Financial Performance
Financial Summary
- * Including AASB 16
- + Excluding AASB 16
- ^ Excluding $2.9m net gain in FY21 on Flexidrill and AusSpec deferred consideration fair value adjustment
- ** IMDEX uses S&P Market Intelligence global exploration expenditure for nonferrous metals as an industry benchmark for growth
- ++ Notionally adjusted for inclusion of the impact of AASB 16
- INVESTMENT IN R&D IN ALL MARKET CONDITIONS
- ABILITY TO TARGET AND REDIRECT R&D SPEND IN LINE WITH DEMAND
- DISCIPLINED STAGE GATE PRODUCT DEVELOPMENT PROCESS
- INCREASING PERCENTAGE OF EXPENDITURE ON SOFTWARE VERSUS HARDWARE
- R&D IS LARGELY EXPENSED
The strength of IMDEX’s underlying business enabled the Company to take full advantage of buoyant market conditions and outperform expectations.
ANTHONY WOOLES, IMDEX CHAIRMAN
Balance Sheet
- Interim fully-franked dividend of 1.0 CPS
- Final fully-franked dividend of 1.4 CPS in line with historical 30% payout ratio
- Special fully-franked dividend of 0.4 CPS
- Continued investment in leading technologies to drive future growth
| $m | 30 JUN 2021 | 30 JUN 2020 |
|---|---|---|
| Cash | 58.5 | 38.3 |
| Receivables | 58.2 | 43.5 |
| Inventory | 41.5 | 41.2 |
| Fixed assets 1 | 78.6 | 79.6 |
| Intangibles 2 | 92.9 | 83.6 |
| Other assets / deferred tax | 36.4 | 31.9 |
| TOTAL ASSETS | 366.1 | 318.1 |
| Payables | 37.9 | 26.9 |
| Borrowings 3 | 11.1 | 6.1 |
| Other liabilities, provisions and current tax 4 | 64.0 | 63.5 |
| TOTAL EQUITY | 253.1 | 221.6 |
| ROE | 13.3% | 9.9% |
| ROCE | 15.5% | 11.4% |
- Includes leases assets of $33.0m in June 2021 ($36.5m June 2020)
- Includes intangibles of $9.8 arising from the acquisition of AusSpec
- Increased USD borrowings to manage our currency exposures
- Includes lease liabilities of $38.9m ($41.5m June 2020) and deferred consideration for the purchase of Flexidrill of $12.2m ($14.7m June 2020) and AusSpec $2.5m
SUMMARY OF FINANCIAL HIGHLIGHTS
| FY21 $m |
FY20 $m |
|
|---|---|---|
| Revenue from continuing operations (excluding interest income) | 264.4 | 237.7 |
| Earnings before interest, tax, depreciation & amortisation (EBITDA) from continuing operations 1 | 78.4 | 58.0 |
| EBITDA margin | 29.7% | 24.4% |
| Depreciation of property, plant and equipment | (20.3) | (19.0) |
| Depreciation of right-of-use assets | (6.0) | (5.9) |
| Amortisation of Intangible Assets | (4.5) | (1.6) |
| Earnings before Interest & Tax (EBIT) | 47.6 | 31.5 |
| Net interest expense | (3.1) | (2.4) |
| Net profit before tax | 44.5 | 29.1 |
| Income tax expense | (12.9) | (7.4) |
| Net profit after tax from continuing operations | 31.7 | 27.7 |
| Basic earnings per share from continuing and discontinued operations (cents) | 8.0 | 5.6 |
| Net cash provided by operating activities | 56.9 | 52.4 |
| Cash on hand | 58.5 | 38.3 |
| Net assets | 253.1 | 221.6 |
| Total borrowings | 11.1 | 6.1 |
| Net tangible assets (cents per share) | 40.4 | 35.6 |
- FY21 includes $2.9m relating to the fair value gain on deferred consideration. FY20 contains $3.6m relating to the sale of interest in VES
Quality Revenue Model
Increasing revenue from sensors and software – higher margins and quality recurring revenue
Increasing revenue from mining production phase – a larger addressable market and less-cyclical
Increasing revenue from the Americas
Product offering is commodity agnostic
Critical metals are expected to grow at a faster rate