INVESTOR PRESENTATION - Codan

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CAPITAL POSITION• Strong balance sheet with significant debt facilities available― Net debt increased by $9 million due to the acquisition of the LMR business and investment in Minelab inventory― Focus on maintaining balance sheet strength to allow <strong>Codan</strong> to continue to explore strategic initiatives to create shareholder valueYear ending 30 June 2013 Year ending 30 June 2012$m $mReceivables $21.1 $22.8Inventories $43.3 $12.0Payables ($30.0) ($35.9)Total working capital $34.5 ($1.2)Property, plant & equipment $19.9 $20.0Product development $27.5 $23.3Intangible assets $88.5 $66.9Other assets $2.6 $2.3Other liablities ($23.1) ($15.7)Net assets before debt $149.9 9 $95.6Net debt ($25.2) ($16.2)Net assets $124.7 $79.422
KEY RATIOSUnderlying earnings per share (cents) Free cash flow ($m) 2Return on invested capital (%) 1Gearing (%) 31Return on invested capital = net operating profit after tax / average capital employed2Free cash flow = operating cash flow + interest –cash outflow for product development, IP acquisition and capital expenditure3Gearing = net debt / net debt plus equity23
Page 2 and 3: Important Notice and DisclaimerDisc
Page 4: HISTORY OF STRONG SHAREHOLDERRETURN
Page 8 and 9: CODAN’S GROUP SALES 1$30M$20M$125
Page 10 and 11: IN THE EMERGING WORLD....Dominated
Page 12 and 13: METAL DETECTIONFY13 summaryFY14 obj
Page 14 and 15: COUNTERINGTHE COUNTERFEITERSGENUINE
Page 16 and 17: RADIO COMMUNICATIONSFY13 summaryAcq
Page 18 and 19: MINING TECHNOLOGYFY13 summaryFY14 o
Page 20 and 21: FY13 PROFIT AND LOSSUnderlying busi
Page 24 and 25: CODAN (CDA) - 4 KEY DRIVERSExposure

INVESTOR PRESENTATION - Codan

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