Slide 1: FY13-14 Half Year Results Presentation
FY13-14 HALF YEAR For personal use only RESULTS PRESENTATION
Slide 2: Agenda
Agenda For personal use only RESULTS AND OVERVIEW FINANCIAL REVIEW BUSINESS UNIT REVIEW KEY INITIATIVES Technical Field Force Solutions – Contact Centre THE YEAR AHEAD Representatives 28th February 2014 FY13-14 Half Year Results Presentation 2
Slide 3: Results Highlights & Outlook
Results Highlights & Outlook For personal use only HALF YEAR RESULTS IMPROVING FINANCIAL POSITION Total revenue $248m (PCP $234m) Second half revenue forecast at $270m EBITDA ($13.8m) (PCP $7.2m) Second half EBITDA expected to exceed underlying H1 performance of $6.5m – Due to non-recurring project
Slide 4: Results Highlights & Outlook: Half Year Results
Results Highlights & Outlook For personal use only HALF YEAR RESULTS H1 H1 2013/14 ($000) 2013/14 Underlying Result Summary Actual (excluding one off items) Revenue $ 248,352 248,352 EBITDA $ (13,819) 6,534 EBITDA % (5.6%) 2.6% EBIT (27,979) 2,374 NPBT (29,009) 1,344 NPAT $ (23,367) 880 Note: Underl
Slide 5: Half Year Results
Half Year Results For personal use only Revenue H1 FY 2014 Key Financial Highlights Financial Performance Millions 500 Revenue $248m (PCP $234m) EBITDA ($13.8)m (PCP $7.2m) – Primarily due to non-recurring project provisions and profit 400 reductions of $20.4m in the half year within TDCP Projects –
Slide 6: Income
Income For personal use only Financial Performance H1 2013/14 ($000) Half Year Half Year Underlying Result Summary 2013/14 2012/13 (excluding one off items) Revenue $ 248,352 248,352 234,485 EBITDA $ (13,819) 6,534 7,239 EBITDA % (5.6%) 2.6% 3.1% EBIT (27,979) 2,374 3,225 NPBT (29,009) 1,344 2,477 N
Slide 7: Focus on Margin Improvement
Focus on Margin Improvement For personal use only Strengthened Leadership Bid Management Contract Delivery Overhead Profit & Negotiation Mobilisation Control Performance Improved bid selection in Improved project Greater consistency of Annualised overhead Platform for growth in place place
Slide 8: BSA Strengths & Imperatives
BSA Strengths & Imperatives For personal use only Heightened Focus On Contract Execution and Project Controls CORE STRENGTHS BUSINESS MODEL IMPERATIVES Experienced and sound track A technical services contracting company Enhanced cash management record in delivery to our Primary focus on growing ann
Slide 9: Work Health & Safety Performance
Work Health & Safety Performance For personal use only BSA Group 12 Month Rolling Average Lost Days Frequency Trend 250.00 Target Improved safety performance has FY12-13 lead to reduced workplace safety <250 200.00 incidents 150.00 Target FY13-14 <100 100.00 50.00 ‐ Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐1
Slide 10: BSA Results
BSA Results For personal use only Revenues H1 FY 2014 50% 20% PCP 54% PCP 19% Proportion of recurring revenues continues to increase Technical Design and Construction Projects 30% PCP 27% Technical Maintenance Services Technical Field Force Solutions TECHNICAL DESIGN AND TECHNICAL TECHNICAL FIELD FO
Slide 11: Agenda
Agenda For personal use only RESULTS AND OVERVIEW FINANCIAL REVIEW BUSINESS UNIT REVIEW KEY INITIATIVES Triple ‘M’ is currently providing HVAC services at Fiona Stanley Hospital THE YEAR AHEAD 28th February 2014 FY13-14 Half Year Results Presentation 11
Slide 12: Cashflow
Cashflow For personal use only Cashflow ($000) Half Year Half Year SUMMARY 2013/14 2012/13 Revenue 248,352 234,485 Cash (Used In) Operations (10,481) (20,841) Cash flows from investing (1,776) (2,983) Cash flows from financing 11,753 5,756 Net Cash /(Debt) at end of period (32,743) (20,352) Cash use
Slide 13: Gearing
Gearing For personal use only Working Capital and Net Debt ($000) H1 H1 Summary 2013/14 2012/13 Working Capital 14,570 19,612 Net (Debt) (32,743) (20,352) Equity 51,449 74,224 Net Cash (Debt) / Net Cash (Debt) + Equity (38.9)% (21.5)% Interest expense 1,098 839 Interest cover (EBITDA) (7.9)x 8.6x BS
Slide 14: Agenda
Agenda For personal use only RESULTS AND OVERVIEW FINANCIAL REVIEW BUSINESS UNIT REVIEW KEY INITIATIVES BurkeAir apprentice during training for delivery of THE YEAR AHEAD maintenance services 28th February 2014 FY13-14 Half Year Results Presentation 14
Slide 15: Technical Design & Construction Projects
Technical Design & Construction Projects For personal use only Revenue Overview Revenue of $124m (PCP $128m) $300 EBITDA ($13.3)m (underlying $7.1m) (PCP $3.1m) Millions Strong forward order book of $279m (30 June 2013 $250 $277m) with an increased focus on margin extraction Good tender success rate
Slide 16: New Royal Adelaide Hospital
New Royal Adelaide Hospital For personal use only $93 million contract with the Hansen Yuncken Leighton Contractors Joint Venture (HYLC JV) for the installation of HVAC Services for the New Royal Adelaide Hospital Project The 800 bed New Royal Adelaide Hospital will be Australia’s most advanced hosp
Slide 17: Technical Maintenance Services
Technical Maintenance Services For personal use only Revenue Overview $120 Revenue increase to $50m (PCP $44m) Millions EBITDA of $1.0m (PCP $2.6m) excluding Corporate $100 allocations Efficiencies and major contract mobilisations $80 completed in H1 and new efficiency measures are expected to deliv
Slide 18: Business Focus
Business Focus For personal use only The Technical Maintenance Service (TMS) operations has been consolidating its operations to obtain synergies through systems, customers and technologies TMS completed the following initiatives during the first half; – Integrated ERP systems across all divisions,
Slide 19: Technical Field Force Solutions
Technical Field Force Solutions For personal use only Revenue Overview Revenue increased to $75m (PCP $63m) Millions $160 EBITDA of $1.8m (PCP $3.3m) excluding Corporate $140 allocations. $120 Performance impacted in H1 by contract mobilisation costs but expected to deliver improved $100 margin and
Slide 20: Foxtel
Foxtel For personal use only New contract executed in December 2012 Work commenced H1 FY14 Extends BSA’s existing metropolitan services to 2017, being an additional 2 years Now includes 100% of field activities in regional Australia following Foxtel’s recent acquisition of Austar with initial rollou
Slide 21: Agenda
Agenda For personal use only RESULTS AND OVERVIEW FINANCIAL REVIEW BUSINESS UNIT REVIEW KEY INITIATIVES BSA operations personnel at the new Royal Adelaide THE YEAR AHEAD Hospital site. 28th February 2014 FY13-14 Half Year Results Presentation 21
Slide 22: Key Initiatives
Key Initiatives For personal use only Increased Focus Project controls Cost containment/reduction Margin improvement across Group Cash management and debt reduction Finance Management Strong relationship with Banker Refinanced debt end December with additional debt facility and revised covenants sui
Slide 23: Agenda
Agenda For personal use only RESULTS AND OVERVIEW FINANCIAL REVIEW BUSINESS UNIT REVIEW INITIATIVES OF OUTLOOK Stainless Steel Condenser Water Circuit at CSL Biotherapies Privigen THE YEAR AHEAD 28th February 2014 FY13-14 Half Year Results Presentation 23
Slide 24: The Year Ahead
The Year Ahead For personal use only Overall Focus Capitalise on positive operating outlook and strong forward workload Reduce net debt and optimise working capital Continue to grow recurring revenue base Improved margin extraction, working capital management, expense reduction and financial control
Slide 25: Important Notice
Important Notice For personal use only This presentation has been prepared by BSA Limited (the “Company”) and provides general background information about the Company’s activities. That information is current at the date of this presentation. The information is a summary and does not purport to be