FY12 First Half Results Presentation By Chris Sutherland, Managing Director

23 November 2011

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Important notice and disclaimer

The information contained in this presentation is for information purposes only and does not

constitute an offer to issue, or arrange to issue, securities or other financial products. The

information contained in this presentation is not investment or financial product advice and is

not intended to be used as the basis for making an investment decision.

This presentation has been prepared without taking into account the investment objectives,

financial situation or particular needs of any particular person. Before making an investment

decision, you should consider, with or without the assistance of a financial adviser, whether an

investment is appropriate in light of your particular investment needs, objectives and financial

circumstances. Past performance is no guarantee of future performance.

No representation or warranty, express or implied, is made as to the fairness, accuracy,

completeness or correctness of the information, opinions and conclusions contained in this

presentation. To the maximum extent permitted by law, none of Programmed Maintenance

Services Limited, its directors, employees or agents, nor any other person accepts any liability,

including, without limitation, any liability arising out of fault or negligence, for any loss arising

from the use of the information contained in this presentation.

In particular, no representation or warranty, express or implied, is given as to the accuracy,

completeness, likelihood of achievement or reasonableness of any forecasts, projections,

prospects or returns contained in this presentation. Such forecasts, projections, prospects or

returns are by their nature subject to significant uncertainties and contingencies.

This presentation should be read in conjunction with the Announcements issued to the ASX

since the 2011 Annual Report and can be found on the Programmed website at

www.programmed.com.au.

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Welcome to the world of Programmed

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Safety is paramount.

We will act to ensure

the safety and

environmental well-

being of our

customers, the public

and ourselves.

Our Vision: To be the leading provider of staffing, maintenance and project services, without injury

SAFETY TEAMWORK

We respect everyone’s

contribution by working

together to achieve

common goals and

project outcomes. Our

sense of team extends

to building long-term

customer and

community

relationships for the

benefit of all.

ACCOUNTABILITY

We encourage

individuals and teams

to take responsibility

and ownership of the

process, and the

outcome, through

decisive leadership

and initiative.

HONESTY

& INTEGRITY

Our business

relationships are

based on fair, open,

and ethical principles.

We take pride in the

way we work with our

customers and

communities, the

integrity of our

services, and doing

what we say we are

going to do.

RECOGNITION

& ENJOYMENT

We are a people

business. We

recognise and reward

outstanding

achievement, and

provide opportunity for

our employees to

develop and

succeed. We create

an environment for

every team member

to have a positive,

enjoyable and

rewarding work

experience.

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Programmed Today

$1200 million+ revenue

100 offices around Australia and NZ

10,000+ employees

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Our visible commitment, leadership, systems and processes to

prevent injury with a goal of Zero Harm

Our ability to recruit, deploy and manage a large skilled workforce to

support our customers’ operations…5,000+ permanent and 5,000+

casuals…30,000+ people each year

Our many long-term contracts…more than 5,000

Our diversity across all industry sectors including the offshore oil and

gas sector

Our wide network that serves and supports large and small customers

alike across Australia and NZ…100+ branches

Our Competitive Advantages

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INTEGRATED WORKFORCE Staffing Services

Customers contract a complete MANAGEMENT

and / or maintenance SOLUTION

Customers contract the STAFFING service

PROPERTY & INFRASTRUCTURE

Maintenance, Building and Operational Services

PROPERTY SERVICES

FACILITY MANAGEMENT

KLM ELECTRICAL & COMMUNICATIONS

Customers contract the TASK capability

Our Structure

RESOURCES

Maintenance, Construction and

Operational Services

TOTAL MARINE SERVICES

CONSTRUCTION & MAINTENANCE

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Revenue of $652.3 million, up 8% on pcp1

EBITA of $23.7 million, up 129% on pcp1

Profit of $11.6 million, up 153% on pcp1

Fully franked interim dividend of 5.0 cents per share,

up 2c on pcp

Net debt lower to $110 million (down from $118

million at 31 March 2011)

Debt refinanced to October 2014

WA Water Corporation $785 million contract

1 pcp excluding discontinued operations

Group Performance Highlights

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Group Results

Group Results1H 2012

30 Sep 2011

1H 2011

30 Sep 2010 % change

$m $m

Continuing operations

Revenue 652.3 604.7 8%

EBITDA (before restructuring costs) 29.2 22.7 29%

Depreciation (5.5) (6.5) 15%

EBITA (before restructuring costs) 23.7 16.2 46%

Restructuring costs 0.0 (5.9)

EBITA 23.7 10.3 129%

Amortisation (0.1) (0.2) 38%

EBIT 23.6 10.2 132%

Net Interest (7.0) (6.8) (3%)

Profit Before Tax 16.6 3.4 391%

Income Tax Expense1 (5.0) 1.2

Profit From Continuing Operations 11.6 4.6 153%

Discontinued operations2 0.0 (7.6)

Profit After Tax (statutory basis) 11.6 (3.1)

Earnings Per Share 9.8 (2.6)

Earnings Per Share (continuing operations) 9.8 3.9 153%

Weighted Average Shares on Issue (million) 118.2 118.2

1 1H 2011 includes $1.9m tax benefit from retrospective change in tax consolidation rules to allow

additional deductions for assets acquired after 1 July 20022 Discontinued operations comprise the United Kingdom painting business

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Group Revenue by Halves

0

200

400

600

800

1,000

1,200

1,400

1H 2H Full Year

Group Revenue ($m)

FY2011

FY2012

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Group EBITA by Halves

0

10

20

30

40

50

60

1H 2H Full Year

Group EBITA ($m)

FY2011

FY2012

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Group Cash Flow

Group Cash Flow1H 2012

30 Sep 2011

1H 2011

30 Sep 2010

$m $m

Gross Operating Cash Flow 33.1 15.9

Interest paid (7.7) (7.0)

Income tax paid (8.5) (6.8)

Net Operating Cash Flow 16.9 2.1

Net purchases of non current assets (2.1) (2.7)

Payment for businesses (0.4) (0.1)

Proceeds from sales of businesses 3.2 3.0

Other investing cash flows 0.3 0.5

Net Investing Cash Flow 1.0 0.7

Net borrowings / (repayments) (17.2) (25.1)

Proceeds from issue of shares 0.0 0.0

Dividends paid (7.1) (7.1)

Net Financing Cash Flow (24.3) (32.2)

Net Increase / (Decrease) in Cash (6.4) (29.4)

Cash at beginning of year 20.1 46.5

Disposals & Exchange Rate Variances 0.3 (0.1)

Cash at End of Period 14.0 17.0

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Group Balance Sheet

Balance Sheet 30 Sep 2011 31 Mar 2011 % change

$m $m

Cash 14.0 20.1 (30%)

Trade and other receivables 199.4 189.5 5%

Contract Recoverables 132.1 133.8 (1%)

Inventories 70.7 73.8 (4%)

Property, plant & equipment 23.1 24.4 (5%)

Goodwill & other intangible assets 252.1 251.0 0%

Other assets 23.7 25.0 (5%)

Total Assets 715.1 717.6 (0%)

Trade and other payables 132.2 134.3 (2%)

Borrowings 124.0 138.5 (10%)

Provisions and other liabilities 98.8 93.4 6%

Total Liabilities 355.0 366.2 (3%)

Total Equity 360.1 351.5 2%

Net Debt 110.0 118.4 (7%)

Net Debt / Equity 30.5% 33.7% (9%)

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Debt Refinancing

New bank syndicated lending facility until October 2014

The facility includes three financing tranches aggregating $250

million comprising

• Working capital and overdraft facility of $70 million (rolling 1 year

term)

• A revolving debt facility of $120 million (3 year term)

• A bank guarantee facility of $60 million (rolling 1 year term)

Other arrangements remain for ongoing support of asset finance

requirements ($17 million)

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Property & Infrastructure

Property Services margin improved on pcp

Facility Management revenue and earnings higher on pcp

KLM Electrical and Communication earnings lower than pcp but

expect similar result to last year for full year

0

100

200

300

400

500

600

700

1H 2H Full Year

Property & Infrastructure Revenue ($m)

FY2011

FY2012

0

5

10

15

20

25

30

35

1H 2H Full Year

Property & Infrastructure EBITA($m)

FY2011

FY2012

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New Maintenance Programmes

Property Services improvement projects being delivered well

Three new maintenance programmmes offered this year

• giving customers greater choice

• lower capital requirements

• approx. 25% of new programmes sold YTD are non classic

Classic Programme ™

An upfront work schedule with periodic payment

Choices Programme ™

You decide when, where and how often, and pay as you go

Multiform Programme ™

A uniform solution for multiple facilities or multiple locations

Safeguard Programme ™

Ongoing preservation programme to keep your coating as new

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WA Water Corporation

Perth Region Alliance

Programmed Facility Management successful tenderer

Estimated revenue over 10 years $785m

Work commences 1 Feb 2012

In partnership with the Water Corporation; scope is for

supply of operation and maintenance services covering

water, sewerage, and storm water network across north &

south metropolitan Perth and Mandurah / Peel region

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Resources

Strong growth in offshore oil and gas projects driving increased

revenue and earnings from Total Marine Services

Major Gorgon contract to commence in December 2011

Onshore Construction & Maintenance business delivered

maintenance and construction support services to a range of

clients in the North and South WA

0

50

100

150

200

250

1H 2H Full Year

Resources Revenue ($m)

FY2011

FY2012

0

2

4

6

8

10

12

14

16

1H 2H Full Year

Resources EBITA($m)

FY2011

FY2012

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Integrated Workforce

Demand was flat through first quarter and weakened in second

quarter across general manufacturing, transport and industrial client

base

Demand was strong across mining and heavy construction markets

Result shows slight revenue decline overall but improved margin

0

50

100

150

200

250

300

350

400

450

1H 2H Full Year

Workforce Revenue ($m)

FY2011

FY2012

0

2

4

6

8

10

12

1H 2H Full Year

Workforce EBITA($m)

FY2011

FY2012

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‘With more than 7,000 customers and 100 branches throughout Australia

and New Zealand, Programmed is well placed to continue to expand our

operations and increase the range of services we provide to each

customer,’ said Mr Sutherland.

‘While the external business environment remains challenging and

demand from some sectors has weakened, this is balanced by

Programmed’s increasing exposure to the resources, infrastructure and

government sectors.’

‘Overall, the group continues to project for FY2012 growth in the

Property & Infrastructure division’s earnings supported by the cost

reductions in FY2011; growth in the Resources division’s revenue and

earnings due to strong demand; and growth in the Integrated Workforce

division’s earnings as a result of tight control of margins and costs.’

Outlook

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Key growth strategy

.....mine the customer base

Common Customer Relationship Management System (CRM)

• being installed across Property & Infrastructure operations initially

Align Incentives

• common group-wide customer referral incentive scheme running

since April 2011

• 215 opportunities registered in first half

• 15 converted for contract revenue of approx $3m so far

Brand refresh

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We have the power

to build your business

• Reposition Programmed.

• Staff think and act as one business.

• Customers know our full offer

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A fresh new and consistent look in 2011

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Appendix

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Segment Revenue

Revenue by division1H 2012

30 Sep 2011

1H 2011

30 Sep 2010 % change

$m $m

Continuing Operations

Property & Infrastructure 321.5 298.1 8%

Resources 138.6 103.5 34%

Workforce 190.6 201.5 (5%)

Total Continuing Operations 650.7 603.1 8%

Other Revenue 1.5 1.6

Discontinued Operations1 0.0 6.7

Total Consolidated Revenue 652.2 611.4 7%

1 Discontinued operations comprise the United Kingdom painting business

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Segment EBITA

EBITA by division1H 2012

30 Sep 2011

1H 2011

30 Sep 2010 % change

$m $m

Continuing Operations

Property & Infrastructure 12.3 10.5 17%

Resources 10.8 4.3 151%

Workforce 6.0 5.3 13%

Unallocated (5.4) (3.9) 38%

Total Continuing Operations 23.7 16.2 46%

Restructuring Costs 0.0 (5.9)

Discontinued Operations1 0.0 (8.9)

Total Consolidated EBITA 23.7 1.4 1593%

1 Discontinued operations comprise the United Kingdom painting business