MITCHELL SERVICES LIMITED — Earnings Release 2021

Aug 24, 2021

ABN 31 149 206 333 112 Bluestone Circuit Seventeen Mile Rocks QLD 4073

Mitchell Services Limited

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• 25 August 2021

Results for announcement to the market

ASX Appendix 4E

Preliminary final report 30 June 2021

Lodged with the ASX under Listing Rule 4.3A

In accordance with the ASX Listing Rules, the following documents are attached for immediate release to the market.

1. Preliminary Final Report (Appendix 4E)

2. Annual Report, including Director’s Report and audited Financial Report

Reporting Period

The reporting period for this report is the financial year ended 30 June 2021 (FY21)

The previous corresponding period is the financial year ended 30 June 2020 (FY20)

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Mitchell Services Limited Year ended 30 June 2021 Appendix 4E

Results for Announcement to the Market

		Currentperiod	Previousperiod	Change
		30 June 2021$’000	30 June 2020$’000	$’000
Revenue from ordinaryactivities	Up 9%	191,466	175,555	15,911
EBITDA	Down 261%	25,875	34,951	9,076
Profit/(Loss) after tax	Down 1821%	(5,899)	7,203	13,103

Earnings per share

Earnings per share
		2021	2020
Basic Earnings per ShareDiluted Earnings per Share		(3.0c)(2.9c)	3.8c3.8c

Net tangible assets per security

Net tangible assets per security
		30 Jun 2021	30 June 2020
Net tangible asset backing per ordinarysecurity		20.9c	20.1c

1 FY21 earnings were impacted by the recognition of certain significant non-regular items including a $3.0m increase to the contingent consideration liability in relation to the Deepcore acquisition earn-out payments and a $6.6m impairment in relation to the SMS Innovative Mining Pty Ltd trade receivable balance. The table below sets out to reconcile the underlying FY21 result after adjusting for these items in addition to the Deepcore acquisition related amortisation of customer contracts. Please refer to the Michell Services Limited 2021 Annual Report for more information in relation to these transactions.

	TDAEBITNPBTm**$m $m **	TDAEBITNPBTm**$m $m **
Statutory results25Impairment of trade receivables6.Legal expenses related to impairment of trade receivables0.Fair value increase to contingent consideration liability3.Amortisation of customer contracts-Net tax effect-	.9(4.4)(7.1)66.66.620.20.203.03.0 7.57.5 --	(5.9)6.60.23.07.5(4.3)
Underlying results35	.712.910.2	7.1

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Mitchell Services Limited Year ended 30 June 2021 Appendix 4E

Explanation of Revenue

Refer to Mitchell Services Limited’s Annual Report

Explanation of Profit from ordinary activities after tax

Refer to Mitchell Services Limited’s Annual Report

Explanation of Results for the Period

Refer to Mitchell Services Limited’s Annual Report

Statement of Financial Performance

Refer to Mitchell Services Limited’s Annual Report

Statement of Financial Position

Refer to Mitchell Services Limited’s Annual Report

Statement of Cash Flows

Refer to Mitchell Services Limited’s Annual Report

Statement of Retained Earnings

Refer to Mitchell Services Limited’s Annual Report

Compliance Statement

This report is based on, and should be read in conjunction with, the Annual Report for the year ended 30 June 2021.

Greg Switala Company Secretary

25 August 2021

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