Raubex Group Limited · JSE:RBX
Raubex — FY2023 Earnings Presentation
66 slides from Raubex's earnings presentation, May 2023
Slide 1: Audited Results for the Year Ended 28 February 2023
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2023 www.raubex.com
Slide 2: Presentation team
Presentation team Felicia Msiza • Chief Executive Officer • Appointed: August, 2022 • 12 years at Raubex Dirk Lourens • Chief Operating Officer • Appointed: August, 2022 • 11 years at Raubex Sam Odendaal • Financial Director • Appointed: May, 2021 • 16 years at Raubex 2
Slide 3: About Raubex
1 About Raubex
Slide 4: Core message
Core message Future is Pleasing supported by results across record order all 4 divisions book Well diversified Performing business model exceptionally well in spreading risk Western Australia and opportunity 4
Slide 5: Key milestones
Key milestones ▪ Acquired minority stakes in ▪ Acquired OMV, Quarry mine resource owners: ▪ Listed on the JSE operations, Shisalanga – Bauba Resources Ltd ▪ Acquired SPH Kundalila Construction, & Empa – Arcadia Minerals Ltd & National Asphalt Structures – Vanadium Resources Ltd ▪ Established the ▪ A
Slide 6: 5-year Strategy
GAUBES Suber erou ie Grow the Group at a measured pace through the strategic acquisition and/or organic growth of the business, development of skills and unlocking synergies within the Group To become the leading supplier in the Infrastructure Development and Mining sectors Focus on profitability an
Slide 7: The Year in Review
The Year in Review High Tender Good Operational Balance Sheet OrderOrder BookBook Activity Performance Management • Number of projects are still pending adjudication - could • Operating profit up substantially increase 35,0% • Executing the order order book if awarded • The Group focused book profit
Slide 8: Financial Overview
2 Financial Overview
Slide 9: Group Financial Highlights
Group Financial Highlights 32,2% 35,0% 32,1% Group revenue Operating profit HEPS increased increased to R15,31bn increased to to 392,8 cps (2022:R11,58bn) R1,28bn (2022:R945,3m) (2022: 297,4 cps) 144,9% 65,6% 16,9% Cash generated Capital expenditure Order book increased from operations increased to
Slide 10: Our Divisions
Our Divisions TN EMPA TN RAUBEX ™~ STRUCTURES: aN RAU Retail and _ hospitality = WESTFORCE JF toxstaccnon [FR] RAUBEX Building Public-Private Electricity Partnerships [| RAuDEV Housing rR RAUBEX Facilities BN | construction management Telecoms Water FRY RAUBEX Earthworks rR RAUBEX KZN Compaction Str
Slide 11: Our Track Record
Our Track Record Turnover (R'm) 1 400 Operating profit (R'm) 18 000 1 200 16 000 1 000 14 000 800 12 000 10 000 600 8 000 400 6 000 200 4 000 - 2 000 - 200 - - 400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Roads Materials Infra Australia Mini
Slide 12: Segmental Analysis
Segmental Analysis Materials Handling & Construction Materials Roads and Earthworks Operating segments Infrastructure Division Consolidated Mining Division Division Division February 2023 Revenue (R’000) 2 877 958 1 877 175 6 037 985 4 514 361 15 307 479 Operating profit (R’000) 168 589 81 511 510 8
Slide 13: Geographical Segmental Analysis
Geographical Segmental Analysis Geographical segments Local Rest of Africa Australia Consolidated February 2023 Revenue (R’000) 10,798,190 1,985,429 2,523,860 15,307,479 Operating profit (R’000) 436,740 592,038 247,361 1,276,139 Operating margin 4,0% 29,8% 9,8% 8,3% February 2022 Revenue (R’000) 8,4
Slide 14: Segmental Analysis: Capex per segment
Segmental Analysis Capex per segment - R’m R694 R318 R215 R180 R139 R105 R105 R93 Materials Handling & Mining Construction Materials Roads and Earthworks Infrastructure Division Division Division Division FY2022 FY2023 • Mine infrastructure and Stripping assets capex of R268,4 million (2022: R40,3 m
Slide 15: Income Statement
Income Statement Annual Restated Annual results results 2023 2022 (R’000) (R’000) Revenue 15,307,479 11,577,951 % growth 32.2% 30.9% Operating profit 1,276,139 945,316 % growth 35.0% 159.4% Operating margin 8.3% 8.2% Net finance costs 47,165 24,084 Profit before tax 1,221,961 915,060 Profit after ta
Slide 16: Statement of Financial Position – Assets
Statement of Financial Position – Assets Annual Restated Annual results results 2023 2022 (R’000) (R’000) Non-current assets 5,836,554 5,072,015 Property, plant and equipment 3,668,216 3,073,703 Investment property 113,974 114,495 Right-of-use assets 335,472 377,188 Intangible assets 1,002,301 978,1
Slide 17: Statement of Financial Position – Equity and Liabilities
Statement of Financial Position – Equity and Liabilities Annual Restated Annual results results 2023 2022 (R’000) (R’000) Equity 5,802,890 5,223,057 Attributable to shareholders 5,297,905 4,797,896 Non-controlling interest 504,985 425,161 Non-current liabilities 1,541,581 1,425,078 Borrowings 684,12
Slide 18: Statement of Cash Flows
Statement of Cash Flows Annual results Annual results 2023 2022 Cash flows from operating activities (R’000) (R’000) Cash generated from operations 1,959,176 800,090 Finance costs - net (49,559) (21,326) Taxation paid (318,558) (212,635) Net cash generated from operating activities 1,591,059 566,129
Slide 19: Dividend Declaration
Dividend Declaration Total dividend of 129 cents for the year declared Interim dividend of Final dividend of 53 cents per share 76 cents per share 3 times cover policy maintained Relevant dates Last day to trade cum dividend Tuesday, 30 May 2023 Commence trading ex dividend Wednesday, 31 May 2023 Re
Slide 20: Operational Overview
3 Operational Overview
Slide 21: Materials Handling & Mining Division
Materials Handling & Mining Division Revenue Operating Profit Operating Margin Increased 78.6% to Increased 35.8% to Decreased to 5.9% R2.88bn R168.6m (2022: 7.7%) (2022: R1.61bn) (2022: R124.1m) Capex Order Book R693.9m R3.65bn (2022: R318.3m) (2022: R1.89bn) Bauba: mine infrastructure and strippin
Slide 22: New Opencast Resource Acquisition
New Opencast Resource Acquisition • Bauba Resources recently signed an agreement to acquire 74% ownership of an undeveloped opencast primary chrome with PGMs resource. We are now completing all regulatory requirements to transfer ownership • The above project is located on the eastern limb of the Bu
Slide 23: Bauba: Kookfontein Mine – North-West Province
Bauba: Kookfontein Mine – North-West Province 23
Slide 24: Bauba: Moeijelijk Mine – Limpopo Province
Bauba: Moeijelijk Mine – Limpopo Province 24
Slide 25: B&E International: Namdeb – Oranjemund, Namibia
B&E International: Namdeb – Oranjemund, Namibia 25
Slide 26: Construction Materials Division
Construction Materials Division Revenue Operating Profit Operating Margin Increased 1.9% to Decreased 54.4% to Decreased to 4.3% R1.88bn R81.5m (2022: 9.7%) (2022: R1.84bn) (2022: R178.9m) Capex Order Book R138.7m R1.00bn (2022: R179.9m) (2022: R0.87bn) • Increased input cost such as fuel prices and
Slide 27: National Asphalt: Portland Plant – Cape Town
National Asphalt: Portland Plant – Cape Town 27
Slide 28: Shishalanga: Umlaas Plant – KwaZulu-Natal
Shishalanga: Umlaas Plant – KwaZulu-Natal 28
Slide 29: Raumix Aggregates: Rosslyn Quarry - Gauteng
Raumix Aggregates: Rosslyn Quarry - Gauteng 29
Slide 30: Roads and Earthworks Division
Roads and Earthworks Division Revenue Operating Profit Operating Margin Increased 31.9% to Increased 91.3% to Increased to 8.5% R6.04bn R510.9m (2022: 5.8%) (2022: R4.58bn) (2022: R267.0m) Capex Order Book R105.3m R7.81bn (2022: R104.7m) (2022: R9.74bn) • The division also jointly participates in th
Slide 31: Raubex Construction: N3 Cato Ridge – Durban
Raubex Construction: N3 Cato Ridge – Durban 31
Slide 32: Raubex Construction: N3 Dardanelles - Durban
Raubex Construction: N3 Dardanelles - Durban 32
Slide 33: Raubex Construction: N3 Dardanelles - Durban
Raubex Construction: N3 Dardanelles - Durban 33
Slide 34: Raubex KZN: Upgrading of the N2 Freeway, Durban
Raubex KZN: The Upgrading of the N2 Freeway between N2 KwaMashu I/C and Umdloti I/C - Durban 34
Slide 35: Roadmac Surfacing Cape: Wolwefontein – Eastern Cape
Roadmac Surfacing Cape: Wolwefontein – Eastern Cape 35
Slide 36: Roadmac Surfacing Cape: N2 Gamtoos – Eastern Cape
Roadmac Surfacing Cape: N2 Gamtoos – Eastern Cape 36
Slide 37: Roadmac Surfacing: N1 Gariep – Free State
Roadmac Surfacing: N1 Gariep – Free State 37
Slide 38: Infrastructure Division
Infrastructure Division Revenue Operating Profit Operating Margin Increased 27.2% to Increased 37.3% to Increased to 11.4% R4.51bn R515.2m (2022: 10.6%) (2022: R3.55bn) (2022: R375.3m) Capex Order Book R214.7m R7.58bn (2022: R93.0m) (2022: R4.63bn) • The division also jointly participates in the upg
Slide 39: Raubex Infra: Redstone concentrating solar-thermal power pylon
Raubex Infra: Redstone concentrating solar-thermal power pylon – Northern Cape 39
Slide 40: Raubex Infra: Bigen-Vista Park Residential Development
Raubex Infra: Bigen-Vista Park Residential Development - Bloemfontein 40
Slide 41: Raubex Building: Newinbosch – Cape Town
Raubex Building: Newinbosch – Cape Town 41
Slide 42: Raubex Building: Kleijne Wingerd – Cape Town
Raubex Building: Kleijne Wingerd – Cape Town 42
Slide 43: Raudev: Woodwind Estate – Midrand, Gauteng
Raudev: Woodwind Estate – Midrand, Gauteng 43
Slide 44: Empa Structures: Thembalethu Interchange Upgrade – George
Empa Structures: Thembalethu Interchange Upgrade – George 44
Slide 45: International (Rest of Africa)
International (Rest of Africa) Revenue Operating Profit Operating Margin Increased 29.2% to R1.99bn Increased 105.4% to Increased to 29.8% R592.0m (2022: R1.54bn) (2022: 18.8%) (2022: R288.2m) Capex Order Book R175.1m R3.79bn (2022: R63.8m) (2022: R3.05bn) • Key focus for the year was on the profita
Slide 46: Beitbridge Border Post Zimbabwe (Phase 1 – Truck Terminal)
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe (Phase 1 – Truck Terminal) 46
Slide 47: Beitbridge Border Post Zimbabwe (Phase 2 – Bus Terminal)
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe (Phase 2 – Bus Terminal) 47
Slide 48: Beitbridge Border Post Zimbabwe (Phase 3)
Raubex Building & Raubex Construction: Beitbridge Border Post Zimbabwe (Phase 3 – Light Vehicle/Pedestrian Terminal) 48
Slide 49: Staff Village at Beitbridge Border Post Zimbabwe
Raubex Building & Raubex Construction: Staff Village at Beitbridge Border Post Zimbabwe 49
Slide 50: Recent award of Senqu Bridge
Raubex Construction: Recent award of Senqu Bridge (JV with Webuild, Enza and Lesotho based Sigma) 50
Slide 51: Raubex Construction: Mananga Weir, Eswatini
Raubex Construction: Mananga Weir, Eswatini 51
Slide 52: International (Australia)
International (Australia) Revenue Operating Profit Operating Margin Increased 53.9% to R2.52bn Increased 39.4% to Decreased to 9.8% (2022: R1.64bn) R247.4m (2022: 10.8%) (2022: R177.5m) Capex Order Book R187.4m R2.37bn (2022: R61.5m) (2022: R1.03bn) • Good results were reported by Westforce Construc
Slide 53: Australia – Reasons for Success
Australia – Reasons for Success • Focus on Western Australia only • Competent and effective management and support staff • Focus on quality order book • Niche market and core competence • Take on only small to medium size projects with lower risk • Deliver a quality product • Leverage off strong Sou
Slide 54: Australia – Major Achievements
Australia – Major Achievements • EGP Flatrocks Wind Farm, Konjonup • On the 20th of April, successfully completed the largest of all wind turbine footings on the project at 810 m3, breaking their own record for the largest Westforce pours to date, which was 630 m3 for the standard footings on the pr
Slide 55: Westforce Construction: Flat Rocks Wind Farm, Kojonup
Westforce Construction: Flat Rocks Wind Farm, Kojonup 55
Slide 56: Westforce Construction - BHP Mt Keith Debottlenecking
Westforce Construction - BHP Mt Keith Debottlenecking, Western Australia 56
Slide 57: Raubex Construction: Collie Lake King, Wagin
Raubex Construction: Collie Lake King, Wagin, Western Australia 57
Slide 58: Raubex Construction: Stanley Road Landfill Capping, Bunbury
Raubex Construction: Stanley Road Landfill Capping, Bunbury Western Australia 58
Slide 59: The way forward
4 The way forward
Slide 60: Orderbook
Orderbook FY 2023 FY 2022 REST OF AFRICA, REST OF AFRICA, 19% 18% SANRAL, 30% SANRAL, 39% AUSTRALIA, 6% AUSTRALIA, 12% PROVINCIAL, 3% PRIVATE, 24% MUNICIPAL, 6% PROVINCIAL, 3% PRIVATE, 27% MUNICIPAL, 2% OTHER PARASTATAL, 0% OTHER PARASTATAL, 2% CONCESSIONAIRES, 3% CONCESSIONAIRES, 6% Timing R20,037b
Slide 61: Order Book History
Order Book History 25 000 20 000 Rand million 15 000 10 000 5 000 - Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 REST OF AFRICA 1 678 2 207 2 130 1 903 2 427 793 640 4 504 3 049 3 793 AUSTRALIA - - - - 120 339 295 702 1 033 2 366 CONCESSIONAIRES - - - - - - - - 1 038 551 PRI
Slide 62: Order Book
Order Book Customer per division (R'm) Timeline per customer (R'm) 9 000 7 000 8 000 6 000 7 000 5 000 6 000 4 000 5 000 4 000 3 000 3 000 2 000 2 000 1 000 1 000 - - Roads and Materials handling Infrastructure Construction Earthworks and mining materials SANRAL Private International Concessionaires
Slide 63: Order book - Segmental Analysis
Order book - Segmental Analysis Segmental order book - FY23 Segmental order book - FY22 5% 5% 39% 27% 38% 57% 11% 18% ROADS AND EARTHWORKS MATERIALS HANDLING AND MINING ROADS AND EARTHWORKS MATERIALS HANDLING AND MINING INFRASTRUCTURE CONSTRUCTION MATERIALS INFRASTRUCTURE CONSTRUCTION MATERIALS Orde
Slide 64: Our people and communities
Our people and communities 64
Slide 65: Conclusion
Conclusion • The Mining Division will continue to pursue strategic partnerships with mineral resource owners to afford the Group the opportunity to participate in various materials handling and processing opportunities over the medium and long term • In the Roads and Earthworks Division the current
Slide 66: Q&A
Q&A 66