IMDEX Limited

FY18 Financial Performance

Revenue

Up 24%

Revenue from continuing operations of $218.5 million (FY17: $176.2 million).

EBITDA

Up 35%

EBITDA from continuing operations of $42.4 million (FY17: $3.6 million).

Net Profit

Up 470%

Net profit after tax of $21.1 million, up 470% (FY17: $3.7 million)

Cash Flow

Up 21%

Operating cash flow from continuing operations of $15.9 million (FY17: $13.1 million).

Strong Balance Sheet

As at 30 June 2018, net assets increased by $26.3 million and net cash totalled $7.9 million.


MINERALS REVENUE BY REGION

MINERALS EBITDA

* Normalised minerals revenue - continuing operations


Balance Sheet

$m 30 JUN 2018 30 JUN 2017
Cash 13.919.4
Receivables 49.341.5
Inventory 33.629.9
Fixed assets 36.532.2
Intangibles 59.560.4
Other assets / deferred tax 33.327.5
TOTAL ASSETS 226.1210.9
Payables 26.430.4
Bank loans 5.96.5
HP finance 0.20.6
Other liabilities, provisions, current tax 7.513.6
TOTAL EQUITY 186.1159.8

RECONCILIATION OF EBITDA TO CASH FROM OPERATIONS ($m)

  • Working capital investment normalised in 2H18 – FY18 in line with expectations
  • Similar working capital ratio expected in FY19
  • Cash tax increasing in line with profitability
  • FY19 investment in core product development expected to be similar to FY18
  • FY19 investment in transformational initiatives expected to be up ~$1.5m on FY18

1 Core - Investment in product development for organic growth.
2 Transformational - Internal digital transformation program, IMS Drill and Blast and CoreVIBE™ and MagHAMMER™ technologies.


Summary of Financial Highlights

FOR THE YEAR ENDED 30 JUNE 2018 (AUDITED RESULTS)

2018
$'000
2017
$'000
17-18 Var
%
REVENUE FROM CONTINUING OPERATIONS (EXCLUDING INTEREST INCOME) 218,475 176,225 24%
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION & AMORTISATION (EBITDA) FROM CONTINUING OPERATIONS 42,384 31,496 35%
EBITDA margin 19.4% 17.9%
Depreciation and impairment (12,772) (10,692) 19%
Amortisation (333) (583) (43%)
EARNINGS BEFORE INTEREST & TAX (EBIT) 29,279 20,221 45%%
Net interest expense (688) (16,413) (96%)
Net profit before tax 28,591 3,808 651%
Income tax expense (7,476) (1,243) 501%
NET PROFIT AFTER TAX FROM CONTINUING OPERATIONS 21,115 2,565 723%
Profit from discontinued operations - 1,098 (100%)
NET PROFIT AFTER TAX 21,115 3,663 476%
Basic earnings per share from continuing and discontinued operations (cents) 5.73 1.14 403%
Net Cash provided by Operating Activities 15,900 13,071 22%
Cash on hand 13,942 19,379 28%
Net Assets 186,126 159,820 16%
Total Borrowings 6,076 7,147 (15%)
Net Tangible Assets per Share (cents) 34.27 27.07 27%

Small % variances may exist within this report due to rounding