DGL GROUP LIMITED — Investor Presentation 2021

Aug 30, 2021

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2021 RESULTS PRESENTATION 31 August 2021 Presented by: Simon Henry, CEO & Brendan Lum, CFO

Important notice and disclaimer

No reliance

The information contained in this document is not investment or financial product advice and is not intended to be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution for obtaining independent advice.

To the maximum extent permitted by law, neither the Company nor any other party guarantees or makes any representations or warranties, express or implied, as to, or takes responsibility for, the accuracy or reliability of the information contained in this document or as to any other matter, or takes any responsibility for any loss or damage suffered as a result of any inadequacy, incompleteness or inaccuracy in any statement or information in this document including, without limitation, any financial information, any estimate or projections or any other financial information.

Past performance information provided in this document may not be a reliable indication of future performance. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Company. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon.

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subject to change without notice, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct, and which may cause the actual results or performance of the Company to be materially different from any results or performance expressed or implied by such forward-looking statements. Such forwardlooking statements speak only as of the date of this document. Forward looking statements should not be relied on as an indication or guarantee of future performance. No representation, warranty or undertaking is made that any projection, forecast, assumption or estimate contained in this document should or will be achieved. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

Miscellaneous

No person, especially those who do not have professional experience in matters relating to investments, may rely on the contents of this document. If you are in any doubt as to the matters contained in this document you should seek independent advice and/or consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.

All dollar figures within this document represent Australian Dollars unless otherwise specifically stated.

Forward looking statements

This document contains certain forward looking statements and comments about future events. Forward-looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies, and other factors, many of which are outside the control of the Company, are

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Introduction to DGL

A specialty chemicals and supply chain business offering a fullservice solution from manufacture to recycle

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AUD $196 m AUD $166M FY21 pro forma Net Tangible revenue Assets[1] 290+ 30 Staff – Aust. & NZ Sites across Aust. & NZ – 358,000m[2] 126,000t 747,000t Chemical storage Movements p.a. 150,000t 174,000t Manufacturing Waste processing capacity p.a. capacity p.a.

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CHEMICAL WAREHOUSING & MANUFACTURING DISTRIBUTION

As at 31 August 2021

ENVIRONMENTAL SOLUTIONS

1. Pro forma net tangible assets is a non-IFRS measure calculated including Lease Liabilities and Right of Use Assetspost Offer

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Introduction to DGL

Diverse and strategic Trans-Tasman footprint, with global capabilities

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DGL’s Operations

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FY21 highlights

Strong performance, exceeding FY21 prospectus forecasts

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PRO‐FORMA REVENUE
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• $196M up 9% on PCP

• up 3% on prospectus forecast

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PRO‐FORMA EBIT
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$17M
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• 124% on PCP

• up 9% on prospectus forecast

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PRO‐FORMA EBITDA
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• $28M

• up 47% on PCP

• up 8% on prospectus forecast

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PRO‐FORMA NPAT
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$11M
up 135% on PCP
Up 19% on prospectus
forecast
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HIGHLIGHTS

• All metrics ahead of prospectus forecasts.

• Increased utilisation across our extensive network of Trans-Tasman assets.

• Delivering our customers more services from across our business, including integrated warehousing and transport.

• Chem Pack successfully integrated.

• Used lead asset battery (ULAB) - lead smelter fully commissioned ahead of schedule.

• Executing on strategy initiatives including investing in capital projects and acquisitions that expand our services and bring efficiencies to our existing operations.

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FINANCIALS Presented by Brendan Lum, CFO

FY21 Financial Result

Y/E 30 June (A$m) FY20 Pro- forma FY21 Pro- forma % change FY20 v FY21 FY21 Prospectus forecast % variance	Y/E 30 June (A$m) FY20 Pro- forma FY21 Pro- forma % change FY20 v FY21 FY21 Prospectus forecast % variance	Y/E 30 June (A$m) FY20 Pro- forma FY21 Pro- forma % change FY20 v FY21 FY21 Prospectus forecast % variance
Sales revenue 180.1 196.5 9%	189.9	3%
Cost of sales (124.2) (125.9)	(123.5)
Gross profit 55.9 70.6 26.%	66.4	6%
Other income 0.4 0.7	1.0
Employee benefits expense (24.1) (29.4)	(27.8)
Administration and general expenses (7.3) (7.5)	(8.1)
Legal and professional fees (1.7) (1.6)	(1.8)
Impairment expense - (0.3)
Occupancy expense (4.0) (4.4)	(3.7)
EBITDA 19.2 28.1 46%	26.0	8%
Depreciation and amortisation expense (11.6) (11.3)	(10.5)
EBIT 7.5 16.8 124%	15.5	8%
Finance costs (1.6) (2.3)	(2.5)
Profit/(loss) before tax 5.9 14.5	13.0	12%
Income tax expense (1.1) (3.2)	(3.5)
Net profit after tax 4.8 11.3 135%	9.5	19%

Commentary

• Stronger performance across all divisions, in particular:

  • Increase in storage revenue due to customers increasing inventory in storage as a result of supply chain disruption.

  • Increase in logistics revenue due to cross referral of customers across divisions.

  • Greater efficiencies via the utilisation of DGL’s expanding fleet for transportation services, instead of third party sub-contractors.

  • An increase in waste treatment at the Unanderra facility.

• Cost of sales increased in line with revenue growth, but overall COS% reduced due to reduction in raw materials costs and in-housing of logistics services.

• •

• Employee benefit expense higher than forecast due to increased investment in people, including upskilling of workforce to increase productivity.

• Strong growth in EBITDA and EBITDA margin of 14.4% (FY20:10.6%)

Depreciation of $11.3m includes:

• $6.9m relates to application of AASB16 on warehouse and operating leases

• – $4.4m is the depreciation of plant and equipment

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Pro-forma NPAT to Statutory NPAT

Pro-forma NPAT to Statutory NPAT	Pro-forma NPAT to Statutory NPAT	Pro-forma NPAT to Statutory NPAT	Pro-forma NPAT to Statutory NPAT
INCOME STATEMENT Pro Forma FY21 Chem Pack (1H21) 1H21 Pro Forma Adjustments Significant One-off costs/income Statutory FY21 $'000 $'000 $'000 $'000 $'000 Sales revenue 196,458 (41,981) - - 154,477 Cost of sales (125,919) 32,237 - - (93,682) 70,539 (9,744) - - 60,795 Other income 685 (59) - 40,275 40,901 IPO costs - - - (2,067) (2,067) Employee benefits expense (29,440) 4,038 567 - (24,835) Administration and general expenses (7,465) 871 139 - (6,455) Legal and professional fees (1,550) - 218 (344) (1,676) Impairment expense (271) - - - (271) Occupancy expense (4,352) 98 - - (4,254) EBITDA from continuing operations 28,146 (4,796) 924 37,864 62,138 EBITDA 28,146 (4,796) 924 37,864 62,138 Depreciation and amortisation expense (11,299) 832 - - (10,467) EBITA 16,847 (3,964) 924 37,864 51,671 Amortisation - - - - - EBIT 16,847 (3,964) 924 37,864 51,671 Finance costs (2,297) 128 - - (2,169) Profit/(loss) before tax 14,550 (3,836) 924 37,864 49,502 Income tax expense (3,211) 1,151 (277) - (2,337) Net profit after tax 11,339 (2,685) 647 37,864 47,165
$'000	$'000	$'000	$'000
Sales revenue 196,458	(41,981)	-	-
Cost of sales (125,919)	32,237	-	-
70,539	(9,744)	-	-
Other income 685	(59)	-	40,275
IPO costs -	-	-	(2,067)
Employee benefits expense (29,440)	4,038	567	-
Administration and general expenses (7,465)	871	139	-
Legal and professional fees (1,550)	-	218	(344)
Impairment expense (271)	-	-	-
Occupancy expense (4,352)	98	-	-
EBITDA from continuing operations 28,146	(4,796)	924	37,864
EBITDA 28,146	(4,796)	924	37,864
Depreciation and amortisation expense (11,299)	832	-	-
EBITA 16,847	(3,964)	924	37,864
Amortisation -	-	-	-
EBIT 16,847	(3,964)	924	37,864
Finance costs (2,297)	128	-	-
Profit/(loss) before tax 14,550	(3,836)	924	37,864
Income tax expense (3,211)	1,151	(277)	-
Net profit after tax 11,339	(2,685)	647	37,864

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Commentary

• Trading profit of Chem Pack recorded in the statutory results covers 2HY21 and not the full FY21

• The statutory pro-forma forecast for FY21 includes estimated IPO costs for full year

• $40.275 million recorded as other income is in relation to a debt forgiveness arrangement prior to IPO

• Significant one-off costs relate to IPO expenses incurred and legal costs associated with the acquisition of Chem Pack

• These were deemed non-recurring and therefore not included in the pro-forma forecast for FY21

1. Includes customers of Chem Pack which was acquired in 2020

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Divisional performance Three core divisions

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Revenue by division[2] on a pro-forma basis ($millions)

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120.0
FY20 FY21
97.3
100.0 94.2
80.0
61.9 63.2
60.0
40.9
40.0
27.6
20.0
0.0
Chemical Manufacturing (1) Warehousing & Distribution Environmental Solutions
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MAIN DRIVERS

• Strong growing conditions in agri market.

• Change in product mix, with greater diversification of chemicals product offering

• Higher utilization of the warehousing network.

• Positive take-up of warehousing & logistics services through the Chem Pack business.

• Ongoing demand for treatment of hazardous waste.

• Increased liquid waste treatment in New South Wales

Notes:

1) FY20 revenue in the chemical manufacturing includes the FY20 revenue from Chem Pack

2) The divisional revenue numbers include intercompany revenue of $3.7 million in FY20 and $4.9 million in FY21.

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Cash flows

	Pro-forma	Pro-forma
Y/E 30 June (A$m)	FY20	FY21
	Actual	Actuals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers	188.1	203.7
Payments to suppliers and employees2	(169.5)	(174.0)
Interest received/other income3	0.6	0.1
Income tax (paid)/refunded	(0.2)	(0.2)
Finance costs	(1.4)	(1.6)
Net cash generated by operating activities	17.6	28.0
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(25.6)	(21.0)
Receipt from disposal of PP&E	0.1	0.1
Purchase of intangibles	-	(0.1)
Part payment for Chem Pack4	-	(28.6)
Cash acquired from acquisition of subsidiary	-	2.1
Net cash (used in)/ generated by investing activities	(25.5)	(47.5)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares	-	100.0
Payments of capital raising costs	-	(5.4)
Payment of finance lease liabilities	(7.9)	(6.9)
Bond paid	-	-
Loans from related parties	8.7	-
Dividends paid5	-	(8.7)
Proceeds from /(repayment of)borrowings	9.0	(19.6)
Net cashprovided by/ (used in) financing activities	9.8	59.4
Net increase/(decrease) in cash held	1.9	39.9

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Commentary

• Continued strong cash generation

• Purchase of land and building (Shands Rd, Christchurch NZ), investment in logistics fleet, expansion of capacity in existing properties and re-commencement of smelter operation at Laverton VIC.

• Payment of funds outstanding for the Chem Pack business, acquired in January 2021.

• $100million capital raised through IPO process.

• Short-term debt paid down as part of the IPO raise (debt facilities remain open).

• Dividends were paid in 1H21– see prospectus commentary.

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Balance sheet

(A$m)	31 DEC 2020	30 JUNE 2021
CURRENT ASSETS
Cash and cash equivalents	3.63	43.83
Trade and other receivables	22.10	22.53
Inventories	10.97	14.42
Other financial assets	-	1.63
Other assets	6.52	3.94
Total Current Assets	43.22	86.35
NON-CURRENT ASSETS
Property, plant and equipment	126.50	133.22
Other financial assets	0.38	-
Deferred tax assets	3.11	7.27
Intangible assets	3.53	27.98
Other non-current assets	1.16	-
Right-of-use asset	27.50	22.72
Total Non-Current Assets	162.18	191.19
TOTAL ASSETS	205.40	277.54
CURRENT LIABILITIES
Trade and other payables	19.60	17.14
Lease and liabilities	7.64	7.03
Borrowings	21.86	21.24
Other Financial Liabilities	-	-
Current tax liabilities	-	2.35
Provisions	2.83	3.05
Total Current Liabilities	51.93	50.81
NON-CURRENT LIABILITIES
Other financial liabilities	41.44	8.48
Borrowings	47.79	16.74
Deferred tax liabilities	5.48	5.87
Provisions	0.28	0.37
Total Non-Current liabilities	94.99	31.46
TOTAL LIABILITIES	146.92	82.27
NET ASSETS	58.48	195.27
EQUITY
Issued Capital	34.52	192.25
Reserves	29.42	(31.73)
Retained Earnings	(5.46)	34.75
TOTAL EQUITY	58.48	195.27

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Commentary

• $43.8 million cash largely represented by IPO proceeds yet to be expended after allowing for the final settlement of Chem Pack Pty Ltd, repayment of short-term borrowings with withdraw facilities and purchase of commercial properties.

• • Cash was less than prospectus forecasts of $73 million due to the pay-down of various loans.

• Total assets increased from $205 million to $277 million as a result of the IPO and the acquisition of Chem Pack Pty Ltd, including $23.9 million in goodwill.

• Total liabilities decreased from $147 million to $82 million as a result of $40.3 million debt forgiveness by a related party and repayment of short-term borrowings. This was lower than the $106 million projected in the Prospectus.

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STRATEGY UPDATE

Positive industry trends support long-term growth

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CHEMICAL MANUFACTURING

WAREHOUSING & ENVIRONMENTAL DISTRIBUTION SOLUTIONS

$40.8 billion market opportunity[1]

$1.2 billion market opportunity[1,2]

$3.6 billion market opportunity[1]

• MARKET DRIVERS

• • Growing agricultural sector driving demand for pesticides, herbicides and fertilisers

• • Trend towards home and garden DIY

• Growing requirement for chemically treated compliant potable water

• Construction and infrastructure industries requiring admixtures

• • Mining industry increasing chemical dosage requirements

• MARKET DRIVERS MARKET DRIVERS

• • Supply chain distribution • High health and environmental

• causing a structural shift risks from toxic and hazardous towards reliable providers industrial liquid waste

• • Increased trade activity and • Stringent regulatory and

• globalization of supply chains compliance obligations

• • Stringent regulatory and • Growth in the generation of

• compliance obligations in hazardous liquid wastes

• handling and transporting of • Continued growth in the

• chemicals automotive sector

• • Growth in the generation of hazardous liquid wastes

• Projected growth by 2026, Frost & Sullivan

• Dangerous goods logistics market

Private and Confidential

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Clear strategy to drive growth

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OUR OBJECTIVE

To be Australasia’s leading fully integrated, end-to-end chemicals business Warehousing and Chemical Manufacturing Environmental Solutions Distribution STRATEGIC PRIORITIES Chemical Warehousing manufacturing & Distribution Drive cross-selling Achieve further Investment in Identify acquisitions between divisions economies of scale capital projects

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FY21 strategy progress

Substantial progress across all key areas of focus

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STRATEGIC PRIORITIES Chemical Warehousing manufacturing & Distribution

	Drive cross-selling between divisions Achieve further economies of scale Investment in capital projects Identify acquisitions	Drive cross-selling between divisions Achieve further economies of scale Investment in capital projects Identify acquisitions
FOCUS AREAS	• Creating greater cross usage of services by customers across DGL’s three divisions. • Network growth, increased utilisation of existing infrastructure, and operating efficiencies. • Expansion of existing network and services. • Significant consolidation opportunities in each division, with opportunities to add capabilities and customers.
	• Integrated Chem Pack creating cross-sell opportunities. • Recommissioned lead smelter in Victoria, ahead of schedule and on budget. • Announced the approved development of new warehousing facilities in NZ and Victoria. • Invested in transport plant and equipment. • Increased utilisation of warehousing facilities. • Expanded range of chemicals products in New Zealand, establishing distribution relationships to support growth. • Continue to assess acquisition opportunities. • Post 30 June, acquired the Label’s Connect business in Victoria, and Opal Australasia in WA.
FY21 ACTIVITIES	• Integrated Chem Pack creating cross-sell opportunities. • Recommissioned lead smelter in Victoria, ahead of schedule and on budget. • Announced the approved development of new warehousing facilities in NZ and Victoria. • Invested in transport plant and equipment. • Increased utilisation of warehousing facilities. • Expanded range of chemicals products in New Zealand, establishing distribution relationships to support growth. • Continue to assess acquisition opportunities. • Post 30 June, acquired the Label’s Connect business in Victoria, and Opal Australasia in WA.

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FY22 strategy focus areas

A clear focus on executing on our strategy to be a full-service chemicals business

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STRATEGIC PRIORITIES Chemical Warehousing manufacturing & Distribution

Drive cross-selling between divisions

Achieve further Investment in Identify acquisitions economies of scale capital projects

PLANNED ACTIVITIES IN FY22

• Drive cross-sell in the newly acquired Opal Australasia business, providing new customers with access to logistics and warehousing services.

• Integrate Label’s Connect to support total product management solutions.

• Continue to increase utilisation of lead smelter in Victoria.

• Expand battery processing capacity and capability.

• • Commissioning of Ester plant in Victoria.

• Trial of new products in Queensland and New Zealand to service mining and construction industries.

• Establish water treatment • product manufacturing in Northern Queensland.

• Establish chemicals manufacturing capability in New Zealand. •

Already acquired Label’s Connect and Opal Australasia, to support chemicals manufacturing and cross-sell of other services.

Stringent criteria for assessing acquisitions: must be compatible, have diverse customers, geographical spread, or add additional products that we can crosssell.

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Strategy initiatives - Acquisition of Opal Australasia

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Scale, efficiencies and complete coverage of Australia’s agri market

• Opal is a specialist contract formulator and packaging business based in Kwinana Industrial Aria, one of WA’s most strategic industrial areas.

• Acquired August 2021 for $8.6 million, including property valued at $4.3 million.

• Provides a number of strategic and operational benefits including:

• Complete coverage of Australia’s agricultural market

  • DGL will now cover both east and west coast agri markets, in particular Western Australia’s grain industry – Australia’s largest grain growing region.

  • Provides a natural hedge on varying drought cycles across east and west coast of Australia.

  • Currently services the majority of major chemical suppliers in the agricultural industry in WA.

Brings scale and efficiencies

•

• Increases DGL’s manufacturing capacity to in excess of 150,000 tonnes p.a.

• Opal has an extensive suite of licences and approvals, as well as unique product intellectual property that can be leveraged across DGL’s business.

• Aligned to growth strategy

• Provides cross-sell opportunities across warehousing, distribution and DGL’s chemical range

• Further reduces customer concentration

• Allows DGL to operate from a broad and strategic network of sites across Australia and New Zealand.

• Adds quality property to our existing, substantial, footprint as we continue to focus on investing for the long-term, while strengthening our balance sheet.

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Quality, Health & Safety

Compliance, procedures and training underpin our approach to H&S

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Total lost time injury hours

Significant improvement in FY21

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600
495
500
400
300
172
200
100
0
2019/2020 2020/2021
Hours
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20+ licence and accreditation portfolio Portfolio of licences, developed over more than a decade to ensure safety in operations, and environmental and quality standards.

Safety Procedures

Comprehensive safety plans, systems and procedures in order to comply with the range of regulations that apply to the sectors in which it operates.

Employee training

• Compulsory on-the-job training

• Logging of all potential hazards and incidents

• Annual independent external audits and ad-hoc inspections

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COVID-19 pandemic – market impacts

No material impact on DGL’s operations, health & safety of our people top priority

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• DGL businesses considered ‘essential industry’ in both Australia and New Zealand: all services continue to operate through lockdowns to service food production sectors and chemical waste treatment, in particular.

• COVID-19 safe plan implemented across all operations.

• Seeing a trend in onshoring of international supply in response to the pandemic, which is benefiting DGL.

• Customers forward ordering and implementing long-term supply planning.

• Lockdown is seeing increased demand for DIY gardening and related home and garden products.

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OUTLOOK AND SUMMARY

Outlook and Summary

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• Business is performing strongly and in-line with internal expectations.

• Strategy is focused on growing organically and through acquisitions that provide strategic value to DGL.

• We are actively reviewing acquisitions which will form a key growth pillar in FY22.

• Expect to exceed prospectus FY22 forecasts of pro-forma EBITDA of $29m and NPAT of $10.4m.

• These forecasts do not include any incremental benefit from recent acquisitions of Label’s Connect and Opal Australasia, and favourable trading conditions experienced to date.

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Unique competitive position

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Strategic network of Trans- Material asset base and strong Skilled and trained workforce
Tasman infrastructure balance sheet
AUD $166m
290+ staff
Net Tangible Assets [1]
Regulatory compliance Vertical integration providing Significant industry know-how,
opportunity for end-to-end proprietary process and
services and synergies intellectual property portfolio
20+ licence portfolio
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1. Pro forma net tangible assets is a non-IFRS measure calculated including Lease Liabilities and Right of Use Assets post Offer

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Q&A