ASX CEO Connect Conference

2 March 2021

Mark Norwell

Managing Director and CEO, Perenti

Important notice and disclaimer

This presentation and these materials (together the "Presentation") have been prepared by Perenti Global Limited ABN 95 009 211 474 (ASX:PRN) ("Perenti") as a summary of Perenti's operations and results for the purposes of a presentation to existing or potential investors in Perenti. By participating in this Presentation or reviewing or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this Important Notice and Disclaimer.

This Presentation should be read in conjunction with Perenti's 2021 half year report and 2020 and 2019 annual reports lodged with the Australian Securities Exchange ("ASX") on 22 February 2021, 24 August 2020 and 29 August 2019 and other periodic and continuous disclosure announcements that have been lodged by Perenti with the ASX.

This Presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States or any other jurisdiction.

This Presentation may contain forward looking statements concerning activities which are or may be undertaken, outlook or other matters ("Projections"). Any such Projections are based on assumptions which may differ materially from the actual circumstances which may arise. Actual results may differ from Projections and such variations may be material. You should not place undue reliance on any Projections, which are based only on information currently available to Perenti. Perenti undertakes no obligation to update any Projections for events or circumstances that occur subsequent to the date of this Presentation or to keep current any of the information provided. Past performance is no guarantee of future performance.

Recipients of this Presentation are advised that the information contained in this Presentation is not legal, tax, accounting, investment or financial product advice and should not be used as the basis for making investment decisions or other decisions in relation to Perenti or its securities.

This Presentation is not a disclosure document, is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. Perenti has no obligation to tell recipients if it becomes aware of any inaccuracy in or omission from the information in this Presentation. This Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. You should consult your own advisors as to legal, tax, financial and related matters and conduct

your own investigations, enquiries and analysis concerning any transaction or investment or underwriting or other decision in relation to Perenti.

This Presentation, including opinions set out in it, is based on information compiled or prepared by Perenti from sources believed to be reliable, although such information has not been verified in all instances. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this Presentation. To the maximum extent permitted by law, none of Perenti, its directors, employees, advisors or agents, nor any other person, accepts any liability, including without limitation any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, Projections or prospects referred to in this Presentation.

On slide 8, historical Earnings presented for Ausdrill, Barminco and AUMS for FY11 - FY18 is EBITDA on an illustrative combined basis and is adjusted to exclude discontinued operations, share of JV profits, impairment of non-current assets and onerous provision. Historical Earnings presented for Ausdrill in FY18 is Adjusted EBITDA, which is calculated as EBITDA of A$177.3m less share of JV profits of A$22.3m. The historical earnings are sourced from audited financial statements for Ausdrill and Barminco. Barminco EBITDA for FY11 and FY12 has been adjusted to remove the AUMS proportionately consolidated earnings for those periods. Figures for AUMS are extracted from note disclosures in Ausdrill's audited financial statements. Aggregating the results of Ausdrill, Barminco and AUMS would not provide an accurate representation of what the performance of the combined group would have been during these periods because, among other things, these standalone results include transactions between AUMS and each of Ausdrill and Barminco, which would be eliminated on consolidation. Factset Commodity prices indexed from January 3, 2005. Amounts presented for Perenti in FY19 and FY20 are Underlying EBITDA.

A global mining services business of scale

OPERATING IN

12 Countries

4 Continents

YEARS OF EXPERIENCE

30+

GLOBAL PROJECTSGLOBAL EMPLOYEES

55+ ~8,000

Current operations and offices

What we stand for

Our portfolio of iconic mining services brands

1H21 underlying financial highlights

Strong Underground earnings, impacted by external factors (COVID-19, strengthening AUD and a challenged east coast equipment rental market) and Surface Africa underperformance

REVENUE

EBITDA

EBIT(A)

NPAT(A)

$1.01B

$201M

$94M

$45M

Down on softer EBIT(A)

Consistent on pcp

EBITDA margin: 20%

: $100M

EBITDA FX adjusted (1): $213M

OPERATING CASH CONVERSION

ROACE

NET DEBT

INTERIM DIVIDEND PER SHARE

92%

14.4%

14%

3.5 cents

Strong result demonstrating

15.1% ROACE when calculated

Down on pcp

Unfranked

management focus

on 1H capital employed

EBIT(A) FX adjusted

(1): $100M

1H21 figures are underlying and exclude amortisation and any one-off or non-underlying items as disclosed on slides 17 & 18 of Perenti's 1H21 results presentation; ROACE is return on average capital employed and is defined as underlying EBIT(A) / sum of average receivables, inventories, PP&E less trade payables for the relevant period; (1) The $(6)M impact on EBIT(A) of strengthening AUD is calculated with reference to the average foreign currency rate in 2H20 compared to 1H21

COVID-19 response and update

  • STRONG RESPONSE: achieved business continuity

  • SPECIALIST COVID-19 TEAM: to manage wellbeing and logistics of expat ~500 strong workforce

  • COST RECOVERY: Largely recovering increased travel and quarantine costs

  • GROWTH PROJECT: impacting speed of ramp-up at Zone 5 and Hemlo

  • PRODUCTIVITY IMPACT: due to continuation of extended rosters, travel restrictions, operational interruptions due to virus outbreaks

  • COVID-19 RESTRICTIONS: expected to continue for remainder of 2021

Earnings resilience through the cycle

Commodity Prices and Illustrative Historical Earnings (A$M)

FY11-FY18 figures are pro-forma, illustrative figures representing the aggregation of the EBITDA results of Ausdrill, Barminco and AUMS prior to the acquisition of Barminco by Ausdrill in October 2018, refer to slide 2 for further detail; FY19 figures are pro forma underlying EBITDA incorporating 100% of Barminco and AUMS and exclude one-off and non-underlying items; FY20 and 1H21 figures are underlying EBITDA and exclude one-off and non-underlying items

Significant scale generating strong margins

Revenue (A$B)

2.5

2.0

1.5

1.0

0.5

-

Capital

21.7%

2.0

25%

20%

FY20 Peer average: 15%

Average peer EBITDA margin : 14.2%

15%

10%

5%

0%GeodrillMitchell ServicesMacmahonForaco

MACA

NRWMajor DrillingSwickBoart LongyearOrbit Garant

Perenti

Perenti revenue

Peer revenue

Source: Chart based on FY20 revenue and earnings. Perenti, NRW, Macmahon, MACA investor presentations for FY20; Capital IQ

EBITDA %Peer avg EBITDA %

FY20 EBITDA Margin (%)

But trading at a discount

FY21 EV/EBITDA

(x)

25

20

15

10

5

0

ASX listed mining services peers

PRN: 3.4x

Drilling companies (ASX and international listed)

Other ASX listed contractors with mining exposure

Sector average: 5.9x

FY21 EV/EBITDA

NRW

Perenti

MACA

Macmahon

MajorDrilling

OrbitGarant

Capital

MitchellServices

Geodrill

RPMGlobal

ALS

SevenGroup

Imdex

Worley

Monadelphous

Decmil

CIMICGroup

MMAOffshore

XRFScientific

Downer

Cardno

Lycopodium

MaderGroup

GREngineering

Primero

AustinEngineering

MineralResources

Emeco

SouthernCrossSector average

Source: Canaccord Research; Capital IQ

Significant organic growth pipeline of $9.2B

Pipeline by business segment

Pipeline by country

Pipeline by commodity

  • $5.5B ORDERBOOK: represents secured contract revenue, underpins FY21 revenue; further expansion on conversion of $9.2B pipeline to work in hand

  • FUTURE GROWTH: Continued ramp-up of growth projects (Hemlo and Zone 5); $9.2B pipeline of opportunities; entrance to North America gaining momentum

  • TOP-TIER JURISDICTIONS: 76% of pipeline in Australia, Botswana, the United States and Canada

    Pipeline

  • GOLD AND COPPER: 83% of pipeline are gold and copper projects

Quality underpins value

Responsible: we are guided by Our Principles; proactively managing

COVID-19; committed to a sustainable future

Value: focused on maximising return on capital; track record of consistent, high quality earnings and margins; trading at earnings discount

Growth: continued geographic diversification; sector leading pipeline; leveraged to continuing commodity sector growth

Outlook: continued ramp-up of growth projects; U/G focus in North

America, Australia and Botswana; rebase of AMS; investing in the business to support growth

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Disclaimer

Perenti Global Limited published this content on 01 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2021 08:40:00 UTC.