DURATEC LIMITED - Interim / Quarterly Report 2021

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H1FY21 RESULTS PRESENTATION 24 FEBRUARY 2021

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Important notice and disclaimer

This presentation has been prepared by Duratec Limited (ACN 141 614 075) ("Duratec", "Duratec Group" and the "Company"). The information contained in this presentation is for information purposes only.

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Duratec has not considered the objectives, financial position or needs of any particular recipient. Duratec strongly suggests that investors consult a financial advisor prior to making an investment decision.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Duratec, their respective related bodies corporates, shareholders, directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability for any loss arising from the use of information contained in this presentation or otherwise arising in connection with this presentation.This presentation is to be read

Thisin conjunction with the Duratec presentation may include "forward looking statements". Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertaintiesmaterially fromLimited half year statutory andthose expressed or implied in such statement. Actualother factors, many of which are beyond the controlresults, performance or achievements may vary materially fromof Duratec and their respective officers, employees, agents orany projections and forward looking statements andassociates that may cause actual results to differ thefinancial statements.assumptions on which those statements are based. Duratec assumes no obligation to update such information. Recipients of this presentation are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of uncertainty and disruption caused by any outbreak of COVID-19. This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment.

The distribution of the presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of Duratec have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act] or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

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H1FY21 Financial Results - 24 February 2021

Corporate Snapshot

National leader with experienced board and management committed to driving sustainable growth

Capital Structure

Share Price and Volume since IPO

Capital Structure
ASX Code	DUR
Shares on issue Share price as at 24 February 2021 Market capitalisation as at 24 February 2021 Net Cash as at 31 December 20201	237.4m 52.5c $124.7m $19.8m
Enterprise Value as at 24 February 2021	$104.9m

Board and Senior Management

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0.8 2.50
0.7
2.00
0.6
0.5
1.50
0.4
1.00
0.3
0.2
0.50
0.1
0 -
4/11/2020 4/12/2020 4/01/2021 4/02/2021
Volume Last Price
Last Price (cps)
Volume (M shares)
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Martin Brydon	Chairman
Phil Harcourt	Managing Director
Chris Oates	Executive Director
Gavin Miller	Non-Executive Director
Dennis Wilkins	Company Secretary

Share Register at IPO

Share Register at IPO
Jim Giumelli and related entities including Ertech (19.9%)	20.8%
Directors and senior management	35.5%
Institutions	23.0%
Private shareholders	20.7%

Note 1 : Comprises cash less lease and interest bearing liabilities

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H1FY21 Financial Results - 24 February 2021

H1FY21 Financial Highlights

Result demonstrated the resilience and strength of diversity in the business

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Revenue [2] EBITDA [1] NPAT [1]
$124.1m $11.7m $6.1m
 3.2% on H1FY20  4.5% on H1FY20  2.6% on H1FY20
Cash EBITDA Margin [1] NPAT Margin [1]
$31.0m 9.4% 5.0%
Robust balance sheet, primed for growth  8.0% on H1FY20  0.6% on H1FY20
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Note 1 : Prepared on a normalised basis which exclude one-off IPO costs and Fortec contribution – refer Appendix 1 for calculations Note 2 : Revenue inclusive of DDRIC (49% share) is $136.8m with an equivalent EBITDA margin of 8.5%

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H1FY21 Financial Results - 24 February 2021

H1FY21 Operational Highlights

Key Observations and Themes


Safe & Sustainable Operations	Zero lost time injuries and continued investment to foster a culture of ZERO HARM.
High performance and activity levels	Engaged in over 1,100 projects and performed strongly despite COVID-19 challenges. Key market segments remain very active, though some delays in Defence and Buildings & Facades.
	Significant number of new tenders and pipeline (see also slide 11).
	Standalone financing and IT facilities and business systems in place with strategic roadmap for new
Business Evolution	systems under development.
	Established and commissioned fully recyclable blast and paint facility in Karratha.
	Continued to grow strongly with significant pipeline of work, especially in Defence and Resources.
DDRIC Performance	Duratec Board appointment and First Steps Programme.
	Indigenous Procurement Policies of governments - procurement spending targets of ~3%.
	Significant operational leverage from capital light model.
	Grown to 687 employees.
Platform for growth	Key industry themes continue to underpin growth strategy.
	Executive Manager Deane Diprose relocating from WA to NSW to support growth in this region.
	Jack-up barge acquired to capitalise on niche marine structure remediation market.

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H1FY21 Financial Results - 24 February 2021

H1FY21 Financial Result

Result demonstrated the resilience and strength of diversity in the business

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Continuing solid business performance in H1FY21.

Lower revenue of $124.1m (down 3.2% on prior corresponding period of H1FY20 ( PCP )) due to

Delays in contract awards, particularly in Defence and Buildings & Facades; and
COVID-19 related project productivity impacts.
Normalised EBITDA ($11.7m) and NPAT ($6.1m)
80% increased contribution from DDRIC

Normalised margins (EBITDA of 9.4% and NPAT of 5.0%) up on PCP due to partly to increased contribution from DDRIC but lower revenue in H1FY21.

Very strong balance sheet with $31.0m cash balance and low debt levels.

Statutory reported result includes pre-tax IPO costs of $2.5m expensed and DDRIC $1.4m dividend

	H1FY21	H1FY20	Variance
Revenue	$124.1m	$128.2m	(3.2%)
Reported EBITDA Normalised EBITDA1	$8.9m $11.7m	$11.4m $11.2m	(22.2%) 4.5%
Statutory NPAT	$4.6m	$6.7m	(30.3%)
Normalised NPAT1	$6.1m	$6.3m	(2.6%)
Key operating metrics
Reported EBITDA margin	7.2%	8.9%	(19.6%)
Normalised EBITDA margin1	9.4%	8.7%	8.0%
Statutory NPAT margin	3.7%	5.2%	(28.0%)
Normalised NPAT margin1	5.0%	4.9%	0.6%

Note 1 : Prepared on a normalised basis which exclude one-off IPO costs and Fortec contribution – refer Appendix 1 for calculations.

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H1FY21 Financial Results - 24 February 2021

H1FY21 Projects Delivery

Key sector and project overview – high delivery and service levels maintained

Core Service Offerings

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Specialist technical
services
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Client industries

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Defence

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Buildings & Facades

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Mining & Industrial Power & Energy Marine infrastructure

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Transport
infrastructure
Water
infrastructure
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Engaged in ~1,100 projects during H1FY21 (some on-going) Key H1FY21 projects:

Defence – RAAF Base Richmond works, Fisherman's Bend building refurbishment, Gallipoli Barracks fuel installation works, HMAS Stirling works, Oakey fire safety, RAAF Pearce building & electrical and RAAF Williamstown building & civil.

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Buildings & Facades - 108 St Georges Terrace Façade Spandrel replacement, Chermside Medical Complex and SCG.

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Mining & Industrial – Boddington blast & paint services, Yandi structural works, Yara fertiliser plant maintenance and MIM concrete repairs. Power & Energy – Mt Piper Power station.

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Marine – Bunbury Port fender replacement, Fremantle Port wall remedial works and Flinders Ports remediation works.

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Transport – Cockle Creek Bridge refurbishment and Dunbogan bridge rehabilitation.

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Water – roof replacement for Power and Water Corporations and Mugga Reservoir roof replacement and repair.

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H1FY21 Financial Results - 24 February 2021

Results by Industry Segment

Diversification across sectors continues to be important

Revenue by industry segment ($m)

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140.0
128.2
124.1
119.1
120.0
100.0
80.0
60.0
40.0
20.0
-
H1FY20 H2FY20 H1FY21
Defence Mining & Industrial Buildings & Facades Other
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Gross Profit by industry segment ($m)

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30.0
25.0
25.0
22.9 23.2
20.0
15.0
10.0
5.0
-
H1FY20 H2FY20 H1FY21
Defence Mining & Industrial Buildings & Facades Other
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H1FY21 Financial Results - 24 February 2021

Revenue composition

Geographic diversification strategy

Revenue by region[1] ($m)

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140
120
100
69.6 60.9
57.8
80
60
40
58.7 61.3 63.2
20
0
H1FY20 H2FY20 1HFY21
Eastern Region Western Region
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H1FY21 down 3.2% compared to H1FY20 (but 4.2% increase over H2FY20).

Key drivers for change

Western Region

Overall down by $12.3m principally in Defence as major works were completed and new awards delayed
Partly offset by increased resources activity and increasing production - Hamersley Iron structural remediation works, Dampier Salt and DEJV growth

Eastern Region

NSW and Vic down collectively circ $10.0m compared to H1FY20 due largely to COVID-19 related operating inefficiencies.
ACT up $7.0m on H1FY20 due to the delivery of a major water infrastructure refurbishment project.

Note 1: Western region means Western Australia and Northern Territory. Eastern region means South Australia, New South Wales, Victoria, Queensland, Australian Capital Territory and Tasmania.

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H1FY21 Financial Results - 24 February 2021

Dundee Rock Joint Venture (DDRIC)

Significant contributor in H1FY21

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JV between Duratec (49%) and Dundee Rock (51%) to provide meaningful work and training opportunities to indigenous people. Dedicated leadership team and additional key appointments. Increased focus on project pipeline forecasts and diversification of services and industry sectors over the past 6 months.

Safety and Quality continual improvement initiatives implemented across the business.

Engagement with community and grass roots initiatives such as sponsorships and donations.

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FIRST STEPS PROGRAMME

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Creating pathways for long & successful careers in construction 3 week pre-employment program for six young Indigenous people who will be employed by offered traineeships to undertake a Cert IV in Construction.

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H1FY21 Financial Results - 24 February 2021

Dundee Rock Joint Venture (DDRIC)

Excellent growth outlook

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Demonstrated growth – graph shows (100% DDRIC business) revenue growth.

Strong financial performance and $1.4m dividend to Duratec with an expectation of continued strong financial performance.

Current Work on Hand of $27.8m and $269.9m of Identified Opportunities.

DDRIC outlook is very positive due to demonstrated capability and reputation for delivering quality outcomes, enabling repeat business.

DDRIC Revenue ($m)

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$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$-
H1FY20 H2FY20 H1FY21
Total Revenue
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H1FY21 Financial Results - 24 February 2021

Orderbook and Pipeline

Growing and diversified pipeline

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Orderbook [1] Tendered [2] Identified Opportunities [2]
16%
21%
27%
35% 34%
12%
$1.93b
$113.1m $567.0m 52%
15%
9% 20%
38%
22%
Defence Buildings & Facades Defence Buildings & Facades
Defence Buildings & Facades
Mining and Industrial Other Mining & Industrials Other Mining and Industrial Other
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 from $145m at 31 July 2020

 from $392m at 31 July 2020  from $1.03b at 31 July 2020

Diversified across industry sector and geographies (54% Eastern Region and 46% Western Region)

Note 1: Order book reflects Work in Hand as at 24 February 2021 and includes 50% of DEJV and 49% of DDRIC Note 2: Identified and Tendered Opportunities are as at 31 January 2021 and include 50% of DEJV and 49% of DDRIC

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H1FY21 Financial Results - 24 February 2021

COVID-19 Impact

Duratec navigated H1FY21 with great resilience

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Great resilience and leadership demonstrated.

Diversified business model with State based teams continued to successfully navigate challenges.

Duratec did not receive any JobKeeper support.

Increased Government spending due to stimulus projects but typically smaller contract awards.

Victoria – subdued activity due to 110-day lockdown.

Delays in contract awards.

Business impacts due to interstate border closures.

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H1FY21 Financial Results - 24 February 2021

HSECQ Overview

Duratec safety initiatives – working towards ZERO HARM

Improving safety record with no LTI in H1FY21

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Mental Health First Aid Training implemented to better equip team leaders

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Restructuring of Health and Safety team with addition of new National HSE Manager to complement the Systems and Compliance Manager

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Implementation of systems; induction & training, on line management of incidents, inspections and audits.

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Commenced implementation of updated Critical Control System - ties together existing risk management processes and focuses on activities critical to health and safety

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Period	LTIFR	TRIFR	AIFR	Hours Worked
FY18	0.98	11.70	70.30	1,023,684
FY19	0.71	3.55	46.22	1,406,142
FY20	0.00	6.33	49.59	1,895,400
H1FY21	0.00	5.50	51.70	1,818,208

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H1FY21 Financial Results - 24 February 2021

Outlook

Very positive business context - H2FY21 and beyond

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Key macro themes and demand drivers that support Duratec’s organic growth continue:

Strong commodity prices underpin increased resource sector investment.
Government infrastructure stimulus spending, including Defence nationally.
Asset owners remain focused on asset maintenance, remediation and refurbishment
Significant increase in tendered work and Identified Opportunities.

Robust balance sheet and operational leverage support growth strategy.

High volume of tender opportunities evidenced by the large pipeline and tendering activity; 54% Eastern region and 46% Western region. Well diversified to capitalise on a broad range of identified opportunities.

Continued focus on safety, systems and disciplined tendering (based on ECI)

Given the high number of quality projects and submissions entering the evaluation phase, the Company is confident of the award of some significant projects in H2FY21

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H1FY21 Financial Results - 24 February 2021

Outlook

Outlook by operating segment

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Defence

Defence sustainment spending forecast to double to $23.8b over the next decade.

Mining and Industrial

The resource sector teams are well positioned nationally to meet the increasing demand for remediation and life extension of ageing mining and resources infrastructure.
Clients are increasingly focused upon infrastructure integrity which is critical to their processes and production output.

Buildings and Facades

Momentum in this sector with increasing demand for Duratec’s Technical Team and ECI in projects.
Flammable cladding replacement programs continue to gain momentum nationally.
The Company expects it is well placed to be awarded significant work in the first quarter of calendar year 2021.

Other infrastructure

Increased activity in energy, water & waste water, transport bd ports infrastructure.

DDRIC

Outlook supported by government and corporate IPP initiatives.

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H1FY21 Financial Results - 24 February 2021

APPENDICES

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H1FY21 Financial Results - [24 February 2021]

Appendix 1 - Financial Information Reconciliation

Reconciliation of Statutory results to Normalised results

Reported EBITDA - Reconciliation ($’000)	1H2021	1H2020
Profit before income tax	6,162	9,406
Depreciation & amortisation	2,420	1,743
Financingcosts	302	272
Reported EBITDA	8,884	11,421	(22.2%)
Normalised EBITDA – Reconciliation ($’000)	1H2021	1H2020
Reported EBITDA	8,884	11,421
IPO Costs expensed	2,455	74
DDR tax effect	621	126
Earnings – Fortec	(149)	(207)
Dividends received from Fortec	-	(120)
Shared Services Charges – Fortec	-	(139)
Gain on disposal of Fortec	(151)	-
Normalised EBITDA	11,660	11,155	4.5%
Normalised NPAT– Reconciliation ($’000)	1H2021	1H2020
Statutory NPAT	4,642	6,662	(30.3%)
IPO Costs expensed	2,455	74
Tax effect of IPO costs	(737)	(22)
Earnings – Fortec	(149)	(207)
Shared Services Charges – Fortec	-	(139)
Dividends received from Fortec	-	(120)
Gain on disposal of Fortec	(151)	-
Tax effect of disposal of Fortec	83	62
Normalised NPAT	6,144	6,310	(2.6%)

Reported EBIT - Reconciliation ($’000)	1H2021	1H2020
Profit before income tax	6,162	9,406
Financingcosts	302	272
Reported EBIT	6,464	9,678	(33.2%)

Normalised EBIT – Reconciliation ($’000)	1H2021	1H2020
Reported EBIT	6,464	9,678
IPO Costs expensed	2,455	74
DDR tax effect	621	126
Earnings – Fortec	(149)	(207)
Shared Services Charges – Fortec	-	(139)
Dividends received from Fortec	-	(120)
Gain on disposal of Fortec	(151)	-
Normalised EBIT	9,240	9,412	(1.8%)

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H1FY21 Financial Results - 24 February 2021

Appendix 2 – Balance Sheets

Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Inventories
Other current assets
Current tax receivable
Total current assets
Non-current assets
Trade and other receivables
Plant and equipment
Right-of-use asset
Investments accounted for using the equity method
Other assets
Deferred tax assets
Total non-current assets
Total Assets
Current liabilities
Trade and other payables
Borrowings
Property lease liabilities
Contract liabilities
Current tax liability
Provisions
Total current liabilities
Non-current liabilities
Borrowings
Property lease liabilities
Deferred tax liabilities
Provisions
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Retained Earnings
Total equity

Dec-20
Jun-20
$000
$000
31,045
41,276
18,409
19,597
6,222
6,249
272
273
1,889
966
641
-

58,478
68,361
72
36
14,480
10,259
2,689
3,055
1,467
2,749
82
78
2,924
2,142
21,714
18,319
80,192
86,680
29,088
34,932
2,311
1,708
1,136
1,163
11,573
15,681
-
500
4,602
4,934
48,710
58,918
6,023
3,867
1,757
2,043
813
432
714
612
9,307
6,954
58,017
65,872
22,175
20,808
23,704
500
132
(231)
(1,661)
20,539
22,175
20,808

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Contract assets and Contract liabilities refer to contract work in progress accrued revenue and revenue billed in advance of works completed.

Debtors well managed and largely within terms, no bad debts.

Other current assets primarily relate to prepayments, major item being prepaid insurances.

Plant and equipment increase due to capital expenditure $5.9m less disposals and depreciation for the period

Right-of-use assets relate to property leases.

Equity accounted assets refer to 49% owned DDRIC. In the PCP it included Fortec which was disposed of during the current period by in-specie distribution.

Borrowings include asset-based finance loans.

Property lease liabilities relate to the capitalised Right-of-use property lease assets.

Provisions relate to employee entitlements – current and non-current

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H1FY21 Financial Results - 24 February 2021

Appendix 3 – Cashflow Statements

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Cash flow from operations – impacted by debtor receipts in June 2020, reduced cash receipts in the half-year ended December 2020.

Capital expenditure included jack-up barge to further enhance marine capabilities. Dividend received from DDRIC.

Dividends paid relate to pre-IPO dividends in line with the prospectus.

Proceeds from shares issued relate to new shares from the IPO - in line with the prospectus.

Closing cash – strong position, enabling the Company to be responsive to opportunities.

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H1FY21 Financial Results - 24 February 2021

AI assistant

DURATEC LIMITED — Interim / Quarterly Report 2021

64799_rns_2021-02-24_d9d16eb6-9577-4929-8c09-6779213624a5.pdf

Important notice and disclaimer

Corporate Snapshot

National leader with experienced board and management committed to driving sustainable growth

Capital Structure

Share Price and Volume since IPO

Board and Senior Management

Share Register at IPO

H1FY21 Financial Highlights

Result demonstrated the resilience and strength of diversity in the business

H1FY21 Operational Highlights

Key Observations and Themes

H1FY21 Financial Result

Result demonstrated the resilience and strength of diversity in the business

H1FY21 Projects Delivery

Key sector and project overview – high delivery and service levels maintained

Core Service Offerings

Client industries

Results by Industry Segment

Diversification across sectors continues to be important

Revenue by industry segment ($m)

Gross Profit by industry segment ($m)

Revenue composition

Geographic diversification strategy

Revenue by region[1] ($m)

Western Region

Eastern Region

Dundee Rock Joint Venture (DDRIC)

Significant contributor in H1FY21

FIRST STEPS PROGRAMME

Dundee Rock Joint Venture (DDRIC)

Excellent growth outlook

DDRIC Revenue ($m)

Orderbook and Pipeline

Growing and diversified pipeline

Diversified across industry sector and geographies (54% Eastern Region and 46% Western Region)

COVID-19 Impact

Duratec navigated H1FY21 with great resilience

HSECQ Overview

Duratec safety initiatives – working towards ZERO HARM

Outlook

Very positive business context - H2FY21 and beyond

Outlook

Outlook by operating segment

Defence

Mining and Industrial

Buildings and Facades

Other infrastructure

DDRIC

Appendix 1 - Financial Information Reconciliation

Reconciliation of Statutory results to Normalised results

Appendix 2 – Balance Sheets

Appendix 3 – Cashflow Statements

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DURATEC LIMITED Interim / Quarterly Report 2021