Slide 1: Barminco Results Presentation
15 AUGUST 2018 BARMINCO RESULTS PRESENTATION In connection with the proposed strategic acquisition of Barminco announced today, Ausdrill attaches a copy of Barminco’s FY 18 Business Results Presentation released by Barminco Finance Pty Ltd (SGX:XT) to the Singapore Stock Exchange on 14 August 2018.
Slide 2: FY18 Results Presentation
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Slide 3: Disclaimer
DISCLAIMER The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation by Barminco Finance Pty Limited (“Barminco”) is not, and does not constitute, an offer to sell or t
Slide 4: Introductions
INTRODUCTIONS Paul Muller Peter Bryant Chief Executive officer Chief Financial Officer and Company Secretary Paul Muller was appointed Chief Peter Bryant was appointed Chief Executive officer in 2017 and has over Financial Officer in 2013 and has over 25 20 years’ experience in the resources yea
Slide 5: FY18 Summary
FY18 SUMMARY • Industry-leading safety performance continuing to improve – Lost time injury frequency rate of zero – Total recordable injury frequency rate of 7.1 reduced by 36% from PCP • Financial outcomes underpinned by excellent operational performance – Productivity and equipment utilisation co
Slide 6: Proportionally Consolidated P&L
PROPORTIONALLY CONSOLIDATED P&L (BARMINCO AND 50% SHARE OF AUMS) Jun-18 Jun-17 Proportionally consolidated Barminco AUMS 50% TOTAL Barminco AUMS 50% TOTAL trading result reflects solid growth in both Barminco and A$M A$M A$M A$M A$M A$M AUMS earnings Revenue 586.1 145.8 731.9 601.7 89.4 691.1 Cost
Slide 7: FY18 Barminco Audited Results
FY18 BARMINCO AUDITED RESULTS H1 H2 FY18 FY17 $M $M $M $M Revenue Trading EBITDA up 36% on PCP Mining 257.4 272.3 529.7 551.4 Diamond drilling 23.7 26.1 49.8 45.1 Other 1.3 5.3 6.6 5.2 Trading EBITDA margin at 20% Total revenue 282.4 303.7 586.1 601.7 Project costs 229.9 241.6 471.5 520.3 EBIT
Slide 8: Summary of Results - AUMS
SUMMARY OF RESULTS - AUMS (BARMINCO 50% SHARE) EBITDA up 65.3% with solid Barminco 50% Share H1 FY18 H2 FY18 FY18 FY17 of AUMS margins A$M A$M A$M A$M Revenue 66.6 79.2 145.8 89.4 AUMS strong performance in FY18 EBITDA 21.5 28.6 50.1 30.3 was driven by: EBITDA % 32.3% 36.1% 34.4% 33.9% The ram
Slide 9: Balance Sheet (Barminco)
BALANCE SHEET Jun-18 Jun-17 (BARMINCO) $M $M Cash and cash equivalents 80.3 77.9 Trade and other receivables 83.5 79.1 Strong liquidity – in excess of $200M Current assets Inventories 20.7 18.8 Cash on hand of $80.3M Other 2.7 4.0 Total current assets 187.2 179.8 Revolving credit facility of $
Slide 10: Cash Flow
CASH FLOW (BARMINCO) Jun-18 Jun-17 $M $M Barminco generated strong operating Trading EBITDA 117.4 86.3 cash flows in FY18, with margins Redundancies (1.1) (0.3) returning to historical levels Movement in Working Capital/Other (20.0) (7.5) Sub Total 96.3 78.5 AUMS dividends of A$13.1M received Ca
Slide 11: Capital Expenditure
CAPITAL EXPENDITURE (BARMINCO EXCLUDING AUMS) Jun-18 Jun-17 90% of capex funded via cash $M $M Growth – Kundana - 30.1 Growth capex relates to: Growth – Other 23.0 22.6 Stay in business – Kundana - 0.8 Dugald River Stay in business – Other 41.0 34.6 Total capital expenditure 64.0 88.1 Sunris
Slide 12: Major Mining Contracts Contributing to FY18 Results
MAJOR MINING CONTRACTS CONTRIBUTING TO FY18 RESULTS BARMINCO CONTRACT PROJECT ULTIMATE CLIENT COMMODITY LOCATION COMMENCEMENT MATURITY Sunrise Dam AngloGold Ashanti Au WA 2003 FY19* Flying Fox Western Areas Ni WA 2004 FY20 Spotted Quoll Western Areas Ni WA 2011 FY20 Sukari Centamin Au Egypt 2009 FY2
Slide 13: Business Outlook
BUSINESS OUTLOOK • All projects currently performing well • Focus on continuing to deliver strong physicals, operating efficiencies and leading safety performance • Tender pipeline strong and tender activity has increased • EBITDA growth expected in FY19 12