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
| $m | 30 JUN 2018 | 30 JUN 2017 |
|---|---|---|
| Cash | 13.9 | 19.4 |
| Receivables | 49.3 | 41.5 |
| Inventory | 33.6 | 29.9 |
| Fixed assets | 36.5 | 32.2 |
| Intangibles | 59.5 | 60.4 |
| Other assets / deferred tax | 33.3 | 27.5 |
| TOTAL ASSETS | 226.1 | 210.9 |
| Payables | 26.4 | 30.4 |
| Bank loans | 5.9 | 6.5 |
| HP finance | 0.2 | 0.6 |
| Other liabilities, provisions, current tax | 7.5 | 13.6 |
| TOTAL EQUITY | 186.1 | 159.8 |
RECONCILIATION OF EBITDA TO CASH FROM OPERATIONS ($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