Emeco

Better Equipped | Equipment Solutions for Mining

1H FY15 Results Market Release - First Half Utilisation Underpins Turnaround Plan

26 February 2015

HIGHLIGHTS:

  • Global fleet utilisation currently 75%, up from 50% at the start of the half, good prospects with solid business development pipeline
  • 1H FY15 Operating EBITDA of $16.2 million, with an improved trend outlook
  • Free cash flow impacted by approximately $12 million in one-off costs incurred as a result of driving utilisation, including pre-rental costs in Australia and slower ramp-up on Chilean contract
  • Global mining industry experiencing prolonged difficult trading conditions
  • New corporate strategy unveiled to create a more resilient business and return to profitability
  • Liquidity strengthened with new $75 million asset backed loan, currently undrawn, in addition to cash reserves of $34.1 million at December 31, 2014.
  • 1H FY15 Operating NPAT loss of $49.6 million

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