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f FY19 Full Year Results For the twelve months ended 30 June 2019 - PowerPoint PPT Presentation

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f FY19 Full Year Results For the twelve months ended 30 June 2019 15 August 2019 Disclaimer Forward looking statements This presentation contains certain forward-looking statements, including with respect to the financial condition,

  1. f FY19 Full Year Results For the twelve months ended 30 June 2019 15 August 2019

  2. Disclaimer • Forward looking statements – This presentation contains certain forward-looking statements, including with respect to the financial condition, results of operations and businesses of Cleanaway Waste Management Limited (“CWY”) and certain plans and objectives of the management of CWY. Forward -looking statements can generally be identified by the use of words including but not limited to ‘project’, ‘foresee’, ‘plan’, ‘guidance’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. All such forward -looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies and other factors, many of which are outside the control of CWY, which may cause the actual results or performance of CWY to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such forward-looking statements apply only as of the date of this presentation. • Factors that could cause actual results or performance to differ materially include without limitation the following: risks and uncertainties associated with the Australian and global economic environment and capital market conditions, cyclical nature of various industries, the level of activity in Australian construction, manufacturing, mining, agricultural and automotive industries, commodity price fluctuations, fluctuation in foreign currency exchange and inter est rates, competition, CWY’s relationships with, and the financial condition of, its suppliers and customers, legislative changes, regulatory changes or othe r changes in the laws which affect CWY’s business, including environmental and taxation laws, and operational risks. The foregoing list of important factors and risks is not exhaustive. • To the fullest extent permitted by law, no representation or warranty (express or implied) is given or made by any person (including CWY) in relation to the accuracy or completeness of all or any part of this presentation, or any constituent or associated presentation, information or material (collectively, the Information) or the accuracy or completeness or likelihood of achievement or reasonableness of any forward looking statements or the assumptions on which any forward looking statements are based. CWY does not accept responsibility or liability arising in any way for errors in, omissions from, or information contained in this presentation. • The Information may include information derived from public or third party sources that has not been independently verified. • CWY disclaims any obligation or undertaking to release any updates or revisions to the Information to reflect any new information or change in expectations or assumptions, except as required by applicable law. • Investment decisions – Nothing contained in the Information constitutes investment, legal, tax or other advice. The Information does not take into account the investment objectives, financial situation or particular needs of any investor, potential investor or any other person. You should take independent professional advice before making any investment decision. • Results information – This presentation contains summary information that should be read in conjunction with CWY's Consolidated Financial Report for the twelve months ended 30 June 2019. • All amounts are in Australian dollars unless otherwise stated. A number of figures in the tables and charts in the presentation pages have been rounded to one decimal place. Percentages (%) have been calculated on actual whole figures. • Unless otherwise stated, all earnings measures in this presentation relate to underlying earnings. • Underlying earnings are categorised as non-IFRS financial information and therefore have been presented in compliance with ASIC Regulatory Guide 230 – Disclosing non- IFRS information, issued in December 2011. Refer to CWY’s Directors’ Report for the definition of “Underlying earnings”. The term EBITDA represents earnings before interest, income tax, and depreciation, amortisation and impairments and the term EBIT represents earnings before interest and income tax expense. • This presentation has not been subject to review or audit. 2

  3. Agenda FY19 Results Updates: Page • Safety and Environmental 4 • Group Performance Overview 5-8 • Segments Performance 9-12 • Personalisation of Health Care 13 • Statutory NPAT Reconciliation to Underlying NPAT 14 • Balance Sheet, Cash Flow, Debt and Change to Accounting Standard AASB 16 15-18 Enterprise Updates : • Capital Expenditure 19 • Landfill Remediation 20 • Toxfree Integration 21-23 • The Evolving Tonne 24 • Circular Economy 25 • Footprint 2025 26 • Cleanaway and ESG 27 Priorities and FY20 Outlook 28 Q&A Appendices 31-33 3

  4. Safety and Environmental – Our objective is Goal Zero Total Recordable Injury Frequency Rate 1 -8.1% 26.6 16.7 12.6 10.8 10.6 7.6 6.2 5.7 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 No major environmental incidents Total recordable injury frequency Safety performance remains a key were reported during FY19 rate improvement on prior year. performance measure for all Safety initiatives being further executive STI’s starting from CEO Improving driver attentiveness is a deployed across the Company down to site management key priority in FY20 Note 1: Comparative periods have been adjusted to exclude divested businesses and includes contractors from FY16. 4

  5. Group performance overview Underlying Results Statutory Results $million FY18 FY19 Growth FY18 FY19 Growth Gross Revenue 33.2% 1,714.3 2,283.1 33.2% 1,714.3 2,283.1 Net Revenue 1 34.8% 1,564.9 2,109.1 34.8% 1,564.9 2,109.1 34.2% EBITDA 35.9% 323.1 433.7 339.7 461.6 20.6% 20.6% — EBITDA Margin +20bps 21.7% 21.9% 149.3 217.6 45.7% EBIT 44.7% 166.4 240.8 +80bps 9.5% 10.3% EBIT Margin +80bps 10.6% 11.4% 19.3% 103.3 123.2 Total NPAT 97.8 140.0 43.1% 5.6 6.0 7.1% EPS (Basic cents per share) 5.3 6.9 30.2% 106.3 134.4 26.4% NPATA 2 100.8 151.2 50.0% FY18 FY19 Growth Final dividend per share (cents) 1.40 1.90 35.7% Total dividends per share (cents) 2.50 3.55 42.0% Cash from operating activities ($m) 221.2 350.8 58.6% Free cash flow ($m) 117.0 206.4 76.4% Cash conversion ratio 94.8% 98.2% +340bps Net Debt to EBITDA 1.6x 1.4x -0.2x Notes: 1: Net revenue excludes collected landfill levies of $174.0 million (FY18: $149.4 million). 2: Excludes tax effected amortisation of acquired customer contracts and licences in business combinations. 5

  6. Revenue and earnings improvements in addition to Toxfree acquisition driven by organic growth and synergy realisation Second Half FY19 vs Second Half FY18 Full Year FY19 vs Full Year FY18 Net Revenue ($million) Net Revenue ($million) EBITDA ($million) and EBITDA margin (%) EBITDA ($million) and EBITDA margin (%) 6

  7. Sustained earnings growth continues Net Revenue ($million) EBIT ($million) EBITDA ($million) CAGR +12.8% CAGR +25.4% CAGR +18.9% 2,109.1 461.6 240.8 339.7 301.3 281.3 166.4 1,564.9 142.9 231.3 122.6 97.5 1,350.7 1,320.7 1,301.1 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 NPAT ($million) Earnings Per Share (cents) CAGR +25.3% CAGR +27.0% 6.9 140.0 5.3 97.8 4.7 77.5 61.6 3.9 53.9 2.8 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Note: Underlying results 7

  8. Increasing cash flows and shareholders returns Operating Cash Flow 1 ($million) Free Cash flow ($million) Cash Capex ($m) and % of D&A CAGR +18.8% CAGR +81.8% 192.5 350.8 206.4 175.9 155.3 153.5 143.5 221.2 131.5% 190.7 189.6 117.0 176.2 98.0% 96.7% 87.2% 62.7 82.8% 50.7 18.9 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Return on Invested Capital 2 (%) Dividends Per Share (cents) CAGR +9.9% CAGR +24.0% 5.4% 3.55 5.2% 4.8% 2.50 4.2% 2.10 3.7% 1.70 1.50 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Note 1: FY19 Operating Cash Flow includes $25 million tax refund. 2: Return on Invested Capital calculated as tax effected underlying EBIT divided by average net assets plus net debt. FY18 excludes impact of Toxfree acquisition. 8

  9. Segments performance summary EBITDA 1 EBIT 1 Net Revenue FY18 FY19 Growth FY18 FY19 Growth FY18 FY19 Growth $million Solid Waste Services 1,107.3 1,362.3 23.0% 285.7 352.8 23.5% 159.2 204.0 28.1% Industrial & Waste Services 185.8 341.9 84.0% 18.9 46.6 146.6% 5.1 22.5 341.2% Liquid Waste & Health 322.4 495.0 53.5% 54.2 86.9 60.3% 36.8 54.0 46.7% Services Notes 1: Underlying results. Refer to slide 14 for details of underlying adjustments. 9

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