Slide 1: MOVE Logistics Group Limited 1H24 Results
MOVE LOGISTICS GROUP LIMITED 1H24 RESULTS 23 February 2024
Slide 2: Our Vision
OUR VISION To be the preferred freight and logistics company in Australasia
Slide 3: 1H24 Results Snapshot
1H24 RESULTS SNAPSHOT Economic and sector headwinds INCOME EBITDA EBIT NLAT2 driving subdued customer Normalised1 Normalised1 volumes and impacting on costs $159.4m $13.2m $(8.6)m $(10.7)m and short term growth 1H23: $180.0m 1H23: $24.7m 1H23: $3.0m 1H23: $(3.3)m opportunities. Reflects first three
Slide 4: 1H24 Summary
1H24 SUMMARY Economic headwinds driving softer demand across the industry Operating Environment Initiatives and Events • Economic and sector headwinds tougher • Continue to execute on Project Blueprint and for longer than anticipated. Hampering including ongoing reset of Freight business execution s
Slide 5: Strategy for Growth
STRATEGY FOR GROWTH Our Vision: To be the preferred freight and logistics provider in Australasia Our Mission: To keep our customers moving Our Mantra: Customer, Safety, Team 1H24 Results Presentation 5
Slide 6: Project Blueprint
PROJECT BLUEPRINT 12–18 month dual pathway programme of short and long term initiatives to reshape and strengthen the business, and drive organic growth. First three months completed in 1H24. PRIORITIES RESHAPE AND STRENGTHEN THE BUSINESS DRIVE ORGANIC GROWTH Immediate benefit Short to medium term b
Slide 7: Project Blueprint Initiatives
PROJECT BLUEPRINT INITIATIVES We have identified what needs to be done across the business to achieve success and have a clear plan in place. Early benefits are being seen from the work underway. • Continuation of the Freight improvement programme • Accelerated comprehensive cost out programme from
Slide 8: Financial Results
FINANCIAL RESULTS 1H24 Results Presentation 8
Slide 9: 1H24 Group Summary
1H24 GROUP SUMMARY Results reflect: $Millions 1H24 1H23 • First three months of Project Blueprint Total Income 159.4 180.0 • Customer volumes impacted by economic Normalised EBITDA1 13.2 24.7 headwinds Normalised EBIT1 (8.6) 3.0 • Ongoing reset of Freight business with short 1 Normalised NLAT (9.6)
Slide 10: Business Performance
Business Performance 1H Revenue • FREIGHT: Reset programme ongoing with short term reduction in 200 earnings as previously advised; business being right sized to create a 150 $millions leaner, more efficient structure – benefits from cost out programme 100 expected from 2H24; priority on rebuilding
Slide 11: Normalised EBITDA
NORMALISED EBITDA • FREIGHT: Ongoing Freight reset; accelerated cost out programme with some short term impact – benefits expected from 2H24 • CONTRACT LOGISTICS: Softer short term customer demand for warehousing and reduced Fuels volumes. • INTERNATIONAL: Pilot of new shipping service $(2.2)m. Vess
Slide 12: Cash Flow
CASH FLOW $000s 1H24 1H23 Cash conversion remains stable despite Normalised EBITDA excl. non cash items 13,158 24,424 Non trading - cash items (396) 3 challenging trading Working capital movement 2,908 5,308 Net operating cashflows 15,670 29,735 • Cash conversion of 123% remains stable and in Capita
Slide 13: Capex
CAPEX Focus on maximum utilisation of existing assets; continued move to Capital Expenditure ($m) asset light model 1H24 1H23 Fleet 1.2 2.5 Ship - 8.5 • Asset light model supporting the balance sheet and building resilience in Technology 0.1 1.7 the supply chain Other 0.2 0.7 • Capital expenditure d
Slide 14: Balance Sheet
BALANCE SHEET Significant reduction in Net Debt Reduction in net debt 80 • $5.3m reduction in net debt 60 following conversion of convertible $millions 40 note and from cashflows 20 • Bank facilities with revised 0 covenants enabling runway for Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Borrowings (incl Con
Slide 15: Looking Forward
LOOKING FORWARD 1H24 Results Presentation 15
Slide 16: Strong Leadership Team
STRONG LEADERSHIP TEAM Leading our pathway to success Craig Evans Lee Banks Anthony Barrett Rachel Hustler Ricky Clark CEO CFO CIO GM People & Culture National Sales Manger Appointed Feb 2023 Appointed Jul 2013 Appointed Apr 2022 Appointed Jul 2023 Appointed Oct 2023 James Watters Justin Marshall An
Slide 17: Looking Ahead
LOOKING AHEAD Business Outlook: • Short term focus to recover to prior Market outlook: performance levels. Longer term to exceed • Continuation of current economic and sector and outperform conditions expected in the short term • Project Blueprint - embedding change, • New opportunities for MOVE as
Slide 18: Appendices
APPENDICES Craig Evans Lee Banks Chief Executive Officer Chief Financial Officer Phone: +64 274 353 897 Phone: +64 27 525 2876 Email: craig.evans@movelogistics.com Email: Lee.Banks@movelogistics.com 1H24 Results Presentation 18
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation $Millions 1H24 1H23 MOVE Logistics Group uses several non-GAAP measures when discussing financial performance and the Board and Net profit/(loss) before income tax (GAAP measure) (14.19) (2.91) Management believes this provides a better reflection of the Add back: company’s u
Slide 20: Disclaimer
Disclaimer This presentation has been prepared by MOVE Logistics Group Limited (“MOV”). The information in this presentation is of a general nature only. It is not a complete description of MOV. This presentation is not a recommendation or offer of financial products for subscription, purchase or sa