Boom Logistics Ltd · ASX:BOL
Boom Logistics — FY2020 Earnings Presentation
20 slides from Boom Logistics's earnings presentation, Aug 27, 2020
Slide 1: FY20 Full Year Results Presentation
FY20 Full Year Results Presentation 27 August 2020
Slide 2: Financial Performance
FINANCIAL PERFORMANCE $’m FY18 FY19 FY20* Trading Revenue 183.1 182.7 186.2 Trading revenue* up 1.9% Free cash flow* up $10.0m Trading EBITDA 21.1 20.1 13.3 Gearing* down to 17% (net debt/equity) Asset sales of $4.6m Trading EBIT 2.9 2.8 (3.4) Net tangible assets 27 cents per share Free Ca
Slide 3: FY20 Business Review
FY20 BUSINESS REVIEW One-off wind farm project cost led Actions taken to reduce contract to the disappointing FY20 result risk and improve results in FY21 $7.5m loss on the Cattle Hill wind farm Strengthened risk management procedures project due to major delays, extreme and contract review proc
Slide 4: Operations Reset for Profit Growth
OPERATIONS RESET FOR PROFIT GROWTH Focus on diversifying and targeting We undertook a safety “reset” new recurring revenue streams to improve performance Mining maintenance activity remained solid with our major customers under longer term contracts Wind farm project team successfully completed
Slide 5: COVID-19 Update
COVID-19 UPDATE Actions & Response Operational Impact Established COVID-19 safe plans and new Safety and social distancing resulted in risk management procedures across all the reduction of crews on sites, such as depots and sites Esso offshore contract Conducted weekly risk reviews and Bord
Slide 6: Operating Results
OPERATING RESULTS • Trading EBITDA 30-Jun-20 30-Jun-19 Mvmt • $13.3m pre AASB16, like for like basis $'m $'m $'m Pre AASB16 • Direct expenses Like-for-Like* • Includes additional $3.8m of equipment rental costs (circa $9.7m Revenue from Services 186.2 182.7 3.5 compared to $5.9m FY19) Other Income 0
Slide 7: Balance Sheet
BALANCE SHEET • Net debt down* 30-Jun-20 30-Jun-19 mvmt • Net debt reduced by $17m in period to $19.6m $m $m $m • Gearing (net debt/equity) at 17% Pre AASB16 Like-for-Like* • Capital management Cash 2.1 1.5 0.6 • 11.4 million shares bought back and cancelled at a cost of $1.7m in 1H FY20 Trade and O
Slide 8: Cash Flow
CASH FLOW • Cash from operations strengthened 30-Jun-20 30-Jun-19 mvmt • Working capital tightly managed $m $m $m • COVID-19 response included prudent cash preservation Pre AASB16 measures. Circa $1.6m of cash payments deferred to FY21 with Like-for-Like* the agreement of the counterparty Trading EB
Slide 9: Revenue Streams
REVENUE STREAMS Growth in project revenues, supported by longer term mining services contracts Increasing focus on new recurring revenue streams Telecommunications Industrial Maintenance Wind, Energy, Utilities Infrastructure Introducing new Mining & Resources value-added services to our customers 8
Slide 10: Crane Services
CRANE SERVICES FY20 Overview Activity with mining maintenance customers continued to be strong in Queensland, revenue increased by 8% on prior year Renewed 3 year mining maintenance contract with Glencore, with majority of major mining customers under long term contracts New mining customer co
Slide 11: Projects
PROJECTS FY20 Overview Successful completion of Coopers Gap wind farm project in QLD with additional works completed in May 2020 Increasing revenues and services on national wind farm maintenance programs Work continues on Albion Park Rail bypass infrastructure project in NSW FY21 Outlook Co
Slide 12: Travel Towers
TRAVEL TOWERS FY20 Overview Restructured travel tower business delivered cost savings and improved performance Solid revenue growth on electrical transmission, string-line to power pole, project work on wind farms Roll-out of telecommunications 5G and data network upgrades continued in the met
Slide 13: Labour Hire
LABOUR HIRE FY20 Overview readi labour hire revenue was steady supplying support labour to Boom mining customers and wind farm projects Oil & Gas and industrial maintenance revenues were in line with the previous year in the first half COVID-19 impacted revenue in the second half, as social di
Slide 14: Revenue by Region
REVENUE BY REGION FY20: Growth in wind Contracted mining Mining customers Activity remains New contracts and farm, civil and customers demand lost from FY19 steady with projects won with infrastructure remained strong industrial dispute contracted clients increased sales activity FY21: Commenced at
Slide 15: Asset Management
ASSET MANAGEMENT FY20 Overview Continued to be diligent with minimal equipment capital expenditure Flexible asset rental model used on new growth projects and major contracts Improved larger travel tower utilisations on wind farm and energy projects FY21 Outlook Low age assets to be relocate
Slide 16: FY21 Outlook
FY21 OUTLOOK While uncertainties remain due to Outlook for business COVID-19, we have laid the foundations for growth, underpinned Crane Services - expect stronger year by low debt and strong cash flow underpinned by additional work on CQ mine sites, new Hunter Valley contract, Safety Always – t
Slide 17: Investor Enquiries
Investor Enquiries +61 3 9207 2500 info@boomlogistics.com.au www.boomlogistics.com.au
Slide 18: Appendix – Reconciliation to Statutory Accounts
APPENDIX 1 – Reconciliation to Statutory Accounts 30-Jun-20 30-Jun-20 30-Jun-20 30-Jun-20 $'m $'m $m $m AASB16 Pre AASB16 AASB16 Pre AASB16 INCOME STATEMENT STATUTORY ADJ Like-for-Like CASH FLOW STATUTORY ADJ Like-for-Like Revenue from Services 185.5 0.7 186.2 Other Income 0.0 0.0 Trading EBITDA 29.
Slide 19: Appendix – Reconciliation to Statutory Accounts
APPENDIX 1 – Reconciliation to Statutory Accounts 30-Jun-20 30-Jun-20 30-Jun-20 30-Jun-20 30-Jun-19 $m $m $m $m $m AASB16 Pre AASB16 AASB16 Pre AASB16 BALANCE SHEET STATUTORY ADJ Like-for-Like NET DEBT STATUTORY ADJ Like-for-Like Cash 2.1 2.1 Syndicated Debt 5.0 5.0 11.0 Trade and Other Receivables
Slide 20: Disclaimer
Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Boom and certain plans and objectives of the management of Boom. Forward-looking statements can generally be identified by the use of words such as