SGH LIMITED — Investor Presentation 2012

Apr 3, 2012

4 April 2012

Company Announcements Office ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Total Pages: 28

Dear Sir/Madam

INVESTOR PRESENTATION

Please find attached an Investor Presentation given by Mr Peter Gammell, CEO Seven Group Holdings Limited, to the Australian Emerging Companies conference today at UBS' Sydney office, Level 16 Chifley Tower, 2 Chifley Square, Sydney NSW 2000.

Yours sincerely

Warren Coatsworth Company Secretary

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

Group Overview March 2012

Disclaimer

Basis of preparation of slides

• Additional information including Pro-Forma 6 or 12 month accounts are included in this presentation 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 and 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, material 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.

SGH Presentation – March 2012

Contents

	Oivervew	4
	SIdilitnsraercesuv	6
	Mdiea	14
	Ittnesmensv	18
	Fiilnancas	22
	OSlkdbEtttooanseqenensuuuv	26

SGH Presentation – March 2012

SGH Presentation – March 2012

P&L Breakdown – H1 FY 2012

Trading and other revenue (AUD m)

WesTrac China

National Hire

WesTrac Australia

Other

EBITDA margin H1 FY11 H1 FY12

EBITWesTrac AustraliaWesTrac ChinaMedia InvestmentsNational Hire$186m 61%$73m 24%$35m 5%$32m 10%

HFYP&LBrkdo(AUD)112eanmw	Trding Reavenue	Ohetr Revenue	Asiate Prsocfitso	l ReTotavenue	EBIT
WTrAuliatraesacs	1,0357.	6.7	-	1,514.0	168.9
CWTrhinaesac	3187.	4.1	-	321.9	12.3
NaionlHiret(Co)al.ateexcs	101.7	1.4	-	103.1	4.9
1CoHireteas	-	-	265.	25.6	25.6
1SeWMediatvenes	-	-	0.05	50.0	50.0
1ColidadMediaHoldingtensos	-	-	10.3	10.3	10.3
Ohediainctr meome	-	12.3	-	12.3	12.3
Oheinv/ cttmtsteresenorpora	28.9	16.7	0.6	46.2	(15.4)
Tolta	1,955.6	41.2	86.5	2,083.4	269.0

1 Equity share of NPAT

SGH Presentation – March 2012

Industrial Services

SGH Presentation – March 2012

Overview of WesTrac Group

SGH Presentation – March 2012

Attractive Business Model with Recurring Earnings Stream From Product Support

Capital Sales1

• Large installed base of machines and engines inAustralia.
• Leverage to growth in mining.

1 Capital sales includes new and used equipment sales and rental revenue.

ProductSupport

• 38 service locations inAustralia.
• Maintenance contracts account for a substantial portion of parts and service revenue.

Monitoring of Equipment

• Three state of the art condition monitoring laboratories inWA, NSW and Tianjin.
• One of the largest Caterpillar dealer oil laboratories inthe world.
• Remote GPS and computer monitoring systems.
• Ability to identify mechanical problems in early stages.

equipment carried by Coates.

industries.Smaller

CAT

SGH Presentation – March 2012

WesTrac Australia Summary Financials

Revenue

(A$m) EBITDA (A$m) and EBITDA Margin (%)

EBIT(A$m) and EBIT Margin (%)

SGH Presentation – March 2012

WesTrac China Summary Financials

Revenue

(A$m) EBITDA (A$m) and EBITDA Margin (%) EBIT (A$m) and EBIT Margin (%)

Historical AUD/USD exchange rates were assumed for each historical period. FY07 assumes AUD/USD 0.79, FY08 assumes AUD/USD 0.90 and FY09 assumes AUD/USD 0.75. FY10 average rate was 0.90, FY11 average rate was 1.012 and H1 FY12 average rate was 1.03.

SGH Presentation – March 2012

WesTrac's Interest in National Hire

• WesTrac owns 100% of National Hire.
• National Hire consists of:
  • Wholly owned equipment sales and support business operating under the AllightSykes brand
  • 46% investment in Coates Hire.
• National Hire was formed in 2008 with the merger of National Hire's rental operations and Coates Hire.
• Sykes Group was acquired in November 2010 for $50m plus $5m potential future earn-out payments.

SGH Presentation – March 2012

National Hire Summary Financials

5439788881,065 $400 $600 $800 $1,000 $1,200 Coates Revenue(A$m)

Coates partial year result shown in FY08 from 9 Jan 2008 acquisition date to 30 June 2008.

Coates Shareof Associate Profits (A$m)

SGH Presentation – March 2012

WesTrac – Bucyrus Opportunity

Introducing the Broadest Product Range in the Industry

• Caterpillar's acquisition of Bucyrus added 148 unique model configurations to its existing offerings.
• New products from the One Stop Shop for mining customers include rope shovels, drills, draglines, highwall miners, longwalls, belt systems and hydraulic excavators.

SGH Presentation – March 2012

SGH Presentation – March 2012

Overview of Seven West Media

SGH Presentation – March 2012

Ratings Supremacy

• Seven delivered dominant All Commercial Share across Night 1800-2400 for key demographics for Survey Year 2011:
  • Total Individuals 39.4% up 11.1% in average audience vs 2010
  • People 16-39 34.3% up 12.8%
  • People 18-49 35.6% up 9.5%
  • People 25-54 35.9% up 9.4%
• Impressive audience numbers recorded for key properties:
  • Australia's Got Talent ' The Winner Announced' averaged 2.98m
  • My Kitchen Rules – 'The Winner Announced' averaged 2.13m
  • The X Factor – 'The Winner Announced' average 2.11m
  • Australia's Got Talent – Tues averaged 1.94m viewers
• 7TWO was the No.1 Digital Commercial Network in 2011 Survey Year with 5.8% All Commercial Share.
• 7mate was No. 1 for Men 16-39 with 8.6% All Commercial Share
• Seven had 16 of the Top 20 Regular Digital Networks Programs.

A Strategy that Underpins Seven's Audience Growth and Success

SGH Presentation – March 2012

Seven West Media Summary Financials

H1 FY12 highlights

• SGH is Seven West Media's largest shareholder with 33% of Seven West Media ordinary shares and $250m of Redeemable Convertible Preference Shares (RCPS).
• Achieved market guidance EBIT of > $300m issued in Nov-2011.
• Overall group EBIT margin is still over 30% despite difficult market and consumer sentiment.

$Seia()WMedtvenesm	H2 Ac1FY1ltua	1 PrH1FY1Foo-rma	Chae %ng
Tol r(incl. shataevenueref aiafi)tetsossocpro	1,023.9	1,044.7	2.0%-
Opingteraexpenses	(683.1)	(680.2)	0.4%
EBITDA	340.8	5364.	56.%-
Deiaiondisaiontttprecanamor	()31.1	()34.9	10.9%-
EBIT	309.7	329.6	6.0%-

22m7%

DivisionalBreakdownH1'12ActualH1'11 ProFormaChange %H1'12ActualF1'11 ProFormaChange %H1'12ActualH1'11PFRevenue EBIT1 EBIT Margin Television 655.8 664.8 -1.4% 205.7 220.0 -6.5% 31.4% 33.1% West Australian Newspapers2 185.6 188.6 -1.6% 66.5 72.0 -7.6% 35.8% 38.2% Magazines 150.0 159.8 -6.1% 22.3 22.3 - 14.9% 14.0% Other3 32.5 31.5 2.9% 15.2 15.3 -0.7% 46.8% 48.6%Total 1,023.9 1,044.7 -2.0% 309.7 329.6 -6.0% 30.3% 31.6%

Notes: 1. EBIT includes share of profit of equity accounted investees.

1. WAN results include The West Australian, Regionals.

3.Other result includes equity accounted investees, Radio, Quokka ColourPress, Digital and other.

SGH Presentation – March 2012

Slide 17

EBIT Breakdown

Investments

SGH Presentation – March 2012

Overview of SGH Investments

Note: market value of investments shown as at 31 December 2011

SGH Presentation – March 2012

Consolidated Media Holdings Limited (CMH)

CMH is a media investment company, investing in key new media. CMH has a 25% investment in Australia's leading subscription television business Foxtel and a 50 per cent investment in subscription television content provider Fox Sports Australia (formerly Premier Media Group), producer of leading sports channels including Fox Sports 1, 2 and 3. SGH owns 25% of CMH and interests associated with James Packer own 50% of this entity.

Highlights and Outlook

• Foxtel and Fox Sports results were in line with CMH management expectations

• Continued improvement in Foxtel ARPU to $100 compared to $94 pcp

• 1.66m subscribers, up 2% on pcp – net subscriber additions is one of the key focuses Foxtel's management team

• Fox Sport's investment in key sports content continuing to generate strong interest and excellent ratings

• Interim unfranked dividend of 10.5 cents per share

• $63m of cash on hand

• CMH remains committed to Foxtel's proposed acquisition of Austar by 30 June 2012.

• CMH equity accounted result of $19.7m (post tax) up 3% on pcp

• $15m distribution received in H1, further distribution expected in H2

• Foxtel EBITDA up by 1% to $280.4m ($278.0m pcp)

• High subscriber quality:

  • 42% of subscribers on premium package
  • 42% of subscribers with multi-room packages
  • 76% of subscribers have iQ package and 38% have HD

• CMH equity accounted result of $25.8m (post tax), down 1% on pcp

• $20 million in distributions received in H1, further distributions expected in H2

• Fox Sports continues to produce the top rating sports programs on subscription TV across all major codes

• Delivered 7 of the 10 highest rating programs in Foxtel history during the period.

Source: 31-Dec-11 half year results announcement and presentation.

SGH Presentation – March 2012

Agricultural Bank of China (ABC)

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Highlights

• Investment valued at AUD 258m (based on HKD 3.35 share price) at 31 December 2011 compared to AUD 293m initial investment.
• Share price of HKD 3.71 as at 5 March 2012 is 16% higher than IPO issue price of HKD 3.20 in July 2010. AUD gain impacted by currency appreciation.
• Net profit of RMB 100,776 for the nine months to 30-Sep-2011 was 44% higher than the prior corresponding period driven by 28% growth in net interest income (resulting from expanded interest-earning assets and widening of net interest margins), plus growth of 61% in fees/commissions due to an increase in fees generated from investment banking, credit cards, international settlement and wealth management.
• Net interest margin of 2.80% in the period compared to 2.55% in full year 2010 and 2.28% in full year 2009.
• Annualised return on weighted average net assets of 23.0% compared in 22.5% in full year 2010 and 20.5% in full year 2009.
• Non-performing loan (NLP) ratio decreased by 0.43% to 1.60% since the end of 2010.

Source: ABC HY 2011 and FY 2010 results announcements, Hong Kong Stock Exchange

SGH Presentation – March 2012

SGH Presentation – March 2012

Consolidated Profit and LossTotal Group

$m	6hsttomon31De2011c	6hsttomon31De2010c	C%hange
Revenue	1,9655.	1,12.45	29%
Ohiterncome	39.2	29.1	35%
Shflfidittttareoressromeqacconeneseesuuyuv	88.7	103.8	15%-
iTldhttoareeneanoerncomevu	2,083.5	1,645.3	27%
E(l.diiiidi)tttttxpensesexceprecaon,amorsaonanneres	(1,94.9)7	(1,423)5.	26%
EBITDA	288.6	220.0	31%
Diidiittteprecaonanamorsaon	(34.6)	(32.2)	%7
EBIT	254.0	1887.	35%
Nfittenancecoss	()49.5	()22.9	116%
SiifiIttgncanems:
/Nifilttegansarvauemovemens	85.	-	-
Iifttmparmenoasses	()167.5	-	-
Ohter	8.2	-	-
Pfibfttroeoreax	51.0	164.9	69%-
Taxexpense	(33)5.	(33)7.	%-5
Tbfiiifiitttaxeneonsgncanems	46.1	-	-
NPAT	61.8	1267.	52%-
SPfiibblhhldfGHtttttroaruaeosareoerso	52.1	123.6	58%-

Note: refer to Appendix 4D for statutory presentation

SGH Presentation – March 2012

Summary of Significant Items

$m	6hsttomon31De2011c	6hsttomon31De2010c
IiSWMiklt -tttmparmeneqomareaeuyvu	()161.8	-
IiCMHiklt -tttmparmeneqomareaeuyvu	()3.4	-
IiOht -tmparmener	()2.4	-
OG/hiFiltter -ansarvauemovemens	85.	-
Ulhflfidittttnsasareoresromeqacconeneseeuuuuyuv	8.2	-
Nbfifhibttttteaxeneoeemsaove	46.1	-
TlSiifiItttoagncanems	(105)7.	-
SNPATtttauory	61.8	1267.
NPATldiSiifiIttexcunggncanems	169.3	1267.

Note: No items were classified as significant in the six months ended 31 December 2010 results presentation due to their size

SGH Presentation – March 2012

Consolidated Balance Sheet Total Group

$m	6hsttomon31De2011c	6hsttomon31De2010c	%Change
Tddhiblhttttraeanoerrecevaes+oercurrenasses	650.7	578.7	12%
Iitnvenores	1,36.77	989.6	39%
Iiblttnangeasses	542.9	526.2	3%
Ittnesmensv	2,361.1	2,366.4	0%
Fidteassesx	297.3	264.9	12%
Tddhbltraeanoerpayaes	()651.6	()504.6	29%
Piirovsons	(98.0)	(96.3)	2%
/()Nlibiliitttteaassesaesx	()353.3	()355.0	0%
Dfdeerrereenevu	()78.4	()131.6	-40%
DiifiiliDbldttttteraenancansrmensereaevvu-	()64.4	()109.0	-41%
DiifiiliOhttttervavenancansrumenser-	()5.7	()10.5	-46%
N(db)ttee	(1,448.1)	(831)7.	3%7
TlShhldEittoaareoersquy	2,529.3	2,681.9	6%-

Notes:

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

SGH Presentation – March 2012

Subsequent events & outlook

Subsequent events

• On 25 January 2012, SGH completed the compulsory acquisition of minority interests in National Hire, moving to 100% ownership.
• As shown in the Consolidated Investment Listing slide and in the subsequent event note in the Appendix 4D, there has been a share price recovery in SWM and CMH since period end. The Group will be positively impacted by the reversal of impairment charges at 30 June 2012 if the share prices of these investments remain at these levels.
• On 20 February 2012, SGH announced the sale of vividwireless to Optus for a sale price of $230m. The contract remains subject to a number of material conditions including approvals by ACCC and FIRB and re-issue of the spectrum license by ACMA.

Outlook – refer disclaimer

• WesTrac is still in negotiations with Caterpillar Inc. in relation to the acquisition of the Bucyrus distribution business. Whilst these negotiations are not yet complete and the details remain confidential it is expected that this will occur around the time of the June year-end.
• Excluding significant items and the impact of transactions, assuming current market conditions and growth continue, the company anticipates the full year Underlying Net Profit After Tax (excluding significant items) to be up 20% to 30% compared to the prior year 2011 result.

SGH Presentation – March 2012