SGH LIMITED — Investor Presentation 2011

Aug 24, 2011

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25 August 2011

Company Announcements Office Australian Securities Exchange Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Total pages: 38 (including cover letter)

Following is a copy of the presentation of Results for the financial year ended 30 June 2011.

Yours faithfully

For and on behalf of Seven Group Holdings Limited

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Warren Coatsworth Company Secretary

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Seven Group Holdings Limited | ABN 46 142 003 469 38-42 Pirrama Road | Pyrmont NSW 2009 Australia | Postal Address: PO Box 777 | Pyrmont NSW 2009 Australia Telephone +61 2 8777 7777 | Facsimile +61 2 8777 7192

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RESULTS FOR THE YEAR ENDED 30 JUNE 2011

Presentation on 25 August 2011

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Disclaimer

 Basis of preparation of slides

• Included in this presentation is data prepared for the management of Seven Group Holdings Limited (SGH) and other associated entities and investments. This data is included for information purposes only and has not been subject to the same level of review by the company as the statutory accounts and so is merely provided for indicative purposes. The company a ~~n~~ d its employees do not warrant the data and disclaim any liability flowing from the use of this data by any party.

• SGH does not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, and are subject to variation. All forward-looking statements in this document reflect the current expectations concerning future results and events. Any forward-looking statements contained or implied, either within this document or verbally, involve known and unknown risks, uncertainties and other factors (including economic and market conditions, changes in operating conditions ~~,~~ currency fluctuations, political events, labour relations, availability and cost of labour, materials and equipment) that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements, expressed, projected or implied by any forward-looking statements.

• Unless otherwise indicated, all references to estimates, targets and forecasts and derivations of the same in this material are references to estimates, targets and forecasts by SGH. Management estimates, targets and forecasts are based on views held only at the date of this material, and actual events and results may be materially different from them. SGH does not undertake to revise the material to reflect any future events or circumstances.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 2.

Today’s Agenda

 Overview

• Industrial Services

• Media & Other Investments

• Financials

• Outlook and Subsequent Events

• Closing and Questions

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Peter Gammell

Jim Walker Peter Lewis Peter Lewis Peter Gammell Peter Gammell

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 3.

Overview

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Seven Group Holdings Limited
Industrial Services Media Investments
100% 30% Media Investments
RCPS 24%
Seven West Media
$250m
Australia
11%
100% 66% 100% 100%
Other investments
China
100%
46%
100%
100% 50%
~$297m
Notes:
1. Group structure as at 5 August 2011
2. Investment values as at 30 June 2011
3. Seven West Media investment includes 30% of SWM ordinary shares on issue ~$354m
and $250m face value of Redeemable Convertible Preference Shares (RCPS). Listed Portfolio
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30 JUNE 2011 FULL YEAR RESULTS
Presentation 25 August 2011
Slide 4.
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Key Financial Numbers Total Group – Statutory Numbers (refer disclaimer)

	Statutory	Statutory
	Year Ended	2 Months to
	30 June 2011	30 June 2010
Profit before tax (excluding significant items)	$ 298.0 m	$ 39.4 m
Profit after tax (excluding significant items)	$ 248.3 m	$ 28.1 m
Significant items (refer next slide for detail)	$ (168.4) m	$ 690.6 m
Reported net profit after tax for the period	$ 79.9 m	$ 718.7 m
EPS (excluding significant items)	67 cents	9 cents
Statutory earnings per share (ordinary shares) 1	12 cents	587 cents
Final 2011 dividend (payable October 2011)	18 cents	18 cents

Notes:

1. 2010 statutory EPS impacted by weighting of shares during part year of operations and significant items. Please refer to note 7 of the Appendix 4E for detail.

2. Please refer to the following slide (Slide 6) for listing of significant items.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 5.

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Key Financial Numbers Summary of Significant Items

	Year Ended 30 June 2011 2 Months to 30 June 2010
Impairment - SWM equity to market value Impairment - CMJ equity to market value Impairment - Other Net gain on sale - SWM transaction Net gain on sale - Other Net gain on acquisition of Seven Network Limited Costs associated with merger Tax impact of items above Total Significant Items Statutory NPAT NPAT excluding Significant Items	$ (239.1) m $ 0.0 m $ (66.6) m $ 0.0 m $ (18.7) m $ 0.0 m $ 54.2 m $ 0.0 m $ 4.5 m $ 0.0 m $ 0.0 m $ 726.3 m $ 0.0 m $ (41.3) m $ 97.3 m $ 5.6 m
	$ (168.4) m $ 690.6 m
	$ 79.9 m $ 718.7 m
	$ 248.3 m $ 28.1 m

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 6.

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Consolidated Profit and Loss Total Group – 2011 Actual v 2010 Pro-forma (Refer Disclaimer)

			Pro-forma
		Year Ended	Year Ended
	$m	30 June 2011	30 June 2010	% Change
	Trading revenue	3,162.8	2,417.5	31%
	Other income	64.8	40.3	61%
	Share of results from equity accounted investees	143.6	40.5	- %
	Total revenue & other income	3,371.2	2,498.3	35%
	Expenses (excluding interest)	(2,950.4)	(2,252.1)	31%
	EBITDA	420.8	246.2	71%
	Depreciation and amortisation	(67.8)	(65.0)	4%
	EBIT	353.0	181.2	95%

Notes:

1. Above numbers include National Hire's results

2. Refer to slide 27 for full results analysis

3. EBITDA = Profit before net finance costs and tax, depreciation and amortisation, and significant items

4. EBIT = Profit before net finance costs and tax, and significant items

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 7.

Consolidated Profit and Loss (Excluding National Hire) 2011 Actual v 2011 Scheme Forecast - refer disclaimer

		Scheme
	SGH (Excl. NHR)	Forecast
	Year Ended	Year Ended
$m	30 June 2011	30 June 2011	% Change
Trading revenue	3,028.6	2,799.8	8%
Other income	63.3	33.3	90%
Share of results from equity accounted investees	120.8	77.4	56%
Total revenue & other income	3,212.7	2,910.5	10%
Expenses (excluding interest)	(2,825.5)	(2,598.1)	9%
EBITDA	387.2	312.3	24%
Depreciation and amortisation	(65.8)	(73.9)	-11%
EBIT	321.4	238.4	35%

Notes

1. Above numbers exclude National Hire's results

2. Refer to slide 29 for full results analysis

3. EBITDA = Profit before net finance costs and tax, depreciation and amortisation, and significant items

4. EBIT = Profit before net finance costs and tax, and significant items

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 8.

Today’s Agenda

• Overview

 Industrial Services

• Media & Other Investments

• Financials

• Outlook and Subsequent Events

• Closing and Questions

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Peter Gammell Jim Walker Peter Lewis Peter Lewis Peter Gammell Peter Gammell

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 9.

WesTrac Group P&L – 2011 v 2010 Pro-forma (Excluding National Hire) - Refer Disclaimer

	Actual	Pro-forma	Change
$m	30 June 2011	30 June 2010	%
- Australia - revenue & other income	2,256.0	1,635.5	38%
-China-revenue & other income	733.5	650.7	13%
Total revenue & other income	2,989.5	2,286.2	31%
- Australia expenses	2,011.9	1,473.0	37%
-China expenses	699.0	625.3	12%
Total expenses (excluding D&A)	2,710.9	2,098.3	29%
- Australia EBITDA	244.1	162.5	50%
-China EBITDA	34.5	25.4	36%
EBITDA	278.6	187.9	48%
Depreciation & amortisation	(45.2)	(34.6)	31%
EBIT	233.4	153.3	52%
EBIT/Revenue Margin	7.8%	6.7%

Note:

1. China 2011 AUD translated results impacted by strong AUD v USD exchange rate. The average exchange rate is 12.4% higher in 2011 v the 2010 pro-forma year.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 10.

WesTrac Group P&L – 2011 v 2011 Scheme (Excluding National Hire) - Refer Disclaimer

	Actual	Scheme	Change
$m	30 June 2011	30 June 2011	%
- Australia - revenue & other income	2,256.0	1,905.0	18%
-China-revenue & other income	733.5	832.0	-12%
Total revenue & income	2,989.5	2,737.0	9%
- Australia expenses	2,011.9	1,707.0	18%
-China expenses	699.0	798.0	-12%
Total expenses (excluding D&A)	2,710.9	2,505.0	8%
- Australia EBITDA	244.1	198.0	23%
-China EBITDA	34.5	34.0	1%
EBITDA	278.6	232.0	20%
Depreciation & amortisation	(45.2)	(38.0)	19%
EBIT	233.4	194.0	20%
EBIT/Revenue Margin	7.8%	7.1%

Notes:

1. China 2011 AUD translated results impacted by strong AUD v USD exchange rate

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 11.

WesTrac Group – FY11 Full Year Result (Excluding National Hire)

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• Group performed strongly in key measures

• No major safety incidents

• Over 5,100 employees in group

• Australia and China growing profitably

• Momentum to continue into 2012

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EBITDA ($m) Pro-forma 2010
Scheme 2011 279
300
244 Actual 2011 232
250
198
188
200 163
150
100
34
25 35
50
0
Australia China Group
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Notes:

1. China 2011 AUD results impacted by strong AUD v USD exchange rate

2. Total Revenue number in graph includes other income

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 12.

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WesTrac Australia – FY11 Overview

(Excluding National Hire) Refer Disclaimer

• 3,129 employees

• 48% product sales growth

• Driven by coal and iron ore mining

• 26% product support sales growth

• Large installed equipment base

• High mining equipment utilisation

• 50% EBITDA growth

	$m	Actual 30 June 2011	Pro-forma 30 June 2010	Change %
	WesTrac Australia
	- Product sales	1,232.3	831.0	48%
	- Product support	1,012.9	804.5	26%
	- Other revenue / income	10.8	-	-
	Total revenue	2,256.0	1,635.5	38%
	EBITDA	244.1	162.5	50%
	EBITDA margin	10.8%	9.9%	9%
	EBIT	205.9	134.3	53%
	EBIT margin	9.1%	8.2%	11%

• EBITDA margin improved

• Operating margins improved

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 13.

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WesTrac China – FY11 Overview

Refer Disclaimer

Refer Disclaimer
1,976 employees Strong AUD impacted AUD translated sales Both EBIT and EBITDA scheme targets achieved High margin sales contributed to improved operating margins Control of costs CAT equipment supply improving substantially	$m Actual 30 June 2011 Proforma 30 June 2010 Change % WesTrac China
	- Product sales 626.1 549.9 14% - Product support 103.8 100.8 3% -Other income 3.6 0.0 - %
	Total revenue (AUD) 733.5 650.7 13% Average FX rate - Revenue translated (AUD/USD) 1.012 0.900 12% Total revenue (USD) 742.3 585.6 27% EBITDA (AUD) 34.5 25.4 36% EBITDA margin 4.7% 3.9% 20% EBIT (AUD) 27.5 19.0 45% EBIT margin 3.7% 2.9% 28%

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 14.

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WesTrac China – (USD) 2011 Actual v 2011 Scheme

Refer Disclaimer

• USD sales consistent with Scheme forecast, with improved margins being achieved.

	USD $m	Actual 30 June 2011	Scheme 30 June 2011	Change %
	WesTrac China - Product sales - Product support	635.6 102.9	642.2 104.7	-1% -2%
	-Other income	3.8	2.3	65%
	Total revenue (USD)	742.3	749.2	-1%
	EBITDA (USD)	34.8	30.5	14%
	EBITDA margin	4.7%	4.1%	15%
	EBIT (USD)	29.0	22.4	29%
	EBIT margin	3.9%	3.0%	31%

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 15.

WesTrac Group – The Next 12 Months

• Major facility expansion plans well underway

• Positioning for growth and long term profitability

• Newcastle construction underway with end FY12 handover

• Tamworth facility completed

• Perth parts distribution centre construction contract awarded

• Established permanent presence in Karratha

• Completed refurbishment of Port Hedland facility

• Redevelopment of WesTrac Institute well advanced enabling additional training ability

• China branch expansion

  • CAT branches at 47 with 3 under construction (compares with 38 last year)

  • 72 SEM (Chinese Wheel Loaders) shop front facilities

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 16.

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WesTrac Group – The Next 12 Months

• Strong market fundamentals to drive revenue and profit growth

• Customer value focus critical to long term sustainability

• Product sales pipeline remains strong and continues to build

• High margin product support revenue growth

• Role of emerging Asian economies remains critical

• Focus will be on operational capacity and the development of new facilities

• Caterpillar Inc. acquisition of Bucyrus completed, negotiations underway for Australian and Chinese territories.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 17.

WesTrac Group – Bucyrus Opportunity

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INTRODUCING THE BROADEST PRODUCT RANGE IN THE INDUSTRY Caterpillars acquisition of Bucyrus added 148 unique model configurations to its existing offerings. New products from the One Stop Shop for mining customers includes rope shovels, drills, draglines, highwall miners, longwalls, belt systems and hydraulic excavators

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 18.

National Hire Group Limited Results for year ended 30 June 2011

• NPAT $26.5m, including $22.8m share of profit from equity accounted investments (Coates Group)

• Equipment Sales and Support revenue $133.5m – up 57% against pcp

• Coates Group revenue $1.064bn – up 20% against pcp

• Net assets per NHR share of $2.75 up from $2.58 in pcp

	$m	Year ended 30 June 2011	Year ended 30 June 2010	Change %
	National Hire
	Revenue and other income	135.7	86.9	56%
	Share of associates profits Operating costs	22.8 (124.9)	4.1 (83.4)	- % 50%
	EBITDA	33.6	7.6	- %
	D&A	(2.0)	(0.7)	-%
	EBIT	31.6	6.8	- %
	Finance costs	(2.6)	(0.2)	-%
	Profit before Tax	29.0	6.6	- %
	Tax expense	(2.5)	(0.8)	-%
	NPAT	26.5	5.8	- %

Notes:

1. NHR owns 46.1% of Coates Group. It is an equity accounted investment and therefore not consolidated into NHR’s results.

2. 2011 includes 7 months of Sykes results and $2m of Sykes acquisition related costs.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 19.

Today’s Agenda

• Overview

• Industrial Services

 Media & Other Investments

• Financials

• Outlook and Subsequent Events

• Closing and Questions

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Peter Gammell Jim Walker Peter Lewis Peter Lewis Peter Gammell Peter Gammell

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 20.

Media Investments P&L - Statutory

	Year Ended 30	2 Months to 30
$m	June 2011	June 2010
Share of Associates
- Seven West Media	18.9	0.0
- Seven Media Group	63.3	4.4
- West Australian Newspapers	11.9	3.4
- Consolidated Media Holdings	24.3	3.0
Other income
- Other	8.4	0.0
EBIT Contribution	126.8	10.8

Notes:

1. Seven Media Group and West Australian Newspapers 2011 results are included up until 11 April 2011 only. Their results are incorporated into Seven West Media after that date at new ownership level.

2. Share of West Australian Newspapers result impacted by transaction costs relating to the acquisition of Seven Media Group.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 21.

Media Investments P&L – 2011 Actual v 2010 Pro-forma Refer disclaimer

	Year Ended 30	Pro-forma year	Change
$m	June 2011	to 30 June 2010	%
Share of Associates
- Seven West Media	18.9	0.0	- %
- Seven Media Group	63.3	(3.7)	- %
- West Australian Newspapers	11.9	22.6	-47%
- Consolidated Media Holdings	24.3	16.3	49%
Other
- Other	8.4	3.4	- %
EBIT Contribution	126.8	38.6	- %
Notes:

1. Seven Media Group and West Australian Newspapers 2011 results are included up until 11 April 2011 only. Their results are incorporated into Seven West Media after that date at new ownership level.

2. Share of West Australian Newspapers result impacted by transaction costs relating to the acquisition of Seven Media Group.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 22.

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Seven West Media - FY11 Overview

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• Successful transition to a listed entity, smooth integration and good results from all divisions

• Reported Group profit after tax of $115.1m (12 months of WAN and 2 ½ months of SMG from 12 April 2011)

 12 months pro forma EBITDA of $617.5m (Market guidance EBITDA issued in May 2011 of $610m - $620m)

• Strong margin improvements despite financial market uncertainty and poor consumer sentiment

  • Newspaper EBITDA relatively flat with strong growth in Regional and Radio

• Television EBITDA up 23% on 2010

• TV revenue growth of 8.4% with reported cost growth at 3%

• WAN weekly readership audience increase of 1.3% pcp

• EBITDA margin improvement of 3.6 pts to 30.6%

• WAN EBITDA margin of 42%

• Number 1 again in revenue share for FY11 at 37.6% of Metro market and Number 1 in revenue share since the December 2006 half

  • Radio EBITDA growth of 14.6%

• Yahoo!7 double-digit EBITDA growth

• Won every official ratings week in 2011

• Revenue growth of 22.5%

• Magazines EBITDA growth of 0.9% despite challenging market conditions

• EBITDA growth of 14.4% to $38.0m

• Strong EBITDA margin of 39.2%

• Advertising market share growth for Pacific Magazines from 26.2% to 28%

• Acquisition of group-buying business Spreets

• Cost decline year on year

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 23.

Other Investments P&L - Statutory

	Year Ended	2 months to
$m	June 2011	June 2010
Revenue	52.6	7.4
Other Income	34.7	2.4
Share of results from equity accounted investees	1.3	0.0
Total revenue and other income	88.6	9.8
Expenses (excluding interest and corporate)	(73.7)	(11.4)
EBITDA	14.9	(1.6)
Depreciation & amortisation	(20.6)	(4.5)
EBIT	(5.7)	(6.1)

Notes:

1. Other Investments include Vividwireless, Engin, Listed equity investments and property.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 24.

Other Investments

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Agricultural Bank of China

• ABC is one of the big 4 banks in China. It has the largest retail reach and is the third largest commercial bank in China.

• During 2010, ABC officially completed what was then, the world's largest initial public offering, raising $22.1 billion.

• Share price at 30 June 2011 of HKD$4.09 compared to IPO issue price of HKD$3.20 per share.

• In July 2011 ABC announced that its unaudited H1 2011 net profit was 45% higher than H1 2010.

vividwireless

• vividwireless’ first phase of development in Perth was successfully launched as the first 4G network in Australia, providing high-speed and affordable wireless broadband.

 During the year, metro networks were switched on in Sydney, Melbourne, Canberra, Adelaide & Brisbane and Vividwireless began signing up subscribers in these markets.

• In December trials of the TD-LTE technology commenced, achieving download speeds in excess of 100Mbps.

• By the end of the year, traffic across the company’s Perth network had more than doubled to 24 terabytes per day, while a consistent customer experience was maintained.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 25.

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Today’s Agenda

• Overview

• Industrial Services

• Media & Other Investments

 Financials

• Outlook and Subsequent Events

• Closing and Questions

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Peter Gammell Jim Walker Peter Lewis Peter Lewis Peter Gammell Peter Gammell

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 26.

Consolidated Profit and Loss Total Group – Statutory Accounts

	Year Ended	2 Months to
$m	June 2011	June 2010
Trading revenue	3,162.8	537.6
Other income	64.8	2.8
Share of results from equity accounted investees	143.6	14.3
Total revenue and other income	3,371.2	554.6
Expenses (excluding interest)	(2,950.4)	(495.7)
EBITDA	420.8	58.9
Depreciation and amortisation	(67.8)	(11.7)
EBIT	353.0	47.2
Net gain on sale of investments	58.7	-
Impairment of assets	(324.3)	-
Gain on consolidation of Seven Network Limited	-	726.3
Merger transaction costs	-	(35.9)
Net finance costs	(55.0)	(13.1)
Profit before tax	32.4	724.5
Tax expense	(49.8)	(5.7)
Tax benefit regarding impairment	97.3	-
NPAT	79.9	718.8
Profit attributable to shareholders of SGH	70.4	718.0

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 27.

Consolidated Profit and Loss

Total Group – 2011 Statutory Accounts v 2010 Pro-forma (Refer Disclaimer)

		Pro-forma
	Year Ended	Year Ended
$m	30 June 2011	30 June 2010	% Change
Trading revenue	3,162.8	2,417.5	31%
Other income	64.8	40.3	61%
Share of results from equity accounted investees	143.6	40.5	- %
Total revenue & other income	3,371.2	2,498.3	35%
Expenses (excluding interest)	(2,950.4)	(2,252.1)	31%
EBITDA	420.8	246.2	71%
Depreciation and amortisation	(67.8)	(65.0)	4%
EBIT	353.0	181.2	95%
Net gain on sale of investments	58.7	0.0	- %
Impairment of assets	(324.3)	0.0	- %
Net finance costs	(55.0)	(33.5)	64%
Profit before tax	32.4	147.7	-78%
Tax expense	(49.8)
Tax benefit relating to impairment of assets	97.3
NPAT	79.9
Profit attributable to shareholders of SGH	70.4

Notes:

1. As 2010 was a Proforma year only, no tax expense was calculated given impact of changes to deferred tax balances.

2. Above numbers include National Hire

3. Tax impact on Net Gain on Sale of investments immaterial and included within tax expense number above

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 28.

Consolidated Profit and Loss (Excluding National Hire) 2011 Actual v 2011 Scheme Forecast - Refer Disclaimer

			Scheme
		SGH (Excl. NHR)	Forecast
		Year Ended	Year Ended
	$m	30 June 2011	30 June 2011	% Change
	Trading revenue	3,028.6	2,799.8	8%
	Other income	63.3	33.3	90%
	Share of results from equity accounted investees	120.8	77.4	56%
	Total revenue & other income	3,212.7	2,910.5	10%
	Expenses (excluding interest)	(2,825.5)	(2,598.1)	9%
	EBITDA	387.2	312.3	24%
	Depreciation and amortisation	(65.8)	(73.9)	-11%
	EBIT	321.4	238.4	35%
	Net gain on sale of investments	58.7	0.0	- %
	Impairment of assets	(324.3)	0.0	- %
	Net finance costs	(52.4)	(34.3)	53%
	Profit before tax	3.3	204.2	-98%
	Tax expense	(47.3)	(16.9)	- %
	Tax benefit relating to impairment of assets	97.3	0.0	-%
	NPAT	53.3	187.3	-72%
	Profit attributable to shareholders of SGH	52.7	186.7	-72%
	NPAT (excluding significant items)	221.6	187.3	18%
	Ordinary EPS (excluding NHR & significant Items)	0.61	0.50	22%

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 29.

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Consolidated Cash Flow Total Group – Statutory Accounts

		Year Ended 30	2 Months to 30
	$m	June 2011	June 2010
	EBITDA	420.8	58.9
	Working capital movements	(263.2)	(83.4)
	Share of associates (profit)/loss	(143.6)	(14.3)
	Other non-cash items	13.2	(2.0)
	Dividends received from equity accounted investees	33.2	0.0
	Net cash flow from operating activities pre-interest and	60.4	(40.8)
	income tax
	Tax paid	(38.3)	0.0
	Net finance costs	(50.9)	(1.3)
	Transaction costs	(2.0)	(35.2)
	Capital expenditure (net)	(69.9)	(9.5)
	Investments/loans (net)	(483.0)	11.4
	Share issues / buybacks (net)	7.2	10.0
	Dividends paid	(144.2)	(12.0)
	Net cash flows from other activities	(781.1)	(36.6)
	Contribution to net increase in debt	(720.7)	(77.4)
	FX movement in foreign currency denominated debt	114.6	(44.0)
	Net debt movement on balance sheet (excl. derivative	(606.1)	(121.4)
	fair value movements)
	Opening net debt balance	(231.0)	(109.6)
	Closing net debt balance	(837.1)	(231.0)

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 30.

Consolidated Balance Sheet

Total Group – Statutory Accounts

		As at	As at	Change
	$m	30 June 2011	30 June 2010	%
	Trade and other receivables + other current assets	578.7	452.8	28%
	Inventories	989.6	682.7	45%
	Intangible assets	526.2	577.4	-9%
	Investments	2,366.4	2,120.6	12%
	Fixed assets	264.9	241.1	10%
	Trade and other payables	(504.6)	(371.0)	36%
	Provisions	(96.3)	(61.1)	58%
	Net tax assets / (liabilities)	(355.0)	(459.2)	-23%
	Deferred revenue	(131.6)	(59.4)	122%
	Derivative financial instruments - Debt related	(109.0)	(12.6)	764%
	Derivative financial instruments - Other	(10.5)	0.0	- %
	Net(debt)	(837.1)	(231.0)	262%
	Total Shareholders Equity	2,681.9	2,880.2	-7%

Notes:

1.The increase in the derivative financial instruments relates predominantly to the impact of the exchange rate movements on fully hedged US Notes. The unfavorable exchange rate impact on hedging instruments is offset by favorable exchange rate movements on the actual Notes.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 31.

Consolidated Debt Profile Total Group – Statutory Accounts

		As at	As at
	$m	30 June 2011	30 June 2010	Change %
	Interest bearing loans and borrowings	908.3	686.2	32%
	Cash and cash equivalents	(71.2)	(455.2)	-84%
	Net debt (excluding derivatives)	837.1	231.0	- %
	Derivative financial instruments - Debt
	related	109.0	12.6	- %
	Net debt (including derivatives)	946.1	243.6	- %
	Undrawn facilities	522.4	297.9	75%
	Total facilities (Drawn and Undrawn)	1,430.7	984.1	45%

Notes:

1. In July 2011 there was an additional $200m in long term USPP funding received which was partly used to pay down current debt.

2. Please note the movement in derivative financial instruments relates predominantly to FX movements on the hedging on the USPP which is fully hedged, this FX movement is offset by an FX related reduction in Interest Bearing Loans and Liabilities.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 32.

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Consolidated Debt Maturity Profile Total Group – refer disclaimer

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----- Start of picture text -----

Net debt (including derivatives) Cash
Actual as at 30-Jun-11
Overseas
Australia
600
500
400
352
300
250
203 212
200
100 71
0
Cash < 1 Year < 5 Year <10 Year >10 Year
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Net debt (including derivatives) Cash
Pro-forma as at 30-Jun-11
Overseas
After USPP funding
Australia
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600
500
411
400
300 272
250
203
191
200
100
0
Cash < 1 Year < 5 Year <10 Year >10 Year
----- End of picture text -----

• Current “<1 year” debt includes a number of offshore facilities (over 70%) that are regularly rolled over for further terms but which are categorised as current due to the short dated nature of the facility.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 33.

Consolidated Investment Listing Total Group – Statutory Accounts

		24 August 2011	30 June	30 June
	$m	Market Value	2011	2010
	Seven West Media (Ordinary shares + RCPS)3, 4	798.1	962.3	-
	Listed Portfolio1, 4	366.4	354.5	393.3
	Agricultural Bank of China2, 4	285.3	297.8	-
	Consolidated Media Holdings3, 4	321.3	358.4	424.5
	West Australian Newspapers3	N/A	-	393.6
	Seven Media Group3	N/A	-	526.0
	Coates Hire3	Unlisted	331.3	312.9
	Other	Unlisted	62.2	70.3
	Total Investments		2,366.4	2,120.6

Notes:

1. Available for sale security - fair value movements are carried in reserves until the asset is disposed of or impaired.

2. Available for sale security - fair value movements are carried in reserves (share price movement in Available for Sale Reserves, Foreign Currency movement in Foreign Currency Translation Reserve).

3. Associates - carried at historical cost, plus share of associate income, less dividends received, less impairment.

4. Estimated market values of listed investments using number of shares held at 30 June 2011 and share prices at 5pm on 24 August 2011.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 34.

Today’s Agenda

• Overview

• Media

• Industrial Services

• Financials

• Outlook and Subsequent Events

• Closing and Questions

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Peter Gammell David Leckie Jim Walker Peter Lewis Peter Gammell Peter Gammell

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 35.

Outlook & Subsequent Events

 Subsequent events

• Additional long term USPP funding of $200m provided in July 2011

• As shown on slide 34 (Consolidated listed investment slide) and in the subsequent event note in the Appendix 4E, there has been share price decline in the SWM & CMH post year end. The Group could be impacted by potential future impairment charges in December 2011 if the share prices of these investments do not recover (refer to slide 34 and note 15 of the Appendix 4E)

• MES & EMT (WesTrac subsidiaries) & Engin became 100% owned subsequent to year end

 Outlook – refer disclaimer

• Due to current economic volatility and only being 7 weeks into the year it is too early to provide meaningful trading guidance.

• WesTrac should continue to benefit from strong Australian and Chinese resource demand

• Seven West Media should continue its market dominance and is positioned to take advantage of any upturn in the advertising market

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 36.

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30 JUNE 2011 FULL YEAR RESULTS Presentation 25 August 2011 Slide 37.

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