINGS LIMITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Slide 3: Operational Review
OPERATIONAL REVIEW TERRY DENNISON Group Chief Executive Officer
Slide 4: Domestic Market Overview
DOMESTIC MARKET OVERVIEW Challenges • While there are signs of an improving local economy the impact of improving levels of disposable income are not yet being felt in a meaningful way for the Groups products. • The interest rate cutting cycle has begun but the impact of the recent cuts are not yet
Slide 5: Domestic Market Overview: Trellidor
DOMESTIC MARKET OVERVIEW H1 Group Revenue Trellidor • Q1 returned a weak start to the year, but Q2 showed double digit percentage improvements on the prior year. • Efforts continue to grow our selling capacity throughout the franchise and branch network, and this is starting to gain traction. • Grow
Slide 6: Domestic Market Overview: Taylor and NMC
DOMESTIC MARKET OVERVIEW H1 Group Revenue Taylor • Efforts to re-establish and to grow our distribution network has gained traction and supported the growth in revenue for the period. • Further growth in the distribution network is possible and being targeted. NMC • Increased investment in inventory
Slide 7: International Market Overview
INTERNATIONAL MARKET OVERVIEW Trellidor • Growth in Africa continues, supported by an increased focus in the B2B market. • UK showed strong results on the back of the major contract, which is now complete. - Given the completion of the major contract, F25 H2 is unlikely to match F24 H2 • The UK has
Slide 8: Improving Profitability
IMPROVING PROFITIBILITY Trellidor • Significant cost reduction has been achieved in the Trellidor business on an annualised basis, while retaining focus and investment in restoring sales volumes. Taylor • Growth in revenue, supported by the improved stable margins achieved in the prior period, and a
Slide 9: Salient Features for the Six Months
SALIENT FEATURES FOR THE SIX MONTHS Revenue R 304.3 million (2024: R292.2 million) Operating profit 14.7% margin (2024: 12.3%) Headline earnings 29.6 cents per share (2024: 21.4 cents) Cash from R 38.6 million operations (2024: R 39.5 million) Net debt R 85.3 million (2024: R 116.8 million)
Slide 10: Strategic Outlook
STRATEGIC OUTLOOK Restoration of shareholder value remains the foremost strategic focus of the Group. Plans implemented to recoup and grow our share in the domestic market, supported by revenue generating strategies in the UK and the rest of Africa, will enable revenue growth. This, together with ri
Slide 11: Financial Review
FINANCIAL REVIEW DAMIAN JUDGE Group Chief Financial Officer
Slide 12: Group Financial Performance
GROUP FINANCIAL PERFORMANCE Revenue Operating Profit HEPS R 304.3 million R 44.8 million 29.6 c up 4.1% up 24.4% up 38.3% • Strong performance from international divisions, supported by a gain of market share by Taylor in South Africa. • Operating profit margin increased to 14.7% from 12.3% in the c
Slide 13: Group Segmental Analysis
GROUP SEGMENTAL ANALYSIS Revenue* 6% 5% 27% Trellidor 25% Trellidor F25 Taylor F24 Taylor 67% NMC NMC 70% Operating Profit 3% 3% 17% 14% Trellidor Trellidor Taylor F25 F24 Taylor NMC NMC 80% 83% *Before intersegmental eliminations
Slide 14: Group Segmental Analysis: Product and Geography
GROUP SEGMENTAL ANALYSIS Product Source 29% 35% Security Security F25 Decorative F24 Decorative 65% 71% Geographical Source 18% 20% South Africa South Africa 11% F25 Rest of Africa 10% F24 Rest of Africa Rest of World Rest of World 69% 72%
Slide 15: Trellidor Financial Performance
TRELLIDOR FINANCIAL PERFORMANCE Revenue Operating Profit Operating Margin R 204.8 million R 37.0 million 18.1% up 0.4% up 28.9% from 14.1% • Strong performance from international divisions, offset by weaker demand in South Africa through the F25 Q1. • Operating profit increased by 28.9% driven by th
Slide 16: Taylor Financial Performance
TAYLOR FINANCIAL PERFORMANCE Revenue Operating Profit Operating Margin R 81.3 million R 7.7 million 9.5% up 10.2% up 60.4% from 6.5% • Taylor’s strategic focus of supporting and adding to its distribution network, helped grow revenue for the period by 10.2%. • The revenue growth, coupled with a stab
Slide 17: NMC Financial Performance
NMC FINANCIAL PERFORMANCE Revenue Operating Profit Operating Margin R 19.3 million R 1.2 million 6.2% up 25.3% up 20.0% from 6.5% • NMC’s revenue for the year increased by 25.3% driven mainly by an increased investment in inventory and selling capacity.
Slide 18: Group Financial Position
GROUP FINANCIAL POSITION Net debt Net working capital Cash from operations R 85.3 million R 133.5 million R 38.6 million down 27.0% up 22.3% down 2.1% • Net debt was reduced by R31.5 million to R85.3 million against the comparative period. • Over the past 18 months, the Group has reduced its net deb
Slide 19: Group Balance Sheet
GROUP BALANCE SHEET 350.0 35.0x 300.0 191.1 233.3 30.0x 190.6 202.5 194.9 173.2 250.0 166.9 25.0x Interest cover 200.0 20.0x R'm 150.0 15.0x 100.0 8.5x 10.0x 7.7x 6.7x 6.8x 50.0 3.9x 3.7x 5.0x 2.2x 99.9 96.4 121.1 121.5 110.9 99.6 80.7 - 0.0x HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 D
Slide 20: Group Net Working Capital
GROUP NET WORKING CAPITAL 135.7 117.1 120.1 122.0 128.0 118.2 115.8 R'm 74.6 66.5 72.4 58.7 60.3 48.8 45.8 -58.7 -58.8 -58.9 -52.4 -52.2 -59.0 -73.4 HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 Trade Receivables Inventory Trade Payables NWC
Slide 21: Group Summarised Cash Flow
GROUP SUMMARISED CASH FLOW 61.5 51.1 48.3 43.4 39.5 38.6 R'm 34.7 31.8 28.2 24.5 24.3 20.5 20.2 20.4 18.2 18.7 16.5 11.9 7.0 3.5 0.3 HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 Profit after tax Cash from operating activities Free cash flow
Slide 22: Q&A
TERRY DENNISON DAMIAN JUDGE GROUP CEO GROUP CFO Q&A holdings.trellidor.co.za
Slide 23: Appendix
petty NPI TRELLID@R J sia TRELLID@R Kaaeig
Slide 24: Group Financial Performance
GROUP FINANCIAL PERFORMANCE HY 25 vs FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 HY 24 CAGR Revenue 513.2 273.3 502.3 292.2 565.8 304.3 4% 2% Gross profit 197.2 119.5 193.4 120.3 240.3 129.3 7% 4% EBITDA 29.3 42.0 41.6 46.7 84.1 55.3 18% 6% Profit after tax 0.3 24.3 3.5 20.4 34.7 28.2 38% Divide
Slide 25: Earnings Per Share
EARNINGS PER SHARE HY 25 vs HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 HY 24 Profit attributable to ordinary shareholders 24.1 0.4 25.6 3.5 20.4 34.4 28.0 37% Adjusted for: Profit on disposal of property, plant and equipment (0.0) (0.0) - 0.5 - (0.1) - Impairment of goodwill - - - - - -
Slide 26: Group Financial Position
GROUP FINANCIAL POSITION HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 Non current assets Property, plant and equipment 60.5 59.9 63.3 69.0 66.9 64.3 63.6 RoU Assets 47.1 42.2 40.0 40.6 39.5 35.6 34.7 Goodwill and other intangibles 94.2 99.4 101.3 105.8 109.0 109.6 108.4 Deferred Tax 7.8 1
Slide 27: Group Cash Flow
GROUP CASH FLOW HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 EBITDA 46.5 29.3 42.0 41.6 46.7 84.1 55.3 Movement in non cash items (incl provisions) 0.3 31.1 0.6 5.9 (4.2) (5.9) (6.6) Net working capital movement (18.4) (21.3) (25.1) (8.5) 8.7 (11.5) (4.9) Inventory (9.5) (15.2) (13.6) (6.