Macmahon Holdings Limited · ASX:MAH
Macmahon — Shareholder Meeting (October 2024)
35 slides from Macmahon's shareholder meeting presentation, Oct 29, 2024
Slide 1: Annual General Meeting
() Annual General Meeting 29 October 2024
Slide 2: 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 and present. We extend that respect to the traditional custodians of the lands on which our online participants join us and to all
Slide 3: 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 Macmahon 2024 Annual Ge
Slide 4: 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 5: 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 6: Chair Address – Hamish Tyrwhitt
CHAIR ADDRESS Hamish Tyrwhitt
Slide 7: Macmahon continues to grow
Macmahon continues to grow FY24 Highlights Revenue ($m) 2,031 • Achieved guidance for 8th consecutive year 1,906 1,698 • Delivered record financial results 1,380 1,351 • Generated $75m free cash flow, reduced 1,103 net debt ($147m) and gearing (19%) 710 • Increased full year dividend by 40%, to 369
Slide 8: Sustainability
Sustainability Evolving commitment and enhancing contribution Sustainability Land rehabilitated Tyre Recycling Environment Baselining our FY24 GHG emissions Framework Program (tonnes per CO2-e) 120 hectares in Environmental established and three- Australia 232 tonnes Footprint year roadmap Scope 1:
Slide 9: Board of Directors
Board of Directors Current Board of Directors New Directors from 1 Nov 2024 HAMISH TYRWHITT DHARMENDRA CHANDRAN DAVID GIBBS – AMNT Nominee MAREE ARNASON Independent, Non-Executive Chair Independent, Non-Executive Director Non-Independent, Non-Executive Director Independent, Non-Executive Director MI
Slide 10: Closing Remarks
Closing Remarks Covalent, WA (Covalent Lithium) Telfer Civil, WA (Newcrest) Havana Portal – Boston Shaker, WA (AGA / Regis Resources) Byerwen, QLD (Qcoal) Martabe, Indonesia (PT Agincourt Resources) Macmahon 2024 Annual General Meeting 10
Slide 11: Managing Director & CEO Address – Mick Finnegan
MANAGING DIRECTOR & CEO ADDRESS Mick Finnegan
Slide 12: FY24 Financial Highlights
FY24 Financial Highlights Record underlying operating earnings delivered Revenue Underlying EBITDA1 Underlying EBIT(A)1 Underlying NPAT(A)1 (Record) (Record) (Record) $2.0bn 7% $351.7m 14% $140.3m 20% $91.9m 36% 17.3% margin 6.9% margin Statutory NPAT $53.2m Underlying Operating Cash Flow2 Free Cash
Slide 13: FY24 Key Highlights
FY24 Key Highlights Execution of existing contracts while managing industry headwinds and securing highly filtered new work Surface Mining Underground Civil Infrastructure Corporate • Greenbushes steady state • FY24 revenue at 26% of group • Acquired 100% of Decmil to • Successfully attracted talent
Slide 14: Safety & People
Safety & People Investing in our people and safety Safety & Wellbeing Injury Frequency Rates & Workforce • TRIFR decreased from 3.94 in FY23 to 3.64 in FY24 • Expansion of Critical Risk Management Program 9,676 • Roll out of the Macmahon Winning Way leadership training 7,848 8,368 • Rolled out targe
Slide 15: Expanding into Lower Capital Intensity Services
Expanding into Lower Capital Intensity Services Executing filtered tender pipeline to progress towards long term targets Pro-Forma1 FY18 Revenue Mix FY24 Revenue Mix FY24 Revenue Mix 7% 3% Our Target 19% 26% 7% $710m $2.0bn $2.5bn 53% 9% 65% 21% 90% Revenue Mix Pro-Forma2 FY18 Pipeline FY24 Tender P
Slide 16: FY25 Priorities & Guidance
FY25 Priorities & Guidance FY25 PRIORITIES FY25 GUIDANCE • No life changing events, reduction in TRIFR • Continuing to drive operational improvements and increase margins • Progress capital light strategy with a focus on successful Decmil integration Revenue Underlying EBIT(A) • Remain focussed on i
Slide 17: Capital Allocation Policy to Balance Growth and Shareholder Returns
Capital Allocation Policy to Balance Growth and Shareholder Returns Our Priorities Our Record Maintain resilient Maintain Financial Strength Investment in Growth Return Cash to Shareholders balance sheet, ensure Continue to reduce gearing and net debt Targeting low capital growth in Increased divide
Slide 18: Thank You
Thank You Macmahon 2024 Annual General Meeting 18
Slide 19: Meeting Resolutions
MACMAHON pSREGIS Meeting Resolutions
Slide 20: Proxy Voting Results
Proxy Voting Results Resolutions For Against Abstain Open Resolution 1 1,464,404,154 231,441,614 1,284,163 2,730,484 Adoption of Remuneration Report (86.29%) (13.64%) (0.07%) Resolution 2 1,632,893,856 63,218,663 1,285,624 Election of Mr Dharmendra Chandran as a 2,462,272 (96.21%) (3.72%) (0.07%) Di
Slide 21: Financial Statements and Reports
Financial Statements and Reports Macmahon 2024 Annual General Meeting 21
Slide 22: Resolution 1
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 2024 be adopted.” Note: The vote on this Resolution is a
Slide 23: Resolution 1 – Proxy Results
Resolution 1 – Proxy Results ADOPTION OF REMUNERATION REPORT 1,464,404,154 For (86.29%) 231,441,614 Against (13.64%) Abstain 2,730,484 1,284,163 At the Proxy's Discretion (0.07%) Total Proxy Votes 1,697,129,931 Macmahon 2024 Annual General Meeting 23
Slide 24: Resolution 2
Resolution 2 ELECTION OF MR DHARMENDRA CHANDRAN AS A DIRECTOR To consider, and if thought fit, to pass the following Resolution as an ordinary resolution: “That Mr Dharmendra Chandran, a Director appointed by the Board to fill a casual vacancy during the year, who retires from the office of Director
Slide 25: Resolution 2 – Proxy Results
Resolution 2 – Proxy Results ELECTION OF MR DHARMENDRA CHANDRAN AS A DIRECTOR 1,632,893,856 For (96.21%) 63,218,663 Against (3.72%) Abstain 2,462,272 1,285,624 At the Proxy's Discretion (0.07%) Total Proxy Votes 1,697,129,931 Macmahon 2024 Annual General Meeting 25
Slide 26: Resolution 3
Resolution 3 ELECTION OF MR GRAHAME WHITE AS A DIRECTOR To consider, and if thought fit, to pass the following Resolution as an ordinary resolution: “That Mr Grahame White, a Director appointed by the Board to fill a casual vacancy during the year, who retires from the office of Director in accordan
Slide 27: Resolution 3 – Proxy Results
Resolution 3 – Proxy Results ELECTION OF MR GRAHAME WHITE AS A DIRECTOR 1,657,558,621 For (97.66%) 38,559,841 Against (2.27%) Abstain 2,455,115 1,286,838 At the Proxy's Discretion (0.07%) Total Proxy Votes 1,697,129,931 Macmahon 2024 Annual General Meeting 27
Slide 28: Resolution 4
Resolution 4 AMENDMENTS TO THE COMPANY’S CONSTITUTION To consider, and if thought fit, to pass the following Resolution as an special resolution: “That the Company’s constitution be amended in the manner described in the Explanatory Statement and as indicated in mark-up in the document set out in An
Slide 29: Resolution 4 – Proxy Results
Resolution 4 – Proxy Results AMENDMENTS TO THE COMPANY’S CONSTITUTION 1,694,323,622 For (99.85%) 1,092,044 Against (0.06%) Abstain 2,958,385 1,486,364 At the Proxy's Discretion (0.09%) Total Proxy Votes 1,697,129,931 Macmahon 2024 Annual General Meeting 29
Slide 30: Resolution 5
Resolution 5 AMENDMENTS TO THE COMPANY’S CONSTITUTION - VIRTUAL ONLY GENERAL MEETINGS To consider and, if thought fit, to pass the following Resolution as a special resolution: “That, subject to Resolution 4 being passed as a special resolution, the Company’s constitution be amended in the manner se
Slide 31: Resolution 5 – Proxy Results
Resolution 5 – Proxy Results AMENDMENTS TO THE COMPANY’S CONSTITUTION - VIRTUAL ONLY GENERAL MEETINGS 1,449,633,713 For (85.42%) 246,299,221 Against (14.51%) Abstain 2,641,857 1,285,624 At the Proxy's Discretion (0.07%) Total Proxy Votes 1,697,129,931 Macmahon 2024 Annual General Meeting 31
Slide 32: Resolution 6
Resolution 6 FINANCIAL ASSISTANCE To consider and, if thought fit, to pass the following Resolution as a special resolution: “That, in accordance with section 260B(2) of the Corporations Act 2001 (Cth), approval is given for the provision of financial assistance proposed to be given by: (a) Decmil G
Slide 33: Resolution 6 – Proxy Results
Resolution 6 – Proxy Results FINANCIAL ASSISTANCE 1,693,075,816 For (99.83%) 1,713,559 Against (0.10%) Abstain 3,644,216 1,285,624 At the Proxy's Discretion (0.07%) Total Proxy Votes 1,697,129,931 Macmahon 2024 Annual General Meeting 33
Slide 34: Closing
CLOSING Annual General Meeting 29 October 2024 www.macmahon.com.au Macmahon 2024 Annual General Meeting 34
Slide 35: Meeting Closed
MEETING CLOSED Annual General Meeting 29 October 2024 www.macmahon.com.au Macmahon 2024 Annual General Meeting 35
Macmahon Holdings — Shareholder Meeting (October 2024) on 6ix