Nrw Holdings Limited · ASX:NWH
Nrw — H1 FY22 Earnings Presentation
17 slides from Nrw's earnings presentation, Feb 17, 2022
Slide 1: NRW Holdings Half Year Results
NRW HOLDINGS HALF YEAR RESULTS 17 FEBRUARY 2022 Main Roads WA.
Slide 2: FY22 Half Year Results - Overview
FY22 HALF YEAR RESULTS - OVERVIEW FINANCIAL • Revenue $1,160.0M and EBITDA of $133.6M in line with guidance. • Earnings (Operating EBIT) up 26% to $74.6M high end of guidance. • Significant improvement in Capital management. o Cash balance at 31 December $195.9M. o Statutory cashflow from operations
Slide 3: COVID-19 Impacts
COVID-19 IMPACTS WORKFORCE • Headcount currently lower, mostly in Civil where activity is also lower – issues experienced in FY21 not impacting current projects. • Border closures as a result of the COVID-19 pandemic continue to impact available workforce. Omicron variant likely to have impact on ab
Slide 4: Workforce and Safety
WORKFORCE AND SAFETY SAFETY TRIFR • Safety – improvement in TRIFR (Total Recordable Injury Frequency Rate) from 6.11 (Jun 21) to 4.70 (Dec 21). PEOPLE • Continued focus on the retention, training and development of our workforce of 6,200 (Dec 21). o 98 apprentices employed. o Development and trainin
Slide 5: Civil
CIVIL • Volumes down as major Pilbara projects complete in FY21 – reducing pressure on labour FH FY22 FH FY21 market which impacted margins last year. Revenue ($M) 226.9 474.7 • Project margins recovering although residual impact of lower volumes on business cost base EBIT ($M) 9.9 16.3 will continu
Slide 6: Mining
MINING • Most of FY22 expected revenue now secured following extensions at Curragh, FH FY22 FH FY21 Phosphate Hill, Baralaba, Kogan Creek and South Middleback Ranges. $M % $M % • Coal market very strong – additional seventh fleet to be deployed at Curragh and Revenue 611.3 585.4 new Broadlea contrac
Slide 7: Minerals, Energy & Technologies (MET)
MINERALS, ENERGY & TECHNOLOGIES (MET) • Growth is addition of Primero acquired February 2021 – First half margins reflect expected effect of business combination. FH FY22 FH FY21 Revenue ($M) 359.2 118.3 • Major projects (Strandline, Covalent and Core Lithium) progressing well. EBIT ($M) 24.6 11.8 •
Slide 8: Strategic Positioning and Outlook
STRATEGIC POSITIONING OUTLOOK(1) • The near term tender pipeline capable of being awarded in the next 12 months has strengthened to $19.5B – similar level to 2021 AGM update. • Group order book increased to $4.0B (increases to circa $5.0B including Curragh LOI). • Revenue guidance retained at $2.4B
Slide 9: Appendices
APPENDICES
Slide 10: Commodity Mix
COMMODITY MIX Urban Infrastructure Infrastructure Urban 18% 15% Infrastructure 37% (Resources)(1) 11% FY25 40% Infrastructure FY22 19% (Expected) CIVIL (Resources)(1) 26% Iron Ore 34% Iron Ore (1) Excluding Iron Ore Green Tech Green Tech Gold 6% 8% 18% MET Coal 32% MET Coal 38% FY25 MINING FY22 14%
Slide 11: Environmental, Social & Governance
ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORTING AND ONGOING INITIATIVES • First NRW Sustainability Report published FY21. • Reporting framework under the taskforce for Climate-Related Financial Disclosure (TCFD) adopted – guided by relevant Global Reporting Initiative (GRI) standards to report on the G
Slide 12: Earnings
EARNINGS FH FY22 FH FY21 Revenue Earnings Revenue Earnings $M $M $M $M Total revenue / EBITDA 1,160.0 133.6 1,168.0 132.8 Revenue from associates (44.6) (30.3) Depreciation and amortisation (59.0) (73.8) Operating EBIT / EBITA 74.6 59.0 Amortisation of acquisition intangibles (5.1) (9.0) Non-recurri
Slide 13: Balance Sheet
BALANCE SHEET 31 Dec 21 30 Jun 21 $M $M Cash 195.9 146.5 Financial debt (180.0) (261.9) Lease debt (55.9) (55.9) Net Debt (40.0) (171.3) Property, plant and equipment 336.9 321.4 Non-current assets held for sale - 82.6 Right-of-use assets 47.2 48.2 Working capital 27.0 51.6 Investments 23.0 15.8 Tax
Slide 14: Cash Flow
CASH FLOW • Cash conversion is 113% based on EBITDA less interest and tax ($127.9M) compared to Net Cash Flow from Operations ($145.1M) – movements in contract advances. • Sustaining Capex consistent with previously advised run rate of circa $70M - $80M per annum. 6 months ended CONSOLIDATED STATEME
Slide 15: Business Structure
BUSINESS STRUCTURE REVENUE FH FY22 REVENUE FH FY22 REVENUE FH FY22 MINING MINERALS, ENERGY CIVIL $226.9M NRW Mining $611.3M & TECHNOLOGIES $359.2M NRW Civil Golding Mining Primero Golding Civil Action Drill & Blast RCR Mining Technologies Golding Urban AES Equipment Solutions DIAB Engineering • Nati
Slide 16: Disclaimer
DISCLAIMER SUMMARY INFORMATION • This Presentation contains summary information about NRW and its associated entities and their activities current only at the date of this Presentation. • This Presentation is for general information purposes only and does not purport to be complete. The content shou
Slide 17: Contact details
181 Great Eastern Highway BELMONT WA 6102 (08) 9232 4200 www.nrw.com.au