fy20 results 24 august 2020 for personal use only · channel enablement implemented leveraging...

FY20 RESULTS24 AUGUST 2020

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CONTENTS

• FY20 Achievements 3

• Financial Results 10

• Business Overview 19

• OptiComm Acquisition Update 25

• Outlook 30

• Appendix 32

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FY20 ACHIEVEMENTS

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FY20 FINANCIAL HIGHLIGHTS

• FY20 transitioned from loss-making to profitability, positive operating cash flows and net cash flow after Capex. Best performed IPO of 2019. Entered ASX 300. Market Cap at year end $615M

• Significant multiples in growth of all profit metrics on pcp. Revenue increase of 306%, Gross margin increase of 475%, NPAT reported $15.9M – pcp loss ($13.5M), NPAT underlying $26.4M – pcp loss ($8.9M), sustainable future profitability evidenced by a $7.3M Tax Benefit in FY20 from accumulated prior losses - certainty of recovery

• Significant turnaround in all cash flow metrics. FY20 Operating Cash flow 81.5% of underlying EBITDA and after Capex 50.6% of underlying EBITDA

• Capability to fund forecast growth Capex from operating cash flows. FY20 Capex was 31% of underlying EBITDA

• Organic Growth proven – 24% increase in underlying EBITDA H2 – no acquisitions undertaken in H2

FY20 GUIDANCE UPGRADED IN FEBRUARY AND JUNE. PROMISED TRANSFORMATION EXECUTED

(1) Underlying EBITDA excludes shared based payments, acquisition and restructuring costs required to be expensed. (2) Revenue and underlying EBITDA June 2020 result annualised. Operating Cash Flow Q4 of $10.1M, annualised.

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General data

Shares on issue433453275

Closing share price:$1.42

Market Cap$615,503,651

Cash on hand$189,150,000

Enterprise Value$426,353,651

CAPEX$8,243

Underlying EBITDA$26,530

FY20FY19Var%var

Revenue$58,216$14,336$43,880306%

Gross margin$44,379$7,717$36,662475%

GM%76.2%53.8%

EBITDA (u)$26,530($884)$27,414-3101%

Acqu/restructure costs($5,894)($211)($5,683)2693%

Share based exp($4,581)($3,311)($1,270)38%

IPO costs$0($1,093)$1,093-100%

EBITDA (reported)$16,055($5,499)$21,554-392%

D&A($6,853)($5,753)($1,100)19%

Finance costs($595)($872)$277-32%

Impairment (ROUA)$0($1,407)$1,407-100%

Tax$7,314$0$7,314ERROR:#DIV/0!

NPAT (reported$15,921($13,531)$29,452-218%

NPAT (u)$26,396($8,916)$35,312-396%

Operating cash flow$21,644$254$21,3908421%

CAPEX($8,244)($1,950)($6,294)323%

Investing (less CAPEX)($168,216)($10,511)($157,705)1500%

Financing$324,835$30,491$294,344965%

Net movement'$170,019$18,284$151,735830%

Cash balance$189,150$19,131$170,019889%

FCF$13,400($1,696)$15,096-890%

FCF / Op Cash61.9%-667.7%

FCF / EBITDA(u)50.5%191.9%

Op cash / EBITDA(u)81.6%-28.7%

CAPEX / EBITDA(u)31.1%-220.6%

H2H1FY20

EBITDA(u)$19,335$7,195$26,530

Jun20RRDec19RRvarvar%

EBITDA(u) RR$41,000$33,000$8,00024.2%

$M p.a.FY19FY20FY20 EXIT RR$MFY19 (H1)FY19 (H2)FY20 (H1)FY20 (H2)FY20FY20 EXIT RR

Revenue$14.3$58.2$77Revenue$3.1$11.2$22.0$36.2$58.2$77

EBITDA(u)($0.9)$26.5$41EBITDA(u)($1.6)$0.7$7.2$19.3$26.5$41

Operating Cash flow$0.3$21.6$40Operating Cash flow($2.5)$2.8$3.6$18.0$21.6$40

$M p.a.H2H1FY20

Revenue$36.2$22.0$58.2Escrow typeRelease dateShares escrowed

EBITDA(u)$19.3$7.2$26.5Voluntary31/10/20201,668,786

Operating Cash flow$18.0$3.6$21.6ASX13/02/202124,643,028

93.3%50.0%81.5%

SHAREHOLDING STRUCTURE

17 Jul 2020% of isc17 Jun 2020% of isc

Domestic Institutions235,749,46445.53%132,085,20340.77%

Foreign Institutions7,992,1681.54%4,063,0031.25%

Domestic Brokers5,685,7531.10%6,770,9602.09%

Foreign Brokers23,218,4304.48%1,690,8650.52%

Employees etc.47,830,4189.24%41,242,88812.73%

Private Stakeholders/Investors76,982,90914.87%62,421,07319.27%

Hedge Funds58,749,76311.35%25,660,8537.92%

Unallocated78,6240.02%60,0040.02%

Unanalysed61,538,57611.88%49,999,38915.43%

Retail

Management

Institutional

P&L

In A$Millions, unless otherwise statedFY20 Performance

Dec-19Dec-19 RRCBEW&ISpecialtyCombinedElimination / CorporateConsolidated

$5.8$69.9Revenue24004223512096967324-910758217

$4.6$54.8Gross Margin915418814160864405432444378

78.3%78.3%Gross Margin %38%84%77%65%76%

($1.2)($14.3)Remuneration-2801-3497-2578-8876-4086-12962

($0.6)($6.8)Other SGA-1574-792-1756-4122-764-4886

$2.8$33.7EBITDA(u)4779145251175231056-452626530

48.2%48.2%EBITDA(u)%20%65%56%46%46%

($1.0)($11.9)CAPEX-1363-6755-126-82440-8244

($0.1)($1.4)FCF (EBITDA(u) less CAPEX)341677701162622812-452618286

$1.7$20.4Free cash flow / EBITDA%71%53%99%73%69%

-299.3%-299.3%

($1.3)($15.3)KPI's

($0.0)($0.4)ARPU$77.88$48.47$247.37

ERROR:#REF!ERROR:#REF!Gross Margin %38.1%84.2%76.7%

Total customers27,5878,627

Active lots39,476

Connected lots98,143

Contracted lots40,054

In A$MillionsH1H2FY20H2H1FY19H2H1Movement (YoY)In A$Millions, unless otherwise statedFY20FY19Movement (YoY)

Revenue22046361715821736171220461433611273306343881Revenue582171433643881

Gross Margin146272975144378297511462777175566215136661Gross Margin44378771736661

Gross Margin %0.76228593020.5382952009Gross Margin %0.76228593020.5382952009

Remuneration-4617-8345-12962-8345-4617-5986-3544-2442-6976Remuneration-12962-5986-6976FY19FY20

Other SGA-2815-2071-4886-2071-2815-2615-1352-1263-2271Other SGA-4886-2615-2271H1H2H1H2

EBITDA(u)71951933526530193357195-884670-155427414EBITDA(u)26530-88427414Revenue3063112732204636171

EBITDA(u)%33%53%46%53%33%-6%6%-51%+52ppEBITDA(u)%46%-6%+52ppEBITDA(u)-1554670719519335

Less: Acq costs & Share Based Exp-4942-5533-10475-5533-4942-4615-615-4000-5860Less: Acq costs & Share Based Exp-10475-4615-5860

EBITDA (reported)22531380216055138022253-549955-555421554EBITDA (reported)16055-549921554

EBITDA%10%38%28%38%10%-38%0%-181%+66ppEBITDA%28%-38%+66pp

Depn & Amortisation-2648-4205-6853-4205-2648-7160-6055-1105307Depn & Amortisation-6853-7160307

Interest & Tax5508117966876997-310-872-309-5637559Interest & Tax6687-8727559

NPAT (reported)5113107761588916594-705-13531-6309-722229420NPAT (reported)15889-1353129420

EBITDA less CAPEX / EBITDA

W&I53%

SS99%

CBE71%

Group69%

EBITDA%

W&I65%

SS56%

CBE20%

Group46%

Operating cash / EBITDA

H150%

H293%

W&ISSCBEGroup0.534939759036144550.98927842069434990.714793889935132820.68925744440256309

W&ISSCBEGroup0.649859066708424640.560446373217606930.199091818030328270.45570881357679027

H1H20.50.93

Revenue and EBITDA(u) growth - Half on Half

Revenue

H1H2H1H2FY19FY203063112732204636171EBITDA(u)

H1H2H1H2FY19FY20-1554670719519335

EBITDA bridge

H1 Actuals7.2

Dec-19 RR33.0

H2 Growth5.6

H2 Annualised38.6

RR growth2.4

Jun-20 RR41.0

H1 Actuals7.2

Dec-19 RR33.0

H2 Actuals19.3

Jun-20 RR41.0

H1 ActualsDec-19 RRH2 ActualsJun-20 RR7.23319.341

VB bridge

EBITDACAPEXOp Cash

FY19-0.9-2.00.3

FY2026.5-8.221.6

Jun-20 RR41.040.4

EBITDAFCFOp Cash / EBITDA %

FY19-0.9-33%

FY2026.582%

Jun-20 RR41.099%

FY19FY20Jun-20 RR-0.926.541

FY19FY20Jun-20 RR0.321.640.4

EBITDA

FY19FY20Jun-20 RR-0.926.541Op Cash / EBITDA %

FY19FY20Jun-20 RR-0.333333333333333310.815094339622641550.98536585365853657

P&L (CBE)

PROFIT & LOSS STATEMENT

FY20FY19$ change% change

Revenue$24,004$13,591$10,41376.6%

Gross Margin$9,154$7,258$1,89626.1%

Gross Margin %38.1%53.4%

Remuneration($2,801)($4,525)$1,724

Other SGA($1,574)($2,043)$469

EBITDA (underlying)$4,779$690$4,089592.6%

EBITDA% (underlying)19.9%5.1%

CAPEX($1,363)($1,950)$587

Free cash flow$3,416($1,260)$4,676-371.1%

Free cash flow / EBITDA%71%-183%-139.1%

KPI'sFY20FY19

ARPU$77.88$85.62

Gross Margin38.1%53.4%


In A$MillionsFY20FY19$ change% change

Revenue24004135911041377%

Gross Margin91547258189626%

Gross Margin %38%53%

Remuneration-2801-45251724

Other SGA-1574-2043469

EBITDA47796904089593%

EBITDA%20%5%

CAPEX-1363-1950587

EBITDA less CAPEX3416-12604676

EBITDA less CAPEX%71%-183%

H2H1$ change% change

Fone4459367278721%

Call930950-20-2%

TOTAL REVENUE5389462276717%

EBITDA%

Fone32%

Call45%

1300A76%

EBITDA%

FoneCall1300A0.320.450.76

P&L (W&I)



Recurring revenue201690n/an/a

One-off (Developer) revenue21820n/an/a

Revenue223510n/an/a

Gross Margin188140n/an/a

Gross Margin %84%

Remuneration-34970n/an/a

Other SGA-7920n/an/a

EBITDA145250n/an/a

EBITDA%65%

CAPEX-67550n/an/a

EBITDA less CAPEX77700n/an/a

EBITDA less CAPEX%53%

KPI'sFY20FY19

ARPU$48.47n/a

Gross Margin84.2%n/a

Active lots39,476n/a

Connected lots98,143n/a

Contracted lots40,054n/a

KPI'sJun-20Dec-19

Active lots40,24335,2005,043



P&L (SS)



Revenue20969704202652878.6%

Gross Margin16086417156693757.6%


Remuneration-2578-143-2435

Other SGA-1756-84-1672

EBITDA11752190115626085.3%

EBITDA%56%27%

CAPEX-1260-126

EBITDA less CAPEX1162619011436

EBITDA less CAPEX%99%100%

KPI'sFY20FY19

ARPU$247.37$198.76



BS

In A$MillionsJun-20Jun-19Variance

Cash at bank$189.2$19.1$170.1

Trade receivables$6.0$1.5$4.5

Other current assets$4.0$1.7$2.3

Trade & Other payables($13.1)($4.7)($8.5)

Other current liabilities($6.8)($2.0)($4.8)

Net current tangible assets$179.3$15.7$163.6

Property, Plant & equipment$48.9$8.1$40.9

Bank Debt$0.0($2.5)$2.5

Deferred Consideration($7.2)($9.0)$1.9

Other($5.4)($7.3)$1.9

Net Tangible assets$215.7$4.9$210.8

Intangible assets$206.0$20.9$185.1

Net Assets$421.7$25.9$395.9

Jun-20Jun-19Variance

Cash$189.2$19.1$170.1

Debtors$6.0$1.5$4.5

Inventory$1.0$0.3$0.7

Other Current$3.1$1.4$1.6

Total Current Assets$199.2$22.3$176.9

Fixed Assets$48.9$8.1$40.9

Intangibles$206.0$20.9$185.1

Total Non-current assets$254.9$29.0$226.0

TOTAL ASSETS$454.2$51.3$402.9

Creditors & Other payables$13.1$4.7$8.5

Bank Debt$0.0$0.7($0.7)

Deferred Consideration$4.4$6.5($2.1)

Other current liabilities$6.8$2.0$4.8

TOTAL Current Liabilities$24.4$13.9$10.5

Bank Debt$0.0$1.8($1.8)

Deferred Consideration$2.7$2.5$0.2

Other non-current Liabilities$5.4$7.3($1.9)

TOTAL Non-Current Liabilities$8.1$11.6($3.5)

TOTAL LIABILITIES$32.4$25.4$7.0

NET ASSETS$421.7$25.9$395.9

NTA$215.7$5.0$210.8

Net Current Assets$174.9$8.5$166.4

CF

In A$MillionsJun-20Jun-19VarianceJun-20Jun-19Variance

Reciepts from customers633101503348277Operating cash flows2159425421340

Payments to suppliers and employees-41725-15926-25799Add back: significant items000

Finance costs and Other91147-1138Working Capital4936-11386074

Operating cash flows2159425421340EBITDA(u)26530-88427414

CAPEX-8243-1950-6293CAPEX-8243-1950-6293

Free Cash flow13351-169615047Free Cash flow18287-283421121

Investing activities-168217-10511-157706FCF / EBITDA(u)%68.9%320.6%

Financing activities32483530491294344

Increase/(decrease) cash held at YE16996918284151685

Opening Balance19131847

Closing Balance18910019131

CASHFLOWJun-20Jun-19Variance

EBITDA (underlying)$26,530($884)$27,414

Acquisition costs($10,475)($4,615)($5,860)

Non-cash items*ERROR:#REF!ERROR:#REF!ERROR:#REF!

Working capital movementERROR:#REF!ERROR:#REF!ERROR:#REF!

Operating cash flowsERROR:#REF!ERROR:#REF!ERROR:#REF!

CAPEX($8,243)($1,950)($6,293)

Free Cash flowERROR:#REF!ERROR:#REF!ERROR:#REF!

Investing activities($168,217)($10,511)($157,706)

Financing activities$324,835$30,491$294,344

Increase/(decrease cashERROR:#REF!ERROR:#REF!ERROR:#REF!

Opening Balance$19,131$847

Closing BalanceERROR:#REF!ERROR:#REF!

Jun-20Dec-19Jun-19

Reciepts from customers633522550015033

Payments to suppliers and employees-41717-21900-15926

Finance costs and Other901147

Operating cash flows216443600254

CAPEX-8243-2100-1950

Free Cash flow134011500-1696

Investing activities-168217-165900-10511


Increase/(decrease cash1700191450018284



CAPEX

Capital Expenditure

FY20CBEW&ISpecialtyTotal

Growth11406078767294

Maintenance22367750950

Total capital expenditure136367551268244

FY19

Growth$1,833$1,833

Maintenance$117$117

Total capital expenditure$1,950$0$0$1,950

(000's)Capital Expenditure

In A$MillionsH1H2FY20FY19FY19(1)

Growth18005500730018006600



P&L (with OPC)

In A$Millions, unless otherwise statedUnitiOpticommCombinedProforma Combined

Revenue5821773040131257150040

Gross Margin4437857706102084

Gross Margin %76%79%78%


Other SGA-4886-4212-9098

EBITDA(u)26530397876631790787

EBITDA(u)%46%54%51%61%

Less: Acq costs & Share Based Exp-10475-2223-12698

EBITDA (reported)160553756453619

Depn & Amortisation-6853-6364-13217

Interest & Tax6687-9748-3061

NPAT (reported)158892145237341

NPAT (underlying)263642300850039

BS (with OPC)

In A$Millions, unless otherwise statedUnitiOpticommAdjustmentsCombined

Cash at bank$189.2$20.9($160.2)$49.8





Net current tangible assets$178.6$10.9$0.0($160.2)$29.3


Deferred settlement & other($12.5)($16.8)($29.3)

Borrowings$0.0$0.0($150.0)($150.0)

Net Tangible assets$215.1$86.2$0.0($310.2)($8.9)

Intangible assets$206.6$1.0$462.9$670.5

Net Assets$421.7$87.2$0.0$152.7$661.6

Net Debt$100.2

EBITDA$90.8

Leverage1.1X

Balance sheetUnitiOpticommCombined

Cash$189.2$20.9$210.0

Debtors$6.4$10.2$16.6




Fixed Assets$49.0$92.1$141.1

Intangibles$206.6$1.0$207.6


TOTAL ASSETS$455.2$125.5$580.7


Bank Debt$0.0$0.7$0.7




Bank Debt$0.0$1.3$1.3


Other non-current Liabilities$5.4$14.8$20.1

TOTAL Non-Current Liabilities$8.1$16.1$24.1


NET ASSETS$421.7$87.2$508.9

NTA$215.1$86.2$301.3


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Shares on issue

Closing share price:

Market Cap

Cash on hand

Enterprise Value

• Gross margin of 76% in FY20 compared to 54% pcp

• EBITDA(underlying) margin of 46% in FY20 compared to negative in pcp. June’20 exit run rate of 53%

• Minimal impact on business operations from COVID-19. No JobKeeper subsidies have been received

• Positive earnings and cash flow resulted in ~ $41M cash at bank (pre OptiComm capital raising) and no debt, above expectations

• Executed Scheme docs to acquire OptiComm for $532M in June’20. FY20 pro forma earnings ~ $90M a 23% EPS accretion incl synergies. Completion expected 1st October 2020. ASX200 entry likely

• Three oversubscribed equity capital raisings undertaken in FY20 - $100M in Aug’19 to fund LBNCo acquisition, $85M in Dec’19 for the 1300 Australia acquisition and $270M in June and July’20 to fund OptiComm acquisition

• Negotiated $150M borrowing facility binding term sheet to fund OptiComm with Westpac and CBA. Net leverage (net debt/proforma underlying EBITDA) post acquisition, including synergies ~ 1.1x

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FY20 FINANCIAL HIGHLIGHTS (CONTINUED)

HIGH PROFIT MARGINS AND STRONG OPERATING CASH FLOW SUPPORT CONTINUED GROWTH

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2019

FEB JUNESEPT

OCTDEC

1300Australiaacquired

EACH ACQUISITION IS IN LINE WITH DECLARED STRATEGY

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2020

OCTOBER

UWL listed on ASXFuzenet acquired

Fone Dynamics & Call Dynamics

acquired

LBNCoacquired

OPENetworks acquired

1300Australia acquired

OptiComm LimitedScheme of

arrangement to complete

ACQUISITIONS MET AND EXCEEDED EXPECTATIONS

(1)

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SPECIALTY SERVICES

TODAYSMARKET

TODAY’SBRANDS

Infrastructure OwnershipWholesale Services

PhonewordsInbound Services

Data AnalyticsWireless & Fibre Retail Services

CONSUMER & BUSINESS ENABLEMENT

WHOLESALE & INFRASTRUCTURE

OPERATING MODEL ESTABLISHED AND SCALED IN FY20

3 PILLARS (BUSINESS UNITS) – SCOPE TO EXPAND

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* Subject to completion

• Consumer • Small Business• Third Party Retailers – The Enabled

• Small to Medium Business• Corporate

• Builders• Wholesale Supply- RSP’s• Developers• Strata/Owners Corp• Wholesale Network

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BASE PLATFORM ENABLES FURTHER ACQUISITIONS. STRATEGIC PLAN IN PLACE

• Operating model/ business unit structure supports further accretive acquisitive growth with overarching Executive Team and Corporate Services Support

• Dedicated Sales & Marketing, Support & Operations within each pillar enables each business to focus on organic growth

• Key principle -Integrate within the pillar, not across the pillar, resulting in acquisition earnings accretion/synergies in quick timeframe and organic growth follows

• Acquisitions fully funded – strong equity markets support- over subscribed equity raises of $100M / $85M and $270M in FY20

ACQUISITION INTEGRATION GROWTH CAPABILITY

HIGHLY EXPERIENCED BOARD AND EXECUTIVE TEAM NOW IN PLACE

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OPERATING MODEL DRIVING SUCCESSFUL OUTCOMESF

or p

erso

nal u

se o

nly

$33m

$41m

As at Dec-19 Current

Industry leading operating cash flow

Successful Integration Increasing Operating Leverage

Operating Cash Flow / EBITDA(u) %(1)

Annualised June-20 EBITDA(u) Exit Run-Rate ($m)(2)Highly Cash Generative After Funding Infrastructure – All PillarsEBITDA(u)(1) less Capex / EBITDA(u) (%)(1)

Attractive Margins Across All PillarsEBITDA(u) Margin (%)(1)

+24%

(2)

9

50%

93%

H1 H2

(1) EBITDA(u): Represents underlying EBITDA, excluding shared based payments, acquisition and restructuring costs required to be expensed.(2) Underlying EBITDA June 2020 result annualised.(3) Group includes Corporate services

65% 56%

20%

46%

W&I SS CBE Group

53%

99%71% 69%

W&I SS CBE Group

(3)

(3)

FINANCIAL METRICS DRIVING CONTINUED EARNINGS GROWTH

ATTRACTIVE ECONOMICS FOR DEBT & CAPITAL MARKETS

As at Jun-20For

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FINANCIAL RESULTS

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FY20 GROUP PERFORMANCE. STRONG ORGANIC GROWTH:

CONSOLIDATED PROFIT & LOSS

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Revenue increased by $43.9M, up 306% on prior year

Gross margin percentages have grown to 76%, up from 54% in prior year

Half on half growth strong, building upon contributions from acquired businesses in H1 FY20

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General data






CAPEX$8,243


FY20FY19Var%var

Revenue$58,216$14,336$43,880306%

Gross margin$44,379$7,717$36,662475%

GM%76.2%53.8%

EBITDA (u)$26,530($884)$27,414-3101%


Share based exp($4,581)($3,311)($1,270)38%

IPO costs$0($1,093)$1,093-100%

EBITDA (reported)$16,055($5,499)$21,554-392%

D&A($6,853)($5,753)($1,100)19%

Finance costs($595)($872)$277-32%

Impairment (ROUA)$0($1,407)$1,407-100%

Tax$7,314$0$7,314ERROR:#DIV/0!

NPAT (reported$15,921($13,531)$29,452-218%

NPAT (u)$26,396($8,916)$35,312-396%


CAPEX($8,244)($1,950)($6,294)323%


Financing$324,835$30,491$294,344965%

Net movement'$170,019$18,284$151,735830%

Cash balance$189,150$19,131$170,019889%

FCF$13,400($1,696)$15,096-890%

FCF / Op Cash61.9%-667.7%

FCF / EBITDA(u)50.5%191.9%



H2H1FY20

EBITDA(u)$19,335$7,195$26,530


EBITDA(u) RR$41,000$33,000$8,00024.2%

$M p.a.FY19FY20FY20 EXIT RR$M p.a.FY19 (H1)FY19 (H2)FY20 (H1)FY20 (H2)FY20 EXIT RR

Revenue$14.3$58.2$77Revenue$3.1$11.2$22.0$36.2$77

EBITDA(u)($0.9)$26.5$41EBITDA(u)($1.6)$0.7$7.2$19.3$41

Operating Cash flow$0.3$21.6$40Operating Cash flow($2.5)$2.8$3.6$18.0$40

$M p.a.H2H1FY20




93.3%50.0%81.5%






Foreign Brokers23,218,4304.48%1,690,8650.52%

Employees etc.47,830,4189.24%41,242,88812.73%


Hedge Funds58,749,76311.35%25,660,8537.92%

Unallocated78,6240.02%60,0040.02%

Unanalysed61,538,57611.88%49,999,38915.43%

P&L



$5.8$69.9Revenue24004223512096967324-910758217

$4.6$54.8Gross Margin915418814160864405432444378

78.3%78.3%Gross Margin %38%84%77%65%76%

($1.2)($14.3)Remuneration-2801-3497-2578-8876-4086-12962

($0.6)($6.8)Other SGA-1574-792-1756-4122-764-4886

$2.8$33.7EBITDA(u)4779145251175231056-452626530

48.2%48.2%EBITDA(u)%20%65%56%46%46%

($1.0)($11.9)CAPEX-1363-6755-126-82440-8244



-299.3%-299.3%

($1.3)($15.3)KPI's

($0.0)($0.4)ARPU$77.88$48.47$247.37



Active lots39,476




Revenue22046361715821736171220461433611273306343881Revenue582171433643881














W&I53%

SS99%

CBE71%

Group69%

EBITDA%

W&I65%

SS56%

CBE20%

Group46%


H150%

H293%

W&ISSCBEGroup0.534939759036144550.98927842069434990.714793889935132820.68925744440256309

W&ISSCBEGroup0.649859066708424640.560446373217606930.199091818030328270.45570881357679027

H1H20.50.93


Revenue


H1H2H1H2FY19FY20-1554670719519335

EBITDA bridge

H1 Actuals7.2

Dec-19 RR33.0

H2 Growth5.6

H2 Annualised38.6

RR growth2.4

Jun-20 RR41.0

H1 Actuals7.2

Dec-19 RR33.0

H2 Actuals19.3

Jun-20 RR41.0


VB bridge

EBITDACAPEXOp Cash

FY19-0.9-2.00.3

FY2026.5-8.221.6

Jun-20 RR41.040.4


FY19-0.9-33%

FY2026.582%

Jun-20 RR41.099%

FY19FY20Jun-20 RR-0.926.541

FY19FY20Jun-20 RR0.321.640.4

EBITDA


FY19FY20Jun-20 RR-0.333333333333333310.815094339622641550.98536585365853657

P&L (CBE)



Revenue$24,004$13,591$10,41376.6%

Gross Margin$9,154$7,258$1,89626.1%


Remuneration($2,801)($4,525)$1,724

Other SGA($1,574)($2,043)$469



CAPEX($1,363)($1,950)$587

Free cash flow$3,416($1,260)$4,676-371.1%


KPI'sFY20FY19

ARPU$77.88$85.62



In A$Millions, unless otherwise statedFY20FY19$ change% change

Revenue24004135911041377%




Other SGA-1574-2043469

EBITDA47796904089593%

EBITDA%20%5%

CAPEX-1363-1950587




Fone4459367278721%

Call930950-20-2%


EBITDA%

Fone32%

Call45%

1300A76%

EBITDA%

FoneCall1300A0.320.450.76

P&L (W&I)





Revenue223510n/an/a


Gross Margin %84%



EBITDA145250n/an/a

EBITDA%65%

CAPEX-67550n/an/a



KPI'sFY20FY19

ARPU$48.47n/a





KPI'sJun-20Dec-19

Active lots40,24335,2005,043



P&L (SS)



Revenue20969704202652878.6%

Gross Margin16086417156693757.6%



Other SGA-1756-84-1672

EBITDA11752190115626085.3%

EBITDA%56%27%

CAPEX-1260-126



KPI'sFY20FY19

ARPU$247.37$198.76



BS

In A$Millions, unless otherwise statedJun-20Jun-19Variance

Cash at bank$189.2$19.1$170.1







Bank Debt$0.0($2.5)$2.5


Other($5.4)($7.3)$1.9



Net Assets$421.7$25.9$395.9


Cash$189.2$19.1$170.1

Debtors$6.0$1.5$4.5





Intangibles$206.0$20.9$185.1


TOTAL ASSETS$454.2$51.3$402.9


Bank Debt$0.0$0.7($0.7)




Bank Debt$0.0$1.8($1.8)





NET ASSETS$421.7$25.9$395.9

NTA$215.7$5.0$210.8


CF

In A$Millions, unless otherwise statedJun-20Jun-19VarianceJun-20Jun-19Variance





CAPEX-8243-1950-6293CAPEX-8243-1950-6293













CAPEX($8,243)($1,950)($6,293)







Jun-20Dec-19Jun-19





CAPEX-8243-2100-1950







CAPEX

Capital Expenditure


Growth11406078767294



FY19

Growth$1,833$1,833

Maintenance$117$117



($M's)H1H2FY20FY19FY19(1)

Growth18005500730018006600



P&L (with OPC)


Revenue5821773040131257150040

Gross Margin4437857706102084



Other SGA-4886-4212-9098

EBITDA(u)26530397876631790787

EBITDA(u)%46%54%51%61%




Interest & Tax6687-9748-3061



BS (with OPC)


Cash at bank$189.2$20.9($160.2)$49.8








Borrowings$0.0$0.0($150.0)($150.0)



Net Assets$421.7$87.2$0.0$152.7$661.6

Net Debt$100.2

EBITDA$90.8

Leverage1.1X


Cash$189.2$20.9$210.0

Debtors$6.4$10.2$16.6




Fixed Assets$49.0$92.1$141.1



TOTAL ASSETS$455.2$125.5$580.7


Bank Debt$0.0$0.7$0.7




Bank Debt$0.0$1.3$1.3





NET ASSETS$421.7$87.2$508.9

NTA$215.1$86.2$301.3


1

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INCREASED PROPORTION OF RESOLD FIBRE NETWORK VS WIRELESS

CONSUMER & BUSINESS ENABLEMENT (CBE) PROFIT & LOSS

Revenue increased by $10.4M, with a full year contribution from the FuzeNetbusiness

Changing gross margin profile with FuzeNet customer acquisition at a high level through the year

EBITDA growth through retention programs and tight control of SGA

EBITDA less CAPEX as a percentage of EBITDA is at 71%

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CAPEX$8,243


FY20FY19Var%var

Revenue$58,216$14,336$43,880306%

Gross margin$44,379$7,717$36,662475%

GM%76.2%53.8%

EBITDA (u)$26,530($884)$27,414-3101%


Share based exp($4,581)($3,311)($1,270)38%

IPO costs$0($1,093)$1,093-100%

EBITDA (reported)$16,055($5,499)$21,554-392%

D&A($6,853)($5,753)($1,100)19%

Finance costs($595)($872)$277-32%

Impairment (ROUA)$0($1,407)$1,407-100%

Tax$7,314$0$7,314ERROR:#DIV/0!

NPAT (reported$15,921($13,531)$29,452-218%

NPAT (u)$26,396($8,916)$35,312-396%


CAPEX($8,244)($1,950)($6,294)323%


Financing$324,835$30,491$294,344965%

Net movement'$170,019$18,284$151,735830%

Cash balance$189,150$19,131$170,019889%

FCF$13,400($1,696)$15,096-890%

FCF / Op Cash61.9%-667.7%

FCF / EBITDA(u)50.5%191.9%



H2H1FY20

EBITDA(u)$19,335$7,195$26,530


EBITDA(u) RR$41,000$33,000$8,00024.2%


Revenue$14.3$58.2$77Revenue$3.1$11.2$22.0$36.2$77

EBITDA(u)($0.9)$26.5$41EBITDA(u)($1.6)$0.7$7.2$19.3$41


$M p.a.H2H1FY20




93.3%50.0%81.5%






Foreign Brokers23,218,4304.48%1,690,8650.52%

Employees etc.47,830,4189.24%41,242,88812.73%


Hedge Funds58,749,76311.35%25,660,8537.92%

Unallocated78,6240.02%60,0040.02%

Unanalysed61,538,57611.88%49,999,38915.43%

P&L



$5.8$69.9Revenue24004223512096967324-910758217

$4.6$54.8Gross Margin915418814160864405432444378

78.3%78.3%Gross Margin %38%84%77%65%76%

($1.2)($14.3)Remuneration-2801-3497-2578-8876-4086-12962

($0.6)($6.8)Other SGA-1574-792-1756-4122-764-4886

$2.8$33.7EBITDA(u)4779145251175231056-452626530

48.2%48.2%EBITDA(u)%20%65%56%46%46%

($1.0)($11.9)CAPEX-1363-6755-126-82440-8244



-299.3%-299.3%

($1.3)($15.3)KPI's

($0.0)($0.4)ARPU$77.88$48.47$247.37



Active lots39,476




Revenue22046361715821736171220461433611273306343881Revenue582171433643881














W&I53%

SS99%

CBE71%

Group69%

EBITDA%

W&I65%

SS56%

CBE20%

Group46%


H150%

H293%

W&ISSCBEGroup0.534939759036144550.98927842069434990.714793889935132820.68925744440256309

W&ISSCBEGroup0.649859066708424640.560446373217606930.199091818030328270.45570881357679027

H1H20.50.93


Revenue


H1H2H1H2FY19FY20-1554670719519335

EBITDA bridge

H1 Actuals7.2

Dec-19 RR33.0

H2 Growth5.6

H2 Annualised38.6

RR growth2.4

Jun-20 RR41.0

H1 Actuals7.2

Dec-19 RR33.0

H2 Actuals19.3

Jun-20 RR41.0


VB bridge

EBITDACAPEXOp Cash

FY19-0.9-2.00.3

FY2026.5-8.221.6

Jun-20 RR41.040.4


FY19-0.9-33%

FY2026.582%

Jun-20 RR41.099%

FY19FY20Jun-20 RR-0.926.541

FY19FY20Jun-20 RR0.321.640.4

EBITDA


FY19FY20Jun-20 RR-0.333333333333333310.815094339622641550.98536585365853657

P&L (CBE)



Revenue$24,004$13,591$10,41376.6%

Gross Margin$9,154$7,258$1,89626.1%


Remuneration($2,801)($4,525)$1,724

Other SGA($1,574)($2,043)$469



CAPEX($1,363)($1,950)$587

Free cash flow$3,416($1,260)$4,676-371.1%


KPI'sFY20FY19

ARPU$77.88$85.62




Revenue24004135911041377%




Other SGA-1574-2043469

EBITDA47796904089593%

EBITDA%20%5%

CAPEX-1363-1950587




Fone4459367278721%

Call930950-20-2%


EBITDA%

Fone32%

Call45%

1300A76%

EBITDA%

FoneCall1300A0.320.450.76

P&L (W&I)





Revenue223510n/an/a


Gross Margin %84%



EBITDA145250n/an/a

EBITDA%65%

CAPEX-67550n/an/a



KPI'sFY20FY19

ARPU$48.47n/a





KPI'sJun-20Dec-19

Active lots40,24335,2005,043



P&L (SS)



Revenue20969704202652878.6%

Gross Margin16086417156693757.6%



Other SGA-1756-84-1672

EBITDA11752190115626085.3%

EBITDA%56%27%

CAPEX-1260-126



KPI'sFY20FY19

ARPU$247.37$198.76



BS


Cash at bank$189.2$19.1$170.1







Bank Debt$0.0($2.5)$2.5


Other($5.4)($7.3)$1.9



Net Assets$421.7$25.9$395.9


Cash$189.2$19.1$170.1

Debtors$6.0$1.5$4.5





Intangibles$206.0$20.9$185.1


TOTAL ASSETS$454.2$51.3$402.9


Bank Debt$0.0$0.7($0.7)




Bank Debt$0.0$1.8($1.8)





NET ASSETS$421.7$25.9$395.9

NTA$215.7$5.0$210.8


CF






CAPEX-8243-1950-6293CAPEX-8243-1950-6293













CAPEX($8,243)($1,950)($6,293)







Jun-20Dec-19Jun-19





CAPEX-8243-2100-1950







CAPEX

Capital Expenditure


Growth11406078767294



FY19

Growth$1,833$1,833

Maintenance$117$117




Growth18005500730018006600



P&L (with OPC)


Revenue5821773040131257150040

Gross Margin4437857706102084



Other SGA-4886-4212-9098

EBITDA(u)26530397876631790787

EBITDA(u)%46%54%51%61%




Interest & Tax6687-9748-3061



BS (with OPC)


Cash at bank$189.2$20.9($160.2)$49.8








Borrowings$0.0$0.0($150.0)($150.0)



Net Assets$421.7$87.2$0.0$152.7$661.6

Net Debt$100.2

EBITDA$90.8

Leverage1.1X


Cash$189.2$20.9$210.0

Debtors$6.4$10.2$16.6




Fixed Assets$49.0$92.1$141.1



TOTAL ASSETS$455.2$125.5$580.7


Bank Debt$0.0$0.7$0.7




Bank Debt$0.0$1.3$1.3





NET ASSETS$421.7$87.2$508.9

NTA$215.1$86.2$301.3


1

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26

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28

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Revenue


WHOLESALE & INFRASTRUCTURE (W&I) PROFIT & LOSS

13

Revenue of $22.4M with ~90% recurring revenue

Gross margins achieved of 84%, due to low cost of goods sold with owned network

EBITDA of $14.5M, 65% of revenue

EBITDA less CAPEX as a percentage of EBITDA is at 53%

Partial contributions from LBNCo (9 months) & OPENetworks (8 months)

STRONGLY GROWING ANNUITY REVENUE AND EARNINGS

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CAPEX$8,243


FY20FY19Var%var

Revenue$58,216$14,336$43,880306%

Gross margin$44,379$7,717$36,662475%

GM%76.2%53.8%

EBITDA (u)$26,530($884)$27,414-3101%


Share based exp($4,581)($3,311)($1,270)38%

IPO costs$0($1,093)$1,093-100%

EBITDA (reported)$16,055($5,499)$21,554-392%

D&A($6,853)($5,753)($1,100)19%

Finance costs($595)($872)$277-32%

Impairment (ROUA)$0($1,407)$1,407-100%

Tax$7,314$0$7,314ERROR:#DIV/0!

NPAT (reported$15,921($13,531)$29,452-218%

NPAT (u)$26,396($8,916)$35,312-396%


CAPEX($8,244)($1,950)($6,294)323%


Financing$324,835$30,491$294,344965%

Net movement'$170,019$18,284$151,735830%

Cash balance$189,150$19,131$170,019889%

FCF$13,400($1,696)$15,096-890%

FCF / Op Cash61.9%-667.7%

FCF / EBITDA(u)50.5%191.9%



H2H1FY20

EBITDA(u)$19,335$7,195$26,530


EBITDA(u) RR$41,000$33,000$8,00024.2%


Revenue$14.3$58.2$77Revenue$3.1$11.2$22.0$36.2$77

EBITDA(u)($0.9)$26.5$41EBITDA(u)($1.6)$0.7$7.2$19.3$41


$M p.a.H2H1FY20




93.3%50.0%81.5%






Foreign Brokers23,218,4304.48%1,690,8650.52%

Employees etc.47,830,4189.24%41,242,88812.73%


Hedge Funds58,749,76311.35%25,660,8537.92%

Unallocated78,6240.02%60,0040.02%

Unanalysed61,538,57611.88%49,999,38915.43%

P&L



$5.8$69.9Revenue24004223512096967324-910758217

$4.6$54.8Gross Margin915418814160864405432444378

78.3%78.3%Gross Margin %38%84%77%65%76%

($1.2)($14.3)Remuneration-2801-3497-2578-8876-4086-12962

($0.6)($6.8)Other SGA-1574-792-1756-4122-764-4886

$2.8$33.7EBITDA(u)4779145251175231056-452626530

48.2%48.2%EBITDA(u)%20%65%56%46%46%

($1.0)($11.9)CAPEX-1363-6755-126-82440-8244



-299.3%-299.3%

($1.3)($15.3)KPI's

($0.0)($0.4)ARPU$77.88$48.47$247.37



Active lots39,476




Revenue22046361715821736171220461433611273306343881Revenue582171433643881














W&I53%

SS99%

CBE71%

Group69%

EBITDA%

W&I65%

SS56%

CBE20%

Group46%


H150%

H293%

W&ISSCBEGroup0.534939759036144550.98927842069434990.714793889935132820.68925744440256309

W&ISSCBEGroup0.649859066708424640.560446373217606930.199091818030328270.45570881357679027

H1H20.50.93


Revenue


H1H2H1H2FY19FY20-1554670719519335

EBITDA bridge

H1 Actuals7.2

Dec-19 RR33.0

H2 Growth5.6

H2 Annualised38.6

RR growth2.4

Jun-20 RR41.0

H1 Actuals7.2

Dec-19 RR33.0

H2 Actuals19.3

Jun-20 RR41.0


VB bridge

EBITDACAPEXOp Cash

FY19-0.9-2.00.3

FY2026.5-8.221.6

Jun-20 RR41.040.4


FY19-0.9-33%

FY2026.582%

Jun-20 RR41.099%

FY19FY20Jun-20 RR-0.926.541

FY19FY20Jun-20 RR0.321.640.4

EBITDA


FY19FY20Jun-20 RR-0.333333333333333310.815094339622641550.98536585365853657

P&L (CBE)



Revenue$24,004$13,591$10,41376.6%

Gross Margin$9,154$7,258$1,89626.1%


Remuneration($2,801)($4,525)$1,724

Other SGA($1,574)($2,043)$469



CAPEX($1,363)($1,950)$587

Free cash flow$3,416($1,260)$4,676-371.1%


KPI'sFY20FY19

ARPU$77.88$85.62




Revenue24004135911041377%




Other SGA-1574-2043469

EBITDA47796904089593%

EBITDA%20%5%

CAPEX-1363-1950587




Fone4459367278721%

Call930950-20-2%


EBITDA%

Fone32%

Call45%

1300A76%

EBITDA%

FoneCall1300A0.320.450.76

P&L (W&I)





Revenue223510n/an/a


Gross Margin %84%



EBITDA145250n/an/a

EBITDA%65%

CAPEX-67550n/an/a



KPI'sFY20FY19

ARPU$48.47n/a





KPI'sJun-20Dec-19

Active lots40,24335,2005,043



P&L (SS)



Revenue20969704202652878.6%

Gross Margin16086417156693757.6%



Other SGA-1756-84-1672

EBITDA11752190115626085.3%

EBITDA%56%27%

CAPEX-1260-126



KPI'sFY20FY19

ARPU$247.37$198.76



BS


Cash at bank$189.2$19.1$170.1







Bank Debt$0.0($2.5)$2.5


Other($5.4)($7.3)$1.9



Net Assets$421.7$25.9$395.9


Cash$189.2$19.1$170.1

Debtors$6.0$1.5$4.5





Intangibles$206.0$20.9$185.1


TOTAL ASSETS$454.2$51.3$402.9


Bank Debt$0.0$0.7($0.7)




Bank Debt$0.0$1.8($1.8)





NET ASSETS$421.7$25.9$395.9

NTA$215.7$5.0$210.8


CF






CAPEX-8243-1950-6293CAPEX-8243-1950-6293













CAPEX($8,243)($1,950)($6,293)







Jun-20Dec-19Jun-19





CAPEX-8243-2100-1950







CAPEX

Capital Expenditure


Growth11406078767294



FY19

Growth$1,833$1,833

Maintenance$117$117




Growth18005500730018006600



P&L (with OPC)


Revenue5821773040131257150040

Gross Margin4437857706102084



Other SGA-4886-4212-9098

EBITDA(u)26530397876631790787

EBITDA(u)%46%54%51%61%




Interest & Tax6687-9748-3061



BS (with OPC)


Cash at bank$189.2$20.9($160.2)$49.8








Borrowings$0.0$0.0($150.0)($150.0)



Net Assets$421.7$87.2$0.0$152.7$661.6

Net Debt$100.2

EBITDA$90.8

Leverage1.1X


Cash$189.2$20.9$210.0

Debtors$6.4$10.2$16.6




Fixed Assets$49.0$92.1$141.1



TOTAL ASSETS$455.2$125.5$580.7


Bank Debt$0.0$0.7$0.7




Bank Debt$0.0$1.3$1.3





NET ASSETS$421.7$87.2$508.9

NTA$215.1$86.2$301.3


1

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In A$Millions


Revenue of $21.0M for the year, with integration of the Fone, Call and 1300 Australia acquisitions

Improvement of gross margin to 77% with the acquisition of 1300 Australia with high gross margin

EBITDA at 56%, with EBITDA less CAPEX as a percentage of EBITDA at 99%

Partial contribution from 1300 Australia (7 months)

THE GROWING CASH COW

14

SPECIALTY SERVICES (SS) PROFIT & LOSS

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CONSOLIDATED BALANCE SHEET

Cash at bank of $40.7M (excluding entitlement offer funds) shows strong cash generation for the period

Property Plant & Equipment at $48.9M, an increase of $40.9M due to acquisitions and investment in fibre deployment

Bank Debt to SA State Government fully repaid, currently debt free

Deferred Consideration includes payments outstanding for the Fone Dynamics and LBNCoacquisitions

Net Tangible Assets (NTA) up $210.8M to $215.7M

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STRONG BALANCE SHEET

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General data






CAPEX$8,243


FY20FY19Var%var

Revenue$58,216$14,336$43,880306%

Gross margin$44,379$7,717$36,662475%

GM%76.2%53.8%

EBITDA (u)$26,530($884)$27,414-3101%


Share based exp($4,581)($3,311)($1,270)38%

IPO costs$0($1,093)$1,093-100%

EBITDA (reported)$16,055($5,499)$21,554-392%

D&A($6,853)($5,753)($1,100)19%

Finance costs($595)($872)$277-32%

Impairment (ROUA)$0($1,407)$1,407-100%

Tax$7,314$0$7,314ERROR:#DIV/0!

NPAT (reported$15,921($13,531)$29,452-218%

NPAT (u)$26,396($8,916)$35,312-396%


CAPEX($8,244)($1,950)($6,294)323%


Financing$324,835$30,491$294,344965%

Net movement'$170,019$18,284$151,735830%

Cash balance$189,150$19,131$170,019889%

FCF$13,400($1,696)$15,096-890%

FCF / Op Cash61.9%-667.7%

FCF / EBITDA(u)50.5%191.9%



H2H1FY20

EBITDA(u)$19,335$7,195$26,530


EBITDA(u) RR$41,000$33,000$8,00024.2%


Revenue$14.3$58.2$77Revenue$3.1$11.2$22.0$36.2$77

EBITDA(u)($0.9)$26.5$41EBITDA(u)($1.6)$0.7$7.2$19.3$41


$M p.a.H2H1FY20




93.3%50.0%81.5%






Foreign Brokers23,218,4304.48%1,690,8650.52%

Employees etc.47,830,4189.24%41,242,88812.73%


Hedge Funds58,749,76311.35%25,660,8537.92%

Unallocated78,6240.02%60,0040.02%

Unanalysed61,538,57611.88%49,999,38915.43%

P&L



$5.8$69.9Revenue24004223512096967324-910758217

$4.6$54.8Gross Margin915418814160864405432444378

78.3%78.3%Gross Margin %38%84%77%65%76%

($1.2)($14.3)Remuneration-2801-3497-2578-8876-4086-12962

($0.6)($6.8)Other SGA-1574-792-1756-4122-764-4886

$2.8$33.7EBITDA(u)4779145251175231056-452626530

48.2%48.2%EBITDA(u)%20%65%56%46%46%

($1.0)($11.9)CAPEX-1363-6755-126-82440-8244



-299.3%-299.3%

($1.3)($15.3)KPI's

($0.0)($0.4)ARPU$77.88$48.47$247.37



Active lots39,476




Revenue22046361715821736171220461433611273306343881Revenue582171433643881














W&I53%

SS99%

CBE71%

Group69%

EBITDA%

W&I65%

SS56%

CBE20%

Group46%


H150%

H293%

W&ISSCBEGroup0.534939759036144550.98927842069434990.714793889935132820.68925744440256309

W&ISSCBEGroup0.649859066708424640.560446373217606930.199091818030328270.45570881357679027

H1H20.50.93


Revenue


H1H2H1H2FY19FY20-1554670719519335

EBITDA bridge

H1 Actuals7.2

Dec-19 RR33.0

H2 Growth5.6

H2 Annualised38.6

RR growth2.4

Jun-20 RR41.0

H1 Actuals7.2

Dec-19 RR33.0

H2 Actuals19.3

Jun-20 RR41.0


VB bridge

EBITDACAPEXOp Cash

FY19-0.9-2.00.3

FY2026.5-8.221.6

Jun-20 RR41.040.4


FY19-0.9-33%

FY2026.582%

Jun-20 RR41.099%

FY19FY20Jun-20 RR-0.926.541

FY19FY20Jun-20 RR0.321.640.4

EBITDA


FY19FY20Jun-20 RR-0.333333333333333310.815094339622641550.98536585365853657

P&L (CBE)



Revenue$24,004$13,591$10,41376.6%

Gross Margin$9,154$7,258$1,89626.1%


Remuneration($2,801)($4,525)$1,724

Other SGA($1,574)($2,043)$469



CAPEX($1,363)($1,950)$587

Free cash flow$3,416($1,260)$4,676-371.1%


KPI'sFY20FY19

ARPU$77.88$85.62




Revenue24004135911041377%




Other SGA-1574-2043469

EBITDA47796904089593%

EBITDA%20%5%

CAPEX-1363-1950587




Fone4459367278721%

Call930950-20-2%


EBITDA%

Fone32%

Call45%

1300A76%

EBITDA%

FoneCall1300A0.320.450.76

P&L (W&I)





Revenue223510n/an/a


Gross Margin %84%



EBITDA145250n/an/a

EBITDA%65%

CAPEX-67550n/an/a



KPI'sFY20FY19

ARPU$48.47n/a





KPI'sJun-20Dec-19

Active lots40,24335,2005,043



P&L (SS)



Revenue20969704202652878.6%

Gross Margin16086417156693757.6%



Other SGA-1756-84-1672

EBITDA11752190115626085.3%

EBITDA%56%27%

CAPEX-1260-126



KPI'sFY20FY19

ARPU$247.37$198.76



BS

In A$MillionsJun-20Jun-19Variance

Cash at bank$189.2$19.1$170.1







Bank Debt$0.0($2.5)$2.5


Other($5.4)($7.3)$1.9



Net Assets$421.7$25.9$395.9


Cash$189.2$19.1$170.1

Debtors$6.0$1.5$4.5





Intangibles$206.0$20.9$185.1


TOTAL ASSETS$454.2$51.3$402.9


Bank Debt$0.0$0.7($0.7)




Bank Debt$0.0$1.8($1.8)





NET ASSETS$421.7$25.9$395.9

NTA$215.7$5.0$210.8


CF






CAPEX-8243-1950-6293CAPEX-8243-1950-6293













CAPEX($8,243)($1,950)($6,293)







Jun-20Dec-19Jun-19





CAPEX-8243-2100-1950







CAPEX

Capital Expenditure


Growth11406078767294



FY19

Growth$1,833$1,833

Maintenance$117$117




Growth18005500730018006600



P&L (with OPC)


Revenue5821773040131257150040

Gross Margin4437857706102084



Other SGA-4886-4212-9098

EBITDA(u)26530397876631790787

EBITDA(u)%46%54%51%61%




Interest & Tax6687-9748-3061



BS (with OPC)


Cash at bank$189.2$20.9($160.2)$49.8








Borrowings$0.0$0.0($150.0)($150.0)



Net Assets$421.7$87.2$0.0$152.7$661.6

Net Debt$100.2

EBITDA$90.8

Leverage1.1X


Cash$189.2$20.9$210.0

Debtors$6.4$10.2$16.6




Fixed Assets$49.0$92.1$141.1



TOTAL ASSETS$455.2$125.5$580.7


Bank Debt$0.0$0.7$0.7




Bank Debt$0.0$1.3$1.3





NET ASSETS$421.7$87.2$508.9

NTA$215.1$86.2$301.3


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A

B

In A$Millions

Cash at bank

Trade receivables

Other current assets

CONSOLIDATED CASH FLOW

Operating cash at a strong level, incorporating the highly cash generative acquisitions completed during the year

CAPEX is primarily growth CAPEX associated with fibre deployment

Investing activities includes the cash payments for LBNCo, OPENetworks and 1300 Australia

Financing activities include the equity raisings for LBNCo, 1300 Australia and OptiComm, less fees

Cash balance increased to $189.2M, including $148.5M entitlement offer funds for the proposed acquisition of OptiComm

FCF to Operating cash at 62%

Operating cash to EBITDA(u) at 82%

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A SECTOR LEADER IN CASH GENERATION

For

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General data






CAPEX$8,243


FY20FY19Var%var

Revenue$58,216$14,336$43,880306%

Gross margin$44,379$7,717$36,662475%

GM%76.2%53.8%

EBITDA (u)$26,530($884)$27,414-3101%


Share based exp($4,581)($3,311)($1,270)38%

IPO costs$0($1,093)$1,093-100%

EBITDA (reported)$16,055($5,499)$21,554-392%

D&A($6,853)($5,753)($1,100)19%

Finance costs($595)($872)$277-32%

Impairment (ROUA)$0($1,407)$1,407-100%

Tax$7,314$0$7,314ERROR:#DIV/0!

NPAT (reported$15,921($13,531)$29,452-218%

NPAT (u)$26,396($8,916)$35,312-396%


CAPEX($8,244)($1,950)($6,294)323%


Financing$324,835$30,491$294,344965%

Net movement'$170,019$18,284$151,735830%

Cash balance$189,150$19,131$170,019889%

FCF$13,400($1,696)$15,096-890%

FCF / Op Cash61.9%-667.7%

FCF / EBITDA(u)50.5%191.9%



H2H1FY20

EBITDA(u)$19,335$7,195$26,530


EBITDA(u) RR$41,000$33,000$8,00024.2%


Revenue$14.3$58.2$77Revenue$3.1$11.2$22.0$36.2$77

EBITDA(u)($0.9)$26.5$41EBITDA(u)($1.6)$0.7$7.2$19.3$41


$M p.a.H2H1FY20




93.3%50.0%81.5%






Foreign Brokers23,218,4304.48%1,690,8650.52%

Employees etc.47,830,4189.24%41,242,88812.73%


Hedge Funds58,749,76311.35%25,660,8537.92%

Unallocated78,6240.02%60,0040.02%

Unanalysed61,538,57611.88%49,999,38915.43%

P&L



$5.8$69.9Revenue24004223512096967324-910758217

$4.6$54.8Gross Margin915418814160864405432444378

78.3%78.3%Gross Margin %38%84%77%65%76%

($1.2)($14.3)Remuneration-2801-3497-2578-8876-4086-12962

($0.6)($6.8)Other SGA-1574-792-1756-4122-764-4886

$2.8$33.7EBITDA(u)4779145251175231056-452626530

48.2%48.2%EBITDA(u)%20%65%56%46%46%

($1.0)($11.9)CAPEX-1363-6755-126-82440-8244



-299.3%-299.3%

($1.3)($15.3)KPI's

($0.0)($0.4)ARPU$77.88$48.47$247.37



Active lots39,476




Revenue22046361715821736171220461433611273306343881Revenue582171433643881














W&I53%

SS99%

CBE71%

Group69%

EBITDA%

W&I65%

SS56%

CBE20%

Group46%


H150%

H293%

W&ISSCBEGroup0.534939759036144550.98927842069434990.714793889935132820.68925744440256309

W&ISSCBEGroup0.649859066708424640.560446373217606930.199091818030328270.45570881357679027

H1H20.50.93


Revenue


H1H2H1H2FY19FY20-1554670719519335

EBITDA bridge

H1 Actuals7.2

Dec-19 RR33.0

H2 Growth5.6

H2 Annualised38.6

RR growth2.4

Jun-20 RR41.0

H1 Actuals7.2

Dec-19 RR33.0

H2 Actuals19.3

Jun-20 RR41.0


VB bridge

EBITDACAPEXOp Cash

FY19-0.9-2.00.3

FY2026.5-8.221.6

Jun-20 RR41.040.4


FY19-0.9-33%

FY2026.582%

Jun-20 RR41.099%

FY19FY20Jun-20 RR-0.926.541

FY19FY20Jun-20 RR0.321.640.4

EBITDA


FY19FY20Jun-20 RR-0.333333333333333310.815094339622641550.98536585365853657

P&L (CBE)


FY20FY19$ change% chan

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