Lincoln Crowne & Company Engineering & Mining Services Research Report for Week Ended 23 August 2013. Reporting Season is well underway with both positive and negative results being delivered. More reporting due to happen this week. The Australian Dollar has also clawed its way back above 90 cents at this stage.

1. 23 August 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be,
nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for
any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made.
WEEKLYAustralianEngineering&MiningServices
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Market review
The market finished the week slightly higher amid encouraging Chinese and European economic data, stronger resource
prices and a rush of earnings announcements. The Australian dollar ended the week slightly above 90 US cents. A key
theme to the reporting season has been consolidation, with companies across all sectors noting the challenging business
environment.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
ANG Announced EBITDA of $51.1M for FY13 (up 2%), with NPAT of
$28.4M (down 4%) and earnings per share of 39.2cps. Results
were impacted by curtailed expenditure on mining equipment and
maintenance programs by coal mining customers
IMD Reported FY13 revenue of $249.4M (down 11%). EBITA was
down 53% to $35.2M, which included $3.0M of restructuring
costs. NPAT was down 58% to $19.4M
BYL Has reported a record NPAT of $10.2M for FY13, reflecting BYL’s
broad project mix and solid operating performance. Revenue for
the year was $292.4 million, up 16% from FY12
MAH Announced a full year loss of $29.5M including net loss after
tax of $73.1M from discontinued construction operations. Had
record mining revenue for FY13 of $1.2B. Expected FY14
revenue is in the range of $0.9 - $1.2B, but remains at risk
CDD Announced a record profit of $77.6M for FY13. Revenue for the
year was $1,195M, up 23.8%. NPAT was $77.6M, a 4.7%
increase over FY12
MND FY13 sales revenue was a record $2,614M ($1,897M FY12),
up 37.8%. EBITDA was up 25.7% to $247M and NPAT was a
record $156.3M, up 24.1%
DCG Reported FY13 NPAT of $64.4M. The result has been delivered
on the back of revenues of $528.8M, with margins improving by
21%. The result reflects DCG’s strategy to diversify earnings
through a broadening of services while pursuing higher margins
RCR Delivered record earnings with NPAT of $37.3M, up 37% on
the previous corresponding period, from record revenue of
$875.2M (an increase of 8.2%). At year end RCR had no debt
and a net cash balance of $95.8M up $50.7M on FY12
EHL Reported revenues of $439.7M for FY13 (down 22.2%). NPAT
was $35.2M (down 50.5%). Lower revenue on fixed overheads
cost base impacted EBITDA margins in Australia and Indonesia
SDM Reported FY13 revenue of $435.5M was down 33.1%. Market
volatility and a weak resources sector, particularly in coal
attributed to NPAT being down 75.1% to $9.4M
GNG Reported sales revenue of $114.7M and PBT of $11.5M, reflecting
a weaker financial performance than achieved in FY12 ($152.8M
revenue and PBT of $19.9M), largely due to a soft first half
SND Reported FY13 revenue of $60.5M, up 31.5%. EBITDA was
$8.3M. NPAT was up 29.5% to $5.8M. SND noted that
projects for FY14 are beginning to be released although some
hesitation persists
Source: Capital IQ, Thomson Reuters, LCC research
4100
4150
4200
4250
4300
24 Jul 13 8 Aug 13 23 Aug 13
S&P/ASX 100 Index
0.880
0.900
0.920
0.940
24 Jul 13 8 Aug 13 23 Aug 13
AUD vs USD

2. 23 August 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be,
nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for
any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made.
WEEKLYAustralianEngineering&MiningServices
Page 2 / 2
Market Cap Open Price Close Price High Low Weekly Volume EV/ EV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
AJL 396 1.52 1.48 1.54 1.40 ▼ -2.3% NM NM
ASL 456 1.39 1.46 1.52 1.37 ▲ 5.4% 3.2x 5.5x
AAX 205 1.67 1.66 1.76 1.61 ▼ -0.6% 5.0x 6.5x
ANG 274 4.30 3.74 4.49 3.53 ▼ -13.0% 5.5x 6.4x
BLY 252 0.58 0.56 0.63 0.54 ▼ -4.3% 2.4x 3.9x
BKN 987 5.58 5.83 5.90 5.55 ▲ 4.5% 7.9x 11.7x
BYL 41 0.30 0.38 0.38 0.29 ▲ 27.1% 2.1x 3.7x
BOL 68 0.15 0.15 0.15 0.15 ▼ -4.6% 3.4x 7.4x
BSA 38 0.17 0.17 0.18 0.17 0.0% 4.7x 12.0x
CDD 906 6.33 6.33 6.38 6.14 0.0% 7.8x 9.5x
CGH 157 0.51 0.51 0.55 0.48 0.0% 3.3x 6.7x
CLO 1111 1.43 1.43 1.45 1.42 ▲ 0.4% 6.7x 6.9x
COF 58 0.21 0.23 0.24 0.20 ▲ 7.1% 7.4x 13.6x
DCG 395 2.16 2.35 2.39 2.05 ▲ 8.8% 4.8x 5.2x
DSB 20 0.43 0.43 0.43 0.42 0.0% 2.8x 3.5x
DOW 1846 4.18 4.26 4.36 4.03 ▲ 1.9% 3.4x 6.1x
EAL 71 0.61 0.63 0.63 0.61 ▲ 3.3% 8.1x 10.0x
EGN 53 0.17 0.17 0.17 0.17 0.0% NM NM
EHL 111 0.21 0.19 0.22 0.18 ▼ -9.5% 3.0x 8.8x
EVZ 12 0.06 0.06 0.06 0.06 0.0% 8.3x 13.7x
FWD 212 3.91 3.51 3.91 3.28 ▼ -10.2% 6.1x 10.0x
FGE 461 4.96 5.35 5.45 4.96 ▲ 7.9% 3.6x 4.5x
GCS 85 0.52 0.50 0.55 0.46 ▼ -3.8% 3.5x 5.3x
GNG 84 0.48 0.56 0.64 0.48 ▲ 17.9% 5.5x 5.9x
HDX 45 0.25 0.25 0.26 0.23 0.0% 3.8x 5.7x
IMD 146 0.74 0.70 0.74 0.64 ▼ -6.1% 4.0x 5.3x
LEI 5827 16.70 17.28 17.35 16.57 ▲ 3.5% 3.5x 7.4x
LCM 109 1.48 1.57 1.58 1.46 ▲ 6.1% 6.8x 7.4x
LYL 171 4.29 4.38 4.38 4.10 ▲ 2.1% 4.5x 4.8x
MLD 361 2.01 2.09 2.14 1.99 ▲ 4.0% 3.7x 5.7x
MAH 176 0.17 0.14 0.18 0.13 ▼ -15.2% 1.4x 2.8x
MYE 69 0.97 0.92 0.97 0.87 ▼ -5.2% 2.5x 3.2x
MIN 2046 10.45 11.00 11.13 10.40 ▲ 5.3% 6.3x 9.6x
MCE 78 0.88 0.82 0.91 0.80 ▼ -6.8% 7.3x 95.5x
MND 1635 18.60 17.98 19.15 17.51 ▼ -3.3% 6.0x 6.9x
NMS 74 0.04 0.04 0.04 0.04 0.0% 76.8x NM
NWH 353 1.17 1.27 1.27 1.11 ▲ 8.6% 2.6x 3.6x
OTC 19 0.09 0.10 0.11 0.09 ▲ 14.9% 2.0x 2.8x
PRG 301 2.44 2.55 2.55 2.43 ▲ 4.5% 5.9x 7.2x
RCR 381 2.67 2.88 2.95 2.62 ▲ 7.9% 4.6x 6.0x
RQL 39 0.16 0.16 0.18 0.16 ▼ -3.1% 2.7x 4.4x
SND 70 0.93 0.90 0.95 0.90 ▼ -2.7% 6.5x 6.9x
SDM Sedgman Limited 156 0.68 0.71 0.72 0.65 ▲ 4.4% 2.3x 5.2x
SSM Service Stream Limited 44 0.17 0.16 0.17 0.14 ▼ -6.1% 2.0x 2.3x
SWL 103 1.34 1.32 1.35 1.29 ▼ -1.1% 9.4x 11.8x
SXE 158 1.00 0.98 1.05 0.98 ▼ -2.0% 5.0x 6.1x
STS 20 0.35 0.33 0.35 0.33 ▼ -7.1% 2.0x 4.9x
SWK 53 0.30 0.32 0.32 0.30 ▲ 5.0% 1.8x 3.5x
TPP 8 0.05 0.05 0.06 0.05 0.0% NM NM
TSE 425 0.91 0.83 0.91 0.83 ▼ -8.3% 5.0x 9.5x
UGL 1203 7.10 7.37 7.39 7.00 ▲ 3.8% 16.1x 30.1x
VMG 16 0.02 0.02 0.02 0.02 0.0% NM NM
WDS 87 0.59 0.60 0.60 0.58 ▲ 1.7% 3.6x 8.0x
WOR 5704 22.25 23.11 23.30 22.04 ▲ 3.9% 10.8x 12.3x
WTP 103 0.54 0.56 0.58 0.54 ▲ 3.7% NM NM
Source: Capital IQ, LCC research
UGL Limited
Ausenco Limited
Ausdrill Limited
Watpac Limited
Lycopodium Limited
MACA Limited
MacMahon Holdings Limited
Mastermyne Limited
WorleyParsons Limited
VDM Group Limited
WDS Limited
Bradken Limited
DeltaSBD Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Downer EDI Limited
Engenco Limited
Emeco Holdings Limited
Forge Group Limited
Global Construction Services Limited
Coffey International Limited
Clough Limited
Cardno Limited
BSA Limited
Brierty Limited
Decmil Group Limited
Austin Engineering Limited
Company Name
AJ Lucas Group Limited
Boart Longyear Limited
Calibre Group Limited
Transfield Services Limited
Swick Mining Services Limited
Neptune Marine Services Limited
Monadelphous Group Limited
Mineral Resources Limited
OTOC Limited
RCR Tomlinson Limited
NRWHoldings Limited
Programmed Maintenance Services
Seymour Whyte Limited
Tempo Australia Limited
GR Engineering Services Limited
E&A Limited
Structural Systems Limited
Resource Equipment Limited
Saunders International Limited
Southern Cross Electrical Engineering
Matrix Composites & Engineering
Hughes Drilling Pty Limited
Logicamms Limited
Imdex Limited
Leighton Holdings Limited