FY23 Results Presentation
FY23 RESULTS PRESENTATION
Financial performance illustrates reliable growth profile
Statutory FY23 result, no pro-forma adjustments
ventia
$ millions
FY22
FY23
Delta
Total revenue
5,167.5
5,676.4
9.8%
Total expense
(4,756.7)
(5,214.8)
9.6%
Proforma adjustment¹
5.5
n/a
(100%)
Share of JV revenue
3.5
3.6
2.9%
EBITDA
419.8
465.2
10.8%
Changes in net working capital and other
(46.5)
(52.3)
12.5%
non-cash items
Operating cash flow²
373.3
412.9
10.6%
Operating cash flow conversion³
88.9%
88.8%
(0.1pp)
Lease payments
(64.4)
(62.2)
(3.4%)
Capital expenditure
(34.4)
(44.7)
29.9%
Acquisition
(15.7)
n/a
(100%)
Cash flow before financing and tax
258.8
306.0
18.2%
Net financing costs
(33.9)
(49.4)
45.7%
Free cash flow before tax and dividends
224.9
256.6
14.1%
13
1. Pro forma adjustments were made in 2022 to adjust for the financial impact of the Broadspectrum acquisition
2. Operating cash flow represents EBITDA plus any non-cash share payments, after changes in net working capital.
3. Operating cash flow divided by EBITDA expressed as a percentage.
EBITDA
Contract revenue escalations have offset cost increases during
an inflationary period. EBITDA margin has increased by 0.1
percentage points to 8.2%, demonstrating portfolio stability
Changes in Net Working Capital
Changes in net working capital reflect an increase in trade and
other receivables and contract assets, which is aligned with the
growth in revenue
Capital Expenditure
Total capital expenditure increased by $10.3m, driven by
investment primarily driven by workplace lease improvements.
Capital expenditure in FY23 was 0.8% of revenue (0.7% in FY22)
Net Finance costs
Net finance costs have increased 46% primarily due to the flow
on impact of increased cash rate on interest costs of the term
loan (BBSY 0.28% in December 2022 to 4.41% in December
2023)View entire presentation