For personal use only. MACA Limited Full Year Results Investor Presentation

Transcription

1 MACA Limited 011 Full Year Results Investor Presentation

2 Important Notice This document and any oral presentation accompanying it ( Presentation ) has been prepared by MACA Limited ( MACA ). It should not be considered as an offer, invitation or recommendation to subscribe for or purchase any securities in MACA or as an inducement to make an offer or invitation with respect of those securities. No agreement to subscribe for securities in MACA will be entered into on the basis of this Presentation. This Presentation is limited to sophisticated investors and professional investors (as defined by the Corporations Act 001(Cth)), and persons who hold Australian financial services licences and any of their representatives. By attending and receiving this Presentation you warrant to the MACA that you are such a person. This Presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee or assurance of future performance, and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. MACA has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this Presentation. This Presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating MACA. MACA and its affiliates and each of their directors, agents, officers and employees do not make any representation, warranty or assurance, express or implied as to, or endorsement of, and do not accept any responsibility or liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement,representation, forecast or opinion contained in this Presentation. You should not act or refrain from acting in reliance on this Presentation material. This overview of MACA does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of MACA s prospects. You should conduct your own investigation and perform your own analysis and evaluation in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this Presentation before making any investment decision. Nothing in this Presentation should be construed as financial product advice, whether personal or general, for the purposes of Section 766B of the Corporations Act. This Presentation consists purely of information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. MACA has not considered any of your objectives, financial situation or needs. This Presentation and its contents has been made available in confidence and may not be reproduced or disclosed to third parties or made public in any way without the express written permission of MACA. Nothing in this Presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction. This Presentation is intended solely for information purposes to professional and sophisticated investors.

3 Financial and Operational Highlights for the Year Strong full year results, significantly exceeding IPO Prospectus forecasts Revenue of $49. million (up 60% on previous corresponding period, up 3% on pro forma prospectus) EBITDA of $68. million (up 80% on previous corresponding period, up 8% on pro forma prospectus ) NPAT of $9.7 million (up 81% on previous corresponding period, up 8% on pro forma prospectus) Successful IPO completed in November 010 with strong investor support Solid balance sheet. No net debt Key new works in 011FY: Peculiar Knob WPG Resources Mining 70 month contract $85m revenue Crushing 60 month contract $17m revenue Garden Well Regis Resources (letter of intent) Mining +8 year contract $450m revenue Client base diversified by commodity Iron ore 45% - Gold 34% - Base metals 1% Contracts performing to expectations Final dividend of 3 cents per share declared. Fully franked. Ex on 5 September 011, payable on 1 September 011. Total of 6 cents for the full year, in line with IPO prospectus forecast 3

4 Financial and Operational Highlights for the Year 011 FY Full Year Results 30 June June June 010 (Statutory) 1 (Pro forma) 1, (Pro forma) 1,3 Movement (to Pro forma) Revenue $49.m $49.m $155.3m EBITDA $67.3m $68.m $37.8m EBIT $44.5m $45.4m $4.4m Net Profit Before Tax $41.4m $4.4m $.7m Net Profit After Tax $8.7m $9.7m $16.4m 60% 80% 86% 86% 81% Contracted Work in Hand $1,356m $1,356m Net Cash $13.4m $13.4m Operating Cash Flow $57.8m $57.8m $1.3m Earnings per share - basic 19.1c 19.8c Dividend per share (fully franked) 3.0c 3.0c Notes: (1) Results include pre IPO minority interests which are now fully owned () The pro forma result to 30/06/11 excludes share based payment expense arising from the pre IPO issue of shares to Mr C Tuckwell (3) Pro forma numbers from Prospectus have been used (4) EPS based on 150 million shares on issue post IPO completion (excludes options on issue) 4

5 Corporate Snapshot MACA Snapshot Shares on issue Options (issued at $1.15 vest 3 Nov 013) 150,000,000 4,178,030 Retail 15% Shareholding Blocks Founders / Directors 60% Share price (as at 4 August, 011) $.0 Market capitalisation $303 m Cash on hand $50.6 m Institutional 5% Interest bearing liabilities (equipment hire purchase) $37.1m Share Price Since ASX Listing $3.50 1,000,000 Enterprise value $89.5 m $ ,000,000 $.50 8,000,000 $.00 6,000,000 $1.50 $1.00 4,000,000 $0.50,000,000 $ Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 5

6 Financial Forecast IPO Actual Revenue: $4.0m $49.m EBITDA: $53.m $68.m $300 $50 $49. $4.0 Actual / Forecast EBIT: $34.3m $45.4m $00 NPAT: $3.1m $9.7m EPS:(basic) $0.154 $0.198 $150 $100 $50 $68. $53. $45.5 $34.3 $4.4 $33.0 $9.7 $3.1 $0 Revenue EBITDA EBIT NPBT NPAT Full Year Actual IPO FY011 Prospectus Forecast Total Revenue Growth Rates FY09-FY11 CAGR 73% FY08-FY11 CAGR 5% FY07-FY11 CAGR 3% 5% 73% Exceeded IPO prospectus forecasts Strong historical growth Order book is strong 68 3% FY06 FY07 FY08 FY09 FY10 FY11 6

7 Frequency rate of injuries per million hours worked Number of Personnel Safety, Environment and Training 0 People and safety performance 800 As at June 011 MACA employed a workforce in excess of 500 personnel comprising direct staff and subcontractors Integrated safety and management system to AS 4801 remains accredited Environment management system to ISO remains accredited Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Employee Numbers LTIFR LTIFR (Industry) Quality management system accreditation to ISO 9001 was achieved in March 011 Company LTIFR rate well below industry standard 7

8 MACA Board Andrew Edwards Non Executive Chairman Andrew is a former Managing Partner of PriceWaterhouseCoopers (PwC), Perth Office, former national vice president of the Securities Institute of Australia and has served as state chairman of the Education Committee for the Institute of Chartered Accountants. Andrew is currently a board member of Mermaid Marine, Nido Petroleum and Aspire Mining. Chris Tuckwell Managing Director Chris is a qualified construction engineer with 8 years experience in the mining sector. Chris has been Chief Executive Officer of MACA for nearly 4 years. Previously Chris spent 14 years working for Ausdrill in mainly offshore positions including 9 years in Africa as a shareholder representative and country / general manager positions in a number of joint ventures. Joseph (Joe) Sweet Non Executive Director Joe has extensive mining contracting and civil contracting experience and was the Managing Director of BGC Australia Pty Ltd from 1988 to 1997 and Managing Director of BGC Contracting Pty Ltd from 1997 to Joe held senior management roles and Board positions within the Bell Group from 1969 to Ross Williams Finance Director & CFO Ross is a founding shareholder of MACA. Ross is responsible for all financial facets of the Company including capital management, finance, financial reporting and corporate strategy. Ross also has 16 years banking experience having held executive positions with a major Australian bank. Karen Field Non Executive Director Karen has been involved in the mining industry for over 30 years and has a strong background in strategic planning, project management and human resources. Karen is a current board member of the Water Corporation, Sungrid Limited and Sipa Resources Limited. Geoff Baker Operations Director Geoff is a founding shareholder of MACA. Geoff is responsible for planning, operating strategy, capital expenditure and delivery of safety and financial outcomes on all projects. Geoff has worked in the sector for 36 years focusing on plant maintenance and asset management. Jon Carcich Company Secretary Jon provides MACA with Company Secretarial services. Jon has over 17 years experience in the areas of financial and executive management, accounting, business and taxation services. Jon is a director of Chartered Accounting firm Bentleys (WA) Pty Ltd. 8

9 Project Locations Mining Services Iron Ore Northern Territory Crushing Services Pardoo Iron Ore Mining Services - Gold Mining Services Base Metals Civil Contracting Barrick - Gold Jack Hills Iron Ore Carnarvon - Civil Contracting Koolanooka Iron Ore Magellan - Lead Moolart Well - Gold Garden Well Laverton - Gold Spotted Quoll - Nickel Peculiar Knob Iron Ore Western Australia South Australia

10 Operating Divisions Loading and Hauling Contract load and haul offering mine to mill solutions and customised to meet project needs Equipment Excavator Hitachi Komatsu Hitachi Komatsu 50t 00t 190t 10t Dumptruck Cat t Komatsu t Dozers Cat D10T Cat D9T Komatsu 475 Komatsu 375 Graders Cat 16M Cat 16H Cat 16G Cat 14H Front End Loaders Cat 993 Komatsu WA600-6/3 Komatsu WA500-6/3 Cat / Komatsu Drilling and Blasting Production drilling and blasting, pre-splitting and probe drilling services Equipment Blasthole Drills Terex SCH5000CL Anfo Trailers 9 Crushing and Screening Crushing and screening fixed or mobile crushing circuits from single stage to more complex circuits Equipment Jaw Metso 15 Cone Metso HP5 Metso HP400 Metso HP300 Screens Metso TS5. 7x8 Metso LH 15x8 Triple Cedarapids 0x8 Double Striker 0x7 Sample Stations Striker Essa Crosslands Jack Hills SinosteelMidwest Koolanooka Atlas Iron Pardoo Mtpa Mtpa 1.8 Mtpa WPG Resources Peculiar Knob 3.3 Mtpa MACA Civil Joint Venture established 010 Deliver effective solutions for: Tails dam Construction Evaporation ponds Complete mine infrastructure works Road construction and maintenance Airport runway construction Major earthworks projects

11 Mining Division - Iron Ore Clients Mining Services / Crushing and Screening Services All DSO projects Jack Hills Crosslands 1.8Mtpa Koolanooka Sinosteel Midwest 1.8Mtpa Pardoo Atlas Iron 1.8Mtpa Peculiar Knob Western Plains Resources 3.3Mtpa Commence pre-strip in September 011 Crushing to commence nd calendar qtr 01 Asset sale to OneSteel (OST) announced August

12 Mining Division - Gold Clients Moolart Well Regis Resources Garden Well Regis Resources Commence pre-strip September 011 Plutonic - Barrick Contract extension to August 01 Laverton Crescent Gold Contract extended to February 01 Focus (FML) takeover nearing completion Mining Division - Base Metals Clients Spotted Quoll Western Areas Magellan Magellan Metals Contract in suspension 1

13 MACA Civil A Joint Venture company MACA owns 60% MRWA accreditation Managed by experienced civil contracting personnel Gascoyne Alliance - MRWA Commenced first project in Carnarvon flood rectification works Alliance style contract Potential 1 months contract duration 13

14 Jul 11 Jun 1 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Work In Hand From July 011 Work in Hand - tenure Average term WIH 39 months - Projected sources of revenue - time based Jack Hills - Murchison Metals Plutonic - Barrick Koolanooka - Mining - Sinosteel Midwest Koolanooka - Crushing - Sinosteel Midwest Magellan - Magellan Metals Spotted Quoll - Western Areas Laverton - Crescent Gold Pardoo - Crushing - Atlas Iron Pardoo - Mining - Atlas Iron Moolart Well - Regis Resources Garden Well - Regis Resources Peculiar Knob - Mining - WPG Resources Peculiar Knob - Crushing - WPG Resources Work In Hand Possible Extensions Work in Hand - value Contracted - $1,356m plus potential extensions $149m (M) $300 $50 $00 $150 $100 $50 $0 Projected sources of revenue FY11 FY1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY0 Prospectus WIH and Extensions Completed Work In Hand Potential Extension Work 14

15 Company Outlook Record order book of +$1.3b, $55m in contracted revenue for 01, and work beyond is visible Commodities remain at relatively high prices on a historical basis The pipeline and tendering for new projects and project expansions is strong Strong balance sheet and funding capabilities Growth in scope of work MACA undertakes expanding with civil works 15

16 Contacts 16