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2014 AGM Presentation

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2014 AGM Presentation CHAIRMAN MR IAN BURSTON BOARD OF DIRECTORS L-R: Jeff Dowling (non-executive director), Michael Arnett (non-executive director), Ian Burston (Chairman), John Cooper (non-executive director), Julian Pemberton (CEO). CEO UPDATE MR JULIAN PEMBERTON FINANCIAL OVERVIEW • Revenue of $1.1 billion • EBITDA – $123.0M, 10.8% of Revenue • EBIT of $65.5M; NPAT of $44.2M • Strong cash position of $155.5M • Net Debt – $34.0M a reduction of $54.6M • Order book maintained at $1.0 billion • Final fully franked dividend • 5 cents per share (9 cents for the full year) • Payout ratio 57% • Net Debt / Equity at 9.1% NRW’s operations at the North Star Minesite. OPERATIONAL OVERVIEW • Awarded largest ever civil contract by Samsung C&T at the Roy Hill Project ($620 million) – 50% complete as at June 14. • Awarded $200 million concrete and civil package for the Roy Hill Minesite. • Awarded Ore Car Repair Shop civil earthworks contract for BHP Billiton. • Action Drill & Blast awarded three year contract for drill and blast operations at the Middlemount Coal Mine in Queensland. • Awarded early works contract at Fortescue's Iron Bridge Project in joint venture with Njamal ICRG JV Pty Ltd. • Continued Improvement of Group Safety performance: (TRIFR at 2.36 end June 14). NRW’s Roy Hill Concrete Package Project. FIVE YEAR SNAPSHOT Revenue Earnings & Dividend Payout Ratio $m's 40.0 60% 1,400 1,200 50% 30.0 1,000 40% 800 20.0 30% 600 400 20% 10.0 200 10% 0 - 0% FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 1st Half 2nd Half EPS DPS DPR Net Debt / Equity Shareholder equity 40% $m's 35% 400 30% 350 300 25% 250 20% 200 15% 150 10% 100 5% 50 0% 0 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 HEALTH, SAFETY & ENVIRONMENT 14 • Continued improvement and focus on safety performance across the business, sustaining a 12 positive trend. 10 • The “A Safe Day. Every Day” Program has been 8 refreshed with increased focus on the quality of 6 the leading indicators. Frequency rates 4 • TRIFR currently at an industry leading 2.36 (June 14), a significant improvement from 5.47 2 at the same time last year. 0 FY11 FY12 FY13 FY14 • LTIFR currently at 0.17 (June 14), an LTIFR TRIFR improvement from 0.55 at June 13. • Established The 5 Golden Rules determined by historical industry incidents which form the basis of a minimum standard of safety behaviour. HUMAN RESOURCES • As of the end of June 2014 NRW employed a workforce of 3,092 (compared to 2,283 end June 13) • Key achievements in the year include: − Successful mobilisation of workforce to Roy Hill Rail and Concrete Projects. − Improved mobilisation system and reduced training expenditure during pre-mobilisation − Maintained minimal labour hire/agency usage • Maintained an industry leading 8% Indigenous participation (almost double the industry average of 4.2%*) and high retention rates. • 4 Powerup Programs completed for Roy Hill Rail Project. • Workforce size by Dec 14 – 1,800. *CME Discovery Newsletter, 20 November 2013. BUSINESS UNIT PERFORMANCE CIVIL DIVISION Highlights • Continued improvement in safety performance – TRIFR $m’s $m’s 1,000.0 160 to 2.1 (previously 2.5 at June 13). 860.6 842.3 140 • Revenue similar level to FY13, Margin at 7.1% reflects 800.0 more competitive market. 120 • Secured $620M Roy Hill Rail Contract. 600.0 92.0 100 • Growth on existing contracts. 80 59.8 400.0 10.7% 9.8% 10.8% 60 7.1% 40 Looking Forward 200.0 • Delivery of Roy Hill Concrete Package for the Iron ore 20 processing facility. - 0 FY 14 FY 13 FY 14 FY 13 • Complete delivery of Roy Hill Rail. Revenue EBIT • Build on relationships with Blue Chip Miners. • Tendering NPI prospects. Revenue Contribution • Bidding government infrastructure projects in JV for R5, B4 rating and independently through R4, B2 rating. 72% CIVIL DIVISION ROY HILL RAIL PROJECT Client: Samsung C&T Current status • Total works 87% complete. • Sections 1-3 handed over. Section 4 scheduled to complete this week (27/11/2014). 9.8% 10.8%10.7% • 290km of the total 330km7.1% of rail formation complete. • 40km of formation remaining on Section 5 & scheduled for completion in Jan 15. Update* * Refer to ASX operational update. • Contract interpretation differences • Outcome uncertain and may impact half year result. Roy Hill Rail Project, Section 4 CIVIL DIVISION ROY HILL CONCRETE PACKAGE Client: Samsung C&T Scope • Concrete and detailed earthworks for the iron ore processing plant, stockyard, overland conveyors and crushing areas. • 5km of rail works for the stackers and reclaimers. Current status • Total concrete Volume 50,000m3 • At end November 2014 works 85% complete. • Outstanding works reliant on Mechanical works being completed to allow follow on works. • Currently 450 employees on site. A ROM wall under construction at the Roy Hill Concrete Works Package. CIVIL DIVISION RIO TINTO PROJECTS NRW carried out a number of projects for Rio Tinto including: • Mesa J Rail Backtrack; • Mesa J TSF Extension; • Yandi Sustaining Project; 10.7% • ongoing maintenance9.8% 10.8% works at 7.1% Cape Lambert; and • significant additional works at the Nammuldi Below Water Table Project. Bridge construction at the Yandi Sustaining Project. MINING DIVISION Highlights $m’s $m’s 500.0 60 Revenue impacted by major client transitioning 404.5 • 50 to dry hire during 2013 and higher activity in the 400.0 first half of FY13. 40 300.0 30 • Awarded contract for ERA at Ranger. 186.9 200.0 17.9 20 • Awarded Iron Bridge bulk earthworks for 13.1 100.0 Fortescue. 7.8% 5.5% 10 7.0% 4.4% - 0 Looking Forward FY 14 FY 13 FY 14 FY 13 Revenue EBIT • Market conditions expected to remain competitive during FY15. Revenue Contribution • Tendering opportunities in base metals for mid-tier Miners. 16% • Full utilisation of existing mining fleet capable of delivering an additional ~ $150M revenue pa. • Bid activity increasing. ACTION DRILL & BLAST Highlights • Revenue at $110M reflects downturn in market and $m’s reduced civil drill & blast activity. 175.0 $m’s40 150.5 • Margins impacted by lower revenues and asset utilisation. 150.0 35 30 • Awarded a three year contract valued at $60M for drill and 125.0 110.0 25 blast operations at the Middlemount Coal Mine in 100.0 16.8 20 Queensland. 75.0 15 50.0 2.3% • Awarded a three year contract valued at $11M for Talison 10 7.0 11.2% 15.3% Lithium Greenbushes Mine in WA. 25.0 5 6.4% - 0 FY 14 FY 13 FY 14 FY 13 Looking Forward Revenue EBIT • Current market remains very competitive. • Opportunities under review include both Domestic and Revenue Contribution Overseas projects. 9% • Focus on smaller mining contracts for underutilised civil drill fleet. AES EQUIPMENT SOLUTIONS Highlights • Revenue and results impacted by significant $m’s $m’s maintenance expenditure cut-backs. 45.0 41.8 45 • Restructure and reduction in overhead costs. 40.0 40 35.0 35 • Obtained formal approval as a preferred supplier of Rio 30.0 28.0 30 25.0 25 Looking Forward 20.0 20 15.0 15 • AES business launched rebrand reflecting focus on the (2.9)% 10.0 10 provision of equipment solution to all markets. 7.9% 5.0 3.3 5 • Early success expanding customer base - 0 (5.0) (0.8) -5 • Focus on employee and customer engagement to drive FY 14 FY 13 FY 14 FY 13 strategic agenda. Revenue EBIT • Market conditions are expected to remain subdued near term. Revenue Contribution • In the medium term the equipment maintenance cycle 2% is expected to recover. FINANCIAL OVERVIEW SUMMARY FINANCIALS • Revenue in line with FY14 guidance • EBITDA margin at 10.8% compared to 12.1% reflects more competitive market • Impairment (AMS) relates to downturn in client Opex and lower product sales • Interest costs slightly lower – Debt mostly fixed over 4 to 5 years • Effective tax rate at 14% includes credits received in the first half. CASHFLOW $m's • Improved Net debt from $88.6M to 60 $34.0M Nebt Debt Movement - FY14 • Full conversion of EBITDA ($123.0M) 40 into operating cashflow • Capex spend – $29.6M reflects 20 (29.6) completion of current investment 2.3 cycle 0 • Systems development 123.0 (21.2) • Buy out of expensive (34.0) -20 operating leases (20.0) • Business critical equipment -40 • Gearing ratio at 9.1% (88.6) • Other movements include equipment disposals ($5.1M) -60 -80 -100 Nebt debt EBITDA CAPEX Working Net Dividends Net debt FY13 capital interest & & Other FY14 Tax BALANCE SHEET 400.0 Net Tangible Assets - June 14 • Strong balance sheet with increasing value of cash and net owned equipment. 350.0 18.9 • Net Tangible Assets per share of $1.22 cents • Cash Balances provide risk mitigation and 300.0 allow fast response to changing market 189.5 250.0 • Funding access to support growth 155.5 • Available undrawn asset financing 200.0 – $71M 354.8 339.6 • Undrawn bonding at circa $72M 150.0 • Undrawn working capital $35M 100.0 • Balance sheet and debt equity position 165.3 support dividend payout ratio increase to 57% 50.0 • Final Dividend declared at 5 cents per share fully franked - Property, Debt Cash at Working Net tangible Plant & bank capital assets Equipment Net value of owned equipment TENDER PIPELINE & SUMMARY TENDER PIPELINE • Order book at $0.7 billion in line with project revenues in Q1. Work in Hand – Delivery Profile • Over $150m in new contract awards $ billions 0.8 and extensions since 30 June 2014.
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