BSA LIMITED — Investor Presentation 2008

Mar 2, 2008

page 1

==> picture [792 x 120] intentionally omitted <==

----- Start of picture text -----

BSA Limited
----- End of picture text -----

Investor Presentation

==> picture [792 x 120] intentionally omitted <==

For personal use only

page 2

Results Presentation – Half Year 07/08

• Half Year Results

• Contract & Earnings Growth

• Operational & Reporting Framework

• The Outlook (including Financial Projections)

• The Board

For personal use only

page 3

December 2007 – Half Year Summary

• 63% + revenue growth year on year due to Triple M and FOXTEL Cable

• 42% + NPAT growth year on year reflects operating efficiency, improved margins and positive results through the Triple M acquisition

• Ongoing Telstra business secured via SILCAR (2 years, $70m)

• Secured Optus HFC & Optus Fiber Optics Contracts (2 years, $30m)

• Renewed the AUSTAR contract (3 years, $35m)

• • Increased operational activity across the core Contracting Solutions business

• Integrated Triple M into BSA.

• Interim dividend up by 2 cents per share to 3.5 cents

• Earnings Per Share up 22.1% to 3.59 cents per share

For personal use only

page 4

Results – Half Year Ended 31 Dec 2007

Increasing revenue and profitability

	Dec 2007 Actual Dec 2006 Actual June 2007 Actual Revenue $ 122.3 m 74.9 m 159.0 m EBITDA $ 10.3 m 7.2 m 14.3 m
	EBITDA % 8.4% 9.6% 9.0% NPAT $ 6.4 m 4.5 m 9.0 m NPAT % 5.2% 6.0% 5.7%

For personal use only

page 5

Results – Half Year Ended 31 Dec 2007

Earnings per share continues to grow

	Dec 2007	Dec 2006
			Movement
	Actual	Actual
Revenue $	122.3 m	74.9 m	up 63.3%
EBITDA $	10.3 m	7.2 m	up 43.1%
NPAT $	6.4 m	4.5 m	up 42.2%
Interim dividend (fully franked)	3.5 cents	1.5 cents	up 133.3%
Basic EPS	3.59 cents	2.94 cents	up 22.1%
Shares on Issue	183,683,648	154,367,812	up 19%

For personal use only

page 6

Key Financials – Ended 31 Dec 2007 Continue to generate cash

Cash Flow	Dec 2007 Actual($’000)	Dec 2006 Actual($’000)	Movement
Cash flows from operations	14,673	1,342	Up 993%
Add back net interest paid	398	76	Up 424%
Deduct capital expenditure	964	784	Up 23%
Operating cash flow before investing and financing	14,107	634	Up 2,125%

For personal use only

page 7

Key Financials – Ended 31 Dec 2007

Efficient management of working capital

Working Capital	Dec 2007 Actual($’000)	Dec 2006 Actual($’000)	Movement
Receivables	33,765	24,917	Up 35.5%
Stock	4,291	4,053	Up 5.9%
Less Payables	27,127	10,140	Up 167.5%
Total	10,929	18,830	Down 42.0%
Revenue	122,317	74,869	Up 63.4%
Debtors Days Outstanding	29 Days	31 Days	Down 2 Days

For personal use only

page 8

Key Financials – Ended 31 Dec 2007 Geared for growth

Position	Dec 2007 Actual($’000)	Dec 2006 Actual($’000)	Movement
Net Debt*	14,284	1,751	Up 716%
Equity	55,992	31,944	Up 75%
Debt : Equity	25.5%	5.5%	Up 364%
Net interest expense	398	76	Up 424%
Net interest cover (EBITDA)	26	95	Down 73%

* Interest bearing liabilities less cash

For personal use only

page 9

Dividend History

Dividend return to shareholders grow

	Date Paid or Payable Cents Per Share Total Dividend Paid Type 17 March 2006 0.5 753 FY 2006 Interim 15 September 06 0.5 757 FY 2006 Final
	16 Mar 2007 1.5 2,316 FY 2007 Interim 03 October 2007 1.7 3,060 FY 2007 Final 17 March 2008 (Record Date) 15 April 2008 (Payment Date) 3.5 6,429 FY 2008 Interim

Note: Dividend Payable on 15 April 2008 is to be Fully Franked

For personal use only

page 10

Contract & Earnings Growth

• Telecommunications

• Signed 2 year contract with SILCAR to provide installation and maintenance services to Telstra, ($70 million)

• Secured 50% of the OPTUS HFC Services contract, geographic coverage extends into Sydney and Melbourne, (2 years, $30 million)

• Signed contract to provide Optic Fibre services to OPTUS over the next 2 years

• Subscription and Free to Air TV

• Renewed AUSTAR contract for 3 years valued at $35 million

• Full 6 months of FOXTEL cable installation and maintenance delivered significant revenue growth

• Provide new call centre services to FOXTEL’s (Jeopardy Management)

• Integrating IT systems with FOXTEL

• Consistent performance by the Home Services division (Mr Antenna)

For personal use only

page 11

Contract & Earnings Growth

• Heating, Ventilation and Air Conditioning & Fire Services (Building Services)

• The objective of providing diversified income to BSA has been realised

• Integrated Triple M Group of companies into BSA

• Solid performance in the first half

• Continue to seek sensible acquisitions to grow the division

For personal use only

page 12

Operational Activities and Structure

==> picture [792 x 120] intentionally omitted <==

==> picture [792 x 120] intentionally omitted <==

==> picture [792 x 120] intentionally omitted <==

70% of Revenue

30% of Revenue

For personal use only

page 13

Major Accounts/Partners

==> picture [792 x 120] intentionally omitted <==

==> picture [792 x 120] intentionally omitted <==

==> picture [792 x 120] intentionally omitted <==

For personal use only

page 14

The Outlook

• Telecommunications

• Solidifying revenues from SILCAR (Telstra) and OPTUS, delivering services through an efficient and lean operating model

• Seeking to grow the suit of services and geographic coverage provided

  • to SILCAR

• Growth opportunities in Fibre Optics with OPTUS

• Subscription and Free to Air TV

• FOXTEL High Definition roll out, provides exceptional opportunity for volume growth

• AUSTAR MyStar roll out also provides growth opportunities

• IT system integration with FOXTEL strengthens partnership

For personal use only

page 15

The Outlook

• Heating, Ventilation and Air Conditioning & Fire Services (Building Services)

• Strong order book well into FY 2009

• Geographic expansion into Western Australia

• Seeking sensible acquisitions for geographic expansion into Victoria

• unprecedented opportunities in Health Sector over the next 6 years ($15 billion)

• Increasing demand for Triple ‘M’s D&C capabilities in sustainable commercial office delivery

• Grow the service and maintenance revenues

For personal use only

page 16

Current Board Members

Brian Baldwin Chairman (Non-executive) (i) Mark Foley Managing Director Mark Lowe Executive Director Paul Teisseire Non-executive Director (i) Michael Givoni Non-executive Director (i) Max Cowley Non-executive Director

(i) Denotes Independent director

For personal use only

page 17

==> picture [792 x 120] intentionally omitted <==

==> picture [792 x 120] intentionally omitted <==

WWW.BSA.COM.AU

For personal use only