Imdex Ltd · ASX:IMD
Imdex — Merrill Lynch Rising Stars Conference 2011
19 slides from Imdex's conference presentation, Nov 22, 2011
Slide 1: ASX cover letter: Merrill Lynch Rising Stars Presentation
For personal use only 22 November 2011 Company Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001 Dear Sir/Madam Merrill Lynch Rising Stars Presentation Please find attached the presentation to be used at the Merrill Lynch Rising Stars Conference in Brisbane on 22 Nove
Slide 2: Merrill Lynch Rising Stars Presentation
For personal use only Imdex Limited Merrill Lynch Rising Stars Presentation Brisbane 22/23 November 2011 Bernie Ridgeway Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World Merrill Lynch Brisbane November 2011 1
Slide 3: Highlights
Highlights For personal use only Record revenue and EBITA in FY11 Run rate in 1Q12 strong – a new quarterly record Record financial performance in all major mining regions continuing Reflex instruments on rent maintained at high levels with further growth forecast in FY12 Exciting technolo
Slide 4: Exceptional growth in FY11
Exceptional growth in FY11 For personal use only Key indicator FY10 FY11 Change Revenue $134.3m $205.2m 53% EBITA (excl non-operational items) $20.7m $48.1m 132% NPAT (excl non-operational items) $9.8m $29.0m 196% Operating cash flow $5.7m $35.9m 530% Gearing (net debt / capital) 19.6% 13.4% I
Slide 5: Record revenue
Record revenue 53% on FY10 Revenue * 44% on pre-GFC record revenue For personal use only ($m) of $142m 205.2 Minerals division 87% of total revenue 142.0 Strong performance 137.0 134.3 1Q12 up 111% to $64.9m 103.8 (1Q11: $30.8m) Oil & Gas division Minerals 72.3 52.8 13% of total r
Slide 6: Record EBITA
Record EBITA EBITA * 132% on FY10 For personal use only ($m) Strong minerals performance in 48.1 all major mining regions drove EBITA growth 38.8 24% on pre-GFC record of $38.8m 24.5 EBITA margins continued to 22.3 21.1 20.7 improve to 23.5% 1Q12 EBITA up 87% to $21.2m 7.4 (1Q11: 11.3m)
Slide 7: Revenue and EBITA trends
Revenue and EBITA trends $80.0 50% For personal use only $70.0 45% 40% $60.0 35% $50.0 30% $40.0 25% $30.0 20% 15% $20.0 10% $10.0 5% $0.0 0% 2Q10 3Q10 4Q10 1Q11 2Q11 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 3Q11 4Q11 1Q12 EBITA ($m) Revenue ($m) EBITA Margin (%) Providing Qu
Slide 8: Reflex rental fleet
Reflex rental fleet 96% above previous peak at 31 October, 2011 For personal use only Seasonal slowdowns over December/January Further growth expected in FY12 as new products rolled out Instruments on hire Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World Mer
Slide 9: Solids Control Technology
Solids Control Technology For personal use only Traditional drilling fluid sumps No sumps – fully enclosed system Solids removal and fluid property management Small environmental site footprint Reduced site set up and remediation costs Reduced water consumption Less wear & tear to drilling
Slide 10: Increasing estimated global exploration spend
Increasing estimated global exploration spend (non-ferrous) (US$Bn) 22.5 20.4 20.8 For personal use only 19.0 19.3 18.0 17.0 17.1 13.2 11.5 10.4 7.5 7.7 5.1 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Metals Economics Group (2005-2011); McKinsey analysis (2012-2018)
Slide 11: DHS Oil & Gas Services Joint Venture
DHS Oil & Gas Services Joint Venture For personal use only DHSO (majority owned by Lime Rock), is a 50:50 joint venture based in Dubai DHSO has exclusive global licence to Imdex technology for the oil & gas sector Initial operations focused on the Middle East. Will expand globally Main compe
Slide 12: Key business drivers and outlook
Key business drivers and outlook For personal use only Mineral exploration Despite recent volatility in global financial markets, spend commodity prices remain robust. Exploration activity levels and spend currently at record levels Current high utilisation levels expected to continue subject Client
Slide 13: On track with strategy
On track with strategy Past FY11 Medium Term For personal use only End market 2 13% Oil & Gas Minerals 87% Instruments Profit 1 32% Fluids 68% Services Rent / Sell Sales 31% mix 2 Rentals 69% ¹ Based on actual or anticipated EBITA Providing Quality Drilling Fluids and Leading Down Hole Instrumentati
Slide 14: Summary
Summary FY11 – Imdex’s best ever results For personal use only Record revenue and earnings Record Reflex rental numbers Strong balance sheet Record operating cash flows Full year dividend of 4.5 cents per share Attractive growth opportunities to drive further growth AMC Oil & Gas Europe
Slide 15: Appendices
For personal use only Appendices Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World Merrill Lynch Brisbane November 2011 14
Slide 16: Structured to meet client needs
Structured to meet client needs For personal use only Market Minerals Oil & Gas Product Instruments Instrumentation Fluids Fluids service Brand Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World Merrill Lynch Brisbane November 2011 15
Slide 17: Profit & loss
Profit & loss For personal use only ($ m) FY10 FY11 Var % Revenue (excl interest income) 134.2 205.2 53% EBITDA 24.9 53.8 116% Depreciation (4.2) (5.7) 37% EBITA 20.7 48.1 132% Amortisation (6.3) (6.8) 7% Net interest expense (0.8) (2.8) 260% Tax expense (3.8) (9.5) 154% NPAT before non recur
Slide 18: Strong balance sheet
Strong balance sheet Strong cash position ($ m) Jun 11 Jun 10 Invested in working capital For personal use only Net cash 18.4 9.0 to support increased Receivables 50.2 41.2 sales/rentals Inventory 41.7 28.6 Investment in SEH 16.1 6.8 Investment in SEH remains Fixed assets 16.2 13.6 non core/fo
Slide 19: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Imdex Limited (“the Company”). It contains general background information about the Company’s activities current as at the date of the presentation. It is information given in summary form and does not purport to be complete. Th