IVE GROUP LIMITED — Interim / Quarterly Report 2021

Feb 24, 2021

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IVE Group Limited FY21 H1 Results Presentation

ASX : IGL 25 February 2021

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From idea to execution, our landscape is constantly shifting and evolving. As marketing natives, so are we. We are forever seeking new ways to navigate the marketing maze. We connect our clients with customers wherever, whenever.

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Financial
performance
dashboard
3
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Summary
4
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Summary
4
Our integrated Financials Customers and
revenue
service offering 6
5 11
Outlook Appendices
16 18
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Financial performance dashboard

(underlying continuing and post AASB16)

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GROSS PROFIT
REVENUE EBITDA NPATA
MARGIN
CONSISTENT WITH
$340.8m $59.2m $23.0m
FY20 FULL YEAR
FREE CASH NET DEBT INTERIM DIVIDEND
CASH ON HAND CONVERSION TO
EBITDA OF 7.0c
$90.1m
PER SHARE FULLY
$94.6m (a further reduction of $47.0m
119% from 30 June 2020) FRANKED
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• NPAT excluding amortisation of customer contracts

• The underlying financial results are on a non IFRS basis and are not audited or reviewed

• The underlying results are on a continuing operations basis and exclude non-operating items (refer Appendix B)

• The underlying results include net JobKeeper receipts of $14.9m

3 IVE Group Limited FY21 H1 Results Presentation

Summary

Solid financial performance

• A solid financial performance for the half year despite the challenging conditions. The flexibility of our cost base and capacity to respond to the impacts of COVID-19 led to further lowering of our net debt level and declaration of a first half dividend. Previous guidance for the full year is reaffirmed

COVID-19

• We estimate a revenue reduction of circa $50m to pcp as a result of COVID-19, particularly in the retail catalogue and travel sectors

ivolve launch

• Following the successful pivot into PPE during FY20, our ivolve brand and extensive range of PPE was successfully launched in October 2020

• The ivolve business leverages our existing onshore and offshore sourcing capabilities, and our significant warehouse and logistics capability in Sydney and Melbourne

Go to the ivolve website

• We continued through the period to flex and streamline our cost base in response to COVID-19 to mitigate short term revenue impacts and to further strengthen the business on an ongoing basis

Share buyback

• The Company announced a share buyback on 12 November, 2020

Coles catalogue

• Coles ceased to produce the letterbox version of their weekly catalogue from 9 September, 2020 with a resulting revenue reduction to pcp of circa $12m

• As at 25 February 2021 the Company had acquired 990,477 shares at an average price of $1.31 per share

Long-term contract with Australian Community Media (ACM)

Divestment of Telefundraising

• The divestment of our outbound call centre business IVE Telefundraising (formerly Pareto Phone) was completed on 30 October, 2020

• Consideration received was $16.5m which resulted in a profit on divestment of $4.2m

• The proceeds of the sale were used to further strengthen the balance sheet

• We entered into a long term contract with ACM at the end of October 2020

• Expected revenues of circa $100m over the five-year term, with revenue transitioning mainly during H2 of FY21

• To support ACM’s requirements, and further enhance service to our clients, IVE acquired selected assets of ACM’s web offset operation in WA for a purchase consideration of $2.0m

4 IVE Group Limited FY21 H1 Results Presentation

Our integrated service offering

Specialising in creative, data-driven communications, integrated marketing, production and distribution, we bring together the capabilities, specialists and technology needed to make customer connection seamless.

Our offering is supported by robust integrated technology platforms that make complex marketing simpler for our clients.

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Creative Data-Driven
Services Communications
Visual CX data & insights
Motion Marketing technology
Digital Omni-channel deployment
Personalised Archive retrieval
Structural (3D) Data enrichment
Production Integrated
& Distribution Marketing
Print Collateral optimisation
Retail display Resource management
Premiums & merchandising Supply chain
Integrated logistics Business intelligence
Distribution
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5 IVE Group Limited FY21 H1 Results Presentation

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Financials

6 IVE Group Limited FY21 H1 Results Presentation

Financial results

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H1 FY21 & FY20 Post AASB16
Actual H1 Actual H1
Variance Variance
FY2021 FY2020
$m %
$m $m
Revenue 340.8 352.2 (11.4) (3.2%)
Gross Profit 161.3 166.6 (5.3) (3.2%)
% of Revenue 47.3% 47.3% 0.1%
Underlying EBITDA continuing operations (inc JobKeeper) 59.2 49.9 9.2 18.5%
Underlying EBITDA continuing operations (ex JobKeeper) 44.3 49.9 (5.6) (11.3%)
Underlying EBITDA margin % (inc JobKeeper) 17.4% 14.2% 22.4%
Underlying EBITDA margin % (ex JobKeeper) 13.0% 14.2% (8.4%)
Non-Operating items (inc JobKeeper) (2.7) (5.8) 3.1 53.5%
Non-Operating items (ex JobKeeper) 12.2 (5.8) 18.0 311.4%
EBITDA 56.6 44.2 12.4 28.1%
Depreciation and amortisation 24.2 21.9 2.3 10.7%
EBIT 32.4 22.3 10.1 45.2%
Net finance costs 5.0 5.2 (0.2) (4.5%)
NPBT 27.4 17.1 10.3 60.4%
Income tax expense 8.5 5.5 3.0 54.3%
NPAT from continuing operations 18.9 11.6 7.3 63.3%
Discontinued Operations (NPAT) 4.8 0.8 4.1 528.9%
NPAT 23.8 12.4 11.4 92.3%
NPATA continuing operations 21.1 13.5 7.7 56.9%
Underlying NPAT continuing operations (inc JobKeeper) 20.8 15.9 5.0 31.2%
Underlying NPAT continuing operations (ex JobKeeper) 10.5 15.9 (5.4) (33.9%)
Underlying NPATA continuing operations (inc JobKeeper) 23.0 17.7 5.3 29.7%
Underlying NPATA continuing operations (ex JobKeeper) 12.7 17.7 (5.1) (28.6%)
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The underlying financial results are on a non-IFRS basis and are not audited or reviewed The underlying results are on a continuing operations basis and exclude non-operating items (refer Appendix B) *NPAT excluding amortisation of customer contracts

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7

IVE Group Limited FY21 H1 Results Presentation

Financial results (continued)

Revenue

• Revenue of $340.8m to pcp of $352.2m

• Includes Letterbox Distribution revenues of $53.5m

• We estimate a revenue reduction to pcp of circa $50m as a result of the impacts of COVID-19, particularly in the retail catalogue and travel sectors

• Revenue reduction to pcp of circa $12m reflects the impact of Coles ceasing to produce the letterbox version of their weekly catalogue from 9 September, 2020

Gross profit

• Gross profit margin of 47.3% stable to pcp of 47.3%

• Paper prices continue to reflect benefits of improved pricing relative to pcp

• Continued leverage of supply chain

EBITDA

• EBITDA of $59.2m (inclusive of JobKeeper receipts of $14.9m) to pcp of $49.9m

• The business leveraged and streamlined the cost base further throughout the period

• EBITDA margin of 13% (excluding JobKeeper) to pcp of 14.2%

NPAT

• NPAT of $20.8m (inclusive of JobKeeper) to pcp of $15.9m

• NPAT of $10.5m (exclusive of JobKeeper) to pcp of $15.9m

• Depreciation and amortisation of $24.2m to pcp of $21.9m – pre AASB16 $12.1m to pcp of $11.3m

• Net finance costs of $5.0m to pcp of $5.2m – pre AASB16 $3.4m consistent with pcp

• IFRS NPAT of $23.8m includes profit on divestment of IVE Telefundraising of $4.2m

• $2.7m of non-operating items excluded from underlying earnings

• predominantly redundancies and business relocations

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8 IVE Group Limited FY21 H1 Results Presentation

Net debt

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Actual H1 Actual H1
FY2021 FY2020
$m $m
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	Actual H1 FY2021 $m	Actual H1 FY2020 $m
Loans & borrowings – short term	6.4	6.9
Loans & borrowings – longterm	178.3	181.8
Loans & borrowings* – Sub Total	184.7	188.7
_Less_Cash	94.6	51.6
Net Debt	90.1	137.1

• Loans & borrowings are gross of facility establishment costs

• Excludes right of use liabilities impacts from adopting AASB16

• Net debt of $90.1m

• A further reduction of $47m since 30 June 2020

• A reduction of $89m since the end of March 2020

• Cash at bank $94.6m at 31 December 2020 with working capital facility of $30.0m remaining fully undrawn

• Increase in cash reflects underlying earnings coupled with reduced working capital resulting in high free cash conversion, JobKeeper receipts and the proceeds of the divestment of IVE Telefundraising

Capital expenditure

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$m
Group wide targeted investment and maintenance 3.3
Group wide MIS upgrades 1.2
4.5
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• Capital expenditure excludes acquisition of land and building, plant and equipment of $2.0m for ACM’s WA operation

• In line with previous guidance, FY21 full year capital expenditure expected to be approximately $10.0m including MIS/ERP upgrade(s)

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9 IVE Group Limited FY21 H1 Results Presentation

Cash flow

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Underlying Stat
H1 FY2021 H1 FY2021
$m $m
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	Underlying H1 FY2021 $m	Stat H1 FY2021 $m
EBITDA	59.2	56.6
Movement in NWC/non cash items in EBITDA	11.5	11.9
Free Cash Flow	70.7	68.5
Capital expenditure (net)	(4.5)	(4.5)
Investments	(5.4)	(5.4)
Payments for acquisitions	(2.1)	(2.1)
Net proceeds from sale of Telefundraising	0.0	15.2
Discontinued operations	0.0	1.6
Net cash flow before fnancing and taxation	58.8	73.3
Tax	(8.7)	(7.9)
Payment of loans	(1.6)	(1.6)
Payment of lease liabilities	(17.9)	(17.9)
Payment of share buy back	(0.6)	(0.6)
Intertestpaid	(2.3)	(2.3)
Net cash flow	27.7	43.0
Free cash conversion to EBITDA	119%	121%

• Underlying cash flow is presented on a continuing operations basis

• The underlying financial results are on a non IFRS basis and are not audited or reviewed

• The underlying results are on a continuing operations basis and exclude non-operating items (refer Appendix B)

Strong cash flow with free cash conversion of 119%

Share Buyback

• As at 31 December 2020 the Company had acquired 510,354 shares at a cost of $0.7m (average price of $1.37 per share)

• As at 25 February 2021 the Company had acquired 990,477 shares at a cost of $1.3m (average price of $1.31 per share)

Earnings per share (EPS) for H1 FY21*

• EPS including JobKeeper 16.0 cents

• EPS excluding JobKeeper 9.0 cents

Dividends

As foreshadowed at our AGM in November 2020, the Company has reinstated dividend payments with the declaration of an interim dividend of 7.0 cents per share fully franked for H1 FY21.

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*EPS – Underlying NPATA divided by weighted average shares on issue as at 31 December 2020

10 IVE Group Limited FY21 H1 Results Presentation

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Customers and revenue

11 IVE Group Limited FY21 H1 Results Presentation

Customers and revenue

Core to the ongoing sustainability of the business is the value proposition we take to market remaining relevant by closely aligning to our clients evolving requirements. The diversity of IVE’s offer and capability to bundle solutions places us in a strong position relative to a number of competitors across the sector. IVE does not have one headline competitor that has an equivalent breadth of offering, and we continue to hold dominant market positions across the sub sectors in which we operate

• Notwithstanding Coles ceasing the production of their letterbox catalogue, they remain an important client with IVE continuing to produce weekly in store catalogues, publications for their liquor brands and the monthly Coles magazine

• Strong new business momentum achieved in H1 with $30m annualised in new client revenue secured. This revenue growth is across the entire Group and in addition to the ACM contract

• Spotlight Retail Group was secured as a significant letterbox distribution client in both Australia and New Zealand

• IVE has been appointed to manage all point of sale marketing, kitting and fulfilment for Greencross Vets and Pet Barn . Further opportunities have already presented for PPE and Hygiene products, uniforms and apparel.

• Our long term track record of client retention is excellent and there were a number of contract extensions over the period

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12 IVE Group Limited FY21 H1 Results Presentation

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13 IVE Group Limited FY21 H1 Results Presentation

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Some examples of our diverse offer

> We have moved deeper into the retail and FMCG vertical by obtaining HACCP (Hazard Analysis Critical Control Points) certification. This has enabled IVE to move beyond just point of sale production, and now through utilisation of our large Integrated logistics capability we are managing the product co-packing requirements for major clients and household consumer brands, including a major tinned food producer, batteries, coffee pods, confectionery, toys and dental products to name a few.

• IVE has continued to bring new

• retailers onto its Lasoo aggregated

digital catalogue platform, deploying product enhancements and growing revenue and audiences ahead of a meaningful Lasoo investment and enhancement program over the year ahead.

• A few examples of IVE’s diverse value proposition continuing to deliver deeper client relationships

• Maccas Experience – 21 engaging and dynamic training videos created (concept development, illustration, animation and video production) for McDonalds as part of their $40m per annum commitment to employee training

• McDelivery Car Wraps – creating eye-catching car wraps for their delivery fleet with great buy-in from franchisees and even better feedback from local communities

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14 IVE Group Limited FY21 H1 Results Presentation

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— IVE continues to grow and strengthen its partnership with Woolworths providing a wide range of services, whether that is through their 980+ store network or directly to their customers (consumers). IVE partners Woolworths in managing customer communication requirements for their Everyday Rewards Program, managing catalogue distribution to millions of letterboxes, providing staff uniforms and producing in-store marketing campaigns on an ongoing basis.

• As a retail specialist, IVE continues to

support leading retail brands, such as Diageo by creating and producing exceptional point of purchase collateral, that help’s turn shoppers into buyers. Despite food and beverage sectors experiencing significant disruption since the outset of the pandemic, Diageo continues to successfully grow market share and capture the attention of shoppers by promoting its stable of brands though increased investment with IVE. Every campaign activation is unique and consists of a diverse range of integrated point of sale, displays, premiums and merchandise solutions – manufactured locally and offshore, incorporating everything from creative development, right through to distribution.

• A range of digital and social media creative work for clients like Blackmores

• IVE’s Data Driven Communications business has been managing Nufarm ’s Salesforce Marketing Cloud integration globally – this project is core to Nufarm’s digital transformation, and a desire for their business to be better connected with their customer base. IVE has completed the North American integration (USA and Canada) and is now focused on deployment across Australia and New Zealand ahead of planning the rollout for Europe.

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15 IVE Group Limited FY21 H1 Results Presentation

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Outlook

16 IVE Group Limited FY21 H1 Results Presentation

Outlook

• FY21 full year underlying EBITDA expected to be consistent with FY20 ($100m underlying EBITDA continuing operations)

• Gross profit margin expected to remain stable over the remainder of FY21

• Full year capital expenditure expected to be approximately $10m including MIS/ERP upgrades

• Full year restructure and acquisition costs expected to be approximately $4m

• Forecast net debt at 30 June 2021 expected to be $90-100m

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17 IVE Group Limited FY21 H1 Results Presentation

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Appendices

18 IVE Group Limited FY21 H1 Results Presentation

Appendix A

Non-IFRS financial information

In this Results Presentation, certain non-IFRS financial information has also been included to allow investors to understand the underlying performance of IVE.

The Directors believe that the results before restructuring and acquisitions costs, and Pro Forma comparisons, better reflect the underlying operating performance and is consistent with full year guidance, which differs from the Statutory presentation.

The non-IFRS Pro Forma financial information for the half year ended 31 December 2020 have not been audited or reviewed.

Financial information in this results presentation is expressed in millions and has been rounded to one decimal place. This differs from the interim financial report where numbers are expressed in thousands. As a result, some minor rounding discrepancies occur.

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19 IVE Group Limited FY21 H1 Results Presentation

Appendix B

IVE Group Limited Balance Sheet

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Post AASB16 Post AASB16
Actual Actual
Dec-20 $m Jun-20 $m
Current Assets
Cash and cash equivalents 94.6 51.6
Trade receivables, prepayments and others 113.7 110.3
Inventories 47.0 56.2
Total Current Assets 255.3 218.2
Non Current Assets
Deferred tax assets 16.4 15.3
Property, plant and equipment 108.2 109.8
Property, plant and equipment (ROUA) 105.0 115.5
Financial assets 4.9 0.0
Intangible assets and goodwill 128.7 142.4
Total Non Current Assets 363.1 382.9
Total Assets 618.4 601.2
Current Liabilities
Trade payables and provisions 113.2 107.8
Loans and borrowings 3.2 3.1
Lease liability (ROUA) 29.7 34.3
Current tax payable 5.1 3.3
Total Current Liabilities 151.2 148.5
Non Current Liabilities
Trade payables and provisions 10.5 10.2
Loans and borrowings 168.1 169.9
Lease liability (ROUA) 100.8 108.1
Total Non Current Liabilities 279.5 288.2
Total Liabilities 430.7 436.7
Net Assets 187.8 164.5
Equity
Share Capital 155.8 156.5
Other reserves (0.4) (0.6)
Retained Earnings 32.4 8.6
Total Equity 187.8 164.5
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Statutory to underlying NPAT reconciliation

	H1 FY2021 $m
Statutory NPAT continuing operations	18.9
Restructure and acquisition costs	2.7
Sub Total Non Operating items	2.7
Tax efect of adjustments	(0.8)
Underlying NPAT continuing operations	20.8

20 IVE Group Limited FY21 H1 Results Presentation

Appendix C

Disclaimer

No recommendation, offer, invitation or advice

This presentation contains general information about the activities of IVE Group Limited (IVE) which is current as at 31 December 2020. It is in summary form and does not purport to be complete. It presents financial information on both a statutory basis (prepared in accordance with Australian accounting standards which comply with International Financial Reporting Standards (IFRS) as well as information provided on a non-IFRS basis. This presentation is not a recommendation or advice in relation to IVE or any product or service offered by IVE’s subsidiaries.

This presentation is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision. It should be read in conjunction with IVE’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, and in particular the half year to 31 December 2020. These are also available at www.ivegroup.com.au. Investors and potential investors should make their own independent assessment of the information in this presentation and obtain their own independent advice from a qualified adviser having regard to their objectives, financial situation and needs before taking any action.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation. To the maximum extent permitted by law, IVE, its subsidiaries and their respective directors, officers, employees and agents disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of IVE, including the merits and risks involved.

Investors and potential investors should consult with their own professional advisors in connection with any investment decision in relation to IVE securities.

Forward looking statements

The information in this presentation is for general information only. To the extent that certain statements contained in this presentation may constitute “forwardlooking statements” or statements about “future matters”, the information reflects IVE’s intent, belief or expectations at the date of this presentation. Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, IVE disclaims any obligation or undertaking to

disseminate any updates or revisions to this information over time. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause IVE’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investment risk

Any investment in IVE securities is subject to investment and other known and unknown risks, some of which are beyond the control of IVE. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. For example, the factors that are likely to affect the results of IVE include, but are not limited to, general economic conditions in Australia, exchange rates, competition in the markets in which IVE operates or may operate and the inherent regulatory risks in the businesses of IVE. Neither IVE, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-

looking statements in this presentation will actually occur. In addition, please note that past performance is no guarantee or indication of future performance.

Jurisdiction

This presentation does not constitute an offer to issue or sell, or solicitation of an offer to buy, any securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of IVE.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Any such securities have not been, and will not be, registered under the U.S. Securities Act of 1933 (Securities Act), or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of, persons in the United States, except in a transaction exempt from, or not subject to, registration under the Securities Act and applicable US state securities laws.

21 IVE Group Limited FY21 H1 Results Presentation

IVE Group Limited ABN 62 606 252 644

Level 3, 35 Clarence Street Sydney NSW 2000

Geoff Selig Executive Chairman

Matt Aitken

Chief Executive Officer

Darren Dunkley Chief Financial Officer

ivegroup.com.au

Authorised by the IVE Board

Contact:

Richard Nelson Investor Relations richard.nelson@ivegroup.com.au +61 2 8064 5425