Raubex Group Limited · JSE:RBX
Raubex — FY2015 Earnings Presentation
40 slides from Raubex's earnings presentation, May 2015
Slide 1: Audited annual results for the year ended 28 February 2015
Audited annual results for the year ended 28 February 2015
Slide 2: Agenda
Agenda Group Financial Highlights The Year in Review Financial Review Divisional Review Order Book Acquisitions Major Projects Progress Conclusion
Slide 3: Group Financial Highlights
Group Financial Highlights Revenues up 14,5% to R7,25bn (2014: R6,33bn) Operating profit up 15,2% to R622,2m (2014: R539,9m) Group operating profit margin of 8,6% (2014: 8,5%) HEPS up 11,8% to 209,1 cps (2014: 187,1 cps) Cash flow from operations up 4,5% to R785,1m (2014: R751,4m) Capita
Slide 4: The Year in Review
The Year in Review Strong results in a tough environment Good results from the Group’s Materials division Commercial quarries Material handling and processing for mines 52% of Group operating profit Positive contributions from acquisitions; all bedded down well Stable performance from
Slide 5: Income Statement
Income Statement Annual results 2015 Annual results 2014 (R’000) (R’000) Revenue 7 245 259 6 325 012 % growth 14,5% 12,2% EBIT 622 171 539 875 % growth 15,2% 11,6% Profit before tax 606 637 534 462 Profit after tax 428 074 379 676 Share incentive scheme expenses 27 797 27 354 Non cash finance charge
Slide 6: Statement of Financial Position - Assets
Statement of Financial Position - Assets Annual results 2015 Annual results 2014 (R’000) (R’000) Non-current assets 3 240 794 2 642 791 Property, plant and equipment 2 171 829 1 841 611 Intangible assets 795 098 763 671 Investment in associates and joint ventures 10 708 - Deferred tax asset 43 136 3
Slide 7: Statement of Financial Position – Equity and Liabilities
Statement of Financial Position – Equity and Liabilities Annual results 2015 Annual results 2014 (R’000) (R’000) Equity 3 533 417 3 241 037 Attributable to shareholders 3 422 629 3 186 425 Non-controlling interest 110 788 54 612 Non-current liabilities 1 115 456 731 100 Borrowings 672 320 429 961 De
Slide 8: Statement of Cash Flows
Annual results 2015 Annual results 2014 Statement of Cash Flows (R’000) (R’000) Cash flows from operating activities Cash generated from operations 785 053 751 420 Finance costs - net (11 380) (5 413) Taxation paid (188 848) (136 438) Net cash generated from operating activities 584 825 609 569 Cash
Slide 9: Segmental analysis
Segmental analysis Road surfacing Road Business segments Materials and rehab Construction Raubex Infra Tosas Consolidated February 2015 Revenue (R’000) 1 961 342 2 568 538 1 463 953 862 660 388 766 7 245 259 Operating profit (R’000) 323 640 192 462 55 169 39 649 11 251 622 171 Operating margin 16,5%
Slide 10: Dividend Declaration
Dividend Declaration Final cash dividend declared of 36 cents per share Total dividend of 71 cents per share for the year 3 X cover ratio maintained Relevant dates Last day to trade cum dividend - Friday, 29 May 2015 Commence trading ex dividend - Monday, 1 June 2015 Record date - Frid
Slide 11: Materials Division
Materials Division Revenue increased 20,7% to R1,96bn (2014: R1,62bn) Operating profit increased 24,9% to R323,6m (2014: R259,2m) Operating margin increased to 16,5% (2014: 16,0%) Capital expenditure of R358,3m (2014: R320,3m) Order book of R1,86bn (2014: R1,67bn) Strong performance from
Slide 12: Road Surfacing and Rehabilitation Division
Road Surfacing and Rehabilitation Division Revenue increased 2,5% to R2,57bn (2014: R2,51bn) Operating profit decreased 8,0% to R192,5m (2014: R209,3m) Operating margin decreased to 7,5% (2014: 8,4%) Capital expenditure of R63,4m (2014: R85,5m) Order book of R2,47bn (2014: R1,78bn) Rehab
Slide 13: Road Construction and Earthworks Division
Road Construction and Earthworks Division Revenue increased 24,1% to R1,46bn (2014: R1,18bn) Operating profit increased 37,8% to R55,2m (2014: R40,0m) Operating margin increased to 3,8% (2014: 3,4%) H2: 5,0% (H1: 2,6%) Capital expenditure of R44,6m (2014: R51,2m) Order book secured of R3
Slide 14: Raubex Infrastructure Division
Raubex Infrastructure Division Revenue increased 18,0% to R862,7m (2014: R730,8m) Operating profit increased 7,3% to R39,6m (2014: R37,0m) Margin decreased to 4,6% (2014: 5,1%) Capital expenditure of R37,7m (2014: R22,8m) Order book of R1,01bn (2014: R909,4m) First half results supported
Slide 15: Tosas
Tosas Revenues increased 36,5% to R388,8m (2014: R284,8m) Operating profit of R11,3m (2014: R5,5m operating loss) Revenues including inter group supply of R696,1m; 44,2% internal Capital expenditure of R6,6m (2014:R3,5m) Order book of R129,4m (2014: R127,2m) Returned to profitability; “r
Slide 16: Raubex International
Raubex International Revenue increased 47,0% to R639,0m (2014: R434,5m) 8,8% of group total Operating profit increased 3,3% to R83,4m (2014: R80,8m) 13,4% of group total Operating margin decreased to 13,1% (2014: 18,6%) Order book of R2,20bn (2014: R1,68bn); 25,4% of group total Road c
Slide 17: Order book
Order book 2014 2015 Order Book R6,551bn Order Book R8,679bn FY 2015 R4,451bn FY 2016 R5,966bn FY 2016 R1,509bn FY 2017 R2,190bn FY 2017 R0,501bn FY 2018 R0,523bn Beyond R0,090bn Beyond -
Slide 18: Acquisitions
Acquisitions Shisalanga Construction OMV Crushers Asphalt Materials Acquired 1 June 2014 Acquired 1 July 2014 Purchase price – R38,4m Purchase price – R70,3m 9 months results 8 months results Revenue – R101,7m Revenue – R89,2m Net profit after tax – R7,0m Net profit after tax
Slide 19: Acquisitions
Acquisitions Buildmax Quarries Empa Structures Materials – mainly sand Concrete structures Acquired 1 Sept 2014 Acquired 1 Nov 2014 Purchase price – R59,7m Purchase price – R25,5m 6 months results 4 months results Revenue – R53,3m Revenue – R48,0m Net profit after tax – R6,2m
Slide 20: Acquisitions (post year-end)
Acquisitions (post year-end) Belabela Quarry - Botswana Materials Acquired 18 April 2015 Purchase price – R43m Average annual revenue – R60m Percentage acquired – 74% Will enable expansion into the Botswana market
Slide 21: Major Projects Progress
Major Projects Progress
Slide 22: OMV Stilfontein
OMV Stilfontein Mine dump
Slide 23: OMV Potchefstroom
OMV Potchefstroom Gypsum
Slide 24: Raumix Aggregates
Raumix Aggregates Crushco sand quarry acquired from Buildmax
Slide 25: Raumix Aggregates
Raumix Aggregates Crushco sand processing
Slide 26: Empa Structures: Saldanha reservoir
Empa Structures: Saldanha reservoir
Slide 27: SANRAL: N8 Thaba Nchu to Sannaspos
SANRAL: N8 Thaba Nchu to Sannaspos R463 million
Slide 28: SANRAL: N1 Bloemfontein bypass
SANRAL: N1 Bloemfontein bypass R614 million
Slide 29: ATTACQ: Waterfall Development N1 overpass bridge
ATTACQ: Waterfall Development N1 overpass bridge R91 million
Slide 30: SANRAL: N5 Harrismith to Kestell
SANRAL: N5 Harrismith to Kestell R308 million
Slide 31: SANRAL: N2 New Guelderland to Mtunzini Toll Plaza
SANRAL: N2 New Guelderland to Mtunzini Toll Plaza R198 million
Slide 32: Elandsfontein phosphate mine
Elandsfontein phosphate mine Hopefield area – Western Cape
Slide 33: Zambia RDA: Safwa to Chinsali road
Zambia RDA: 94 km Safwa to Chinsali road ZMW 265 million
Slide 34: Zambia RDA: Mpika-Nabwalya-Mfuwe road
Zambia RDA: 117 km Mpika-Nabwalya-Mfuwe road ZMW 541 million
Slide 35: Namibia Roads Authority: Rosh Pinah to Oranjemund
Namibia Roads Authority: Rosh Pinah to Oranjemund R559 million
Slide 36: Namibia Roads Authority: Rosh Pinah to Oranjemund
Namibia Roads Authority: Rosh Pinah to Oranjemund Crushing
Slide 37: Tschudi Copper Mine: Purpose built plant and crushing contract
Tschudi Copper Mine: Purpose built plant and crushing contract R524 million
Slide 38: Mozambique crushing contract
Mozambique crushing contract WBHO: Moamba
Slide 39: Conclusion
Conclusion Healthy short term order book secured Focus on execution and selective tendering for replacement work Successfully diversified revenue streams Materials division Infrastructure division Favourable conditions expected to continue in the materials sector Infrastructure divisio
Slide 40: Questions ?
Questions ?