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December 2006 half year results
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highlights
� Half year revenue of $499.4m up 105%, EPS up 147% to 38.5c
� Spike in construction activity has driven bumper half year result
� All divisions had strong performances
� Continued focus on safety performance
� Organisation restructured to facilitate further organic growth
� Delivering on diversification strategies
� Simplified dividend payout policy to 80 -100% from 07/08 onwards
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financial highlights
-9%10.89.8$mCapex
83%24.745.3$mNet Cash
6%37.139.2$mOperating Cash Flow
144%9.022.0cpsffTotal Dividends
147%15.638.5cpsEarnings Per Share
152%12.531.4$mNet Profit After Tax
134%20.848.7$mEBITDA
105%243.5499.4$mSales Revenue
% ChangeDec-05Dec-06
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revenue by division
105%243.5499.4$mTOTAL
-37.0$mInternal sales eliminations
64%5.89.5$mSkystar
274%10.840.4$mElectrical and Instrumentation Services
37%96.3132.2$mMaintenance and Industrial Services
171%130.6354.3$mEngineering Construction
% ChangeDec-05Dec-06
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revenue & profit growth
profit after tax $msales revenue $m
200720062005200420032002
Dec Half June Half
154.7
243.7 220.8
390.6
532.0499.4
200720062005200420032002
Dec Half June Half
4.87.1 8.5
16.7
29.431.4
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earnings & dividend growth
earnings per share dividend per share
200720062005200420032002
Dec Half June Half
6.59.6
11.1
21.1
36.538.5
200720062005200420032002
Interim Dividend Final Dividend Special Dividend
3.56.3 7.5
19.3
33.0
22.0
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EBITDA and operating cash flow
cashflow from operations $mEBITDA $m
200720062005200420032002
Dec Half June Half
12.015.3 16.1
29.0
49.0 48.7
200720062005200420032002
Dec Half June Half
12.5 13.1
6.6
24.0
66.8
39.2
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EBITDA and PAT margins
EBITDA margin % profit after tax margin %
5.5%
4.3%3.9%
2.9%3.1%
6.3%
5.1%
4.0%
3.5%
3.0%2.9%
200720062005200420032002
Full Year Dec Half
9.2%
7.4%7.3%
6.3%
7.7%
9.8%
8.5%
6.8%6.9%6.6%
7.2%
200720062005200420032002
Full Year Dec Half
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exceptional return on equity
200720062005200420032002
Dec Half June Half
17.2%
20.7% 21.7%
36.1%
47.3%
42.2%
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strong shareholder returns
� Total shareholders returns:
� 1 year 105%
� 5 years 2370% (90% p.a)
5 year share price history
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07
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strong focus on safety
total case injury frequency rate (TCIFR)
16.017.3
22.628.629.0
32.1
2002 2003 2004 2005 2006 YTD Dec2006
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increasing workforce
employee numbers
1198 1376 1539 1740
3142
3647
2002 2003 2004 2005 2006 Dec2006
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engineering construction division
� Revenue � 171% on last year’s first half ($500m of work won between
December 2005 and August 2006)
� First major win in the water industry
� Second half revenue is forecast to revert to a more normalised level
sales revenue $m
2007200620052004
Dec Half June Half
109.6
239.8289.3
354.3
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EC division highlights
� Substantial completion of major contracts:
� Sulphuric acid plant construction; BHP Billiton’s Ravensthorpe Nickel
Project, WA
� Stockpile capacity extension; BHP Billiton Mitsubishi Alliance (BMA)
Hay Point Coal Terminal, QLD
� Iron ore facility expansion; BHP Billiton’s Rapid Growth Project
(RGP2) at Nelson Point and Finucane Island, WA
� Iron ore facility expansion; Rio Tinto Iron Ore Yandicoogina mine, WA
� Yabulu extension project; BHP Billiton’s Yabulu Nickel Refinery, QLD
� Rail receival station construction; Central Queensland Port Authority
(CQPA), QLD
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EC division highlights
� Successful progress of major contracts:
� Iron ore facility expansion; Rio Tinto Iron Ore Dampier Port Upgrade
Phase B, WA
� Iron ore facility expansion; Yandi Junction South East project at Rio
Tinto Iron Ore’s Yandicoogina mine, WA
� Iron ore facility expansion; BHP Billiton Iron Ore’s Rapid Growth
Project 3 (RGP3) at Port Hedland, WA
� Commenced work on:
� Iron ore facilities expansion; BHP Billiton Iron Ore’s Mining Area C,
WA
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EC division highlights
� $70m of new major contracts secured subsequent to reporting
period:
� Iron ore car dumper refurbishment; BHP Billiton Iron Ore’s Rapid Growth
Projects, WA
� Nickel facility construction work; BHP Billiton Ravensthorpe Nickel
Project, WA
� Water treatment plant design and construction; Water Corporation’s
Wyndham Water Treatment Plant, WA
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maintenance & industrial services division
� Revenue � 37% from last year’s first half
� Retention of all major contracts and increased service volumes
� Full period revenues from newly established contracts
� Significant further expansion into the oil and gas sector
sales revenue $m
2007200620052004
Dec Half June Half
108.0
136.9
207.5
132.2
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M&IS division highlights
� Award & establishment of new service contracts :
� 2 year oil and gas maintenance support services contract; Conoco
Philips’ Darwin LNG facility, NT
� 3 year oil and gas operation services contract; Oil Search, Papua New
Guinea
� Significant contract extension:
� 3 year extension oil and gas operation maintenance services contract;
Chevron’s Barrow and Thevenard Island operation, WA
� Establishment of new operation in Mackay to service the rapidly
growing coal market in the Bowen Basin, QLD
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Other growing divisions
Skystar sales revenue $mMIE sales revenue $m
2007200620052004
Dec Half June Half
3.1
7.3
14.8
9.5
� Revenue � 274% from last year’s first half
� Major works carried out through other
divisions, including Yabulu and CQPA
� Revenue � 64% from last year’s first half
� Full period revenues from contracts
secured last year
20072006
Dec Half June Half
26.0
40.4
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our strategy
� Core business strategies:
� earnings quality, blue chip customers, long term relationships
� larger and longer contracts
� focus on growing recurring revenue base
� Diversification strategies:
� geographical expansion of electrical services
� further development into oil and gas, power and water markets
� continue to pursue strategic acquisitions
� Internal strategies:
� processes and systems to match growth
� attract and retain right people to protect the culture and enhance reputation
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outlook
� Second half revenues to return to more normalised levels
� Revenue on track to exceed $800m for the full year
� Pipeline of projects continues to be strong, in particular iron ore
� Project timing and capacity utilisation will continue to impact
engineering construction revenue flows
� Further long term growth will be dependent on the continued success
of our diversification strategies