Investor Presentaiton
Net Debt and Gearing - Conservative Balance Sheet
QUBE CURRENTLY TARGETS A GEARING RATIO BETWEEN 30 - 40%
1,600.0
1,400.0
1,200.0
23.9%
1,000.0
800.0
600.0
400.0
862.1
200.0
Net Debt¹ & Gearing Ratio²
32.5%
29.2%
26.0%
1,356.4
1,388.4
1,193.3
35.0%
30.0%
22.9%
25.0%
20.0%
15.0%
889.1
10.0%
5.0%
0.0%
FY18
FY19
FY20
FY21
FY22
Net debt ($m)
Gearing ratio (%)
Gearing Ratio (%)
QUBE
FY22 saw a significant reduction in net debt and gearing levels post the
Moorebank monetisation in December 2021 as proceeds were predominantly
used to pay down debt.
Additionally, an off-market share buy back completed in May 2022 delivered
$400m to participating shareholders and reduced our shares on issue by circa
8%.
Cash and undrawn facilities as at June 2022 totalled $1.3 billion.
Weighted average debt maturity at June 2022 was 2.1 years.
We are currently working on right sizing our facilities and extending out maturity
profiles.
Qube currently targets a gearing ratio between 30 - 40%.
Qube is targeting leverage to be between 2.0 to 2.5 X over the medium to long
term, and to be seen as an investment grade credit risk (or better).
Qube's cash conversion, whilst dipping in FY22, is typically close to 100%.
FY18
FY19
Cash Conversion %
93%
105%
FY20
103%
FY21
FY22
In the past 5 years, Qube has received $415m from Patrick
93%
71%
$127m interest payments
Notes:
1. Excluding lease liabilities
2. Net debt / (Net debt + Equity) where net debt excludes lease liabilities attributable to AASB16
.
$128m SH loan repayments
$100m dividends
$60m return of capital
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