FY17 Financial Performance / 2017 Annual Report / IMDEX Limited

^{* 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 from continuing operations of $176.2 million (FY16: $143.3 million).

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

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

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

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

As announced to the market 5 September 2016.

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

Paid out the Bain Capital facility in full.

$ 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.}

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

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%