WINGARA AG LTD — Investor Presentation 2019

Nov 19, 2019

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1H FY20 Investor Presentation November 2019

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Wingara AG Limited - Overview

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Wingara AG Ltd (WNR.ASX) owns and manages mid-stream assets within the protein supply chain based on a ‘tolling model’ concept capturing throughput from accredited export facilities. The company specialises in the processing and marketing of high-quality Australian agricultural products for the export markets through two business divisions: Fodder (JC Tanloden) and Meat Export Service (AustCo Polar)

Wingara’s growth strategy is to unlock value in the Asian export markets. The company is building a supply chain platform to enable primary production products to reach its end consumers efficiently and securely, with provenance.

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Business Model: Processor and marketer of fodder products including oaten, wheaten, barley, canola hay and straw

Assets: Two sites; Epsom & Raywood VIC providing a combined 110,000t processing capability and 30,000t storage capacity

Market: C hina, Taiwan, Japan and Korea (Key clients including Yili, MengNIu, Bright Holstein, Zenoh, Kanematsu) etc)

Initial operational focus on Victoria

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Business Model: Value-add and logistic services for red meat export including blast freezing and cold storage

Assets: Laverton, VIC across 1 Hectare. Blast freezing throughput of 45,000 packs per week plus storage capacity of 10,000 standard size pallets

Markets: Export accredited to key destinations including China, Japan, Korea, EU, USA, Middle East (including Halal certification)

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A History of Sustainable Growth

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Feb 2016 Aug - Oct 2016 ASX Listing Raised • RTO of Biron additional $5m Apparel Ltd for expansion plans

Feb 2015 Acquired JC Tanloden assets

• Epsom facility with 16,000MT throughput

• Raised $4.9m to fund Epsom Epsom production increased to expansion 25,000MT pa throughput

• Track record as oaten hay exporter since 1985

Sept / Oct 2018 Jan 2019

Sep 2017

May 2017 Sep 2017 Entered into Epsom option throughput agreement to expanded to develop a 30,000MT pa processing plant

Phase 1 China export development of accreditation Raywood for Raywood complete

• Storage and processing

• near Horsham, Victoria.

• 35,000 MT p.a. Jul 2017 throughput Acquired 30Ha site at Raywood near Epsom facility

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Mar 2018

Feb 2019

Aug 2019

Raised $6.74m to Completed $5m capital gain acquire Austco efficiency realised from Polar Cold program at $21m property Storage (“APCS”) APCS sale and leaseback of APCS facility

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What We Have Achieved So Far

Revenue History

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29.0
10.9
8.7
4.8
0.65 1.1
FY2017 FY2018 FY2019
Revenue EBITDA
A$m
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Relative Returns

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31%
23%
20%
10%
9%
8%
7%
5% 5%
2%
1H 2018 2H 2018 1H 2019 2H 2019 1H 2020
EBITDA Return on Assets EBITDA Return on Equity
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Growth in Hay Processing Capacity

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55 55 55
30 30 30
18 18
10 10 10
8
2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020
Production Capacity Storage Capacity
Use of Capital
38
35
21
17
16 15
12
8
6 6
4
2 3
1 0 0
-2 -1
2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020
Equity Fixed assets Working capital
MT Tonnes (Thousand)
A$m
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1HFY20 Financial Results Summary

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Wingara continued to build its revenue base and financial strength

	2H FY18 31 March 2018	1H FY19 30 Sept 2018	2H FY19 31 March 2019	1H FY20 30 Sept 2019
Revenue (million)	$4.46	$14.72	$14.40	$15.01
EBITDA (million)	$0.87	$2.76	$2.00	$1.33
NPAT (million)	($0.22)	$1.31	($0.40)	$1.43
Net Assets (million)	$12.09	$15.53	$15.14	$16.53
Net Debt, excluding lease (million)	$0.58	$20.09	$26.85	$6.64
Basic EPS	(0.55) cents	1.32 cents	0.88 cents	1.36 cents
NTA per share	10.62 cents	13.05 cents	12.68 cents	14.00 cents
Hay volumes MT (JC Tanloden)	13,277	29,116	17,152	17,300
Blast Cartons processed (Austco)	-	782,479	1,033,885	901,344

1H FY20 Operational Highlights

JC Tanloden

• A strong result in light of a challenging conditions driven by reduced supply in our catchment / purchasing areas in Victoria. Revenue was down 1% whilst processing volumes were down 40% when compared with 1H FY19.

Austco

• Austco managed to deliver a strong result in the first half which is seasonally weaker due to routine customer maintenance shutdowns.

• Revenue growth of 6% achieved to deliver record revenues of $6.02m along with 15% growth in processing volumes.

• Completed the sale of the Austco Polar Cold Storage property for $21 million, leasing back the site for a minimum of 15 years, realising a net capital gain of $4.23 million.

• Page 5

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Division Overview - JC Tanloden

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Overview – JC Tanloden

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Established in 1985, JC Tanloden has the largest fodder production capacity on the east coast of Australia. We purchase, process and transport our high quality produce to our domestic and global customers.

Revenue is generated via a tolling model where fees charged are dependent on the grade of the hay. Typically consistent in terms of margin which is based on a cost-plus structure.

Services Provided

• Hay Processing Logistics

• Accumulation

• • • Supply sourced Quality control • Domestic and from more than testing on new hay interstate markets

• 2,000 farmers over deliveries 100,000km[2 ] throughout Victoria • Storage capability • Offshore freight to key markets

• of up to 3 years

• • Purchase typically including China, Taiwan, South

• occur during • Blend and cut Korea and Japan November – bales to reduce

• January size by 50%

• Current storage • Repackaging and capacity of fumigation

• 30,000MT

Wingara’s major export destinations

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• Japan • Dairy herd size: ~ 1.4 million

South Korea

• Diary herd size: ~ 450,000

Taiwan

• Dairy herd size: ~ 62,000

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China

• Dairy herd size: ~ 6 million

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1HFY20 Results – JC Tanloden

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A strong result in light of a challenging conditions, processing volumes were down 40% (vs 1HFY19) driven by reduced supply of hay and capital constraints within the business. In spite of these challenges revenue was down 1% (vs 1HFY19)

• Capital constraints resulting in JCT needing to balance its available fodder inventory between domestic and international clients

• Significant investment in JCT staff training and development which is one off in nature and will benefit the business as we continue to scale operations

• Stronger working capital position as a result of sale and lease back to fund increased volumes looking forward

Division Financial Performance – Annual

Division Financial Performance – Half Year

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A$M
16.76
10.40 10.60
8.70
2.71
1.19
0.55 0.81
FY2016 FY2017 FY2018 FY2019
Revenue EBITDA
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A$M
9.06 8.99
6.41
5.69
1.87
0.83
0.22 0.21
1HFY17 1HFY18 1HFY19 1HFY20
Revenue Adjusted EBITDA
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Existing Infrastructure and Capacity to Scale – JC Tanloden

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We have two key operational assets in Raywood and Epsom which currently have respective processing capacity of 75,000MT and 35,000MT and combined storage capacity 30,000MT.

We have the ability to scale our processing and storage capacity with the use of third parties should we require it.

We have an ability to double the throughput volume in JC Tanloden with minimal processing infrastructure capex. Total processing capacity in place is currently 110,000MT compared with the 29,000MT processed in FY19.

JC Tanloden – Production and Capacity vs Output History

Raywood Facility - Victoria

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55 55 55
29 30 30 30
20
18 18 17 17
15
13
10 10 10
8
2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020
Actual output Production Capacity Storage Capacity
MT Tonnes (Thousand)
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Division Overview – AustCo Polar

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Overview – Austco Polar Cold Storage

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Established in 1987, Austco Polar Cold Storage owns and operates a cold storage facility which specialises in temperature controlled facilities, blast freezing, storage and distribution for domestic and international clients.

Services Provided

Blast Freezing Tenancy

Storage & Handling

• Receive containers • Blast freeze product; • Chillers and and store frozen extends shelf life freezers occupied

• products (red meat, from 12 weeks to up by various food

• seafood, duck – no to 3 years in chilled suppliers on long

• pork) conditions term contracts

• Complete exporters documentation and product selection

• Gets meat to -12[o] C

• Average tenure of

• • Process capacity of clients of 5 years 40K packs per week

• Load domestic and export containers with frozen product

• Key clients account for over 30% of VIC meat production

Australian Protein Exports

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16
14
12
10
8
6
4
2
0
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Total Protein Beef & Veal Lamb Fish Other Seafood
A$ billion
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Austco Blast Freezing – Cartons Processed

Revenue Model

• Service oriented to • Tolling based on volume cover fixed costs to key exporters

• Rent revenue charged monthly based on freezer space

• Underpinned by export demand and blast freezing

• Cost plus arrangement

  • Mitigates revenue profile and meets fixed cost in winter periods

• Seeing steady growth in demand

• FY19 Revenue: 25% • FY19 Revenue: 55% • FY19 Revenue: 20%

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1,033,885
901,334
782,479
1HFY19 2HFY19 1HFY20
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1HFY20 Results – Austco Polar Cold Storage

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Since the acquisition we have been focused on improving the product mix and operating efficiency of the business, we expect these improvements to be evident in the divisions results moving forward. Highlights for the half include:

• Increased our throughput capacity from 50,000MT (1.9 million cartons) to 60,000MT (2.3m cartons) in the higher margin blast freezing service to meet demand from new and existing clients.

• Invested in the operating efficiency programs such as adjustments to room layouts and storage processes, additional shifts, implementation of inventory management programs, upgrading old machinery and solar installations have supported throughput growth and operating efficiency.

• First half is typically weaker due to customer planned maintenance shutdowns, strong demand saw revenue grow 6%

• Financial results were impacted by one off transaction costs

Division Financial Performance – Annual

Division Financial Performance – Half Year

A$M

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12.36
11.19
10.76
10.22
3.36
2.36 2.53 2.61
1.74
FY2016 FY2017 FY2018 FY2019
Revenue EBITDA NPAT
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A$M

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6.02
5.67
1.63
1.24
1HFY19 1HFY20
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Revenue Adjusted EBITDA

1. FY 16, FY17 & FY18 years all 30 June balance date

2. FY19 12 months to 31 March 2019

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Growth Strategy & Outlook

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FY2020 Outlook

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We see continued growth in fodder markets with demand from key export customers growing along with leveraging facility expansion at Austco in light of strong domestic demand.

Division

Strategic Focus Areas

Commentary

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• Expansion of processing and storage capacity at Raywood

• Energy and operational efficiency

• Capital management

• Continue to build out customer base

• Expected harvest volumes to be stronger compared to last year.

• Demand from key export markets remains strong from dairy growth in Asian markets.

• Adding additional processing and storage capacity to be added at Raywood in Phase 2 & 3 expansion.

• Install solar at Raywood to drive operating efficiencies

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• Realise benefits of recent capital upgrade/investments

• • Capital management

• Improve energy efficiency with continued solar deployment

• Convert storage space to blast freezing

• FY2020 is first year of full ownership, expect to realise benefits of previous capital investments to increase capacity in higher margin blast freezing and cold storage.

• Drought conditions and international demand for red meat will continue to drive strong demand for Austco.

• Expect to spend between $0.50 – 0.80 million (excludes solar) on converting storage space to higher margin blast freezing.

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Wingara’s Growth Strategy

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Wingara is strongly positioned to capitalise from growing customer demand in the next 2–5 years.

01 Expand JC Tanloden

• Combined throughput capacity of up to 250,000 MT p.a. across Bendigo, Raywood and Horsham once Horsham is built (Currently 110,000 MT)

• Storage capacity in excess of 80,000 MT (Currently, 30,000MT)

• Strengthen market share in key export destinations

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02

Improve AustCo operations

03

Diversify product range

• Blast freezing and logistic throughput to 70,000 MT p.a. (10.3k carton per day) with accreditation for export to EU, US, China, Japan and is Halal certified (currently 60,000 MT p.a, 8.9k cartons per day)

• Strong relationships with key long term customers (15+) to expand and increase existing earnings

• Innovation and cost management to drive efficiencies

• Leverage strong logistics, trading and exporting capabilities and expand product range

• Infrastructure is already in place to facilitate pulse, grain and red products based on demand

04 Strategic acquisitions

• We will continue to assess strategic acquisition opportunities complimentary to Wingara’s current capabilities with a focus on protein supply chain opportunities

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Creating a Sustainable Agriculture Produce Platform

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Wingara has developed its built a sustainable platform for processing and marketing agricultural products.

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For Primary
Producers
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Connects primary producers with valuable high demand export markets

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1 2 3
Process raw Logistics to move Provide insights
materials to products and services for
products in worldwide partners
demand for export
markets
Risk management framework
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For Customers

Receives in-demand quality assured, Australian products

• Highly scaleable model that unlocks value in Asia export markets

• Ability to capitalise on opportunities in the ‘protein supply chain’ that meet Asian demand driven by the need for increased ‘food security’

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Value Creation via Strategic Acquisitions

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We apply the same strategy and process to acquisitions to drive long-term shareholder value accretion.

Austco Polar Cold Storage

JC Tanloden

Buy

• Raised $6.7m to acquire Austco for $18.5m in April 2018 paying

• Acquire at $3.4m for the operating business on historic 2.4x FY17 EBITDA

• attractive terms multiple and $15.1m for the property

• with upside

• Acquired JC Tanloden including Epsom site for $4.9m in 2015 paying ~4x historic EBITDA with property to be settled in 2021 for ~$2.7m

• Acquired greenfield Raywood site for $0.5m in 2017

• Acquired option for greenfield Horsham site for $2m

Improve

• Invested $3 million upgrading facility throughput by 20% to 60,000 MT

• Upgrade capacity up from 50,000MT and improve efficiencies • Increasing capacity in higher margin blast freezing and reduced

• Increasing capacity in higher margin blast freezing and reduced operating costs through efficiency reviews

• Built and upgraded processing and storage capabilities to 110,000MT & 30,000MT

• Upgraded plant designs, obtained export licenses and installed solar to drive operational efficiencies

Accelerate

Increase sales through existing Asian client base

• Revenue at record levels up 21% since acquisition (FY19)

• Added new customers since acquisition, one of which is now in the top 5 customers for the division.

• Asian markets account for majority of revenues of the group.

• Continue to build out customer base across Asia and diversify product offering to meet changing customer preferences.

Capitalise

• Sale and lease back completed in July 2019 for $21m unlocking $5m

• Deliver EBITDA capital gain over 15 months accretion or capital returns • Expect solid financial returns on recent investments which have / will increase capacity and efficiencies.

• Delivered $16.7m revenue and adjusted EBITDA of $2.7m achieved in FY19, expect this to continue to grow over time.

• Existing infrastructure in place will support doubling of FY19 throughput capacity.

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Additional Information

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Wingara Strategy & Vision

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Wingara is building out an integrated platform of mid-stream agricultural assets focussed on unlocking value in the global protein supply chain.

Supplier Focus 1

• Primary producers are fundamental to our business, we build and maintain strong relationships with farmers throughout the agricultural cycle

• Oaten hay is our initial touch point with farmers where we can capitalise on our relationship to access additional agricultural products

Unlock Asset Value & Grow 2 Our Platform

• Focus on acquiring undervalued mid-market agricultural assets and creating value through our finance, engineering, processing, marketing and trading capabilities

• As we build our platform we will reap the benefits of economies of scale and cross-sell

Export Focus 3

• We have long term relationships with key Asian trading houses and can adapt to changes in demand quickly

• Focus on actively broadening our product base to best serve international and domestic buyers through organic and inorganic opportunities

• We have a track record of safely and efficiently servicing export markets

Risk Management 4 & Governance

• We have strict risk management overlays for soft commodity trading and understand what is required to obtain/maintain key export licenses for our facilities.

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Board of Directors and Management Team

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Wingara’s directors bring with them a wealth of knowledge and experience from areas including corporate finance, funds management, business and financial risk management and agricultural asset investment

Gavin Xing (Managing Director and CEO)

Mr. Gavin Xing served as CEO of Vision Fame International Holding Ltd (1315:HK) during 2013-2014 prior to the establishment of Wingara AG Ltd with co-founder Kellie Barker. He has over 17 years of experience in investment banking and financing field with an infrastructure, natural resources and commodities background.

Zane Banson (Executive Director and CFO)

Mr. Zane Banson is an experienced Chartered Accountant specialising in Board Advisory, Corporate Governance and Financial Reporting for small and microcap listed companies. Mr. Banson comes with over 10 years of experience in CFO Advisory, Company Secretarial, and Financial Reporting from KPMG, Exxon Mobil and boutique advisory firms.

Jeral D’Souza (Non-Executive Director)

Mr Jeral D'Souza has spent over 30 years in senior regional management roles with Cargill. Mr D'Souza has also been a Director of Teys Australia (Cargill's and Teys family JV) and Chairman of Allied Mills (Cargill and GrainCorp's Australian JV). The two businesses were diverse and included meat export, flour milling, bakery products, and agriculture product marketing in Asia, Europe, the USA and Australia.

Mark Hardgrave (Non-Executive Director)

Mr Mark Hardgrave has over 35 years’ experience having held previous positions in corporate finance, funds management and various C-suite roles. He is currently a non-Executive Director of ASX listed Traffic Technologies Limited, a non-Executive Director of Nimble Finance Limited and Director of Reclink Australia.

Senior Management Team

Senior Business Managers in Logistic, Marketing, Engineering, Finance, Project Management, have previously gained extensive operational experience in international and domestic organisations, including Cargill, Sumitomo Corporation, GrainCorp, Ford, Emerald, UBS, Morgan Stanley, KPMG, and ExxonMobil.

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Capital Structure Overview

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Wingara AG was listed on the ASX through the reverse takeover of Biron Apparel Ltd, raising $4.8m to fund the expansion of the Company’s production facilities at Epsom, VIC. Wingara raised an additional $6.7m via a Placement in March 2018 to fund the acquisition of AustCo Polar

Top Shareholders

Rank	Shareholder	Shares	% of SOI
1	Naos Asset Management Limited	27,829,822	26.5%
2	Richard Gazal	14,404,019	13.7%
3	Kellie Barker	10,097,727	9.6%
4	Gavin Xing	10,000,000	9.5%
5	Prime Value Asset Management	3,896,691	3.7%
6	Jane Superannuation Pty Ltd	2,857,143	2.7%
7	Eric Jiang	2,268,000	2.2%
8	F & L Diamante Pty Ltd	2,056,187	2.0%
9	Avzath Pty Ltd	1,780,249	1.7%
10	Ausnom Pty Ltd	1,655,937	1.6%

Capital Structure Summary

ASX Code	WNR
Share Price on 15/11/19	$0.29
52-week share price range	$0.23 - $0.34
Market Capitalisation	$30.0 million
Enterprise Value	$56.1 million
Shares on Issue	105.1 million
Board & Management Shareholding	19.4%

*As at market close 15 November 2019

Net debt includes borrowings, lease liabilities net of cash as at 30 September 2019

Share Price History

5 Year Group Financial Performance

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0.5 1,500
0.4
1,000
0.3
0.2
500
0.1
0 0
11/16 05/17 11/17 05/18 11/18 05/19
Volume Share Price
Share Price (A$)
Volume (Thousands)
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Source: Capital IQ (15 November 2019), ASX Announcements, Annual Report

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A$M 35.0
30.0
25.0
20.0
15.0
10.0
5.0
0
FY2015 FY2016 FY2017 FY2018 FY2019
Revenue Gross Profit EBITDA
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*FY15 and FY16 30 June Year End. FY17 and FY19 reclassified to 31 March 2018 Year End consistent with current balance date

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Our Market

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JC Tanloden and AustCo Polar form key parts of the Australian agriculture industry’s supply chain and export capabilities for protein and fodder products – both which have grown significantly over the past 5 years

• Export markets for proteins & fodder : $13bn annually (from $9bn 5 years ago)

Australian Protein Exports

• Oaten hay demand from China: 1.5 – 2.0m MT per annum (accelerating in the past 5 years and cannot be met in Australia alone)

• Australia brand strength have increased share of production for fodder: Product traceability, quality and lack of contamination underpin the favourable reputation of Australian agricultural exports leading to major export expansion.

• Oaten hay is a desirable export product: Australian producers primarily export oaten hay, which improves milk production. Oaten hay has high demand worldwide as a reliable, high quality fodder that meets stringent animal production requirements.

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16
14
12
10
8
6
4
2
0
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Year ending June 30 20XX
Total Protein Beef & Veal Lamb Fish Other Seafood
A$ billion
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• Wingara advantage: Under the Free Trade Agreement with China, only oaten hay from Australia is allowed to be imported

Oaten Hay Export Demand

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EXPORT
FARMING TRANSPORT DISTRIBUTION
GRADING PROCESSING
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1400
1200
1000
800
600
400
200
0
Rest of Asia China Australian Production
‘000 Tonnes
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Source: Company websites, WNR management estimates, Australian Fodder Industry Association

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Wingara Ag Limited – Company Profile

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Wingara owns, develops and manages processing and logistics assets focusing on agriculture produce for export markets. We seek to control bottlenecks with high barriers to entry. We have two distinct business divisions in JC Tanloden & Austco Polar.

Suppliers

Our Operations

Customers

Farmer/ Primary Producer

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Hay & Fodder Processing & Marketing

• Export accredited with limited competition

• Blending to customer specification

• Product processing and trading

• Fodder storage and supply chain management

• Sourcing and accumulation

International

• Trading houses and direct end users in China, Korea, Japan & Taiwan

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Meat Processers & Abattoirs

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Blast Freezing & Cold Storage

Value-add and logistic services for red meat exports:

• Blast-freezing cut meat for longevity

• Logistics and export management

• Cold storage

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Domestic

• Supermarkets

• Butchers

• Food service providers

International

• Trading houses in China, Korea, Japan & Taiwan

*AustCo’s suppliers negotiate the purchase. Wingara does not take risk on sales of meat products

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Raywood Facility

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Start of the art storage and processing facility that will provide the foundations for Wingara’s next phase of high growth in Oaten hay and green product varieties.

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AustCo Polar Facility

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Substantial blast freezing and cold storage facilities strategically located close to Port of Melbourne for easy access to export markets.

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Financial Results

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Profit & Loss Statement

	1H 2020	1H 2019	Change	FY19
	A$M	A$M	%	A$M
Revenue - Hay Sales	8.99	9.06	(1%)	16.76
Revenue - Cold Storage	6.02	5.67	+6%	12.36
Total Revenue	15.02	14.72	+2%	29.12
Cost of sales	(7.71)	(6.79)	+14%	(13.65)
Gross Profit Other income	7.31 0.06	7.93 0.9	(8%) (93%)	15.47 0.14
Administration expenses	(5.16)	(4.21)	+23%	(8.84)
Freight expenses	(0.85)	(0.91)	(7%)	(1.69)
Occupancyexpenses	(0.05)	(0.14)	(64%)	(0.33)
EBITDA Depreciation	1.33 (1.94)	2.76 (0.90)	(52%) +116%	4.75 (2.12)
Finance costs Transaction expenses	(0.89) (1.13)	(0.69) (0.68)	+29% +66%	(1.81) (0.88)
Gain on bargainpurchase	4.24	-	-	0.99
NPBT	1.62	1.48	+9%	0.95
Income tax	(0.19)	(0.176)	+8%	(0.46)
NPAT	1.43	1.31	+9%	0.91
Basic EPS(cents)	1.36	1.32	+3%	0.89
Diluted EPS (cents)	1.32	1.29	+2%	0.87

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Commentary

• Transformational year in FY2019, with a significant acceleration in revenue, EBITDA and asset base with only part of the Raywood facility coming online

• Raywood was commissioned in Jan 2019 and Austco Polar has 11 months of operations included for FY2019

• AustCo Polar capital improvements works were completed in November 2018 and we anticipate seeing further revenue and EBITDA growth through FY2020

• Administration expenses including operating expenses increased as the JC Tanloden division expanded capacity

• Maintained freight expenses through FY2019 through route improvement and cost negotiation with key suppliers

• CAPEX program has continued throughout the past two years and Wingara is beginning to see the benefits of continued investment in processing and storage capacity

1. AustCo Polar purchased in April 2018. FY2019 reflects full year of AustCo Polar ownership

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Balance Sheet

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	1H 2020	1H 2019	Change	FY19
	A$M	A$M	%	A$M
Assets
Cash & equivalents	2.69	4.45	(40%)	0.66
Trade & other receivables	1.49	1.03	+45%	1.46
Inventories	1.26	0.54	+133%	5.36
Deposits & other current assets	2.11	0.28	+654%	0.12
Total current assets	7.55	6.29	+20%	7.61
Property, Plant & Equipment	20.60	35.46	(42%)	37.65
Right-of-use assets	20.69	-	-	-
Deferred tax assets	0.10	0.16	(38%)	0.29
Intangible assets	1.81	1.81	0%	1.82
Other non-current assets	0.30	0.27	+11%	0.03
Total non-current assets	43.52	37.71	+15%	39.79
Total assets	51.07	44.01	+16%	47.40
Liabilities
Trade & other payables	3.49	3.17	+10%	3.81
Borrowings	6.39	6.97	(8%)	8.30
Lease liabilities	0.59	-	-	-
Employee benefit obligations	0.46	0.34	+35%	0.43
Total current liabilities	10.94	10.48	+4%	12.54
Borrowings	2.93	17.52	(83%)	19.21
Lease liabilities	20.21	-	-	-
Employee benefit obligations	0.44	0.48	(8%)	0.52
Total non-current liabilities	23.59	17.99	+31%	19.73
Total liabilities	34.53	28.47	+21%	32.26
Net assets	16.53	15.53	+6%	15.14
Equity
Contributed equity	19.98	19.98	0%	19.98
Other reserves	0.18	0.16	13%	0.17
Accumulated losses	(3.62)	(4.60)	(21%)	(5.00)
Total equity	16.53	15.53	6%	15.14

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Cash Flow Statement

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	1H 2020	1H 2019	Change	FY19
	A$M	A$M	%	A$M
Cash flows from operations
Receipts from customers	14.97	14.47	3%	28.23
Payments to suppliers, employees	(11.44)	(10.56)	8%	(26.26)
Interest received	0.00	0.01	(100%)	0.02
Interest paid & finance costs	(0.75)	(0.69)	9%	(1.81)
Income taxesreceived/(paid)	-	-		-
Net cash from operations	2.78	3.23	(14%)	0.18
Cash flow from investing
Purchase of PPE	(1.51)	(15.27)	(90%)	(25.34)
Payments for other non-current assets	-	(6.67)	-	-
Proceeds from termination of term deposit	21.00	-	-	-
Payments from business acquisition / related deposits	-	(2.74)	-	(2.74)
Paymentforbankguarantee	(1.86)	-	-	-
Net cash from investing	17.63	(24.68)	(171%)	(28.08)
Cash flows from financing
Proceeds from issue of shares	-	0.05	-	0.05
Repayment of borrowings	(18.03)	(1.87)	+864%	(21.16)
Proceeds from borrowings	0.07	19.02	(100%)	(40.39)
Repayment of lease liabilities	(0.41)	-	-	-
Net cash from financing	(18.37)	17.20	(207%)	19.29
Net increase (decrease) in cash	2.03	4.25	(52%)	(8.61)
Opening cash& equivalents	0.07	8.70	(99%)	8.70
Closing cash & equivalents	2.69	4.45	(40%)	0.91

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