PSC Insurance : FY22 HY Results Shareholder and Investor Pres - Re-release

For personal use only

23 February 2022

Market Announcements Office

ASX Limited

Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

PSC INSURANCE GROUP LTD (PSI) - 2022 HALF-YEAR RESULTS PRESENTATION - RE-RELEASE

Please find attached a re-release of our FY22 Half-Year Results Presentation. This re-release corrects an error on page 14 of the presentation for the second last bullet point with the correct information being:

• Underlying NPATA up 61% to $27.6m and underlying EPS up 46% to 8.6 cents per share

Please direct any queries to Tony Robinson, Managing Director, on 0407 355 616 or Joshua Reid, Chief Financial Officer, on [phone].

Yours faithfully,

Stephen Abbott

Company Secretary

PSC Insurance Group Limited ACN 147 812 164

96 Wellington Parade, East Melbourne, Victoria 3002 | W www.pscinsurancegroup.com.au

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HALF-YEAR

RESULTS

Tony Robinson (Managing Director)

John Dwyer (Executive Director)

Joshua Reid (Chief Financial Officer)

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SUMMARY INFORMATION

This document has been prepared by PSC Insurance Group Limited (ACN 147 812 164) (PSC).

It is a presentation of general financial and commercial information about PSC's activities current as at 23rd February 2022. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with PSC's other announcements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.

FORWARD LOOKING STATEMENTS

This document contains certain "forward-looking statements". The words "anticipate", "believe", "expect", "project", "forecast", "estimate", "likely", "intend", "should", "could", "may", "target", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of PSC, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. Neither PSC nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. Except as required by applicable law or the ASX Listing Rules, PSC disclaims any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events.

Statements about past performance are not necessarily indicative of future performance.

| PSC Insurance Group | 2022 HALF-YEAR RESULTS

TERMINOLOGY

This presentation uses Underlying NPATA and Underlying EBITDA and other related measures to present a clear view of the underlying profit from operations. Underlying NPATA comprises consolidated profit after tax and before amortisation expense adjusted for value adjustments for the carrying value of assets or associates, contingent consideration adjustments, and other revenue and costs considered non- operating in nature or related to acquisition activities. It is used consistently and without bias year on year for comparability. These measures are not audited by the Group's auditors. A reconciliation to statutory profit is provided in this Presentation.

NOT AN OFFER

This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or other financial products in PSC. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any "US person" (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. PSC shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

FINANCIAL HIGHLIGHTS

Strong Results Show Strength in Highly Diversified Business Model Strong Outlook for Full Year

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UP	UP	UP	UP	UP	Strong EBITDA Growth in Key	Growing UK EBITDA
28%	42%	61%	46%	13%	Regions	Contribution

$3.6m

	$19.4m
$8.4m	$21.3m

Underlying

Underlying

Underlying

Underlying

Interim dividend

AU/NZ

UK/HK

UK/HK

AU/NZ

Revenue

EBITDA

NPATA

EPS

increase to 4.5 cps

| PSC Insurance Group | 2022 HALF-YEAR RESULTS

FINANCIAL RESULTS SUMMARY

Strong balance of organic growth + accretive acquisitions that have integrated well

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($m) - Half-Year	2022	2021	Growth
	Underlying Revenue	119.7	93.7	28%
	Underlying Costs	-79.0	-65.0
	Underlying EBITDA	40.7	28.7	42%
	Net AASB16 adjustment	-0.3	-0.3
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	Interest	-4.8	-4.4
	Depreciation	-1.1	-1.0
	Amortisation	-6.1	-4.1
	Non-Operating Revenue	0.4	3.4
	Non-Operating Costs	-6.2	-3.2
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	Net Profit Before Tax	22.5	19.1	18%
	Tax	-6.0	-5.4
	NPAT	16.6	13.6	21%
	Underlying EBITDA (AASB 16 Adj.)	40.7	28.7	42%
	Underlying EBITDA	40.4	28.4	42%
	Underlying NPATA	27.6	17.1	61%

4 | PSC Insurance Group | 2022 HALF-YEAR RESULTS

Strong revenue growth of 28% and EBITDA growth of 42%.

Organic EBITDA growth of $5.7m (+20%), strong performance across all segments.

Acquisitions contributed EBITDA growth of $6.3m. Good performance from PSC UK Insurance Brokers, PSC Alliance and AU/NZ bolt-ons.