BSA LIMITED — Annual Report 2007

Aug 22, 2007

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Results Presentation – Full Year 06/07

• Full Year Results

• Contract & Earnings Growth

• Operational & Reporting Framework

• � Business Acquisitions � BSA Advanced Learning � The Outlook (including Financial Projections)

• The Board

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� 20% + revenue growth as all operating business units report growth

• $9 M NPAT reflects operating efficiency and improved margins

• No impediments following TS division restructure

� Strong performance in core subscription television installation and telco services markets � Dividend up 1.7 cents per share

Results – Full Year Ended 30 June 2007

	June 2007 Actual	June 2006 Actual	June 2005 Actual
Revenue $	159.0M	130.6M	119.1M
EBITDA $	14.3M	4.6M	4.1M
EBITDA %	9.0%	3.5 %	3.4 %
NPAT $	9.0M	0.7M	1.1M
NPAT %	5.7%	0.5%	0.9%

Results – Full Year Ended 30 June 2007

	June 2007 Actual	June 2006 Actual	Movement
Revenue	$159.0M	$130.6M	up 21.8%
EBITDA	$14.3M	$4.5M	up 215.8%
NPAT	$9.0M	$0.7M	up 1179.8%
Interim dividend **(fully franked) ***	1.5 cents	0.5 cents	up 200.0%
Basic EPS	5.8 cents	0.4 cents	up 1350.0%
Shares on issue	156,726,408

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* Net Payout Ratio of 65% of NPAT
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Key Financials – 30 June 2007

Cash Flow	June 2007 $’000	June 2006 $’000	% Change
Cashflows from operations	7,059	(200)	+3,629.5%
Add back net interest paid	37	179	-79.3%
Deduct capital expenditure	1,412	1,108	+27.4%
Operating cashflow before investing and financing	5,684	(1,129)	+603.5%

Key Financials – 30 June 2007

Working Capital	June 2007 $’000	June 2006 $’000	June 2005 $’000
Receivables	28,121	21,387	17,678
Stock	3,626	3,099	2,703
Less Payables	(12,311)	(10,976)	(10,108)
Total	19,436	13,510	10,273
Revenue	158,973	130,564	118,874
Debtors Days Outstanding	31 Days	26 Days	–

Key Financials – 30 June 2007

Position	June 2007 $’000	June 2006 $’000	% Change
Net Debt*	(2,073)	2,239	+192.6%
Equity	35,413	27,425	+15.7%
Debt : Equity	N/A	8.2%
Net interest expense	37	179	+20.6%
Net interest cover (EBITDA)	387	26	+131.7%

* Interest bearing liabilities less cash

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Contract & Earnings Growth

� FOXTEL o Growth on the back of strong sales in the Pay TV sector o Innovations such as IQ and aggressive marketing by FOXTEL o Addition of cable installation & maintenance works o Signing 4 year contract extension worth over $300M � Telstra o Strong reputation in the Telecommunications industry o Steady growth in new business o Growing BSA Advanced Learning (BAL) o Seeking contract extension o Optic Fibre, presents possible growth opportunities

� OPTUS

o Strong long term relationship o Seeking market share in Melbourne & Sydney

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(Cont) Contract & Earnings Growth

� AUSTAR

• Like FOXTEL growth in the PAY TV sector has driven revenue

• o Commercial works performed Nationally

• Launch of MySTAR (equivalent to FOXTEL IQ) will drive growth

• o Seeking contract extension

� Technical Services

o Signed national support agreements for Tellabs Contract (Installation and Commissioning, Maintenance and Support)

• Home Services (Mr Group)

o Build on strength of brand

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BSA Advanced Learning

• Accredited as a Registered Training Organisation (RTO)

• Secured ongoing business from o Telstra o Defence Forces, Queensland o OPTUS

• Productivity improvements being realised in the field, expanded program into FOXTEL & AUSTAR

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� Triple M acquisition transforms and focuses BSA to a significant industrial services company

� Healthy outlook - $250M + revenue, EBITDA forecast $22M for upcoming year (current trading)

� Key clients – FOXTEL, Telstra (others) positioned for growth, as partners

• Opportunities (for discussion)

Operational & Reporting Framework

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Major Accounts / Partners

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Triple M Group

� Background

• Established in 1994

• Specialise in non-residential air conditioning and fire protection services

o Strong track record of organic growth and profitability o Diversified income streams from Mechanical & Fire Contracting and Mechanical & Fire Service and Maintenance contracts. o Stable and respected senior executive team.

� Major Contracts

o American Express HQ King St Wharf NSW - Multiplex o Qantas Hangar 96 upgrade – A W Edwards o Green Square Commercial Development QLD – Leighton o UBS Fitout Chifley Tower – Bovis Lend Lease/UBS

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(Cont) Triple M Group

• Growth Opportunities

o Sustainable Design – ‘Green Star’ – New & Existing Stock

• QLD – Mechanical & Fire – Significant opportunities in ‘tunnel’ works where Triple ‘M’ has developed a strong reputation.

• Acquisition opportunities in VIC and WA in Mechanical & Fire to be investigated.

o Maintenance (Mech & Fire) – opportunities to participate in large multi-site tenders for institutional clients upon achievement of ESB coverage.

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(Cont) Triple M Group

� Ac uisition Summar q y

Actual Projected 30 June 2007 30 June 2008 Reported (Projected)EBITDA $7.18M $8.55M Valuation Multiple • Trailing 6 • Projected 5 Acquisition Price $43.1M Triple M Acquisition immediately accretive 17

The Outlook

• The strong growth trend and profitability will continue into the foreseeable future

• BSA Limited is driving towards its next phase of evolution

• Further diversification is expected

• Continued investment in Corporate and Business Development – always seeking new acquisitions

• Fibre Optic Contracts

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The Outlook

Triple M

• Finalise integration opportunities with BSA Limited.

• Expand Special Hazards capability in Fire to target Resources and Mining markets.

• Accelerate growth in our Maintenance divisions (recurring revenue streams).

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The Financial Outlook

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June 2008 June 2007 June 2006
Budget * Actual Actual
Revenue $ 253.0M 159.0M 130.6M
EBITDA $ 22.5M 14.3M 4.6M
EBITDA % 8.9% 9.0% 3.5 %
NPAT $ 12M 9.0M 0.7M
NPAT % Increase
33%
(2007 v 2008)
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* Note: Includes annualised Triple M projections
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The Financial Outlook

June 2008 June 2007 June 2006 Budget ** Actual Actual Revenue $253.0M $159.0M $130.6M EBITDA $22.5M $14.3M $4.5M NPAT $12M $9.0M $0.7M Final dividend * 1.7 cents 1.5 cents 0.5 cents (fully franked) Basic EPS 6.6cents 5.8 cents 0.4 cents Shares on issue 180,726,408 156,726,408

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Note: Dividend represents payment made at previous half year reporting period
Note: Note: Includes annualised Triple M projections
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The Financial Outlook

Dividend - History

Date Paid or Payable	Cents Per Share	Total Dividend $’000	Type
17 March 2006	0.5	753	FY 2006 Interim
15 Sept 2006	0.5	757	FY 2006 Final
16 March 2007	1.5	2,316	FY 2007 Interim
Proposed End Sept 2007	1.7	3,072	FY 2007 Final

Current Board Members

Brian Baldwin

Mark Foley

Mark Lowe

Daniel Lipshut

Paul Teisseire

Michael Givoni

Max Cowley

Chairman (Non-executive) (i)

Managing Director

Executive Director

Executive Director

Non-executive Director (i)

Non-executive Director (i)

Non-executive Director

(i) Denotes Independent director

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