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Media Release Market Factors Impact MEDIA RELEASE 13 MAY 2021 MARKET FACTORS IMPACT RESULTS, FUNDAMENTALS REMAIN SOUND Melbourne: Orica (ASX: ORI) today announced Statutory Net Profit After Tax (NPAT) attributable to the shareholders of Orica for the six months ended 31 March 2021 of $77 million, down 54 per cent on the prior corresponding period (pcp); and underlying EBIT of $152 million, down 51 per cent on the pcp. The Board has declared an unfranked interim dividend of 7.5 cents per ordinary share, payable on 9 July 2021, representing a 42% payout ratio. Orica Managing Director and CEO Sanjeev Gandhi said: “Our first half financial results are in line with our February market update and reflect the impact of various market factors. As we detailed in the update, ongoing COVID-19 disruptions, geopolitical issues and unfavourable foreign exchange movements impacted us in the half. “As we address these challenges, we have maintained our disciplined approach to our balance sheet and capital management, while delivering a step up in cash generation and controlling our levels of debt and gearing. “Operationally, we continued to focus on what we can control, making good progress on many core strategic fronts, including growing uptake of our high margin digital solutions, the successful integration of Exsa, Burrup operating in line with our plans and further stabilisation of our SAP platform. “At the same time, we are advancing our strategy to become an even safer, more responsible and more sustainable organisation. Our major decarbonisation projects are progressing to plan and we are on track to meet our industry-leading emissions targets. Most importantly, it was a half with no fatalities and no significant environmental incidents.” Orica also announced today that it intends to run a sale process for the Minova business, which provides ground control solutions for the mining, civil / tunnelling, geotechnical and construction industries. Mr Gandhi said: “While Minova has delivered a substantially improved performance in recent times, it has been identified as non-core. Therefore, we will consider selling at an appropriate price.” Outlook Commenting on the full year outlook, Mr Gandhi said: “While the factors that impacted us in the first half are expected to largely reverse over time, and the fundamentals of our business remain sound, we remain cautious about the short-term outlook. “It has been encouraging to see volumes start to increase at the end of the half. While we expect a better second half than the first, given uncertainties remain around market factors, we expect the second half EBIT to be lower than the pcp. …cont. over/ Authorised for release to the ASX by the Company Secretary of Orica Limited Orica Limited, 1 Nicholson Street East Melbourne VIC 3002 Australia. ABN 24 004 145 868 Confidential ORICA HALF YEAR FINANCIAL RESULTS 2021 “We will continue to focus on what we can control and remain on track to achieve a number of strategic targets including contributions from new technology and realising the financial and synergistic benefits from our Exsa acquisition. “At the same time, we are reducing overhead and manufacturing costs, accelerating speed to market of our world-leading technology, and continuing to optimise our operating model, our SAP platform and our global initiating systems manufacturing network. “We have a refreshed management team in place who are energised and focused, and we move forward with a clear set of strategic priorities, well-positioned for recovery as external conditions stabilise.” END. ANALYST CONTACT MEDIA CONTACT Delphine Cassidy Stephen Browning Mobile: +61 419 163 467 Mobile: +61 432 961 773 Email: [email protected] Email: [email protected] ABOUT ORICA Orica (ASX: ORI) is the world’s largest provider of commercial explosives and innovative blasting systems to the mining, quarrying, oil and gas and construction markets, a leading supplier of sodium cyanide for gold extraction, and a specialist provider of ground support services in mining and tunnelling. For more information about Orica, visit: www.orica.com Confidential Orica Limited Results for the half year ended 31 March 2021 Market factors impact results, fundamentals remain sound Statutory net profit after tax (NPAT) attributable to the shareholders of Orica for the half year ended 31 March 2021 was $77 million, down 54% on the prior corresponding period (pcp) with underlying EBIT(1) of $152 million, down 51% on the pcp Summary • Underlying EBIT(1) of $152 million, down 51% on the pcp, before individually significant items, in line with the market update on 26 February 2021 • Statutory NPAT of $77 million was down 54% on the pcp • Ammonium nitrate (AN) volumes down 1% on the pcp at 1.94 million tonnes; and down 9% on the pcp excluding volumes from the Exsa business acquired on 30 April 2020 • Underlying earnings per share(2) down 58% on the pcp to 18.1 cents per share • Net operating cash flows(3) of $158 million up 46% on the pcp and cash conversion of 138.6% up 75.7 percentage points on the pcp • Capital expenditure of $152 million(4), down 45% on the pcp from lower spend on Burrup, SAP and sustaining capital • Net debt(5) of $1.7 billion and gearing(6) at 35.4% • Unfranked interim dividend of 7.5 cents per ordinary share, within target payout ratio at 42% Group Results 2021 2020 Change Half year ended 31 March A$M A$M % Sales revenue 2,623.2 2,880.3 (9%) EBITDA(7) 361.5 479.7 (25%) EBIT(1) 151.8 308.6 (51%) Net interest expense (41.6) (63.0) 34% Tax expense before individually significant items (35.3) (78.5) 55% Non-controlling interests before individually significant items (1.5) (1.9) 21% NPAT before individually significant items(8) 73.4 165.2 (56%) Individually significant items after tax 3.3 - 100% NPAT after individually significant items (statutory) 76.7 165.2 (54%) Note: numbers in this report are subject to rounding and stated in Australian dollars unless otherwise noted Confidential ORICA RESULTS FOR THE HALF YEAR ENDED 31 MARCH 2021 2 Business Summary A summary of the performance of the segments for the March 2021 and March 2020 half years is presented below: Half year ended AN Tonnes Sales EBITDA(7) EBIT(1) Capital 31 March 2021 (i), (ii) Revenue Expenditure(4) A$M (‘000) (iii) Australia Pacific & Asia (APA) 787 1,007.5 193.1 108.7 73.4 North America 506 627.0 79.2 47.0 24.0 Latin America 443 447.0 35.3 12.7 8.6 Europe, Middle East & Africa (EMEA) 202 414.2 20.3 4.1 11.9 Minova - 219.1 12.8 7.2 6.1 Orica Monitor - 53.3 19.3 13.0 3.7 Global Support - - 1.5 (40.9) 23.9 Eliminations - (144.9) - - - Orica Group 1,938 2,623.2 361.5 151.8 151.6 Half year ended AN Tonnes (i) Sales EBITDA(7) EBIT(1) Capital 31 March 2020 (‘000) Revenue Expenditure(4) A$M (iii) Australia Pacific & Asia (APA) 814 1,057.6 243.4 169.5 117.6 North America 559 801.0 130.3 95.2 24.5 Latin America 319 455.8 34.5 21.6 10.4 Europe, Middle East & Africa (EMEA) 258 490.0 49.4 32.4 17.9 Minova - 263.0 16.9 11.1 5.7 Orica Monitor - 51.9 15.6 9.4 7.2 Global Support - 474.0 (10.4) (30.6) 94.6 Eliminations - (713.0) - - - Orica Group 1,950 2,880.3 479.7 308.6 277.9 (i) Includes ammonium nitrate prill and solution as well as bulk and packaged emulsion (ii) Latin America includes 160 thousand tonnes sold from Exsa S.A. (Exsa) (iii) Includes external and inter-segment sales Europe, Minova 4% Middle East & Thermal Africa Orica Monitor Other coal 2% (iv) 14% 7% 22% Latin America 7% Revenue by Iron ore EBIT by commodity (v) 7% region Australia Pacific & Gold 1H21 North Asia (9) America 1H21 20% Q&C 56% 24% 13% Copper 18% (iv) Includes Minova and Orica Monitor (v) Excludes Global Support Confidential ORICA RESULTS FOR THE HALF YEAR ENDED 31 MARCH 2021 3 Review of Operations As always, the most important priority throughout the half was the safety of Orica’s people, partners and communities. Teams continued to focus on embedding the Major Hazard Management (MHM) program across the organisation, and continued to verify key safety controls, with over 4,800 verifications completed in the half. One component of the program, ‘MHM Stop’, in which frontline staff are empowered to halt work if they recognise a key control is not in place, has proven successful with ‘Stops’ occurring in all regions and in several manufacturing operations. While the Serious Injury Case Rate (SICR) is tracking above target for the year to date, there was a significant improvement in the second quarter (excluding COVID-19). The SICR covers a range of injury types, from life- changing injuries to sprains and strains which require work restrictions during recovery. In response to the COVID-19 pandemic, management focused on prevention and mitigation strategies through clearly established operational protocols. Key controls for both operations and office environments continued to be implemented, and senior leaders continue to monitor these controls closely to maintain elevated levels of protection. The first half financial and operational performance reflected the impacts from a range of market factors from which the business is expected to largely recover, although the timing is unclear. Despite the external challenges, good progress was made on many core strategic fronts, including maintaining strong market share, growing uptake of high margin digital solutions, the successful integration of Exsa, Burrup operating in line with plans and further stabilisation of the SAP platform.
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