ASX Release / 26 February 2014
Presentation on the December 2013 Half Year Financial Report
A presentation on the Interim Financial Report for the Half Year to 31 December 2013 released
earlier today is attached.
Additional information contained in the presentation includes:
Cost reductions
•
The Company is well advanced in aggressively implementing a wide range of cost cutting measures.
Simberi
•
•
All permits are now in place to allow for a ramp up in production to 3.5 Mtpa.
Performance in the March 2014 quarter has been hampered by mining performance and delays in
ramping up throughput through the new processing circuit. Additional mining fleet is being brought to
site to increase mining performance and minor plant modifications are being undertaken to
debottleneck the new grinding circuit.
Gold Ridge
•
The strategic review at Gold Ridge is ongoing and is primarily directed at reducing St Barbara Limited’s
funding of the project. The review also includes on-going metallurgical test work to optimise the design
of a potential refractory circuit.
Ross Kennedy
Executive General Manager Corporate Services
Company Secretary
St Barbara Limited
ACN 009 165 066
Level 10, 432 St Kilda Road, Melbourne VIC 3004
Locked Bag 9, Collins Street East, Melbourne VIC 8003
T +61 3 8660 1900 F +61 3 8660 1999
W www.stbarbara.com.au
Tim Lehany, Managing Director & CEO / 26 February 2014
December 2013 Half Year Results
Disclaimer
This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for information
purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to,
securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.
This presentation may contain forward-looking statements that are subject to risk factors associated with exploring for, developing,
mining, processing and sale of gold. Forward-looking statements include those containing such words as anticipate, estimates, forecasts,
should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance and
involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the
Company, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results
may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any
representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to
place undue reliance on such statements.
This presentation has been prepared by the Company based on information available to it, including information from third parties, and
has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or
completeness of the information or opinions contained in this presentation.
The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral
Resources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on the Australian Securities
Exchange.
Financial figures are in Australian dollars unless otherwise noted.
Financial year is 1 July to 30 June.
2/
December 2013 Half Year Results / 26 February 2014
Outline
˃
˃
˃
˃
˃
˃
˃
3/
St Barbara Overview
Operational Results
Financial Results
Cash Management Focus
Simberi & Gold Ridge Updates
Conclusion
Appendices
December 2013 Half Year Results / 26 February 2014
Diversified Australia-Pacific gold producer
Simberi
PNG
SI
Gold Ridge
Leonora
˃ Two underground mines:
˃ Gwalia Mine
FY14F production:
180 - 195 koz
˃ King of the Hills Mine
FY14F production:
55-60 koz
Australia
Simberi
˃ Low strip open pit mine
˃ 1H 14 production: 21 koz
˃ Near mine targets for
exploration
Gold Ridge
˃ Low strip open pit mine
˃ 1H 14 production: 29 koz
˃ Near mine targets for
Leonora
exploration
ASX Listed Company, founded 1969
Market cap
Shares on issue
Ore Reserves 30 June 2013
Mineral Resources 30 June 2013
4/
December 2013 Half Year Results / 26 February 2014
A$205 million 1
488 million 1
5.2 Moz 2
13.2 Moz 2
1.
2.
Source: IRESS, 25 Feb 2014 @ $0.42
Refer ASX release 22 August 2013 ‘Ore Reserves and Mineral Resources Statements 30 June 2013’.
Operations 1H FY14
˃
˃
˃
˃
˃
5/
Gwalia and King of the Hills, Western Australia
˃ Operating above expectations
Simberi, Papua New Guinea
˃ Significant restructuring of operations undertaken in October 2013
˃ 3.5 Mtpa oxide expansion circuit commissioned in December 2013
˃ Mining lease variation to allow production at 3.5 Mtpa obtained February 2014
˃ Q3 March 2014 performance hampered by mining fleet performance and delays in
ramping up processing throughput – additions to mining fleet underway
˃ Updated FY14 guidance to be provided by 31 March
Gold Ridge, Solomon Islands
˃ Plant upgrade completed, recoveries 70% in Dec, record throughput
˃ The strategic review is ongoing and is primarily directed at reducing St Barbara’s funding
of the project. The review includes on-going metallurgical test work to optimise the
design of a potential refractory circuit
Encouraging drilling results from near mine and greenfield targets in Pacific
Company wide cost reduction including 10% reduction in MD & CEO salary and Non-Executive
Director fees, workforce reductions and reduced exploration
December 2013 Half Year Results / 26 February 2014
Consolidated gold production
˃ Gwalia and King of the Hills
performed strongly
˃ Gwalia grade and tonnes as expected
˃ Gold Ridge underperformed
107
93
11
13
12
13
97
17
87
14
15
15
13
13
15
12
9
17
17
17
44
41
FY 13
Q2 Dec
FY 13
Q3 Mar
Gwalia
King of the Hills
FY 13
Q4 Jun
koz
˃ Plant modifications in Nov 2013
reduced throughput but
demonstrated higher recoveries in
Dec
˃ Improvements in mining and
processing capability
˃ Simberi underperformed
64
6/
94
53
53
FY 14
Q1 Sep
FY 14
Q2 Dec
Marvel Loch
December 2013 Half Year Results / 26 February 2014
Simberi
Gold Ridge
˃ Delays in commissioning new plant
expansion resulted in lower
production
˃ Achieving economies of scale by
operating @ 3.5 Mtpa critical to
viability of Simberi operations
Key finance items 1H FY14
Profit
˃
Statutory loss after tax $87 million, including impairment charge $42 million
˃
Underlying loss after tax1 $47 million
˃
Leonora PBT $45 million and EBITDA1 $84 million
Cash flow
˃
Cash flow from operating activities $6 million
˃
Capex of $49 million comprised:
˃ Underground mine development and infrastructure at Leonora $22 million
˃ Sustaining plant and equipment at Leonora $2 million and Pacific Operations $6 million
˃ Project capex at Simberi $18 million
Balance sheet
7/
˃
Cash at 31 December 2013 $70 million (includes $12 million restricted cash, $10 million of
which is in the process of being released with the replacement of environmental bonds by a
contribution to the WA Minerals Rehabilitation Fund)
˃
New US$75 million Red Kite debt facility replaces existing gold prepayment facility and
provides additional working capital headroom (announced 25 Feb 2014, details slide 23)
December 2013 Half Year Results / 26 February 2014
1. Non-IFRS measure, refer slide 27
1H FY14 financial highlights
1H FY14
1H FY13
A$1,419/oz
A$1,626/oz
A$M
Average gold price realised
A$M
Profit
˃ Statutory (loss) / profit after tax
(87)
2
˃ Asset impairments & write downs after tax
(42)
-
˃ Underlying EBITDA 1
37
74
˃ Underlying EBIT 1
(16)
30
˃ Underlying NPAT 1
(47)
17
6
28
(41)
(44)
Cash Flow
˃ Cash flows from operating activities
˃ Cash inflows /(outflows) after funding capex 2
8/
December 2013 Half Year Results / 26 February 2014
1. Non-IFRS measure, refer slide 27
2. Cash flows from operating activities less payments for PPE, development & capitalised
exploration
1H FY14 financial highlights (continued)
1H FY14
1H FY13
˃ Capital expenditure
48
72
˃ Exploration expenditure
14
6
Dec 2013
Jun 2013
70
129
˃ Total interest bearing debt
320
328
˃ Gearing – after impairment charges 2
32%
24%
A$M
A$M
Investment in operations
Cash & debt
˃ Cash balance 1
9/
December 2013 Half Year Results / 26 February 2014
1. Includes $12M restricted cash
2. Non-IFRS measure, refer slide 27
Key changes to underlying profit in 1H FY14
Underlying Profit After Tax1 Reconciliation 1H FY13 to 1H FY14
40
30
20
17
1
-27
10
-47
A$ Million
-
-8
(10)
-3
(20)
-9
-15
(30)
-2
(40)
-1
(50)
(60)
1H FY13
˃
˃
˃
Gross Profit - Gross Loss - Exploration
Aust Ops
Pac Ops
Royalties
The fall in the average realised gold price ˃
reduced revenue by $39 million (H on H)
Increased D&A was attributable to higher
˃
production at Gwalia and an increased
charge at King of the Hills
Net financing costs included interest on the
Senior Secured Notes for the full six months
10 / December 2013 Half Year Results / 26 February 2014
D&A
Net Financing Income tax
Costs
expense
Corporate +
Other
1H FY14
Simberi and Gold Ridge operations
produced a substantially higher loss in the
period
Exploration expenditure was higher due to
activities in the Pacific
1. Non-IFRS measure, refer slide 27
Pacific Operations yet to contribute
Australian Operations
˃ Gwalia profit maintained
(despite lower gold price)
˃ King of the Hills higher cost due
to change in mining methods for
the Western Flank and increased
D&A
Segment Profit
A$M
50
40
30
20
10
0
-10
Pacific Operations
˃ Simberi and Gold Ridge
impacted by low production,
higher operating costs and
A$207/oz fall in average realised
gold price (H on H)
11 / December 2013 Half Year Results / 26 February 2014
-20
impairment
-30
-40
-50
Gwalia
King of Simberi
the Hills
1H FY13
Gold Southern
Ridge
Cross
1H FY14
Significant items in NPAT 1H FY14
$M
NPAT
Impairment
Pacific Operations [1]
Net other [3]
(2)
(87)
12 / December 2013 Half Year Results / 26 February 2014
Underlying
NPAT [2]
(47)
42
1.
2.
3.
Impairment described in Interim Financial Report to 31 Dec 2013 Note 4
Non-IFRS measure, refer slide 27.
Net other includes items described in Interim Financial Report to 31 Dec 2013 page 4.
Cash movement 1H FY14
58
9
129
(44)
(18)
(21)
(19)
(12)
2
(14)
70
$M
Cash
Aust Ops
KOTH hedge
Pac Ops
Pac Ops
Gold loan
Jun 2013 [1] net cash flow
close out
net cash flow Project capex repayments
13 / December 2013 Half Year Results / 26 February 2014
Net interest
Corporate
1. Includes $12M restricted cash
Exploration
S'thn Cross
proceeds
Cash
Dec 2013 [1]
Cash management focus
˃ Gold forward sales of 240,000 oz at A$1,390/oz
˃ For period Nov 2013 to Sep 2014, protects gold price risk for FY14
˃ As at 31 Dec 2013, 196,000 oz remain under forward contracts
˃ Capital expenditure tightly controlled – has passed peak
˃ Long term debt comprises
˃
˃
Senior Secured Notes US$250 million –repayable April 2018, no performance
covenants
New US$75 million Red Kite debt facility replaces existing gold prepayment
facility and provides additional working capital headroom (announced 25 Feb
2014, details slide 23)
˃ Gold Ridge strategic review is ongoing
˃ Primarily directed at reducing St Barbara’s funding of the project
˃ Also includes on-going metallurgical test work to optimise the design of a
potential refractory circuit
14 / December 2013 Half Year Results / 26 February 2014
Cash management focus
The Company continues to aggressively implement cost reduction initiatives, inc:
˃ Simberi : workforce reduction of 135 positions (c. 20%) in Oct 2013
˃ Gold Ridge: workforce reduction of 85 positions (c. 10%) in Feb 2014
˃ Exploration: Australian exploration ceased in Jan 2014, expected to save
c. $12 million p.a., as a consequence role of EGM Discovery and Growth
(incumbent Phil Uttley) made redundant in Feb;
˃ Alistair Croll, Chief Operating Officer, left the Company in January to pursue
other opportunities. Mine site General Managers now report directly to Tim
Lehany, MD & CEO, and will continue to do so for the foreseeable future
˃ Directors fees: the MD & CEO’s fixed remuneration, and Non-Executive Director
fees, frozen since July 2012, to reduce by 10% effective 1 March 2014
˃ Further corporate cost reductions are being pursued targeting $6-8 million
p.a.
15 / December 2013 Half Year Results / 26 February 2014
Strategic Roadmap – Simberi
St Barbara has a defined turnaround plan for Simberi with the asset having shown
tangible improvement over recent months
We are
here
Stabilise & Grow
Invest & Fix
Initial Focus
˃ Equipment availability
and reliability
˃ Higher sulphide content
ore
˃ Large fixed cost base
˃ Significant design and
engineering flaws in the
mill expansion project
16 / December 2013 Half Year Results / 26 February 2014
˃ Commissioning of new
plant
˃ New site Management
Team
˃ Mining lease variation
received
˃ New equipment to
supplement existing
fleet
˃ Expected to achieve
3.5 Mtpa in Q4 June
2014 with plant
debottlenecking
˃ Continued focus on near
mine exploration
Strategic Roadmap – Gold Ridge
>
>
>
Gold Ridge has shown material operational improvement
following the completion of plant and other upgrades.
The strategic review is ongoing and is primarily directed
at reducing St Barbara’s funding of the project.
We are
The review also includes on-going metallurgical test
here
work to optimise the design of a potential refractory
circuit.
Invest & Fix
Immediate Focus
˃ Recovery (c.65%)
˃ Poor plant reliability
17 / December 2013 Half Year Results / 26 February 2014
˃ Plant modifications to drive
more reliable operations and
higher mill throughput
˃ New vibrating grizzly
˃ Repairs to apron feeder
˃ Installation of larger gravity
screen
˃ Other investment in operating
infrastructure
˃ New mining equipment
˃ New maintenance facilities
˃ Spare parts and major
maintenance works
˃ Processing equipment
˃ Ongoing metallurgical studies
aimed at improving recovery
Evaluate Strategic Options
˃ Objective is to review funding
alternatives with the aim of
reducing St Barbara cash
contributions
˃ Potential investment program
identified which could deliver
an increase in gold recovery
from c.70% to c.80%
˃ Gold Ridge retains a number
of attractive characteristics
and growth potential
˃ Large resource base of
c.2.1 Moz
˃ Steady state production of
c.100 koz at recovery of
c.80%
˃ Significant near mine
exploration potential
Conclusion
˃ Australian operations performing well and maintain guidance
˃ Focus at Simberi on increasing production
˃ Simberi restructuring complete
˃ Simberi oxide plant scheduled to ramp up to 3.5 Mtpa in
Q4 June 2014
˃ Strategic review at Gold Ridge ongoing
˃ Company focus on lifting productivity and expenditure
reduction
˃ Prioritised exploration at near mine targets at Simberi and
Tatau Islands in PNG
˃ Strict capital management focus
18 / December 2013 Half Year Results / 26 February 2014
Appendices
19 / December 2013 Half Year Results / 26 February 2014
Production by half
Consolidated Gold Production
185
124
1H FY 11
Pacific Ops
134
2H FY 11
Aust Ops
154
194
190
59
50
138
135
140
1H FY 13
2H FY13
1H FY14
170
32
1H FY 12
2H FY 12
koz
Consolidated, attributable gold production. Includes Pacific Operations from date of acquisition 7 Sep 2012 and
Southern Cross until operations ceased in Dec 2012, prior to divestment in April 2013.
20 / December 2013 Half Year Results / 26 February 2014
Production summary
Production Summary
Consolidated
Q1 Sep
FY14
Q2 Dec
FY14
1H FY14
Production
Gwalia
King of the Hills
Gold Ridge
Simberi
Consolidated
oz
oz
oz
oz
oz
53,230
17,249
14,519
11,741
96,739
52,552
17,205
14,912
8,908
93,577
105,782
34,454
29,431
20,649
190,316
g/t
g/t
g/t
g/t
7.7
4.4
1.6
1.0
8.2
4.4
1.4
0.9
7.9
4.4
1.5
1.0
$/oz
$/oz
$/oz
$/oz
$/oz
754
902
1,991
1,874
1,102
787
1,008
1,988
2,577
1,189
770
955
1989
2,177
1,145
Mined Grade
Gwalia
King of the Hills
Gold Ridge
Simberi
Total Cash Operating Costs[1]
Gwalia
King of the Hills
Gold Ridge
Simberi
Consolidated
21 / December 2013 Half Year Results / 26 February 2014
1.
Non-IFRS measure, refer slide 27
All-in sustaining cost
All-In Sustaining Cost[1]
December Quarter FY14
Consolidated
Total Cash Operating Costs
less operating development[2]
Gwalia
King
Gold Ridge
of the
Hills
1,008
1,988
(196)
-
$/oz
$/oz
787
(165)
Adjusted Cash Operating Costs
$/oz
622
812
Corporate & administration
$/oz
63
Corporate royalty
$/oz
Rehabilitation[3]
Simberi
Group
2,577
-
1,189
(128)
1,988
2,577
1,061
63
63
63
63
21
21
17
-
18
$/oz
3
16
59
54
19
Mine & operating development[2]
Sustaining capital expenditure
$/oz
$/oz
203
60
398
15
8
138
57
169
193
75
All-In Sustaining Cost Q2 Dec FY14 [4]
$/oz
972
1,325
2,273
2,920
1,429
All-In Sustaining Cost Q1 Sep FY14
$/oz
946
1,163
2,326
2,013
1,320
[1] Non-IFRS measure (refer slide 27), based on gold production in the quarter.
[2] Amortisation of operating development is adjusted from “Total Cash Operating Costs” in order to avoid duplication with cash expended on operating
development in the period contained within the “Mine & Operating Development” line item.
[3] Rehabilitation is calculated as the amortisation of the rehabilitation provision on a straight-line basis over the estimated life of mine.
[4] The strong cash generating potential of the Gwalia mine is demonstrated by the low All-in Sustaining Cost of A$972 per ounce.
The relatively high costs for Gold Ridge and Simberi are discussed in their respective sections on pages 6 and 7 of the December 2013 Quarterly
Report.
22 / December 2013 Half Year Results / 26 February 2014
Red Kite debt facility
On 25 Feb 2014, St Barbara announced that the Red Kite gold prepayment facility was restructured and
optimised to improve terms, flexibility and provide access to additional liquidity if required. The original
facility was established by Allied Gold Mining Plc in 2011 prior to its acquisition by St Barbara in 2012.
St Barbara has entered into a new US$75 million debt facility with RK Mine Finance (“Red Kite”), comprising:
•
US$32.8 million to replace the existing Red Kite gold prepayment facility;
•
A minimum US$20 million to be drawn down on settlement in March 2014;
•
The balance of the US$75 million facility is available to be drawn down during the next 12 months at the
St Barbara ’s discretion.
Key features of the new facility include:
•
The facility is for a 33 month term with no principal repayments for twelve months, followed by eight
equal quarterly principal repayments (ending November 2016), with no penalty for early repayment;
•
The existing Gold Ridge gold off-take arrangement ceases immediately, allowing for increased future
exposure to the gold price;
•
The interest rate is linked to a published reference rate and payable quarterly. The initial interest rate is
8.5% p.a.;
•
The facility is secured under the existing Senior Secured Notes security trust structure and has priority
payment status.
23
December 2013 Half Year Results / 26 February 2014
Strong institutional share register
Top 100 Shareholding Structure
UK, 31%
Private
10%
Australia, 18%
Unallocated /
not analysed
16%
USA, 25%
Institutions
74%
Europe, 6%
Asia, 2%
Other / not analysed, 12%
Analysis and geographic spread of Top 100 Shareholders as at 15 January 2014
24 / December 2013 Half Year Results / 26 February 2014
Wide broker coverage
Significant Shareholders [1]
M&G Investment Mgt
Baker Steel
Franklin Resources
Van Eck Associates
Institutional Shareholders [2]
Shares on issue [3]
Broker Research Coverage
19%
7%
7%
7%
74%
488M
Approved Depositary Receipts (ADR) are
trading in USA
1. As at 24 February 2014 as advised by shareholders.
2. As at 15 January 2014
3. As at 31 January 2014
25 / December 2013 Half Year Results / 26 February 2014
Argonaut Securities
Baillieu
Bell Potter
Canaccord
Citi
CLSA
Deutsche Bank
Evans and Partners
Goldman Sachs
Macquarie Equities
Ord Minnett
Patersons
RBC
Troy Irvin
Sophie Spartalis
Luke Smith
Daniel Seeney
David Radclyffe
Chris Terry
Cathy Moises
Paul Hissey
Luke Gleeson
David Brennan
Alex Passmore
Steuart McIntyre
Start safe, stay safe
Total Recordable Injury Frequency Rate
14.8
12.5
11.1
˃ Lowest annual TRIFR since the
measure was first adopted by
St Barbara in 2009
˃ TRIFR includes Pacific
Operations from September
2012
9.0
6.0 1
4.7
FY 09
FY 10
FY 11
FY 12
FY 13
26 / December 2013 Half Year Results / 26 February 2014
Q1
FY14
4.0
Q2
FY14
1. Corresponding Lost Time Injury Frequency Rate (LTIFR) for FY13 = 1.2
Non-IFRS Measures
We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with
certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful
information to assist management, investors and analysts in understanding our financial results and assessing our prospects
for future performance.
Cash operating costs
˃ Calculated according to common mining industry practice using The Gold Institute
(USA) Production Cost Standard (1999 revision)
˃ Refer December 2013 Quarterly Report available at www.stbarbara.com.au for example
All-In Sustaining Cost
˃ All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to
sustaining production. It includes some, but not all, of the components identified in
World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and
All-In Costs (June 2013)
Gearing
˃ Net debt ÷ (net debt + equity)
Net debt
˃ Interest bearing borrowings – cash and cash equivalents (including restricted cash)
Significant items
˃ Items included in IFRS Net Profit After Tax that the Board and Management consider
may not be indicative of, or are unrelated to, core operating results (such as profit or
loss on gold options, or the sale of tenement rights)
Underlying net profit after tax
˃ Refer 2013 Financial Report (p4) and Interim Financial Report to 31 Dec 2013 (p4) for
details, available at www.stbarbara.com.au
˃ Net profit after tax excluding identified significant items
˃ Refer 2013 Financial Report (p4) and Interim Financial Report to 31 Dec 2013 (p3) for
details, available at www.stbarbara.com.au
27 / December 2013 Half Year Results / 26 February 2014
Competent persons statement
Exploration Results
The information in this presentation that relates to Exploration Results is based on information compiled by Dr Roger Mustard who is a
Fellow of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara Ltd and has sufficient
experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Dr Mustard consents to the inclusion in the presentation of the matters based on his information in the
form and context in which it appears.
Mineral Resource and Ore Reserve Estimates
The information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the report titled
‘Ore Reserves and Mineral Resources Statements 30 June 2013’ released to the Australian Securities Exchange (ASX) on 22 August 2013
and available to view at www.stbarbara.com.au and for which Competent Person’s consents were obtained. The Competent Person’s
consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the
consent is withdrawn or replaced by a subsequent report and accompanying consent.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original
ASX announcement released on 22 August 2013 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material
assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not
materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not
been materially modified from the original ASX announcement.
Refer ASX release 22 August 2013 ‘Ore Reserves and Mineral Resources Statements 30 June 2013’ available at www.stbarbara.com.au.
28 / December 2013 Half Year Results / 26 February 2014
Investor Relations Enquiries
Ross Kennedy
Executive General Manager Corporate Services
E: ross.kennedy@stbarbara.com.au
Rowan Cole
General Manager Corporate Services
E: rowan.cole@stbarbara.com.au
T: +61 3 8660 1900
29 / December 2013 Half Year Results / 26 February 2014