IMDEX Limited

FY17 Financial Performance

MINERALS REVENUE

EBITDA

* FY13-FY17 normalised minerals revenue - continuing operations

"We exceeded our financial targets for the year, achieving a 23% increase in revenue and a 55% increase in EBITDA. This positive outcome was due to improving market conditions globally, our regional expertise and further market penetration for our differentiated technologies."


Revenue

Up 23%

Revenue from continuing operations of $176.2 million (FY16: $143.3 million).

EBITDA

Up 55%

EBITDA from continuing operations of $31.5 million (FY16: $20.3 million).

Net Profit

$3.7 m

Net profit after tax of $3.7 million (FY16: a loss of $56.2 million).

Cash Flow

Up 107%

Operating cash flow from continuing operations (excluding financing costs) of $20.7 million (FY16: normalised $10.0 million).

Balance Sheet

As at 30 June 2017, net assets increased by $44.2 million and net cash totalled $12.3 million.

Successful Capital Raising

As announced to the market 5 September 2016.

New Facility

Secured a new $30 million Bankwest facility on attractive terms.

Paid Out Facility

Paid out the Bain Capital facility in full.


Balance Sheet

$ MILLIONS UNLESS INDICATED OTHERWISE 30 JUN 2017 30 JUN 2016
Cash 19.4 13.0
Receivables 41.5 28.8
Inventory 29.9 27.4
Assets held for sale * - 3.2
Fixed assets 32.2 38.2
Intangibles 60.4 60.9
Other assets / deferred tax 27.5 24.9
TOTAL ASSETS 210.9 196.4
Payables 30.4 20.8
Bank loans 6.5 43.0
HP finance 0.6 1.2
Other liabilities, provisions, current tax 13.6 15.8
TOTAL EQUITY 159.8 115.6

* Oil and gas technology written-off.


Working Capital

* Represents cash inflows of $19.5m (prior to financing costs) adjusted for cash outflows from discontinued operations of $1.2m.


Summary of Financial Highlights

FOR THE YEAR ENDED 30 JUNE 2017 (AUDITED RESULTS)

2016
$'000
2017
$'000
16-17 Var
%
REVENUE FROM CONTINUING OPERATIONS (EXCLUDING INTEREST INCOME) 143,346 176,225 23%
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION & AMORTISATION (EBITDA) FROM CONTINUING OPERATIONS 15,078 31,496 109%
EBITDA margin 10.5% 17.9% 70.5%
Depreciation and impairment (8,830) (10,692) 21%
Amortisation (592) (583) (2%)
EARNINGS BEFORE INTEREST & TAX (EBIT) 5,656 20,221 258%
Net interest expense (10,052) (16,413) 63%
Net profit/(loss) before tax (4,396) 3,808
Income tax expense/benefit 535 (1,243) (332%)
NET PROFIT/(LOSS) AFTER TAX FROM CONTINUING OPERATIONS (3,861) 2,565
Profit/(loss) from discontinued operations (52,392) 1,098
NET PROFIT/(LOSS) AFTER TAX (56,253) 3,663
Basic earnings/(loss) per share from continuing and discontinued operations (cents) (23.11 ¢) 1.14 ¢ -
Net Cash provided by Operating Activities (6,567) 13,071
Cash on hand 12,977 19,379 49%
Net Assets 115,593 159,820 38%
Total Borrowings 44,159 7,147 (84%)
Net Tangible Assets per Share 22.03 ¢ 27.07 ¢ 23%