Dalrymple Bay Infrastructure Ltd. · ASX:DBI
Dalrymple Bay Infrastructure — FY2021 Earnings Presentation
30 slides from Dalrymple Bay Infrastructure's earnings presentation, Feb 28, 2022
Slide 1: 2021 Full Year Financial Results – Investor Presentation
ASX Announcement 28 February 2022 2021 Full Year Financial Results – Investor Presentation Dalrymple Bay Infrastructure Limited (ASX:DBI) (“DBI” or “the Company”) releases today the attached investor presentation of its 2021 Full Year Financial Results for the period ended 31 December 2021. -ENDS- A
Slide 2: Investor Presentation 2021 Financial Results
Investor Presentation 2021 Financial Results
Slide 3: Essential infrastructure for a world in transition
Essential infrastructure for a world in transition Dalrymple Bay Infrastructure (DBI) through its foundation asset, the Dalrymple Bay Terminal (DBT), aims to provide safe and efficient port infrastructure and services for producers and consumers of high quality Australian metallurgical coal exports.
Slide 4: Today's presenters and agenda
Today’s presenters and agenda 01 2021 Highlights 02 Sustainability and Transition 03 Regulatory reset Anthony Timbrell Stephanie Commons Managing Director & CEO Dalrymple Bay Infrastructure Chief Financial Officer Dalrymple Bay Infrastructure 04 8X Expansion 05 Financial performance 06 Outlook 3 Inv
Slide 5: FY21 highlights
FY21 highlights Delivered stable consistent financial results supported by fully contracted take or pay volumes Strong Financials Distribution & Guidance Operational Performance • TIC revenue of $202.9m • 18cps for FY21, in line with guidance • 54.3mt of coal exported to 25 countries • Funds From Op
Slide 6: Sustainability and Transition
Sustainability and Transition 5
Slide 7: Essential infrastructure for a world in transition
Essential infrastructure for a world in transition ESG Highlights and 2021 Performance Vision Essential infrastructure for a world in transition Zero fatalities or serious injuries on site at DBT Purpose Provide efficient and reliable infrastructure through sustainable asset management No environmen
Slide 8: DBI is committed to limiting the impact from its operations
Strictly Confidential and Commercially Sensitive Strategic Actions: DBI is committed to Develop a net zero roadmap for Scope 1 and 2 greenhouse gas emissions limiting the impact from • DBT secured electricity arrangements with 100% renewable its operations energy benefits via large-scale generation
Slide 9: Transition Strategy Planning
Transition Strategy Planning DBI's Vision is to provide “Essential Infrastructure for a World in Transition” Hydrogen scoping study DBT Study commenced to assess Hydrogen MOU Sustainability DBT secured electricity potential for DBI to develop the DBT Following initial pre-concept Strategy arrangemen
Slide 10: Regulatory Reset
Regulatory Reset
Slide 11: Move to a light handed regulatory framework
Move to a light handed regulatory framework Company open to negotiate commercial price setting arrangements with customers The Queensland Competition Authority (QCA) approved a light-handed regulatory DBT currently has the lowest port handling 01 framework under a negotiate-arbitrate model. charge a
Slide 12: Regulatory reset update
Regulatory reset update 01 02 03 04 DBI recently commenced DBI has provided all The negotiations remain Negotiations are being the process of negotiating information required by ongoing and confidential, undertaken on a collective with its customers under the QCA to its customers and no agreement ha
Slide 13: Expansion
Expansion
Slide 14: 8X expansion
8X expansion A well-defined pathway to 99.1Mtpa through the 8X Expansion • Final Determination received from the Queensland Competition Authority on the pricing method for the 8X expansion of the Dalrymple Bay Terminal. • Determination provides for Socialisation resulting in the 8X expansion being t
Slide 15: Financial Performance
Financial Performance
Slide 16: Profit and Loss
Profit and Loss During its first full year as a listed company, DBI reported EBITDA of $281.1m and a net operating profit of $129.1m 1 TIC Revenue Since the start of the new regulatory period on 1 July 2021, DBI has continued to charge customers under the previous pricing arrangement that was in pla
Slide 17: Cashflow statement
Cashflow statement DBI’s strong FFO and cashflow in 2021 supported an 18cps distribution and a c.$10m share buyback 1 G&A expenses – IPO Costs See Note 3 on previous slide and definition of IPO Transaction Costs in Glossary. Funds not required to meet IPO Costs were returned to the Selling Entities
Slide 18: Balance Sheet
Balance Sheet DBI maintained an investment grade balance sheet with a gearing of 75.6% of asset base 1 Cash The balance at 31 December 2020 included $105 million provided to settle IPO Transaction Costs. $100 million in total was either settled or refunded during 2021 leaving $5m at year end. The un
Slide 19: Investment Grade balance sheet
Investment Grade balance sheet Investment grade credit profile with diversified funding sources (1,2) • $2.1 billion of total facility limits of which $1.9 billion was drawn at 31 December 2021 Pro-Forma Funding Source(1,2,5) (by Facility Limit, %) • Weighted average tenor of 5.03 years(3) c.78% Cap
Slide 20: Outlook
Outlook
Slide 21: Outlook and priorities for 2022
Outlook and priorities for 2022 Progress pricing Balance Maintain negotiations sheet Distribution • Continue to engage with customers • Maintain investment grade balance sheet • FY22 Guidance of 18.27cps • Pricing backdated to 1 July 2021 • Continue to ensure diversity in funding • Maintain 1-2% DPS
Slide 22: Appendix
Appendix Investor Presentation | February21 2022
Slide 23: Strategic Objectives
Strategic Objectives Build a resilient business Deliver an attractive yield via distributions underpinned by stable and predictable cash flows Vision Maintain an investment grade balance sheet Essential infrastructure for a world in transition Enhance relationships across the supply chain, including
Slide 24: 2021 Regulatory Reset
2021 Regulatory Reset Impact of a transition to a lighter handed framework under the 2021 AU Previous (expired 1 July 2021) 2021 AU (lighter handed regulation) (1 July 2021) Terms of Access Existing Users: Access Agreements Existing Users: Access Agreements Access seekers: apply for access under AU
Slide 25: Longstanding relationships with high quality users and strong alignment through the value chain
Longstanding relationships with high quality users and strong alignment through the value chain Diversified User portfolio comprising some of Contracted Capacity – User Composition Users maintain strong credit ratings and reliance on the port the world’s largest mining companies (2022F)(1) Investmen
Slide 26: Our whole-of-terminal commitment to ESG and sustainability
Our whole-of-terminal commitment to ESG and sustainability FOCUS AREAS FOCUS AREAS Safety Healthy Reef and Ecosystems Positive Culture and Leadership Water Management Proactive Communication and People Environment Climate Change and Renewable Energy Innovative Thinking Transition Encourage a positiv
Slide 27: Reconciliation of statutory borrowings to drawn debt
Reconciliation of statutory borrowings to drawn debt 1 Fair value adjustments booked on acquisition of DBT Group entities On acquisition of the DBT Entities, a fair value adjustment of $48.4 million was recognised. This adjustment is being amortised over the remaining term of the relevant arrangemen
Slide 28: Glossary
Glossary $ Australian Dollar unless otherwise stated m Million /t Per metric tonne Mt Million tonnes 8X Expansion Expansion program to bring terminal capacity to 99.1Mtpa Mtpa Million tonnes per annum AU Access Undertaking. Sets out the terms of terminal access, the process NECAP Non-expansionary ca
Slide 29: Disclaimer and Important Notices (1/2)
Disclaimer and Important Notices (1/2) This presentation has been prepared by Dalrymple Bay Infrastructure Limited ACN 643 302 032 (DBI or the Company). Summary Information This presentation contains summary information about the Company and its related entities and their activities, current as at 2
Slide 30: Disclaimer and Important Notices (2/2)
Disclaimer and Important Notices (2/2) Financial data All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accord
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