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2013 Annual Report Final BOART LONGYEAR LIMITED A.B.N. 49 123 052 728 ANNUAL FINANCIAL REPORT YEAR ENDED 31 DECEMBER 2013 __________________________________________________________________________________________ 1 CONTENTS DIRECTORS’ REPORT ....................................................................................................................................... 3 OPERATING AND FINANCIAL REVIEW ........................................................................................................... 7 REMUNERATION REPORT ............................................................................................................................ 41 BOARD OF DIRECTORS ................................................................................................................................. 74 EXECUTIVE MANAGEMENT TEAM ............................................................................................................... 76 CORPORATE GOVERNANCE STATEMENT ................................................................................................. 77 AUDITOR’S INDEPENDENCE DECLARATION ............................................................................................... 85 INDEPENDENT AUDITOR’S REPORT ............................................................................................................ 86 DIRECTORS’ DECLARATION .......................................................................................................................... 88 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ........... 89 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ........................................................................... 90 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................... 91 CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................................................ 92 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..................................................................... 94 __________________________________________________________________________________________ 2 Annual Financial Report 31 December 2013 BOART LONGYEAR LIMITED DIRECTORS’ REPORT The directors present their report together with the financial report of Boart Longyear Limited (the “Parent”) and its controlled entities (collectively the “Company”) for the financial year ended 31 December 2013 (financial year) and the Independent Auditor’s Report thereon. Financial results and information contained herein are presented in United States (“US”) dollars unless otherwise noted. PRINCIPAL ACTIVITIES Boart Longyear is the world’s leading integrated provider of drilling services, drilling equipment and performance tooling for mining and mineral drilling companies globally. The Company provides drilling services, drilling equipment and performance tooling to mining and drilling companies globally by offering a comprehensive portfolio of technologically advanced and innovative drilling services and products. The Company operates through two divisions: “Global Drilling Services” and “Global Products” and believes that its market-leading positions in the mineral drilling industry are driven by a variety of factors, including the performance, expertise, reliability and high safety standards of Global Drilling Services, the technological innovation, engineering excellence and global manufacturing capabilities of Global Products and its vertically integrated business model. These factors, in combination with the Company’s global footprint, have allowed the Company to establish and maintain long-standing relationships with a diverse and blue-chip customer base worldwide that includes many of the world’s leading mining companies. With more than 120 years of drilling expertise, the Company believes its insignia and brand represent the gold standard in the global mineral drilling industry. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS The Company implemented a series of restructuring actions and cost reductions during 2012 and 2013 to address declining revenues in many of its core markets. The restructuring charges and related impairments associated with those actions totalled approximately $461.2 million during the 2013 financial year and included significant costs associated with the reduction of approximately 3,300 overhead and direct positions and the closure of several facilities. Nearly $190 million in total cost savings will be achieved through three cost reduction programmes initiated in December 2012, August 2013 and January 2014. EVENTS SUBSEQUENT TO REPORTING DATE On 7 January 2014, the Company announced the appointment of Mr Jeffrey Olsen as Chief Financial Officer of the Company effective 1 April 2014. Mr. Olsen currently serves as Chief Commercial Officer for Rio Tinto’s Iron & Titanium business. He brings over 17 years of experience in various finance management roles during his tenure with Rio Tinto. On 31 January 2014, the Company issued a $5,000,000 cash retention grant to Richard O’Brien. The cash rights will be divided into three equal portions vesting on 19 May 2014, 1 April 2015 and 1 April 2016. Based on the Company’s view that market conditions may not significantly recover over the next twelve months, the Company negotiated an amendment to its Credit Agreement that is intended to provide continued access to the revolving credit facility and additional head room under the Credit Agreement’s financial covenants. The amendment, which became effective on 22 February 2014, eliminates the Minimum Asset Coverage financial covenant and suspends the following financial covenants through the 31 March 2015 compliance testing date: • Minimum Liquidity of US$30 million (tested monthly) • Minimum Interest Coverage Ratio of 1.55x (tested quarterly) New financial covenants have been added, which require: • minimum cumulative last-twelve-months EBITDA of US$45 million through 31 March 2015 (tested quarterly); and • maximum Total Debt, at the levels set out below, to be tested quarterly through the maturity date of the Credit Agreement, which remains unchanged at 29 July 2016: (i) US$700 million at 30 June 2014 (ii) US$700 million at 30 September 2014 (iii) US$670 million at 31 December 2014 (iv) US$720 million at 31 March 2015 (v) US$725 million at 30 June 2015 and for each quarterly testing date thereafter. __________________________________________________________________________________________ 3 Annual Financial Report 31 December 2013 BOART LONGYEAR LIMITED The specified maximum Total Debt levels may vary upon the occurrence of certain events. In addition, the amendment adjusts fees and pricing, introduces new financial reporting requirements, establishes a monthly borrowing base of specified assets to allowed borrowings, limits annual capital expenditures and requires the Company, by 30 September 2014, to present a plan to the banks that proposes full repayment of the facility by the maturity date, which will be subject to an independent review. “Total Debt” means, as of any date, the Total Revolving Outstandings and any other Finance Debt of the Group outstanding (whether actually or contingently) on that date, but excluding (to the extent otherwise included): (i) contingent exposures under hedge or derivative transactions other than currency hedge or derivative transactions that hedge Finance Debt; (ii) Finance Debt owed by a Group member to another Group member; (iii) contingent liability under any letters of credit (other than those issued under this Agreement) which support performance obligations of a Group member, performance bonds or performance guaranties (or bank guaranties or letters of credit in lieu thereof) occurring within the ordinary course of business but not obligations in respect of Finance Debt; and (iv) to avoid double counting, contingent liability under any other letters of credit issued to secure external Finance Debt of a Group member to a financier to the extent such Finance Debt is already included in the calculation of the definition. DIVIDENDS The Company paid aggregate dividends of US 1.0 cent per share during the financial year. • A dividend of US 1.0 cent per share (for a total of $4,612,412) was paid during the year ended 31 December 2013. The dividend, which was for the second half of 2012, was paid on 12 April 2013 and was 35% franked at the Australian corporate taxation rate of 30%. The entire unfranked portion of the dividend was conduit foreign income. • No dividend was determined for either of the half-years ended 30 June 2013 or 31 December 2013. DIRECTORS The directors of the Company (the “Directors”) in office during the financial year and as at the date of this report are set out below. • Bruce Brook • Roger Brown • Roy Franklin • Tanya Fratto • Barbara Jeremiah • David McLemore • Rex McLennan (appointed effective 24 August 2013) • Richard O’Brien (appointed effective 21 May 2013) Others who held office as Directors during the financial year were: • Peter St. George (appointed effective 21 February 2007; resigned effective 21 May 2013) COMPANY SECRETARIES • Fabrizio Rasetti • Paul Blewett __________________________________________________________________________________________ 4 Annual Financial Report 31 December 2013 BOART LONGYEAR LIMITED DIRECTORS’ MEETINGS The following table sets out for each Director the number of Directors’ meetings (including meetings of committees of Directors) held and the number of meetings attended by each Director during
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