14 slides from Matrix Composites & Engineering's earnings presentation, Feb 25, 2022
Slide 1: 2022 Half Year Results Presentation
2022 HALF YEAR RESULTS PRESENTATION AARON BEGLEY – CEO BRENDAN COCKS – CFO 25 February 2022 MATRIXENGINEERED.COM
Slide 2: Disclaimer
DISCLAIMER Important information: The following notice and disclaimer applies to this investor presentation issued by Matrix Composites & Engineering Ltd (the Company). You are advised to read these disclaimers carefully before reading or making any other use of this presentation or information cont
Slide 3: 1H FY22 Growth Momentum
1H FY22 GROWTH MOMENTUM FINANCIAL OPERATING OUTLOOK • Revenue $13.7m (1H FY21: $8.1m) • Drilling riser buoyancy, SURF and well • Increasing activity in offshore oil & as recovery in oil & gas market construction orders over 60% of 1H gas markets, recovering strongly gains momentum FY22 revenue with
Slide 4: H1 FY22 Financial Results
H1 FY21 FINANCIAL RESULTS CFO – Brendan Cocks 4
Slide 5: Key Financial Metrics
KEY FINANCIAL METRICS H1 FY22 H2 FY21 H1 FY21 • Revenue building coming out of lingering impact of Revenue $m 13.7 9.5 8.1 weak oil price and COVID-19. Underlying EBITDA1 $m (1.3) (2.2) (2.2) • Revenue up 69% on 1H FY21 and 44% on 2H FY21, including coatings and advanced materials. EBITDA $m (1.0) (
Slide 6: Balance Sheet
BALANCE SHEET $m 31 Dec 21 30 Jun 21 Cash 7.7 7.2 • Balance sheet stable, does not include $4.5m Tranche 2 Placement completed Jan 22. Trade and other receivables 6.9 5.3 Inventory 6.0 6.6 • Current Balance $10.5m Other assets 1.0 0.3 • Continue to hold no trade or term debt. Explore financing Curre
Slide 7: Cash Flow from Operations
CASH FLOW FROM OPERATIONS $m 1H FY22 1H FY21 Underlying EBITDA /(Loss) (1.3) (2.2) • Operating cash outflow stemming from EBITDA loss, lowered with positive working Receivables (1.6) 0.5 capital movement. Trade Payables 1.8 1.7 • Capex principally relates to payments for Inventory 0.6 0.6 Corrosion
Slide 8: Strategy and Outlook
STRATEGY AND OUTLOOK CEO – Aaron Begley 8
Slide 9: Three Business Pillars
STRATEGY THREE BUSINESS PILLARS Leveraging oil & gas capability and expertise in materials science and CORROSION ADVANCED SUBSEA BUOYANCY advanced manufacturing to TECHNOLOGIES MATERIALS build sustainable revenue in energy and resources Traditional oil & gas market Growing anti-corrosion coating, Em
Slide 10: Subsea Buoyancy
SUBSEA BUOYANCY DRILLING RIG COUNT • Substantial increase in rig count • Back to 2018 levels & growing to 130+ rigs, level not seen since 2016 GLOBAL SUBSEA SPEND STEPPING UP LEGEND: Under contract Firm demand Possible demand Options Source: Westwood Analysis – SubseaLogix Demand forecast Total supp
Slide 11: Subsea Buoyancy: SURF Pipeline
SUBSEA BUOYANCY BUOYANCY OUR SURF PIPELINE (TOTAL = $220M) •LEVERAGING CLIENT World’s largest BASE drilling riser buoyancy manufacturer + $200M • Insert message Manufacture Matrix LGS VIV and drag reduction buoyancy system ~ $170M • SURF buoyancy used in subsea production risers and flowlines ~ $50M
Slide 12: Corrosion Technologies
CORROSION TECHNOLOGIES Growing anti-corrosion coating, application Total Maintenance Spend in equipment and technical services Australia by Sector (A$B) LOCAL RESOURCES SECTOR 14 Strong outlook in Oil & Gas • LNG 12 • Brownfield developments 10 • Operational maintenance 8 6 STRONG PERFORMANCE 4 • Co
Slide 13: Advanced Materials
ADVANCED MATERIALS Emerging high tech composite material solutions LOCAL RESOURCES SECTOR • Iron ore LNG • Gold Hydrogen • Battery minerals Renewables KEY CLIENTS • Forrest Future Industries • Woodside Energy Technologies • Newcrest Mining • Active discussions with other major resource companies to
Slide 14: Positioned to Grow
POSITIONED TO GROW • Offshore Oil & Gas sector rebounding strongly: • Step up in subsea spend – build FY23 order bank • Increase in drilling rigs – Riser Buoyancy market leader • Strong capex pipeline Image courtesy of Naval Group • Increased reach into the growing subsea production sector whilst ma