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The Blenheim Report the Numbers The Blenheim Report: The Mining Numbers March 2015 Blenheim Partners is an elite international Executive Search and Board Advisory firm. We specialise in senior level Executive Search, Non- Executive Director Search, Board Consulting, Management and Team Appraisals and Leadership Development. We were founded in 2012 by leading figures in Executive Search and Consultancy. Members of the team have advised in Leadership and Succession Planning to over 45 of the ASX 100, 9 FTSE 100, Multinational, Private Family and Mutually Owned Companies. Our philosophy is to develop deep and committed relationships with a small number of clients and help them deliver a superior performance by optimising the composition of their executive teams. We only partner with one to two companies per sector to ensure our clients receive sector expertise and have access to the very best candidates. We do not have “Conflicts of Interest” or “Off Limits” restrictions as a result of our partnering model. We operate as one firm. We staff each assignment with the best people. We support our client’s long term planning capability with Strategic Succession Planning. We provide global reach. Over 90% of our searches are international. We provide an end to end search process, including Assessment and a 90 day On Boarding Programme. We provide a fixed fee of which the final 25% is only payable if our client assesses that expectations have been exceeded. We have “no limitations” in the pursuit of excellence. Confidentiality This report and the information contained in it are confidential and proprietary information belonging to Blenheim Partners. The report contains confidential and proprietary information based on data from public and private sources, including Blenheim Partners’ proprietary database of information. The recipient will not use or disclose, or permit the use or disclosure of, this Report by any other person or for any other purpose. The information contained in this report is preliminary in nature and subject to verification by Blenheim Partners. Blenheim Partners does not guarantee its accuracy or completeness. Blenheim Partners Pty Ltd ABN 21 160 009 236 | p +61 2 9253 0950 | w blenheimpartners.com MINING SERVICES DIVERSE ($’M) ¹ ¹ % % % % % % Founds 2015 MARG on FY EBIT EBIT NPAT NPAT NPAT EBITDA EBITDA EBITDA mployed Company REVENUE REVENUE H1 H1 E Employed H1 FY2014H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 EBIT EBIT MARG H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 NPAT MarginNPAT MarginNPAT Return Returnon Founds Downer Group 3,586.0 3,931.1 263.7 297.5 141.7 160.1 4.0 4.1 94.7 99.1 2.6 2.5 15.0 16.6 - Downer Infrastructure 2,338.9 2,312.5 72.8 87.4 3.1 3.8 16.1 23.3 - Downer Mining 815.2 1,024.5 63.4 90.1 7.8 8.8 17.9 19.0 - Downer Rail 424.4 589.1 17.5 4.6 4.1 0.8 8.4 6.0 Transfield Services 1,895.4 1,790.1 112.2 74.4 63.5 26.5 5.9 4.2 18.1 2.8 0.95 0.16 10.0 4.0 Group - Infrastructure ANZ 515.0 548.7 11.8 19.9 - Resources & Industrial 420.5 502.9 11.4 28.3 ANZ - Americas 176.9 229.3 (16.1) 7.5 UGL Group 1,957.2 2,233.6 56.5 78.5 2.9 3.5 29.3 49.7 1.5 2.2 n/a n/a - UGL Engineering 1,229.1 1,152.7 39.3 35.9 3.2 3.1 The Blenheim Report | No Limitations 3 MINING SERVICES DIVERSE ($’M) ¹ ¹ % % % % MARG EBIT EBIT Margin FY NPAT NPAT NPAT EBITDA EBITDA EBITDA Company REVENUE REVENUE Employed Employed H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 EBIT EBIT MARG H1 FY2014H1 H1 FY2015H1 FY2015H1 FY2014H1 FY2015H1 % FY2014H1 % NPAT MarginNPAT FY NPAT Returnon Founds Returnon Founds Worley Group 3,613.7 3,792.6 234 232 180.8 178.2 5.0 4.7 104.3 100.7 2.9 2.7 n/a n/a - Worley 2,696.9 2,731.1 247.5 207.6 9.2 7.6 Hydrocarbon segment - Worley Services 2,808.0 2,843.7 226.0 227.2 8.0 8.0 - Worley Major Projects 377.6 496.9 22.7 37.6 6.0 7.6 - Worley Improve 363.4 402.8 27.5 23.7 7.6 5.9 - Worley Development 64.7 49.2 0.3 1.3 0.5 2.6 - Worley Minerals, 447.4 571.1 28.4 55.8 6.3 9.8 Metals & Chemicals - Worley Infrastructure 469.4 490.4 0.0 23.8 0.0 4.9 Notes 1 Return on Funds Employed is a measure on Downer uses in their results presentation. Return on Capital Employed has been used for Transfield Services as a comparison. The Blenheim Report | No Limitations 4 MINING SERVICES ($’M) % % % % MARG FY2014 EBIT EBIT NPAT NPAT NPAT EBITDA EBITDA EBITDA Company REVENUE REVENUE H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 FY2015H1 H1 FY2015H1 FY2014H1 H1 FY2015H1 FY2014H1 FY2015H1 FY2014H1 NPAT MarginNPAT MarginNPAT EBITDA MARGEBITDA MACA 319.7 306.2 80.5 72.9 25.2 23.8 50.4 48.5 34.7 32.6 10.9 10.6 Macmahon 384.3 550.1 55.9 89.4 14.5 16.3 21.0 37.1 11.3 19.4 2.9 3.5 Monadelphous 1,052.0 1,276.7 95.1 126.5 9.0 9.9 60.7 79.2 5.8 6.2 NRW Holdings 570.4 520.9 2.7 64.4 0.5 12.4 (150.0) 31.9 (120.6) 22.4 (21.1) 4.3 - NRW Civil & Mining 525.3 467.0 (131.6) 36.5 - NRW Action Drill & Blast 49.2 52.0 2.8 0.4 - NRW AES Equipment 9.7 15.6 (21.3) (5.1) Solutions WDS GROUP 113.2 175.4 (4.5) 18.0 (4.0) 10.3 9.3 25.2 (14.9) 7.4 (13.1) 4.2 - WDS ENERGY DIVISION 71.5 144.2 (2.8) 18.4 (4.0) 12.8 (3.4) 15.2 - WDS MINING DIVISION 42.2 31.0 0.9 1.7 2.1 5.5 (9.2) (2.2) The Blenheim Report | No Limitations 5 PROFIT GUIDANCE 2 MARCH 2015 The Australia Financial Review Diversification may be only way for mining services to survive Mining services companies hoping to dodge the downturn in the Australian industry by hunting for work on projects in Africa and Asia are unlikely to avoid the cost and margin pressures ravaging the global sector, and should be looking outside mining for growth, experts said. The 2014-15 financial year is proving to be one of ruthless reinvention for mining services companies, as the dizzy heights reached in the mining boom come crashing down. This reporting season has been particularly illustrative of the transformation. As earnings announcements rolled in, the balance sheets of mining services companies showed they'd been hit with heavy write-downs and impairments, prompting some savage market reactions. Bradken Group's share price plunged 20 per cent after it revealed a first-half net loss of $92.6 million early in the reporting season. Macmahon Holdings slashed its full-year outlook by up to 40 per cent after it posted a $112.5 million loss on Wednesday. Ausdrill's net loss of $177.4 million was delivered with a warning on Thursday that a turnaround back to the black was not in sight until well into 2016. Seven Group's WesTrac Australia, which sells Caterpillar heavy mining equipment, reported a 47 per cent decline in product sales revenue to $323 million from $612 million a year ago. Rather than buying new equipment, miners are squeezing additional life out of existing assets, which helped lift WesTrac's revenue from servicing, parts and maintenance by 16 per cent to a decade-high $750 million. And there are more cuts to come, with analysts saying big miners such as BHP Billiton and Rio Tinto will look to drive costs in their Australian iron ore businesses down by another 25 per cent. Ernst & Young partner Vince Smith said while the mining services sector market capitalisation increased 7 per cent last financial year, there was "simply no way" any gains could be had this year. "Significant impairments are being booked by those companies, we are seeing profit downgrades and announcements on a fairly regular basis on less contracts and loss of revenue," he told The Australian Financial Review. Now is the time to take the hit to the balance sheet, Mr Smith said, as investors were becoming used to receiving bad news. Source: http://www.afr.com/p/diversification_may_be_only_way_x2DLJtI1gtEAj8b1Y0S3pK 26 FEBRUARY 2015 The Australia Financial Review Transfield to change name as net profit rises 75% Transfield Services confirmed its full year earnings guidance and said it would be changing its company name to break with Transfield Holdings after delivering a 75 per cent rise in first half net profit to $8.4 million. Underlying earnings before interest taxation depreciation and amortisation (EBITDA) rose 51 per cent to $112.2 million as the company, which last year rejected a takeover offer worth $2 per share from Spanish infrastructure group Ferrovial, won more maintenance contracts in the defence and social services sectors. The Blenheim Report | No Limitations 6 Transfield Services plans to change the name of the company within the next 12 months after Transfield Holdings sold its remaining stake in the company in September, severing its final ties with its founding company.
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