OLDFIELDS HOLDINGS LIMITED

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ANNUAL GENERAL MEETING

24[h] NOVEMBER 2014

Financial Results 2014

Consolidated group revenue was $27.231m, up %2.2 on the prior year.

The result for the Group for the year ended 30 June 2014 was a net loss after tax of $2.576 million dollars.

The result from continuing operations was a loss of $1.212m.

The EBITDA, earnings before interest, taxes, depreciation and amortisation, decreased from $929,720 in 2013 to $777,396 in 2014.

Clearly 2014 financial performance was not satisfactory.

With the objective of returning the business to profitability;

A new management team has been put in place.

A business review has been conducted.

Restructuring of the business continues, a New Vision, Strategic plan is being implemented part of this plan involved resetting of our core values, introduction of a new financial reporting system and simplification of the business.

After a Strategic review conducted with our JV partner - P.T. Ace Oldfield we reached an Agreement to sell our stake. Proceeds from the sale were in the form of ‘free’ inventory. This decision was ‘strategic’ rather than financially-driven.

Cost reduction program is currently underway.

Significant improvements of service levels have been achieved.

A decision was made to reduce the number of branches in Scaffolding division.

I would like to acknowledge the contribution and dedication of Oldfield’s employees over the past 12 months.

As Chairman and major shareholder I am passionate about the future of the business I will know hand you over to Greg Park and Tony Grima for a detailed presentation of the past twelve months and more importantly the future direction of Oldfields.

Thank you Lewis.

Thank you.

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ANNUAL GENERAL MEETING
NOVEMBER 24 [TH] 2014
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Order of Business

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Welcome and Introductions
Chairman’s Address
Chief Financial Officer’s Address
Chief Executive’s Officers Address
Items of Business
Open Discussion

Slide 2

Board & Executives

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Lewis (William) Timms, Chairman
Steve Hooper, Non Executive Director
Tony Grima, Managing Director & CEO
Greg Park, Company Secretary & CFO

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Slide 3

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CHAIRMAN’S ADDRESS
Lewis Timms
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2014 Financial Results

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2014 2013 Change $K $K % Group Revenue 27,231 26,644 +2.2% Net (Loss) Profit after Tax (2,576) 4,640 Discontinued Operations / (Debt Buy-Back) 1,364 (5,524) R (Loss) from Continuing Operations (1,212) (884) -37.2% Interest / Debt Revaluation 674 612 Depreciation & Amortisation 1,168 1,034 Income Tax Expense 147 167 EBITDA 777 929 -16.3%

Slide 5

2014 In Review

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New Management Team in Place
Repurposing of the Business Continues
New Vision
New Strategic Direction
New Core Values
Business Simplification
Product Rationalisation
Divestiture of PT Ace Oldfield Shares
Decision to Consolidate Scaffold Branches
Return to Acceptable Service Levels (Consumer Div.)

Slide 6

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COMPANY SECRETARY & CFO
Greg Park
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FY13 vs FY14 REVENUE & PROFIT

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$30,000,000
$27.2M
$26.6M
$25,000,000
$20,000,000
Revenue Growth 2.2%
$15,000,000 REVENUE
EBITDA Decline -16.4% EBITDA
$10,000,000
$5,000,000
$777K
$929K
$-
FY13 FY14
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Slide 8

FY14 EBITDA Movement

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+$305K
$929K
-$183K
+$28K
$777K
-$302K
Internal Processes &
External Pressures
Impacting Margins
Volume Inventory Margin SG&A / FY14
FY13
Benefit Issues Other
Slide 9
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Slide 9

1[st] vs 2[nd] Half Year Performance

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FY14 FY13
16,000 16,000
Revenue EBITDA Revenue EBITDA
14,160
13,928
14,000 14,000
13,071
12,716
12,000 12,000
10,000 10,000
8,000
8,000
2 [nd] Half Performance
6,000
6,000
Typically Lower
4,000
4,000
2,000
2,000
846
685
244
-
-
(69)
(2,000)
H1 H2 H1 H2 H1 H2 H1 H2
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Slide 10

FY14 Monthly Trading

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3,000 2,500 2,000 1,500 Profitable with Revenue above $2.5M & Importance of Lowering Cost Base 1,000 500 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 1st Half – EBITDA $846k 2nd Half – EBITDA ($69k) -500

Sales EBITDA

Slide 11

Divisional Revenue Movements

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Challenges exist within each Division
10%
Paint Sheds Scaffold
5%
5% 4%
3%
0%
FY12 vs FY13
FY13 vs FY14
-5%
-7%
-10% -9%
-13%
-15%
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Slide 12

Market Shift within Consumer Divisions

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FY12
FY13
Hardware
FY14
Chains
34%
Specialists
66%
Hardware
Chains
40%
Specialists
60%
Hardware
Chains
47%
Hardware Chains +38%
Specialist Resellers -20%
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Slide 13

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CHIEF EXECUTIVE OFFICER’S ADDRESS
Tony Grima
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New Strategic Direction

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Accountability – Customer Service – Innovation – Integrity – Passion – Safety & Sustainability
People & Culture Systems
Growth &
Innovation
Processes &
Operations & Supply Chain
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Slide 15

Pillar 1 - Growth & Innovation

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Leading position with DIY players
Re-focus on leading Paint Specialist Groups
Growth in domestic project home builder sector
Differentiated & stronger branding

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Slide 16

Pillar 1 - Growth & Innovation (continued)

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Cross-selling program – ‘One Company’
New channels to market
Category management expertise
New innovative products

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Slide 17

Pillar 2 - People & Culture

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New management team appointed
Improved management reporting
Regular business reviews
Performance based incentive program
Succession planning program

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Slide 18

Pillar 3 – Operations & Supply Chain

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Inventory management system
Significant service level improvements
Divestment of P.T. Ace Oldfields shares
Ongoing product rationalisation

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Slide 19

(continued) Pillar 3 – Operations & Supply Chain

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Repositioning for growth
Significant changes to the national footprint within the Scaffold Division
- New facilities in Yatala & Caboolture, QLD and Knoxfield, VIC.
- Review of remaining locations underway

Slide 20

(continued) Pillar 3 – Operations & Supply Chain

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Step change in operating costs
Outsourcing of back-office functions

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Closure of WA Paint warehouse
Strategic sourcing capabilities

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Slide 21

Outlook & Summary

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Positioning Oldfields for profit & growth
Review of strategic footprint & business model
Upgrading of talent, systems & processes
Leadership position in key market segments
Looking forward to celebrating 100 Years!

Slide 22

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FY15 – CURRENT YEAR
Tony Grima
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FY15 – Current Year

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At present placed below expectations;
Accelerated market conditions
Disruption caused by branch relocations
Effects of exchange rate
Benefits to flow from structural changes

Slide 24

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ITEMS OF BUSINESS
Lewis Timms
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Financial Statements & Reports

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To receive and consider the following reports in respect of the financial year of the company ended 30 June 2014;

– The Financial Report (which includes the Statement of Financial Position, Statement of Comprehensive Income, Cash Flow Statement and Director’s Declaration); and

– The Director’s Report and Auditor’s Report

Slide 26

Resolution 1.

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Re-election of Lewis (William) Timms as a Director

“That William Lewis Timms, who retires by rotation in accordance with the Company’s Constitution and being eligible offers himself for re-election as a Director, be reelected as a Director”

Slide 27

Resolution 2.

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Remuneration Report

“That the Remuneration Report be adopted”

Slide 28

Open Discussion

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Slide 29

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THANK YOU
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AI assistant

OLDFIELDS HOLDINGS LIMITED AGM Information 2014

65490_rns_2014-11-23_3ed0f33b-8ade-4dd2-b44c-f2fc59c64759.pdf