Slide 1: Interim Results
The Driller’s Choice INTERIM RESULTS
Slide 2: Summary H1 2024 Financial Highlights
SUMMARY H1 2024 Financial Highlights Subdued H1 2024 for the Group, primarily due to an industry H1 2024 H1 2023 Change wide slowdown in the construction sector, as flagged in Q1 2024 €'000 €'000 €'000 % update, with lower volumes impacting profits. Continued root and branch review of the business w
Slide 3: Business Review
BUSINESS REVIEW
Slide 4: Industry Sales Analysis: Revenue by Segment
INDUSTRY SALES Revenue by Segment ANALYSIS Construction Construction 36% 39% Mining H1 Mining H1 48% 2024 43% 2023 Waterwell / Waterwell / Geothermal Geothermal 16% 18% Mincon – The Driller’s Choice 4
Slide 5: Industry Sales Analysis
INDUSTRY SALES ANALYSIS Our overall market share has increased marginally in the period WATERWELL / MINING CONSTRUCTION GEOTHERMAL Slight contraction with a subdued We expect a better H2 2024 in mining industry in H1. Increased interest rates and waterwell / geothermal industry inflationary costs in
Slide 6: Mining Sector
MINING SECTOR Slight contraction in mining, excluding our exit from a low margin contract in Chile. Mining Revenue Change by Region The mining downturn continued into H1 2024. Our revenue contracted by 6%, excluding a low margin contract in Chile that finished in H1 2024, our mining revenue contract
Slide 7: Construction Sector
CONSTRUCTION SECTOR Following years of significant growth in the sector, a slowdown in the construction Construction Revenue Change by Region market has suppressed our revenue with a contraction of 23% in H1 2024. Across both North America and EME, high interest rates & 17% inflation in construction
Slide 8: Waterwell/Geothermal Sector
WATERWELL/GEOTHERMAL SECTOR Waterwell / Geothermal revenue Waterwell / Geothermal Revenue contracted by 22% in the period Change by Region A slow start for the sector in 2024, with less construction activity, particularly in Northern Europe, has resulted in less geothermal holes drilled. As Mincon i
Slide 9: Financial Performance
FINANCIAL PERFORMANCE
Slide 10: Income Statement
INCOME STATEMENT H1 2024 H1 2023 Change €'000 €'000 €'000 % Our earnings have been impacted by a contraction in our three Sales Mincon products 54,828 67,190 (12,362) (18%) industry sectors, which has also led to increased competition Sales bought in products 13,183 13,395 (212) (2%) and price reduc
Slide 11: Balance Sheet
BALANCE SHEET H1 2024 FY 2023 Change Balance Sheet €'000 €'000 % Intangible assets & Goodwill 40,586 40,625 Property plant & equipment 53,770 54,763 Other Non-Current Assets 3,082 2,664 We commissioned €2.5 million of property, plant and Total Non-Current Assets 97,438 98,052 -1% equipment in the pe
Slide 12: Cash Flow
CASH FLOW 2024 2023 Change Cashflows From Operating Activities €'000 €'000 €'000 Profit/(loss) (983) 4,899 Depreciation & amortisation 4,429 4,324 We continued with our inventory reduction programme, within Other non-cash movements 1,092 2,901 the backdrop of a difficult trading environment. Cash Fr
Slide 13: Product Development
PRODUCT DEVELOPMENT
Slide 14: Greenhammer
GREENHAMMER Test drilling has started on the copper mine in Arizona. During testing, we worked through several operational challenges related to the rig conversion. We also worked through incremental system improvements to better match the drilling conditions encountered during testing. Performance
Slide 15: Subsea Micropile Project
SUBSEA MICROPILE PROJECT Load testing of grouted template was successfully carried out in Portarlington. This was attended by Subsea Micropiles and Mincon personnel as well as certification representation from DNV and an offshore developer. Following on from a successful wet test in Killybegs port,
Slide 16: Outlook
OUTLOOK
Slide 17: Outlook for H2 2024
OUTLOOK FOR H2 2024 Positioning for growth: Driving operational Investment in Signs of Innovative efficiencies production recovery products The plans put in place to Less investment required We expect to see more Continuous improvement reduce our manufacturing in H2 2024 and 2025, as project starts
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Slide 19: Appendix
APPENDIX
Slide 20: Mincon Milestones
MINCON MILESTONES 1977 - 1999 2000-2010 2011-2022 1977 2003 2011 2017 2020 Mincon is established in Mincon acquires a DTH bit Mincon establishes a sales Mincon acquires PPV Oy, a Mincon acquires Lehti Group Oy, the Shannon, Ireland by Paddy manufacturer in Benton, office to service the West Finnish
Slide 21: Design Manufacturing Service
DESIGN MANUFACTURING SERVICE Mincon’s comprehensive range of Mincon is building a business for the To ensure consistent quality, Mincon’s drilling solutions is backed by an future by investing in the next products are manufactured at Mincon- unparalleled service offering across its generation of eng
Slide 22: The Mincon Customer
THE MINCON CUSTOMER Mincon has a comprehensive range of innovative rock drilling solutions and products that are used in a wide range of applications. WATERWELL / GEOTHERMAL Waterwell, geothermal energy wells 01 02 MINING CONSTRUCTION Open-pit mines for extraction Casing systems, geotechnical of min