Macmahon Holdings Limited · ASX:MAH
Macmahon — Shareholder Meeting (October 2023)
32 slides from Macmahon's shareholder meeting presentation, Oct 20, 2023
Slide 1: Corrected 2023 AGM Presentation to Shareholders
20 October 2023 Corrected 2023 AGM Presentation to Shareholders Macmahon Holdings Limited (ASX: MAH) (Macmahon or the Company) advises that a typographic error appeared on page 17 of the 2023 Annual General Meeting Presentation to Shareholders released to the market today. The typographic error in t
Slide 2: FY23 Annual General Meeting
KC to update title FY23 Annual General Meeting 20 October 2023
Slide 3: Acknowledgement of Country
Acknowledgement of Country We wish to acknowledge the traditional custodians of the land on which we meet today, the Whadjuk people, and pay our respects to elders past, present and emerging. We extend that respect to the traditional custodians of the lands on which our online participants join us a
Slide 4: Meeting Agenda
Meeting Agenda 1. Welcome and Introduction 2. Chair’s Address 3. Managing Director and CEO’s Address 4. Formal Business • Introduction • Proxy Voting Results • Financial Statements and Reports Discussion/Questions • Consideration of Resolutions, Question and Voting 5. Closing 3
Slide 5: Corporate Overview – Directors
Corporate Overview – Directors MICHAEL FINNEGAN DAVID GIBBS Managing Director Non-Independent, Non-Executive Director and Chief Executive Officer EVA SKIRA* DENISE McCOMISH HAMISH TYRWHITT* Independent, Non-Executive Chair Independent, Non-Executive Director Independent, Non-Executive Director * Mac
Slide 6: Online Attendees – Question Process
Online Attendees – Question Process Select the Q&A Icon that appears on the top right of your screen To submit a question, type your question in the box that states “Enter your question here” and press Send button Your question will be sent immediately for review. To ask a verbal question, follow th
Slide 7: Online Attendees – Voting
Online Attendees – Voting When the Chair declares the poll open, select the ‘Vote’ icon and the voting options will appear on your screen. To vote, select your voting direction. A tick will appear to confirm receipt of your vote. There is no submit or send button, your selection is automatically rec
Slide 8: Chair Address – Eva Skira
CHAIR ADDRESS Eva Skira MACMAHON – FY23 Annual General Meeting
Slide 9: A successful year for Macmahon
A successful year for Macmahon FY23 Highlights Revenue ($m) • Achieved guidance for 6th consecutive year 1,906 1,698 • Delivered record financial results 1,380 1,351 • $5.1b order book including $2.6b in contract 1,103 extensions and new work won 710 • Delivered $34.7m free cash flow • Reduced lever
Slide 10: Sustainability
Sustainability Evolving commitment and enhancing contribution Baselining of our Sustainability FY23 GHG emissions Land rehabilitated Tyre Recycling Environment Environmental Framework developed, 56 hectares in Program (CO2-e tonnes) Footprint roadmap and execution Australia 662 tonnes underway plan
Slide 11: Macmahon Board
Macmahon Board Macmahon Board Post AGM HAMISH TYRWHITT MICHAEL FINNEGAN DENISE McCOMISH DAVID GIBBS – AMNT Nominee Independent, Non-Executive Director Managing Director Independent, Non-Executive Director Non-Independent, Non-Executive Director Chair Elect and Chief Executive Officer Appointed 13 Ju
Slide 12: Closing Remarks
Closing Remarks Greenbushes Lithium Project, Byerwen, QLD (Qcoal) Tropicana, WA (AGA / Regis Resources) WA (Talison Lithium) Batu Hijau, Indonesia (PT AMNT) Martabe Gold Mine, Indonesia Boston Shaker, WA (AGA / Regis Resources) Fimiston, WA (KCGM) (PT Agincourt) 11
Slide 13: Managing Director & CEO Address – Mick Finnegan
MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER ADDRESS Mick Finnegan MACMAHON – FY23 Annual General Meeting
Slide 14: FY23 Financial Highlights
FY23 Financial Highlights Record underlying operating earnings delivered Revenue Underlying EBITDA1 Underlying EBIT(A)1 (Record) (Record) FY24 Secured Revenue5 $1.9bn p 12% $308.7m p 6% $116.6m p 16% $1.6bn 15.7% margin 6.1% margin Underlying NPAT(A)1 Underlying operating cash flow2 Total Dividend F
Slide 15: Expanding into Lower Capital Intensity Services
Expanding into Lower Capital Intensity Services Executing filtered tender pipeline to progress towards long term targets FY18 Revenue Mix FY23 Revenue Mix 7% 3% 9% TARGET 25% $710m $1.9b 66% 90% Revenue Mix FY23 Tender Pipeline FY18 Pipeline 1% 29% 21% 35% $5.4bn $10.6bn EBIT(A) ROACE Margin 78% p 8
Slide 16: FY23 Operational Highlights
FY23 Operational Highlights Execution of existing contracts while managing industry headwinds and securing highly filtered new work Mining Support Services Surface Mining Underground Corporate & Civil Infrastructure • Telfer performing well and record • FY23 revenue at 25% of group • Fimiston TSF pr
Slide 17: Safety & People
Safety & People Investing in our people and continued safety improvement Safety & Wellbeing Injury Frequency Rates & Workforce • TRIFR decreased from 4.8 in FY22 to 3.9 in FY23 • External review and strengthening of the Critical Risk Management Program 8,368 7,848 • Education and training in risk as
Slide 18: Capital Allocation Policy to Balance Growth
Capital Allocation Policy to Balance Growth Our Priorities ✓ Maintain resilient balance sheet, ensure appropriate liquidity and gearing ✓ Retain flexibility to fund organic growth and accretive acquisitions ✓ Increased cash return to shareholders Capital 1. Maintain Financial Strength 2. Investment
Slide 19: Share Price & EPS Divergence
Share Price & EPS Divergence Share Price Performance vs EPS 0.35 4.00 3.50 0.30 3.00 0.25 2.50 Share Price ($) 0.20 EPS (cps) 2.00 0.15 1.50 1.00 0.10 0.50 0.05 0.00 0.00 -0.50 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Share Price EPS 18
Slide 20: Priorities and Outlook
Priorities and Outlook FY24 PRIORITIES FY24 GUIDANCE1 • Optimise operations and continue to deliver for clients safely • Deliver earnings, margin growth and free cash flow from recent capital investments Revenue EBIT(A) • Accelerate ROACE growth and reduce capital employed by $1.7bn – $1.8bn4 $130m
Slide 21: Thank You
Thank You CQ.MACMAHON
Slide 22: Meeting Resolutions
| | MACMAHON Meeting Resolutions
Slide 23: Proxy Voting Results
Proxy Voting Results Resolutions For Against Abstain Open Resolution 1 1,330,991,116 258,969,927 1,327,459 1,222,790 Adoption of Remuneration Report (83.64%) (16.28%) (0.08%) Resolution 2 1,587,704,763 3,567,860 1,222,790 15,879 Election of Mr David Gibbs as a Director (99.70%) (0.22%) (0.08%) Resol
Slide 24: Financial Statements and Reports
Financial Statements and Reports 23
Slide 25: Resolution 1 – Adoption of Remuneration Report
Resolution 1 ADOPTION OF REMUNERATION REPORT “That for the purposes of section 250R(2) of the Corporations Act and for all other purposes, the Company’s Remuneration Report (which forms part of the Directors’ Report) for the year ended 30 June 2023) be adopted.” Note: The vote on this Resolution is
Slide 26: Resolution 1 – Proxy Results
Resolution 1 – Proxy Results ADOPTION OF REMUNERATION REPORT 1,330,991,116 For (83.64%) 258,969,927 Against (16.28%) Abstain 1,327,459 1,222,790 At the Proxy's Discretion (0.08%) Total Proxy Votes 1,592,511,292 25
Slide 27: Resolution 2 – Election of Mr David Gibbs
Resolution 2 ELECTION OF MR DAVID GIBBS AS A DIRECTOR “That Mr David Gibbs, a Director appointed by the Board to fill a casual vacancy during the year, who retires from the office of Director in accordance with rule 3.6(a) of the Company’s Constitution, and being eligible, be elected as a Director o
Slide 28: Resolution 2 – Proxy Results
Resolution 2 – Proxy Results ELECTION OF MR DAVID GIBBS AS A DIRECTOR 1,587,704,763 For (99.70%) 3,567,860 Against (0.22%) Abstain 15,879 1,222,790 At the Proxy's Discretion (0.08%) Total Proxy Votes 1,592,511,292 27
Slide 29: Resolution 3 – Renewal of Proportional Takeover Provisions
Resolution 3 RENEWAL OF PROPORTIONAL TAKEOVER PROVISIONS To consider and, if thought fit, pass the following Resolution as a special resolution: “That, with effect from the close of the Meeting and in accordance with section 648G of the Corporations Act, the proportional takeover provisions set out
Slide 30: Resolution 3 – Proxy Results
Resolution 3 – Proxy Results RENEWAL OF PROPORTIONAL TAKEOVER PROVISIONS 1,586,936,296 For (99.66%) 4,188,353 Against (0.26%) Abstain 163,853 1,222,790 At the Proxy's Discretion (0.08%) Total Proxy Votes 1,592,511,292 29
Slide 31: Closing
CLOSING Annual General Meeting 20 October 2023 www.macmahon.com.au 30
Slide 32: Meeting Closed
MEETING CLOSED Annual General Meeting 20 October 2023 www.macmahon.com.au 31
Macmahon Holdings — Shareholder Meeting (October 2023) on 6ix