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    GNG   AU000000GNG0

GR ENGINEERING SERVICES LIMITED

(GNG)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

GR Engineering Services : FY21 Annual General Meeting Presentation

11/23/2021 | 07:10pm EST

Providing global mineral

ASX:GNG

processing solutions

onlyGR Engineering Services Limited

useAnnual General Meeting Presentation

24 November 2021 ersonal

ersonal use only

FY21 Results

  • GR Engineering reported record FY21 revenue of $392.4 million and EBITDA of $37.2 million.
  • GR Engineering achieved revenue growth of 76% during FY21 as a result of strong contracting activity and solid operational performance in a challenging market environment.
  • Cash generation was excellent and represented a high EBITDA conversion. During FY21, cash at bank increased by 84% to $69.0 million.
  • GR Engineering's strong order book and anticipated continued strong cashflow generation leaves it well placed to continue to deliver returns to its shareholders.
  • The strategic acquisition of Mipac during FY21, provides GR Engineering with an

opportunity to offer advanced standalone controls systems engineering, automation and technology solutions to its clients.

  • The Total Reportable Injury Frequency Rate for FY21 was 9.51.
  • A final dividend of 7.0 cents per share (fully franked) was declared, resulting in total FY21 dividends of 12.0 cents per share (fully franked).

GR Engineering Services (ASX:GNG)

2

FY21 Results Summary

only

Earnings

Balance Sheet & Cash Flow

Revenue

Cash

$400m

$80m

$300m

$60m

$200m

FY21

$40m

FY21

392.4

FY20

$100m

$20m

69.0

FY20

222.4

37.5

$0m

$0m

ersonal use

EBITDA

Net Operating Cash Flow

$40m

Underlying

$50m

$40m

$30m

EBITDA*

$30m

FY21

$20m

FY21

$20m

49.5

37.2

FY20

$10m

$10m

11.3

$0m

$0m

PBT

Total Dividend

$40m

12cps

$30m

FY21

FY21

$20m

6cps

12.0

$10m

33.7

FY20

$0m

0cps

-9.7

Fully

-$10m

franked

*Underlying FY20 EBITDA excludes one-off bad debt expenses, miscellaneous inventory and debtor write-offs and Hanlon acquisition costs

GR Engineering Services (ASX:GNG)

FY20

11.2

FY20

6.0

Unfranked

3

ersonal use only

Balance Sheet & Cashflows

  • Strong balance sheet maintained at 30 June 2021 and this has continued into the first quarter of FY22.
  • Cash: $69.0 million (30 June 2020: $37.5 million).
  • High EBITDA to cash conversion - net operating cashflows: $49.5 million
    (30 June 2020: $11.2 million).
  • The combined bank guarantee and bonding facilities total $155 million. There is significant headroom on these facilities.

GR Engineering Services (ASX:GNG)

4

ersonal use only

Mineral Processing

  • GR Engineering's design and construction order book of current work includes:

Company

Project

Type

($'m)

Northern Star Resources Limited

Thunderbox 6 Mtpa

EPC

101.0

Expansion Project

Abra Mining Pty Ltd

Abra Base Metals Project

EPC

89.5

and Paste Plant

Calidus Resources Limited

Warrawoona Gold Project

EPC

75.0

Aurenne Alt Resources Pty Ltd

Mt Ida Gold Project

EPC

73.0

RUC Cementation Mining

Newmont Tanami Gold

Rates

68.0

Contractors Pty Ltd

Mine

Pantoro Limited

Norseman Gold Project

EPC

59.5

Western Areas Limited

Cosmos Nickel Operations

EPC

48.0

Bluestone Mines Tasmania JV

Renison Tin Operations

EPC

31.7

Wiluna Mining Corporation

Wiluna Gold Operation

EPC

25.7

Project

GR Engineering Services (ASX:GNG)

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

GR Engineering Services Limited published this content on 23 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 00:09:06 UTC.


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Financials
Sales 2022 556 M 400 M 400 M
Net income 2022 31,1 M 22,4 M 22,4 M
Net cash 2022 63,0 M 45,3 M 45,3 M
P/E ratio 2022 11,1x
Yield 2022 7,83%
Capitalization 350 M 254 M 252 M
EV / Sales 2022 0,52x
EV / Sales 2023 0,62x
Nbr of Employees -
Free-Float 41,5%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 2,17 AUD
Average target price 2,20 AUD
Spread / Average Target 1,38%
EPS Revisions
Managers and Directors
Geoffrey Michael Jones Managing Director & Executive Director
Omesh Motiwalla Chief Financial Officer & Secretary
Phillip Clive Lockyer Non-Executive Chairman
Peter Allen Manager-Technical Services
Peter John Hood Non-Executive Chairman
Sector and Competitors