Mastermyne Group Limited · ASX:MYE
Mastermyne — Metarock Group — H1 FY2024 Earnings Presentation
19 slides from Mastermyne's earnings presentation, Feb 28, 2024
Slide 1: December 2023 Half Year Results
DECEMBER 2023 HALF YEAR RESULTS Metarock Group Limited (ABN 96 142 490 579) Jon Romcke, Executive Chairman Jeff Whiteman, CEO & Managing Director 28 February 2024
Slide 2: Overview: Group highlights 1H FY2024
Overview Group highlights - Half Year Ended 31 December 2023 (1H FY2024) OVERVIEW AND OPERATIONS › Achieved strong earnings for second consecutive half-year period STRONG FIRST HALF › Materially improved balance sheet strength with reduced gearing DEMONSTRATING › Improved operational and safety perf
Slide 3: Elevating Safety Performance
Elevating Safety Performance Metarock is focused on achieving consistent, positive safety outcomes › Metarock is making good progress in executing its integrated, group-wide ‘Elevating Safety Performance’ (‘ESP’) plan, with the focus moving forward on: › Safety coaching face-to-face underground with
Slide 4: Statutory Results – 1H FY2024
Statutory Results – 1H FY2024 2nd consecutive half of significantly improved operating results Highlights for 1H FY2024: › EBITDA of $29.7m and 12.7% EBITDA Margin3, building on the success in 2H FY2023 from the turnaround plan › Normalised EBITDA from operations of $25.5m (before $4.2m profit on sa
Slide 5: 1H FY2024 EBITDA
1H FY2024 EBITDA Continued improvement in EBITDA and margin on a half-yearly basis Half-yearly EBITDA and margin performance $30m 12.0% › 1H FY2024 Normalised EBITDA from operations (before 10.9% profit on sale of surplus assets) of $25.5 million was almost threefold normalised 1H FY2023 $25m 10.0%
Slide 6: 1H FY2024 Operating Cashflow bridge
1H FY2024 Operating Cashflow bridge Strong EBITDA resulted in cash conversion to fund abnormal cash items in the first half › Strong EBITDA to cash conversion, with operating cashflow reduced by one-off items: › ATO plan repayments (concluded in December 2023) › One-off Cook cessation cash costs wer
Slide 7: Continuing focus on cash generation and debt reduction
Continuing focus on cash generation and debt reduction Cash generation from improved operating results and lower debt service and capex requirements via focus on core contract mining services Progressed negotiations to deliver increased tenor and capacity from working capital facilities Gross Capex
Slide 8: Divisional Overview - Mastermyne
Divisional Overview - Mastermyne Stable performance on existing Mastermyne contracts coupled with growth on newer projects and in the Wilson Mining business unit › Mastermyne achieved improved operating and safety performance across $147m all sites Revenue › Demand for coal contract mining services
Slide 9: Divisional Overview - PYBAR
Divisional Overview - PYBAR Improved project performance and growing opportunity pipeline following resolution of legacy distractions in FY2023 › Operating performance and margins across the portfolio of existing $87.5m contracts were strong during the period Revenue › Exit from Peak and Thalanga le
Slide 10: Group Outlook
Group Outlook Substantial opportunity pipeline building across the Group’s operations ORDER BOOK 200.00 › Total order book currently stands at $466m › Mastermyne $278m 180.00 › PYBAR $188m (with Dargues and Black Rock both nearing completion) 160.00 › Opportunity pipeline with a total contract value
Slide 11: Summary: Turnaround plan has delivered
Summary Turnaround plan milestones have delivered increased earnings and stronger balance sheet › Increased earnings achieved for second consecutive half-year period, delivering Normalised EBITDA $25.5m (before profit on sale of assets) › Materially improved balance sheet strength with reduced geari
Slide 12: Disclaimer
Disclaimer The following disclaimer applies to this presentation and any information provided regarding the information contained in this presentation (the Information). You are advised to read this disclaimer carefully before reading or making any other use of this presentation or any information c
Slide 13: Appendix
APPENDIX
Slide 14: Cash Flow
Cash Flow 1H FY2024 cash was impacted by non-recurring items during the half year period › Cash decreased by $9.6m since 30 June 2023 › Cash generated was lower than statutory EBITDA due to non-recurring costs incurred during the half year, including Cook cessation costs (provided for at 30 June 202
Slide 15: 31 December 2023 Balance Sheet
31 December 2023 Balance Sheet Balance sheet has been strengthened, with reduced debt from proceeds of $AUD (000’s) 1H FY24 FY23 asset sales and equity Assets Cash and Cash Equivalents 3,309 12,902 Movements in assets: Trade and Other Receivables 82,208 75,604 Inventories 21,456 19,017 › Cash decrea
Slide 16: Non-IFRS Measurements: Normalised Earnings 1H FY2024
Non-IFRS Measurements Normalised Earnings 1H FY2024 $000’s Normalisations Statutory Results versus Normalised Results Asset Sales Normalised* (1H FY2024) Statutory Results Impact Results › Statutory results for 1H FY2024 was adjusted 1H FY2024 1H FY2024 solely for the impact of the non-recurring gai
Slide 17: Non-IFRS Measurements: Normalised Earnings 1H FY2023
Non-IFRS Measurements Normalised Earnings 1H FY2023 $000’s Statutory Results versus Statutory Crinum PYBAR Other Normalised Normalisations Normalised Results (1H FY2023) Results Impact Impact Impacts * Results 1H FY2023 (Note 1) (Note 2) (Note 3) 1H FY2023 1. Crinum impact comprises costs associated
Slide 18: Non-IFRS Measurements: Debt Balances
Non-IFRS Measurements Debt Balances $000’s 31 December 30 June 2023 31 December 2022 2023 Equipment Finance 51,495 32,971 27,265 Invoice Finance (i) 24,741 19,573 30,018 Shareholder Loan - - 2,308 FY23 PYBAR Contribution and Mine Other Loans 128 3,565 399 Operations Ramp Up Total Borrowings 76,364 5
Slide 19: Metarock 1H FY2024 Results
5 METAROCK 1H FY2024 RESULTS