EVZ LIMITED — Investor Presentation 2012

Aug 30, 2012

Investor Update August 2012

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Disclaimer

This presentation has been prepared by EVZ Limited for professional investors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. 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. The presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person.

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 the presentation. To the maximum extent permitted by law, none of EVZ Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault.

In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance

The distribution of this document is jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek advice on and observe such restrictions.

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Page 1

Corporate Overview

EVZ Limited is a group of engineering services businesses operating across the construction, mining, petrochemical and commercial property segments with a strong and growing asset management portfolio.

It has an emerging clean energy capability and the Group is being repositioned to be a stronger participant in this segment of the market. Restructuring of the Group is well advanced and includes the appointment of a new CEO with clean energy credentials.

The financial year 2013 is forecast to deliver a more cohesive group with a projected profit improvement supported by a strong forward order book and already concluded profit improvement initiatives-it is well positioned to take advantage of the many opportunities in the clean energy space.

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Corporate snapshot

Corporate statement

Price A$0.03 ASX Code EVZ Shares issued 207.9m Market capitalisation A$6.2m Real value A$26.5m Number of shareholders 2,250 UBS Nominees Substantial shareholders P/L(Thorney)

Share price performance and volume

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May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12
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Page 3

Is EVZ undervalued?

With a strong recurring maintenance book with blue chip client base and a strong position in the clean energy market, EVZ is undervalued based on FY2013 forecast which should have it at over 12cents-recent trading has it valued at circa 3 cents

EBIT multiples-based valuation
Figures in $000’s	EVZ	Comments
Revenues FY13	80,342	FY13 Forecast
EBITDA FY13	5,624	FY13 Forecast
EBIT FY13	4,789	FY13 Forecast
EBIT multiple	6x	FY13 Forecast
Enterprise value	33,746
Debt as at 30 June 2012	13,074	As at 30 June 2012
Cash position at 31 June 2012	4,304	As at 30 June 2012
Net debt	8,770
Equity Value	24,976	Approx 12 cents

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Page 4

Investment Case

EVZ is undervalued based on F2013 forecast and its current value does not reflect the opportunities and forward orders in its business’ and particularly in the TSF Engineering business. The strategy for the “re-engineering” of EVZ is well advanced and provides a perfect opportunity to invest at a point where the business is well positioned to be a key player in the clean energy segment.

Highlights of the repositioning include:

• FY2013 forecast which reflects tight economy but includes benefit of restructuring and work already won

• Decreased reliance on “old-engineering” and move into clean energy and support services in that segment of the market which are counter cyclical and should drive multiple improvements

• New CEO with clean energy credentials

• Identified complementary acquisition targets not factored in to forecast

• Continuation of the strategy to increase reliance on recurring blue chip income streams through driving growth in the TSF maintenance business and the facilities maintenance segment of the Brockman business

• Increased presence in Asia for the Syfon business with 70% of FY2013 forecast already secured on major projects throughout Asia

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Page 5

Recent history

New Board of directors appointed

(Jan 04 – Mar 04)

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Mar 04)
New interim CEO
Acquisition of Divestment of
National Engineering National Engineering
Name changed to Announcement of Announcement of net Strategic Review
Envirozel Ltd maiden net profit of profit of $6m for FY07 undertaken
$1.5m for FY06
Acquisition of Syfon
Systems
Restructure of
remaining business
Acquisition of Acquisition of Acquisition of Brockman Engineering
begins
Brockman Engineering Danum Engineering TSF Engineering and Danum
Engineering merged
Go forward
strategy defined
Jan Mar Jun Jun Apr Sep Jan Jun Aug Sep Jan Jan Jul Dec Feb Jul
04 04 04 05 06 06 07 07 07 07 10 11 11 11 12 12
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Page 6

Strategy priorities

FY2013

Challenge

Reposition EVZ to the Market

Strategy

• Communicate restructure to marketplace. National Engineering sold, Danum Engineering restructured and merged with Brockman, strategic review completed and internal efficiencies implemented

• New CEO appointed with capabilities to lead the restructured group in pursuit of clearly defined strategies

• Build on existing capability within TSF Engineering business for clean energy rebrand

• Acquisitions sought to round out clean energy capability

• Build on recent significant recruitment of key personnel to increase capabilities

“Energise” TSF

• Promote proposition and positioning of TSF speciality in turn key cogeneration and tri-generation solutions for important industry segments such as construction and mining

• Leverage the opportunities provided by move to new premises completed in July and recent launch of new website

• Source strategic acquisition to round out offering in clean energy capability

• Grow maintenance division in line with increased capabilities in the clean energy marketplace

Re-invent Brockman

Asia for Syfon

“No surprises”

• Continue the recently implemented efficiency drive and modernisation program to improve profitability

• Build on the successful completion of key projects in the mining sector during FY2012 to increase geographical expansion of business in this sector

• Extend and grow the expertise offering in the maintenance component of facilities asset management

• Complete the One Syfon programme to deliver further efficiencies across business units in Australia and Asia

• Further enhance senior management capability in Asia as this business is experiencing a significant growth period

• Leverage opportunities and seek further alliances throughout Asia on the back of successful completion of a number of mega projects throughout the region

• Continue the project to move to centralised accounting

• Refine systems platform and capitalise on synergies within the group

• Enhanced reporting and KPI’s to assist management with strategy delivery

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Page 7

Financials – Profile FY07 to FY13

Profit & Loss	30-Jun-07	30-Jun-08	30-Jun-09	30-Jun-10	30-Jun-11	30-Jun-12	30-Jun-13
$'000s							Forecast
Sales	48,148	88,164	80,779	78,896	82,187	73,069	80,342
Cost of Sales / Direct Costs	(36,044)	(66,836)	(63,007)	(64,551)	(67,469)	(60,765)	(63,152)
Gross Profit	12,103	21,328	17,772	14,345	14,718	12,304	17,190
	25%	24%	22%	18%	18%	17%	21%
Expenses
Administration expenses	(5,918)	(11,819)	(11,388)	(11,976)	(12,395)	(13,248)	(11,566)
Depreciation expenses	(396)	(806)	(952)	(1,037)	(1,074)	(1,020)	(835)
EBIT	5,789	8,703	5,432	1,332	1,249	(1,964)	4,789
	12%	10%	7%	2%	2%	-3%	6%
Finance Costs
Finance costs	(360)	(788)	(1,083)	(961)	(885)	(1,153)	(952)
Other costs	294	-	-	-	-	-	-
Operating Profit before Tax	5,723	7,915	4,349	371	364	(3,117)	3,837
Non-operating costs	(222)	(1,063)	(1,632)	-	-	(12,116)	(125)
Net Profit before Tax	5,500	6,853	2,717	371	364	(15,233)	3,712

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Page 8

FY12 – Restructure and reposition

Profit & Loss - 2012	Syfon Syfon Asia TSF Engineering TSF Maintenance Brockman (inc Danum) National Corporate (inc Consolidated) TOTAL
$'000s	FY12
Sales Cost of Sales / Direct Costs Gross Profit Expenses Administration expenses Depreciation expenses	12,919 2,369 7,716 3,011 36,533 10,507 14 73,069 9,543 1,396 6,137 2,115 30,457 11,115 160,765 3,375 973 1,579 897 6,076 (608) 12 12,304 26% 41% 20% 30% 17% -6% 89% 17% (2,165) (808) (2,514) (899) (4,142) (1,187) (1,534) (13,248) (141) (42) (122) (54) (424) (226) (12) (1,020)
EBIT	1,070 123 (1,057) (56) 1,511 (2,021) (1,534) (1,964)
Finance Costs Finance costs	(17) (2) (278) (0) 96 (122) (830) (1,153)
Operating Profit before Tax	1,052 121 (1,335) (57) 1,608 (2,143) (2,364) (3,117)
Non-operating costs Closure costs Restructure costs Impairment costs	- - - - - (3,923) - (3,923) - - - - - - (293) (293) - - (7,900) - - - - (7,900)
	- - (7,900) - - (3,923) (293) (12,116)
Net Profit before Tax	1,052 121 (9,235) (57) 1,608 (6,065) (2,657) (15,233)

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Page 9

Forecast Earnings by business unit FY13

Profit & Loss - 2013	Syfon	Syfon Asia	TSF Engineering	TSF Maintenance	Brockman (inc Danum)	Corporate (inc Consolidated)	TOTAL
$'000s							FY13
Sales	13,550	4,650	19,995	3,650	38,497	-	80,342
Cost of Sales / Direct Costs	9,789	3,007	16,232	2,251	31,885	(12)	63,152
Gross Profit	3,761	1,643	3,763	1,399	6,612	12	17,190
	28%	35%	19%	38%	17%	0%	21%
Expenses
Administration expenses	(2,375)	(820)	(2,224)	(897)	(3,751)	(1,499)	(11,566)
Depreciation expenses	(121)	(72)	(137)	(55)	(438)	(12)	(835)
EBIT	1,265	751	1,402	447	2,423	(1,499)	4,789
Finance Costs
Finance costs	(10)	(11)	(132)	-	83	(882)	(952)
Operating Profit before Tax	1,255	740	1,270	447	2,507	(2,382)	3,837
Non-operating costs	-	-	-	-	-	125	125
Net Profit before Tax	1,255	740	1,270	447	2,507	(2,257)	3,962

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Page 10

EBIT Bridge – by business unit

$6.7m turnaround with over 50% already achieved in closure of National, forward orders for Asia and TSF, savings in Corporate Expenses and redundancies at Brockman…

EBIT Bridge by Business

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6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
(1,000,000)
(2,000,000)
(3,000,000)
EBIT 2012 Syfon Australia Syfon Asia TSF TSF Brockman National Corporate EBIT 2013
Engineering Maintenance Engineering Engineering
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Page 11

Balance Sheet

Balance Sheet
$'000s	30-Jun-12 30-Jun-11 30-Jun-10
Current Assets Cash and cash equivalents Trade and other receivables Inventories Financial assets Non-Current Assets Trade and other receivables Financial assets Plant and equipment Deferred tax assets Intangible assets	4,304 4,211 4,442 11,551 17,502 18,048 1,892 1,856 2,083 - - 12
	17,747 23,568 24,585 430 373 384 115 111 - 6,274 6,029 6,039 3,187 2,077 2,094 19,989 29,343 29,343
	29,995 37,933 37,860
Total Assets	47,742 61,502 62,445
Current Liabilities Trade and other payables Short-term borrow ings Non-Current Liabilities Long-term borrow ings Deferred tax liabilities Other long-term provisions	8,744 12,747 11,910 4,439 6,948 12,247
	13,183 19,695 24,156 9,608 3,710 223 20 18 17 1,183 177 164
	10,811 3,905 404
Total Liabilities	23,994 23,600 24,560
Net Assets	23,748 37,902 37,885

Notes:

• Deteriorating Net Asset position due to:

• Divestment of National Engineering Impairment on TSF

• Recent lack of profitability due to non performing business units

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Page 12

Forecast 2013 highlights

• $6.7m EBIT turnaround with over 50% delivered in shutdown of National Engineering, reduced corporate costs and Asian forward orders in Syfon business

• Modest growth targets in legacy Australian Business Units reflecting continuing soft economy

• Design work progressing on significant Tri-generation solution at Melbourne Airport with contract pending execution (circa $20m)

• $135m of live tenders in Power Business and escalating counter cyclical activity driven by rapidly rising power costs and mining activity

• Continued growth in recurring maintenance area of Power Business and Brockman

• Forecast margin improvement initiatives well underway in “One Syfon’ initiatives and right sizing at Brockman

• Upside in Power Business not built in to 2013 forecast

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EVZ Power Group

• EVZ Power is to be repositioned as the core business proposition for the EVZ Group to reflect the Group’s capabilities in energy and power design and construct as well as creating opportunities in clean energy.

• TSF Engineering was established in 1966 and now operates through the Asia Pacific region, specialising in design and installation of back up power generation systems and maintenance and service of major infrastructure installations. It has developed a speciality in turn key cogeneration and tri-generation solutions and has become the “go-to” solution provider across a number of industry segments including construction and mining.

• EVZ Energy is a 50% joint venture and specialises in fully customised power generation solutions across the mining, construction, retail, utility provider support, and manufacturing sectors.

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Strategy for growth

Design and Customer Product Construct ESCO BOO Expansion Expansion Maintenance

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Strong presence in Expansion into Unitised solution Acquisition for Acquisition for new building and Industrial and Mining expertise expertise and retail End to end refurbishment in particular CSG licence-strong maintenance Trading multiple market for D&C and  margin and annuity Strategic improvement Broad Alliance maintenance as cash flow acquisition for extension of back up geographic generator expertise coverage

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Page 15

Business Description

EVZ Power

EVZ Power provides a full suite of specialist services including design and construction of power generators, energy facility maintenance in addition to remote energy solutions through its 3 core businesses: TSF Engineering, TSF Maintenance and EVZ Energy

	TSF Engineering Design and Construction	TSF Maintenance Facilities Maintenance	EVZ Energy Remote Energy Solutions
Activities	Specialist design and construction of back up and stand alone power generation and sustainable energy solutions including turnkey cogeneration and tri-generation solutions.	Comprehensive breakdown and routine maintenance of generators and associated equipment switchboards, pumps, compressors and starter motors.	Provides customised remote power generation solutions, specialising in the mining sector and the the provision of prime and standby power, peak lopping and shaving, low noise and shutdowns.
Key Industry Sectors	Banking and Finance Utility providers Hospitals Shopping Centres Telecommunications	Banking and Finance Utility providers Hospitals Shopping Centres Data Centres	EVZ Energy supports clients across the construction, retail, utility provider support, manufacturing and mining sectors
Key Clients	Westpac and CBA Telstra Sydney Water Australia Post NRMA Lend Lease Multiplex	Westpac and CBA Telstra Sydney Water Australia Post NRMA Investa Fujitsu	Abi Group Joy Mining John Holland Mineral Hill Hunter Water

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Page 16

Recent Projects

EVZ Power

TSF Engineering and Maintenance, together with EVZ Energy, continue to be involved in blue chip projects.

Area	Project and Description	Value
TSF Engineering	The Star Casino	$8.3m
TSF Engineering	Charlestown Square	$3.0m
TSF Engineering	NBN Digital Habor	$0.9m
TSF Engineering	Reserve Bank Sydney	$0.2m
TSF Engineering	Next DC Brisbane	$1.42m
TSF Engineering	Next DC Melbourne	$1,7m
TSF Maintenance	MTV Rebuilds	$1.1m
TSF Maintenance	Westpac Ryde	$5.5m
EVZ Energy	Hunter Expressway Project	$.4m

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Page 17

EVZ Power

Strategy

Priorities for 2013 already well underway…

Design and Construction:

• Geographic and industry expansion into the mining, industrial and coal seam gas areas

• Release of unitised cogeneration and tri-generation solution for building refurbishments, Green accreditation solutions and Industrial solutions

• Execution on non-exclusive distribution agreement with Broad Absorption Chillers

• Strategic acquisition to support industry expansion

• Strategic acquisition to enable EPC and BOO capability

Facilities Maintenance:

• Expansion of maintenance base on back of distribution agreement with Broad

• Geographic coverage to increase with Victorian and South Australian presence

• Gas Engine maintenance capability to be grown through recruitment and training

• End 2 End solution to be rolled out

EVZ Energy:

• Continued expansion into Hunter Valley using bank facilities with review as opportunities present and capital becomes available in major joint venture partner

Page 18

TSF

2013 Forecast Highlights

• FY2013 commences with design work commenced on Melbourne Airport Tri-Generation and $135m in live tenders…..

• $13.4m growth in TSF engineering revenue due to key contracts being awarded

• Gross margin improvement in TSF engineering from improved revenue and productivity

• Centralised accounting benefits not built in

• Growth in TSF maintenance business reflecting expected improvements in higher margin rebuilds and gains from Broad Chiller alliance and end 2 end solution roll out

• New premises in Lane Cove are cost neutral

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Page 19

FY2013 Outlook

TSF Engineering

Considerable upside on tenders are currently live, however spending decisions have been slow with re-pricing common

Outlook	2013
Sales projection	$20m
Tenders currently live	$135m
Tenders in active negotiation	$70m

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Page 20

Background – Co-Generation and Tri-Generation

… The strength of the Power Strategy

• TSF had a proven capability in backup diesel generator solutions. This has evolved to turnkey solutions for cogeneration and tri-generation power through existing relationships with engine manufacturers, builders and consultants in the building industry

• Demand for cogeneration and tri-generation solutions have escalated dramatically on the back of increasing electricity prices, decreasing technology costs and uncertainty in the tax arena and legislative environment

• TSF’s maintenance business with its expansion strategy slots neatly into market supply gaps

• Capability has been enhanced with recent hiring

• Non brand alignment has provided increased opportunity

• Turnkey solutions have become favoured options as opposed to piece meal/subcontracted solutions

• Identified acquisitions provide fast track to product and market expansion and evolution to ESCO

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Page 21

What is Cogeneration/Trigeneration?

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• Cogeneration or combined heat and power (CHP) technology converts gas into both electricity and heat in a single process at the point of use

• The heat that is generated is done so from the waste heat of the generator, making it a no cost generation and replacing existing energy use

• The thermal energy produced by such units can be utilised for chilling as well as heating using an absorption chiller in place of traditional electrically driven chilling compressors-this is called “Tri-generation”

• Co/Tri generation produces the best results in applications that have a constant and substantial heating and/or cooling load such as aquatic centres, data centres, casinos, hospitals and commercial office buildings

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Page 22

Why is CoGeneration/TriGeneration gaining momentum?

• Increasingly escalating electricity prices, peak electricity demand and electricity shortages are a fact with or without the impost of a carbon tax

• Companies with large electricity and other energy usage recognize that they have a corporate and social responsibility to lead the way in lowering their energy usage and carbon footprint

• Companies need a reliable and innovative solution that will not only reduce electricity and energy costs and carbon, but will do so WITHOUT increasing operating risk. CoGen/TriGen, is a proven technology, used overseas for many years with great success

• More recently in Australia large companies are increasingly adopting CoGen and TriGen solutions with demand for these services increasing significantly, particularly from companies and institutions which have demand for CCHP (Combined Cooling, Heat and Power)

• Emergence of boot generators and innovative financing solutions

• Growth in requirement for remote energy solutions as the cost of electrical poles and wire prohibitive is increasing in mining activities

• Nabers and green star ratings are becoming a greater imperative for asset owners. Six Star Ratings can only be achieved through CoGeneration and TriGeneration-market for nabers based refurbishment is estimated at $12billion

• Increased government and regulatory support through initiatives such as interest free loans, etc.

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Page 23

Who is using Co-Gen/Tri-Gen Energy Systems

Tooheys Brewery (2.1Mw) Fonterra Burnie (2Mw) Westfield Centrepoint (3.6Mw) NAB Wantirna Data Centre (2Mw) Crown Casino (6Mw) Midfield Meats (1.5Mw) 101 Miller Street (2.3Mw) Quenos (21Mw) Macquarie University (1.5Mw) ANZ Docklands (2Mw) NAB Datacentre (1MW) MIRVAC Glenfield (200kw) Green Square (800KW) MCH (2MW)

Mars Food (1.45Mw) Coopers Brewery (4.4Mw) Charlestown Square (3Mw) Simplot Australia (7.9Mw) Symmex (4.4Mw) 385 Bourke Street (2Mw) Qantas (12Mw) Launceston Hospital (2Mw) Darling Walk (0.8Mw) Blackmores (0.8Mw) 149 Castlereagh Street (2MW) Leighton HQ (1.5MW) RNSH (4MW) KRCastlemaine (6Mw)

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EPC’s and BOO’s

EVZ Power

The evolution to ESCO-Energy Services Contractor from existing Design and Construct model provides greater market opportunity and margin

Energy Performance Contracting

• Increasing in popularity due to the guaranteed outcomes that the ESCO provides

• Passes the risk of poor plant performance back to ESCO from customer and provides certainty on investment

• ESCO works directly with the end user and control the specification outcome

• UK and Europe is characterised by ESCO model

BOO-Build, Own and Operate:

• Provides and off balance sheet solution to facility owners with the BOO operator typically funds the capital and installation and enters into a long term energy take-off agreement where the plant is paid back

• Tariff charges provides opportunity for additional margin and tying up end to end solution

• Current legislative environment is expected to open way to ease restriction/impediments to connecting to grid

• Requires an electrical retailer licence

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Page 25

Strategy – Unitized Solution

300kW and 600kW package solutions

Engineered end 2 end solution

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Page 26

TSF Consolidated

Earnings Profile FY07 to FY13

FY2011 and FY2012 marked the transition from traditional Telstra work

TSF Consolidated: Sales v Gross Margin

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30,000
25,000
20,000
15,000
10,000
5,000
-
30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 F
Gross Profit Sales
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TSF Consolidated: Key Financial Ratios
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35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 F
Gross Margin % EBIT % Administration %
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Page 27

TSF Maintenance

Facilities Maintenance

TSF Maintenance boasts a strong portfolio of Facilities Maintenance customers and is actively growing this customer base

Commercial Model

Term Contract

• Usually based on a management fee and cost reimbursable components

• Typically for 1 to 5 years with options to extend

• Lump Sum

• One off projects or specifically defined scope of work

Service Model currently typically captures individual maintenance packages across gas and diesel engines/electrical controls and balance of plant(pumps, heat exchangers and cooling towers etc). This will be extended in 2013 to a true end 2 end solution with the benefit of single party responsibility for the entire system

This strategy will be enhanced by the alliance with Broad and enable full tri-gen support and a wider customer base

This strategy will also result in a higher mix of term contract relationships

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Page 28

Customer Profile

TSF Maintenance

TSF Maintenance has consistently grown its maintenance portfolio and is forecasting to expand its presence in this segment through the employment of a dedicated resource for general management of this area and assuming responsibility for the maintenance of Broad Chillers in QLD, NSW and SA

	2010	2011	2012	2013 – Forecast
Total number of customers	101	121	148	159
Repeat Customers	99%	99%	98%	98%
% of Revenue	83%	93%	82%	85%
New Customers	20	18	27	37
% of Revenue	23%	7%	18%	30%

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Page 29

EVZ Power

Facility Maintenance Projects

TSF supplied and installed a large high reliability emergency plant to ensure that Telstra Pitt Street Exchange, the heart of Telstra’s data network in Sydney, remains operating at all times. The generators fully cover the electrical load of Telstra’s annual demand and are supported through ongoing facilities maintenance works

Telstra Pitt Street Exchange

Sydney, NSW

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Page 30

EVZ Power

Design and Construction Projects

The Charlestown Square Tri-generation Plant is currently the biggest in NSW. It is a breakthrough, innovative project, synchronising via high voltage to the main grid

Charlestown Square Trigeneration Plant

Charlestown, NSW

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Page 31

EVZ Power

Design and Construction Projects

TSF supplied and installed a one-off 2600MVA MWM standby generator and 3 1750KVa MWM diesel generators as part of the installation of a 100% reliable emergency generating plant as part of major upgrade works to The Star City Casino. TSF also upgraded the Generation plant control system to obtain an N+2 rating

The Star Casino

Sydney, NSW

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Page 32

Business Divisions – Brockman

• The Brockman Engineering traditional business was construction and maintenance of steel storage tanks with a particular expertise in the petrochemical and water sectors. Recently, the Danum Engineering business was merged into the business adding specialist piping and materials handling expertise. This has facilitated a greater competitive synergy, making a more attractive offering in a one-stop, cost effective and fit-for-purpose suite of engineering services.

• The merged Brockman business is ISO certified for Quality(ISO9001), Safety (ISO OHS 18001) and Environment (ISO 14001) and has an excellent safety record.

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Business description

Brockman

	Design and Construction	Facilities Maintenance
Activities	The design and construction of welded steel bulk liquid storage tanks and pipework systems and the fabrication and installation of conveyor systems.	The repair of welded steel bulk liquid storage tanks including repairs to platework and structural components, tank jacking for foundation replacements and insertion of bund liners. The management of shutdowns and the maintenance of piping systems in the petrochemical industry,
Key Industry Sectors	Supporting mining, oil and gas, resources, and water industries.	Supporting asset management of plant facilities, shut-downs and components for maintenance within the mining, oil and gas and resources industries.
Key Clients	Shell Geelong Refinery and Terminal Shell Terminals Boral Mobil Caltex Dow Anchortank Terminals Exact Mining Yarra Valley Water, Melbourne Water, Barwon Water Western Water, South East Water	Shell Geelong Refinery (3 year contract) Shell Terminals Alcoa-pot shell repairs Mobil BHP Rio Tinto Terminal Pty Ltd BP Australia

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Page 34

Recent Projects

Brockman

Brockman have cemented their position in the industry as a leading provider of fully-integrated design, construction and maintenance services across the water, petroleum, mining and oil and gas industries.

Area	Project	Value
Design and Construction	Barwon Water Torquay water tank	$5.8m
Design and Construction	Yarra Valley Water Greenvale sewage tank	$2.3m
Design and Construction	Shell Newport biodiesel facility	$3.9m
Fabrication and Construction	Boral Plasterboard Port Melbourne ship unload and conveyors	$2.0m
Fabrication and Construction	Victorian desalination plant platforms	$0.5m
Facility Asset Management	RioTinto Alcan Gove – 3 x tank repairs	$3.0m
Facility Asset Management	Mobil Yarraville tank repairs	$1.2m
Facility Asset Management	Black Rock BioSolids plant maintenance and repair	$0.5m
Facility Asset Management	BHP – Port Headland

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Brockman

Strategy

Design and Construction:

• Expansion into clean energy solutions including Biomass and cogeneration pipe support and manufacture of solar skids

• Concentrate on higher margins by undertaking larger and more complex projects including multi-discipline tank projects in the water industry

• Create opportunity in the chemical and oil industries by combining our tankage and piping abilities with project management of multidiscipline projects

• Position the business to capitalise on any Fuel Terminal expansions which are required to be constructed for the mining industry around the coast of Australia and rationalisation of refinery projects transitioning to terminals in the petrochemical industry

• Strategic alliance with larger offshore tank manufacturers and other design and construct offering to import best practice and latest advancements in tank manufacture and enhance tendering capability

Facilities Maintenance:

• Broaden and grow the business unit’s revenue base by national expansion in the oil and mining industries for tank and pipeline maintenance by partnering with full service providers to enhance tendering capability

• Position the business to participate in any Refinery upgrade which may be required due to change of operations at the Shell and Caltex Refineries

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Key features of 2013 Forecast

Brockman

FY2013 Forecast

• 5% growth forecast reflects continuing weak outlook for capital projects

• Margin improvement from increased efficiency initiatives and redundancies already undertaken

• Decrease in administrative costs reflect redundancies already undertaken and planned by end of August

• 25% of forecast revenue from Shell Maintenance contract

• Earnings forecast to increase by 57% on FY2012 result reflecting forecast enhanced project delivery

• Almost 50% of forecast revenue already in forward orders

• Centralised accounting function cost savings not built in to forecast

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Page 37

FY2013 Outlook

Brockman

Outlook	2013	Brockman’s strategy is to realise higher margins through expanding opportunities in the chemical and mining industries by providing fully integrated, multi-discipline services
Sales projection	$38.5m
Tenders currently live	$31.5m
Tenders submitted YTD	$70.6m

Area	Project	Value
Design and Construction	Alliance with international tank supplier for a major project	$23m
Facility Asset Management	Shell Geelong refinery tank asset management
Facility Asset Management	Alcoa Port Henry pot-shell fabrication and repair
Future Projects
Fabrication and Construction	Piping system for V/Line Services	$1.0m
Facility Asset Management	RioTinto Alcan Gove – 3 x Tank repairs	$1.0m
Facility Asset Management	Mobil Yarraville Tanks & Piping, Caltex Piping	$7.0m
Water Storage Tanks	Yarra Valley Water, City West Water, Barwon Water	$16.0m

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Page 38

Earnings Profile - FY07 to FY13

Combined Brockman & Danum

On 1 July 2011, Danum Engineering was incorporated into Brockman Engineering to take advantage of the synergies between the two companies and to improve overall gross margin levels by reducing costs through the associated economies of scale

Brockman Consolidated: Sales v Gross Margin

Brockman Consolidated: Key Financial Ratios

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Page 39

Brockman

Facilities Maintenance

Brockman continues to expand its Facilities Maintenance capabilities and is actively pursuing a greater % of facilities maintenance contracts as a proportion of total revenue

Commercial Model

Term Contract

 Usually based on a management fee and cost reimbursable components

 Typically for 1 to 5 years with options to extend

Lump Sum

 One off projects or specifically defined scope of work

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Page 40

Customer Profile

Brockman

Brockman have continued to build a capability in facilities maintenance and recurring contract income. Customers are largely blue chip petrochemical and mining companies

	2010	2011	2012	2013 – Forecast
Total Revenue	$17.6	$25.5	$36.5	$38.5
Split of Facilities Maintenance and Design and Construct	20/80	40/60	40/60	60/40
Total number of customers	8	12	14	14
Repeat Customers	7	9	12	10
% of Revenue	88%	75%	86%	70%
New Customers	1	3	2	4
% of Revenue	12%	25%	14%	30%

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Page 41

Brockman

Design and Construction Projects

Brockman continues to win major projects in its segment

Barwon Water Project Tank

Torquay, VIC Value $5.8m

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Page 42

Brockman

Design and Construction Projects

Focus on water for 2012 and 2013

Tank Design and Construction

Yarra Valley Water Greenvale Sewage Tank

Greenvale, VIC Value $2.3m

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Page 43

Fabrication and Construction Projects

Brockman

Full service package

Materials Handling Solutions

Boral Plasterboard Ship Unloader and Conveyors

Port Melbourne, VIC Value $2.0m

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Brockman

Facility Maintenance Projects

Tank maintenance including the jacking of tanks to repair annular plates and foundations

RioTinto Alcan Gove Tank Repairs Northern Territory Value $1.8m

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Brockman

Facility Maintenance Projects

The ISO Certification has positioned Brockman for complex specialised fabrication

GLP LNG Skid

Victoria Value $200k

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Page 46

Business Divisions – Syfon

• Syfon Systems is a design and construct company, specialising in the design, supply and installation of Syfonic Roof Drainage Systems and rainwater harvest solutions.

• Established in 1992, it employs over 120 staff throughout the Asia Pacific Region.

• In addition to four fully staffed offices across Melbourne, Brisbane, Perth and Kuala Lumpur, permanent construction teams are located throughout Australia and Asia.

• Syfon Systems’ unique design and attention to detail has established it as one of the leading syfonic roof drainage specialists in the Asia Pacific region.

• The company also specializes in the design, supply and installation of panel tanks for rain water harvesting solutions.

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Siphonic Roof Drainage
presentation
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Siphonic Roof Drainage
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Business Description

Syfon

• Activities  Design, supply and installation of Syfonic Roof Drainage Systems for high rainfall applications in Australia and Asia which are designed by in- house engineers then prefabricated using a range of proprietary products and installed by dedicated construction crews.

• Design, supply and installation of panel tanks for rainwater harvesting solutions. In Australia and Asia This product is ideally suited to retrofit applications, where the original drainage system is inadequate or there is a requirement to harvest the rainwater. Previous retrofit projects include the Boeing Plant in Port Melbourne and Parke Davis in Caringbah, NSW.

• Key  Retail – including shopping centres Industry − Fountain Gate Shopping Centre

• Sectors

• Infrastructure – including hospitals, sports stadiums, airports, etc.

  • Kota Kinabalu International Airport

• Warehouse – including large distribution facilities and factories

  • New Melbourne fruit and vegetable markets project

• Commercial – including offices

  • Haliburton Manufacturing and Technology Center in Singapore

• High-rise – including residential towers − One KL in Malaysia

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Page 48

Recent Projects

Syfon

Projects span Australia and Asia. The focus is on expanding into and targeting new Asian markets particularly in Asia while maintaining the existing solid position in the Australian commercial building market

Project	Value
Melbourne Market Relocation, VIC	$1.73m
Victorian Desalination Project, VIC	$1.54m
New Royal Adelaide Hospital, SA	$1.30m
Craigieburn Town Centre, VIC	$1.03m
Putra Stadium, Malaysia	$0.85m
Fountain Gate Shopping Centre, VIC	$0.64m
Canberra International Airport, ACT	$0.60m
Sepinggan Airport, Singapore	$0.52m

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Page 49

Strategy

Syfon

The business strategy focuses on stronger growth in the Asian market by geographic expansion and broadening the product offering while reducing costs by utilising its Asian manufacture base

• Create a network capable of servicing the entire country, with particular focus on increasing share in Western Australian and South Australian markets. A new office has recently been established in Western Australia

• Geographic expansion into Asia by targeting large projects such as large retail, casinos and airports, etc and by rolling out the full suite of Syfonic Systems products

• Broaden product offering to include a greater range of services and rainwater harvesting options to “up-sell” on projects

• Implementation of “One Syfon” Program to maximise synergy between Syfon Australia and Syfon Asia including

• Transfer of administration and procurement functions (in addition to the prefabrication of Syfonic projects) to Asian factory to reduce costs of labour and transport, with particular benefit to WA margins.

• Training of engineers based in Asia to gradually transition detailed design for Australian projects to Asia.

• Upgrade of Syfon Systems Software “front end” to reduce design and procurement costs and improve productivity

• Enhanced sharing of R&D and new products

• Realise any advantage created by the closure of the Australian Fastflow and Hastie business

• Work to commence on medium term model for Asia and expansion of strategic partnerships

• Maintain control of Product IP

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Syfon

Key features of F2013 forecast

2013 initiatives are well underway…

F2013

• Over 70% of forecast Asian revenue already contracted

• Over 50% of forecast Australian revenue already contracted

• 2% increase in Australian margin from “One Syfon” initiatives offset by continued soft trading conditions

• Increase in administrative costs in Australian businesses reflects new sales office in Perth and additional sales resource based in QLD

• Increase in Asian admin costs as activities are moved offshore

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Earnings Profile FY07 to FY13

Syfon - Australia

Whilst the Australian construction industry remains challenging, it is expected that an increased sales network in Queensland, South Australia and Western Australia, together with supply chain improvements out of Asia will enable both revenue and EBIT growth in 2013

Syfon Australia: Sales v Gross Margin

Syfon Australia: Key Financial Ratios

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Financials – Profit & Loss FY07 to FY13

Syfon - Asia

The EBIT position will become increasingly stronger as we move into the Asian markets by rolling out the full breadth of Syfonic Systems and by targeting larger projects with higher margins. The first quarter of 2013 in particular should realise significant growth in both revenue and EBIT

Syfon Asia: Sales v Gross Margin

Syfon Asia: Key Financial Ratios

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Page 53

Financials – Profit & Loss FY07 to FY13

Syfon - Consolidated

As product lines are expanded into Asia and the sales presence is expanded in the Western Australian and South Australian markets, growth rates are expected to hold despite a backdrop of soft industry conditions

Syfon Consolidated: Sales v Gross Margin

Syfon Consolidated: Key Financial Ratios

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Page 54

Financial metrics

Syfon

Strong EBIT growth is expected through already identified geographic and project expansion in Asia and reduced cost of goods sold and transport costs by prefabrication of products to Asia

Key Financial Statistics - Syfon Australia	Key Financial Statistics - Syfon Australia
$'000s	30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 F
Revenue Gross Profit GP % margin EBIT EBIT % margin NPBT	9,283 9,142 9,474 9,918 11,039 12,919 13,550 3,609 3,442 3,244 3,079 2,843 3,375 3,761 39% 38% 34% 31% 26% 26% 28% 2,001 2,560 1,322 1,032 809 1,070 1,265 22% 28% 14% 10% 7% 8% 9% 2,030 2,513 1,310 1,004 802 1,052 1,255

Key Financial	Statistics - Syfon Asia	Statistics - Syfon Asia
$'000s	30-Jun-07	30-Jun-08	30-Jun-09	30-Jun-10	30-Jun-11	30-Jun-12	30-Jun-13 F
Revenue	1,812	2,495	3,206	3,311	2,369	2,369	4,650
Gross Profit	1,036	1,321	1,070	1,130	647	973	1,643
GP % margin	57%	53%	33%	34%	27%	41%	35%
EBIT	96	132	369	302	6	123	751
EBIT % margin	5%	5%	11%	9%	0%	5%	16%
NPBT	107	131	354	302	6	121	740

Notes:

• Forecast Sales increase driven by expansion into WA and SA markets with opening of WA office. New sales resource in QLD will offset forecast softening in VIC/NSW market

• Margin improvement forecast through “one syfon” initiative cost savings and movement offshore of components of design

Notes:

• Majority of Forecast 2013 is locked in and being driven by larger project packages

• Pre-fabrication of systems will be moved to Asia and result in increased margins

• Administration $ to increase in Asia with increased focus on relocating activities ex Australia-decrease as a % of increased revenue

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Page 55

FY2013 Outlook

Syfon

Outlook	Australia $000’s	Asia $000’s
Sales projection	13,550	4,650
Tenders currently live	31,138	7,145
Tenders submitted YTD	36,310	14,879
Est. Forward Work at 30 Jun 12	7,840	4,430

Australian Projects	Value
Melbourne Market Relocation, VIC	$1.73m
Victorian Desalination Project, VIC	$1.54m
New Royal Adelaide Hospital, SA	$1.3m
Craigieburn Town Centre, VIC	$1.03m
Fountain Gate Shopping Centre, VIC	$0.64m
Canberra International Airport, ACT	$0.6m
McKay Hospital, QLD	$0.6m

• Expansion into Western Australian market with a permanent sales office

• New Business Development manager “ex Geberit” for Queensland

• Satellite projects in Asia

Asian Projects	Value
Putra Stadium, Malaysia	$0.85m
Sepinggan Airport, Singapore	$0.52m
MGM Casino, Vietnam	$0.46m
KK Times Square, Malaysia	$0.45m
Puteri Harbour	$0.26m
USCI Medical Centre	$0.25m
Haliburton, Singapore	$0.16m

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Page 56

Customer Profile

Syfon

Syfon Australia has a consistent portfolio of repeat customers which comprise of industry leader such as Lend Lease, Hansen Yunken, Probuild, Built, John Holland and Westfield

	2010 $000’s	2011 $000’s	2012 $000’s
Total Revenue	9,918	11,039	12,919
Total number of customers	129	125	133
Repeat Customers	89	86	93
% of Revenue	80%	73%	82%
New Customers	44	39	36
% of Revenue	20%	27%	18%

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Page 57

Syfon

Design and Construction Projects

As work continues on Stage II of the Canberra International Airport Project, the Project will contribute considerably to first quarter revenue targets

Canberra International Airport

Canberra, ACT Value $0.6m

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Page 58

Syfon

Design and Construction Projects

We are currently finalising the design phase of the New Royal Adelaide Hospital Project. Inground works will commence within the first quarter of FY13 and it is expected that the Project will contribute consistently to revenue targets throughout 2012 to 2013

New Royal Adelaide Hospital

Adelaide, SA Value $1.3m

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Page 59

Syfon

Design and Construction Projects

Serving large infrastructure projects such as Marina Bay Sands, continues to form part of our forward growth strategy. These projects are vital in providing credibility and presence in new markets

Marina Bay Sands

Singapore Value $1.0m

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Marina Bay Sands
Singapore
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Page 60

Syfon

Design and Construction Projects

“Signature” buildings such as the completed Kuala Lumpur Convention Centre continue to provide forward marketing opportunities and help position the brand as a market leader

KL Convention Centre Kuala Lumpur, Malaysia

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Page 61

Board and Key Management Personnel

EVZ’s Board Composition	EVZ’s Board Composition	EVZ’s Board Composition
Name	Title	Comments
Maxwell Findlay	Non-Executive Chairperson	Appointed on 14 May 2008 Previously Managing Director of Programmed Maintenance Services Ltd
Raelene Murphy	Interim Chief Executive Officer	Scott Farthing appointed commences 24 September
Ian Wallace	Chief Financial Officer and Company Secretary
Peter Jones	Director	Appointed on 29 March 2004 retired August 2012
Graham Burns	Director	Appointed 1 February 2008
Rob Edgley	Non- Executive Director	Appointed 26 August 2011

EVZ’s Key Management Personnel	EVZ’s Key Management Personnel	EVZ’s Key Management Personnel
Name	Title	Comments
Adam Bellgrove	General Manager of Syfon Systems Group
Max Goddard	General Manager of Brockman Engineering (inc Danum Engineering)
Andrew Green	General Manager of TSF Engineering Group

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