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2019 Annual Report 20192019 Overviewoverview 2019 2018 2017 ANNUAL REPORT 2019 CONTENTS WHO WE ARE Established in 1890, Boart Longyear 2019 Overview I is celebrating its 130th year as the Chairman’s Report II world’s leading provider of drilling services, orebody-data-collection CEO’s Report IV technology, and innovative, safe and Financial Report 1 productivity-driven drilling equipment. With its main focus in mining and Directors’ Report 3 exploration activities spanning a Review of Operations 5 wide range of commodities, including Remuneration Report 19 copper, gold, nickel, zinc, uranium, and other metals and minerals, the Board of Directors 33 company also holds a substantial Executive Management Team 37 presence in the energy, oil sands exploration, and environmental Independent Auditor’s Report 41 sectors. Directors’ Declaration 46 The Global Drilling Services division Financial Statements 47 operates for a diverse mining customer base Supplementary Information 100 with drilling methods including diamond coring exploration, reverse circulation, large Corporate Information BC diameter rotary, mine dewatering, water supply drilling, pump services, production, and sonic drilling services. The Geological Data Services division utilizes innovative scanning technology and down-hole instrumentation tools to capture detailed geological data from drilled core and chip samples. This valuable orebody knowledge gives mining companies the ability to make timely decisions for more CORPORATE GOVERNANCE STATEMENT efficient exploration activities. Our Corporate Governance Statement may be found The Global Products division offers at www.boartlongyear.com/corporate-governance sophisticated research and development and holds hundreds of patented designs to manufacture, market, and service reliable drill rigs, innovative drill string products, rugged performance tooling, durable drilling consumables, and quality parts for customers worldwide. *EBITDA, Adjusted EBITDA and Adjusted EBIT are non IFRS measures and are used internally by management to assess the performance of the business. Cash from Operations excludes interest and tax. Copyright © 2020 Boart Longyear. All rights reserved. BOART LONGYEAR 20182019 ANNUAL REPORT 20192019 OVERVIEWOVERVIEW 2019 2018 2017 Revenue Adjusted Gross Margin Adjusted EBITDA Net Profit After Tax US$745m US$144m US$87m US$-45m Gross Margin US$139m EBITDA US$67m 745 139 144 67 87 -45 770 131 142 54 81 -44 739 111 113 -37 43 -150 Cash from Operations Number of Employees Safety Safety US$77m 5,194 TCIR 1.37 LTIR 0.02 77 5,194 1.37 0.02 24 4,637 1.90 0.10 -40 4,604 1.62 0.22 Drilling Services Drilling Services Products Products Revenue EBITDA Revenue EBITDA US$516m US$90m US$229m US$31m 516 90 229 31 534 83 237 31 501 69 239 11 Company Revenue Company Revenue Drilling Services Drilling Services (Products and Services) by Region (Products Revenue by Stage Revenue by Commodity and Services) Surface Coring 26% USA 27% Development Gold 63% (Near Mine/Brownfield) 58% Performance Tooling 23% Asia Pacific 23% Copper 18% Production (In-Pit) 23% Rotary/RC 20% Canada 19% Non-Mining Water 7% Exploration (Greenfield) 12% Underground Coring 16% EMEA 18% Other Metals 5% Non-Mining 7% Drilling Equipment 7% Latin America 13% Energy 3% Production Drilling 5% Nickel 2% Other 3% Iron 1% Other 1% BOART LONGYEAR 2019 ANNUAL REPORT I Dear Shareholders, It’s an honour to be a part of the Board of Directors for Boart Longyear, and I am pleased to share with you the Company’s financial results for year ended 2019. Despite revenue being up only 1.3% over 2018, we saw an 8% increase in adjusted EBITDA. With a weaker second half, management remained focused on winning new customers while reducing operating costs to increase margins and profitability. Jeff Olsen, Boart Longyear’s CEO, will cover more about the our customers, employees, and all stakeholders financials in the following pages. in order to best manage the situation while ensuring the future viability of the company. 2019 definitely had its challenges resulting in a material decline in global demand through In spite of current market conditions, the the second half of the year. We attribute most Company’s initiatives are bearing fruit. of this decline to increased uncertainty as US/ We continue to invest in advanced drilling China trade agreements were renegotiated, as techniques and promote the benefits of the well as several large mergers and acquisitions Company’s data collection innovations and within our key customer base. These transitions instrumentation to assist mining companies with delayed mineral exploration spend and caused their exploration decisions. a notable reduction in overall market activity. The coming years are critical in exploration The silver lining to the merger and acquisition and we are streamlining the business to be activity is that we anticipate there will be medium agile and lean for what lies ahead. We remain to long-term benefits to Boart Longyear with cash positive and are on a very good course to demand improving as major and intermediate better margins so that we can best address our mining houses expand their exploration maturities and overall debt. investments. Key industry metrics around We have an experienced board of directors with commodity price, reserve replacement ratios, and vast knowledge of the mining industry’s trends, improved customer balance sheets, all indicate cycles, and needed improvements to carry us the need to reinvest in exploration activities. through these tough times and on to increased Gold prices continue to strengthen, offsetting profitability. I’ve felt welcome and feel privileged some of the weaker commodities. This is to work with directors Jeff Olsen (CEO), encouraging, as gold exploration projects Tye Burt, Jason Ireland, James Kern, Rubin for the Company make up approximately McDougal, Robert Smith, and Conor Tochlin. 63% of the Company’s revenue. S&P Global Together, our board and dedicated recently reported, “In spite of the decline of Company management team drilling activity, grassroots drilling for gold continue to work diligently and copper increased in 2019, highlighting a to bring greater value shift in explorers’ focus.” (S&P Global Market to the Boart Longyear Intelligence, World Exploration Trends 2019, brand and to your March 2020) investment. We are entering new territory, as government and industry interventions have been enacted Sincerely, to prevent the spread of COVID-19. The full duration and implications of the COVID-19 outbreak remain to be seen. Material challenges have affected our customers, and the business impacts will likely vary by region depending on Kevin McArthur each local situation. We continue to work with Chairman II BOART LONGYEAR 2019 ANNUAL REPORT CHAIRMAN’S REPORT CHAIRMAN’S BOART LONGYEAR 2019 ANNUAL REPORT III Dear Shareholders, At Boart Longyear, we continue our commitment to improving our financial, operating, and safety performance. This increased emphasis on these important areas in turn provides greater value to our shareholders. I’m pleased to report our team has worked diligently to deliver on these commitments during 2019 as will be shown in this annual report. Each of our divisions—Drilling Services, Drilling Products, and Geological Data Services (GDS)—showed stable growth during 2019 despite delays in exploration spend seen in the latter part of the year. Drilling activity remains in demand but was marginally down due to delays in customer decisions impacted by large mergers in the mining sector, and a continued lack of funding for junior mining CEO’S REPORT CEO’S companies in certain jurisdictions. The positive news is that we were able to increase Adjusted EBITDA and cash flow from Operations despite lower revenue than 2018. Our Adjusted EBITDA increased IV BOART LONGYEAR 2019 ANNUAL REPORT from US$81M to US$87M, as a result of for 2020, but the current market conditions focusing on a number of operational initiatives are fluid. We are monitoring the global impact to reduce cost, deplete older inventory, increase of COVID-19 on a region-by-region basis and workflow efficiency, and improve margins, while believe that there will be negative impacts, continuing to supply competitive pricing to the which may be significant. marketplace. Variations due to the adoption of the AASB 16 accounting standard during 2019 On a very positive note, Boart Longyear achieved was also considered. a tremendous safety milestone in 2019 with the accomplishment of over 14.5 million man-hours However, overall Revenues for the year closed worked with no Lost Time Injuries (LTI). This lower compared to the prior year as they included more than 16 consecutive months of were impacted by foreign exchange currency completely LTI-free work—a record running from movements, discontinued operations and higher mid-2018 through late 2019. Respected by the 2018 sales from initiatives to reduce slow industry, excellence in safety is an integral part of moving inventory. Company culture and is the expected standard for drilling and mining customers. The Company Net Profit After Tax closed at a loss of $45M continues to place safety as a high priority in which was $1M lower over the same period 2020 and promote its impressive track record of 2018 due to impairment of intangibles of which continues to create opportunities for our $9M and additional tax expense of $16M. We drilling services and products. experienced a notable improvement in cash from operations through December of $31M With a renewed emphasis on sustainable ($35M generated through December 2019 solutions and streamlining our operations compared to $4M through December 2018). for greater productivity, our executive team, board, and employees are committed to further As of 31 December 2019, Liquidity was at improving efficiencies to deliver more value to $45M, which was comprised of cash balances our Customers and to our Shareholders. totaling $20M and a further $25M of availability under the Company’s asset-based loan facility. Yours sincerely, While we have been fortunate through the first few months of the year to see increasing demand over what the business witnessed across the back half of 2019, we are monitoring the impact of COVID-19.
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