MAXIPARTS LIMITED — Interim / Quarterly Report 2012

Feb 16, 2012

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MaxiTRANS Industries Limited Half Year Ended 31 December 2011

Financial Highlights

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Sales $M

NPAT $M

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140 7
120 6
100 5
80 4
60 3
40 2
20 1
0 0
1H10 2H10 1H11 2H11 1H12 1H10 2H10 1H11 2H11 1H12
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*Note: Excludes impact of restructuring charges and non-operating gains.

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1H12 Overview

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• Revenue up 30% on pcp

• Order intake up 56% on pcp and 20% up on 2H11

• Strong demand from agriculture and mining & resources

• Large orders received – existing and new customers

• Strong order bank across all brands

• Margin improvement – increased volume, lower cost base and increased parts & service revenue

• Skilled labour availability creating capacity constraint.

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1H12 Overview (cont.)

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• Colrain profit contribution up 111% on pcp

• NZ – profit contribution up 716% on pcp - factory completed – business expanding

• New MTC factory construction in progress.

• Strong operational cash flow – net debt reduced by $6.4M – net debt to equity at 3.5%

• Interim dividend – 2.0 cents (fully franked).

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Financial Highlights

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	1H10 $000	1H11 $000	1H12 $000	% change on 1H11
Revenue	124,822	103,115	134,117	+30%
Underlying EBITDA	7,223	4,588*	11,612	+153%
Underlying NPBT	3,250	1,041*	8,329	+700%
Underlying NPAT	2,579	1,020*	6,109	+499%
Impairment / Restructuring charges (post tax)	-	(1,218)	-	-
Non-controlling interests	-	-	(92)	-
NPAT attributable to MXI equity holders	2,579	(198)	6,017	-

*** Excludes impact of restructuring charges of $1.740 million ($1.218 million post tax)**

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Financial Highlights (cont)

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	1H10 $000	1H11 $000	1H12 $000	Change on 1H11
Operating cash flow	7,989	4,039	9,678	+140%
Net debt	20,230	19,456	3,380	-83%
Net debt/equity %	23%	22%	3.5%	-
EPS (basic) (cents)	1.42	0.56*	3.27	+484%
Interim dividend declared (cents)	1.00	-	2.00	-
Interim dividend as % of EPS	70%	-	61%	-

*** Excludes impact of restructuring charges of $1.74 million ($1.22m post tax)**

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Parts

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• Strong wholesale and retail sales -

• growth revenue up 23% on pcp

• Record profit contribution: up 111% on pcp

• Strong growth in suspension & tyre sales

• Product ranges enhanced:

• Consumable products

• Safety products

• Signage products

• Resource sector contract secured.

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Trailers

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• Order intake up 63% on pcp

• Unit sales up 31% on pcp

• Strong and growing order bank at end 1H12 (up 240% on pcp)

• New PBS approved A-Double rigs

• Significant fleet orders received.

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New PBS Approved A-Double

B-Triple T-Liner

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Vans

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• Order intake up 102% on pcp

• Unit sales up 104% on pcp

• Strong order bank at end 1H12 (up 142% on pcp)

• Major contract delivered

New Swing Down Meat Hanger System

• Good demand from major fleets

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• New meat carrying model developed.

Major Contract

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Tippers

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• Order intake up 66% on pcp

• Unit sales equal pcp

• Strong order bank at end 1H12 (up 162% on pcp)

• Enquiry rate building in resource sector

• Very strong agricultural demand

• New PBS approved truck and dog models.

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B-Double Stag for grain cartage

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New Zealand

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• Profit contribution up 716% on pcp

• Unit sales up 130% on pcp

• Strong order bank

• New factory completed November 2011

• New products developed

• Strong orders for new locally made Freighter range.

The New Auckland Factory

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MTC – Yangzhou, China

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• Operating at or near capacity in existing factory despite soft market

• New, larger factory due for completion 1H13

• Well positioned to capitalise on anticipated market growth

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Artist’s impression of new factory

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Joint Ventures

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Freighter Maxi-CUBE Qld (36.67%):

• Profit contribution up 27% on pcp

• Unit sales up 61% on pcp

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Carrying Gas Pipes Qld

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Outlook FY12

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• Commencing 2H12 with a strong order bank

• Order enquiry and quotation activity remains strong

• Expect continued demand from resources and agriculture

• Possible negative effect of recent Qld/NSW floods

• Growth constrained by skilled labour availability

• Colrain expected to continue strong growth momentum

• NZ expected to continue to perform solidly and expand product range

• China expected to continue at or near capacity.

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