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EVZ LIMITED Annual Report 2008

Sep 7, 2008

64889_rns_2008-09-07_f1558f04-107b-46f9-8290-8332e62471f3.pdf

Annual Report

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Envirozel Limited

2007/2008 Presentation

Presentation by: Andrew Powis, CEO Ian Wallace, CFO

Envirozel Limited | August 2008

  • :

  • Set the Foundations for the next stage of growth

  • Board / Management Structure

  • Consolidation / Synergies

  • Strategic Plan

  • Revenue increased by 82% to $88.1 million

  • EBITDA increased by 44% to $9.5 million

  • EBIT increased by 40% to $8.7 million

  • -

  • Maiden Dividend of 1.25 cents (52% of NPAT) pre paid during year

  • Acquisitions

  • TSF Engineering & Maintenance – Difficult Integration

  • Cellular Beams Technology License

  • Geographic Expansion

  • Brisbane & Singapore Offices

  • Economic Climate

  • National Engineering / Retail Projects

4 Year Growth History

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Envirozel Limited | August 2008

2007/08 Results - Comparison 2007/08 Results - Comparison 2007/08 Results - Comparison 2007/08 Results - Comparison 2007/08 Results - Comparison
Consolidated
30 As at
June 2008
$’000		 30 As at
June 2007
$’000
Total Revenue
Earnings before interest expense, tax, depreciation and
amortization (EBITDA)
Earnings before interest expense and tax (EBIT)
Interest net
Non operating / non recurring
Employee share scheme
Net profit before tax
Income tax expense (recognition of prior year tax losses)
Net profit after tax*
Earnings per Share – basic - cents
Dividend per Share – fully franked - cents		 88,141
9,509
8,703
(788)
(759)
(303)
6,853
1,848
5,005
2.46
1.25		 48,362
6,613
6,217
(360)
(356)
-
5,501
(459
)
5,960*
3.56
0
2007/08 Balance Sheet - Comparison
June 2008
$’000
June 2007
$’000
Total Current Assets
24,025
23,859
Total Non-Current Assets
39,579
22,754
TOTAL ASSETS
63,604
46,613
Total Current Liabilities
13,700
18,337
Total Non-Current Liabilities
12,791
6,133
TOTAL LIABILITIES
26,491
24,470
NET ASSETS
~~37,113~~
~~22,142~~
FINANCIAL RATIOS
Current Ratio 1
1.75
1.30
Gearing Ratio2
0.26
0.22
Debt to Equity Ratio3
0.71
1.10
Note 1:
The Current Ratio is Current Assets ÷ Current Liabilities
Note 2:
The Gearing Ratio is Long Term Liabilities ÷ (Shareholders Equity + Long Term Liabilities)
Note 3:
The Debt to Equity Ratio is Total Liabilities ÷ Shareholders Equity
-
These ratios compare favourably with peer companies		 2007/08 Balance Sheet - Comparison
June 2008
$’000
June 2007
$’000
Total Current Assets
24,025
23,859
Total Non-Current Assets
39,579
22,754
TOTAL ASSETS
63,604
46,613
Total Current Liabilities
13,700
18,337
Total Non-Current Liabilities
12,791
6,133
TOTAL LIABILITIES
26,491
24,470
NET ASSETS
~~37,113~~
~~22,142~~
FINANCIAL RATIOS
Current Ratio 1
1.75
1.30
Gearing Ratio2
0.26
0.22
Debt to Equity Ratio3
0.71
1.10
Note 1:
The Current Ratio is Current Assets ÷ Current Liabilities
Note 2:
The Gearing Ratio is Long Term Liabilities ÷ (Shareholders Equity + Long Term Liabilities)
Note 3:
The Debt to Equity Ratio is Total Liabilities ÷ Shareholders Equity
-
These ratios compare favourably with peer companies		 2007/08 Balance Sheet - Comparison
June 2008
$’000
June 2007
$’000
Total Current Assets
24,025
23,859
Total Non-Current Assets
39,579
22,754
TOTAL ASSETS
63,604
46,613
Total Current Liabilities
13,700
18,337
Total Non-Current Liabilities
12,791
6,133
TOTAL LIABILITIES
26,491
24,470
NET ASSETS
~~37,113~~
~~22,142~~
FINANCIAL RATIOS
Current Ratio 1
1.75
1.30
Gearing Ratio2
0.26
0.22
Debt to Equity Ratio3
0.71
1.10
Note 1:
The Current Ratio is Current Assets ÷ Current Liabilities
Note 2:
The Gearing Ratio is Long Term Liabilities ÷ (Shareholders Equity + Long Term Liabilities)
Note 3:
The Debt to Equity Ratio is Total Liabilities ÷ Shareholders Equity
-
These ratios compare favourably with peer companies		 2007/08 Balance Sheet - Comparison
June 2008
$’000
June 2007
$’000
Total Current Assets
24,025
23,859
Total Non-Current Assets
39,579
22,754
TOTAL ASSETS
63,604
46,613
Total Current Liabilities
13,700
18,337
Total Non-Current Liabilities
12,791
6,133
TOTAL LIABILITIES
26,491
24,470
NET ASSETS
~~37,113~~
~~22,142~~
FINANCIAL RATIOS
Current Ratio 1
1.75
1.30
Gearing Ratio2
0.26
0.22
Debt to Equity Ratio3
0.71
1.10
Note 1:
The Current Ratio is Current Assets ÷ Current Liabilities
Note 2:
The Gearing Ratio is Long Term Liabilities ÷ (Shareholders Equity + Long Term Liabilities)
Note 3:
The Debt to Equity Ratio is Total Liabilities ÷ Shareholders Equity
-
These ratios compare favourably with peer companies		 2007/08 Balance Sheet - Comparison
June 2008
$’000
June 2007
$’000
Total Current Assets
24,025
23,859
Total Non-Current Assets
39,579
22,754
TOTAL ASSETS
63,604
46,613
Total Current Liabilities
13,700
18,337
Total Non-Current Liabilities
12,791
6,133
TOTAL LIABILITIES
26,491
24,470
NET ASSETS
~~37,113~~
~~22,142~~
FINANCIAL RATIOS
Current Ratio 1
1.75
1.30
Gearing Ratio2
0.26
0.22
Debt to Equity Ratio3
0.71
1.10
Note 1:
The Current Ratio is Current Assets ÷ Current Liabilities
Note 2:
The Gearing Ratio is Long Term Liabilities ÷ (Shareholders Equity + Long Term Liabilities)
Note 3:
The Debt to Equity Ratio is Total Liabilities ÷ Shareholders Equity
-
These ratios compare favourably with peer companies
June 2008
$’000		 June 2007
$’000
Total Current Assets
Total Non-Current Assets
TOTAL ASSETS
Total Current Liabilities
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS		 24,025
39,579
63,604
13,700
12,791
26,491
~~37,113~~		 23,859
22,754
46,613
18,337
6,133
24,470
~~22,142~~
FINANCIAL RATIOS
Current Ratio 1
Gearing Ratio2
Debt to Equity Ratio3		 1.75
0.26
0.71		 1.30
0.22
1.10
Note 1:
The Current Ratio is Current Assets ÷ Current Liabilities
Note 2:
The Gearing Ratio is Long Term Liabilities ÷ (Shareholders Equity + Long Term Liabilities)
Note 3:
The Debt to Equity Ratio is Total Liabilities ÷ Shareholders Equity
-
These ratios compare favourably with peer companies
Cash Flows
Net Cash provided by/(used in) Operating Activities
Maiden tax payment
Cash outflow to complete acquired contracts - TSF
Reduction in trade payables – Danum
Forecast improved cash flow for operating activities
in 2009
Net Cash provided by/(used in) Investing Activities
Acquisition of TSF
Settlement vendor payables – Danum & National
Capex
Net Cash provided by/(used in) Financing Activities
Maiden Dividend payment
Share issue to fund acquisition of TSF and settlement
of vendor payables
Bank loans to fund acquisition of TSF and settlement
of vendor payables		 Cash Flows
Net Cash provided by/(used in) Operating Activities
Maiden tax payment
Cash outflow to complete acquired contracts - TSF
Reduction in trade payables – Danum
Forecast improved cash flow for operating activities
in 2009
Net Cash provided by/(used in) Investing Activities
Acquisition of TSF
Settlement vendor payables – Danum & National
Capex
Net Cash provided by/(used in) Financing Activities
Maiden Dividend payment
Share issue to fund acquisition of TSF and settlement
of vendor payables
Bank loans to fund acquisition of TSF and settlement
of vendor payables
As at
30 June 2008
$’000		 As at
30 June 2007
$’000
Net Cash provided by/(used in) Operating Activities
Maiden tax payment
Cash outflow to complete acquired contracts - TSF
Reduction in trade payables – Danum
Forecast improved cash flow for operating activities
in 2009
Net Cash provided by/(used in) Investing Activities
Acquisition of TSF
Settlement vendor payables – Danum & National
Capex
Net Cash provided by/(used in) Financing Activities
Maiden Dividend payment
Share issue to fund acquisition of TSF and settlement
of vendor payables
Bank loans to fund acquisition of TSF and settlement
of vendor payables		 639
(22,741)
16,115		 7,161
(11,657)
10,014

As a proportion of total revenue for 2007/08 = $88.1 million

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Envirozel Limited | August 2008
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Shareholder Value
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  • Forward orders in excess of A$60M+ (includes term maintenance contracts)

  • Dividends

  • 1.25 cents maiden dividend paid in financial year

  • Future dividends declared in line with profit announcement

  • Capital Management

  • Net debt is comfortable at $9.6M.

  • Net Debt to Equity ratio of 21% is low by Industry Standards

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Envirozel Limited | August 2008
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Location of Operations

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Envirozel Limited | August 2008

SYFON SYSTEMS

  • Opened Brisbane Office – recently awarded Gold Coast Airport Project

  • –

  • Opened Singapore Office received undertaking for Marina Bay Sands (MICE) Project

  • Continued strong organic growth in Australia & Asia

BROCKMAN ENGINEERING

  • L.O.I. received on Shell / Corio contract for minimum 2½ years

  • Geographic diversification

  • Moree Standpipes

  • Interstate Tenders

  • Customer base diversification

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Envirozel Limited | August 2008
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DANUM ENGINEERING

  • Significant progress in replacement of Shell (Corio) Contract  Midway Woodchip Plant – Portland

  • Mobil / Transfield – Altona

  • Shell – Newport

  • Customer base diversification – Business Strength

NATIONAL ENGINEERING

  • Ability to manufacture Cellular Beams

  • Successfully completed

  • DFO

  • Coca Cola

  • Linfox

  • Difficult Market / Credit Squeeze / Retail Projects

TSF ENGINEERING

  • Successful Integration completed

  • Geographical diversification

  • Co / Tri Generation opportunities

  • Telstra

  • TSF Maintenance – recurring income

CELLULAR BEAMS

  • Exclusive Australian License

  • Competitive advantage in continually rising steel price market

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Envirozel Limited | August 2008
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Board of Directors
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Chairman – Max Findlay Appointed 14 May 2008 Appointed Chairman 1 July 2008

Deputy Chairman – Gordon McKern Appointed 15 December 2003 Appointed Deputy Chairman 1 July 2008

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Non-Executive Director – Peter Jones Appointed 29 March 2004

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Non-Executive Director – Keith Fagg Appointed 20 December 2005

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Non-Executive Director – Graham Burns Appointed 1 February 2008

Management Structure – Envirozel Limited

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Envirozel Limited | August 2008
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  • Consolidation and continuous review of existing business

  • Culture

  • Comprehensive Safety Management

  • Reporting

  • Capability Matrix

  • Comprehensive Strategic Plan adopted

  • Organic growth

  • Geographic expansion

  • Market diversification

  • Market consolidation

  • Business Development – increased resources

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