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May 2015 Corporate Presentation – Badger Daylighting Ltd.

Badger Daylighting Ltd. · Jun 9, 2015 · 41 slides

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Slides

  1. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 1
    BADGERDAYLIGHTING Corporate Presentation 2015 1
  2. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 2
    Financial Summary Shares outstanding at May 12, 2015 37,045,791 Share price range (52 weeks) at May 12, 2015 20.32 - 39.66 Market Capitalization - at May 12, 2015 1.1B Net debt at March 31, 2015 117,032,000 Enterprise Value at March…
  3. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 3
    What is Daylighting Daylighting is simply exposing underground facilities, such as utilities and pipelines, to daylight. 4
  4. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 4
    Badger Daylighting Badger Daylighting is North Americas largest provider of non-destructive daylighting services. Badgers primary customers are contractors and facility owners in the utility and petroleum sectors. 5
  5. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 5
    Badger Process Purpose built, productive Badger unit with well trained, professional operators. 6
  6. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 6
    Badger Process Pressurized water stream excavation. Nozzle design, pressure and volume is critical to prevent damage. 7
  7. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 7
    Badger Process Powerful vacuum system removes soil and debris. 8
  8. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 8
    Advantages of Badger Process Safe Helps prevent damage to underground infrastructure Saves time Keeps projects on schedule Increases efficiency of hand digging or mechanical excavation equipment when digging around underground…
  9. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 9
    10
  10. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 10
    Opportunity: Aging Infrastructure 112,000 miles of distribution gas mains need to be replaced.1 5.6M distribution gas services need to be replaced.1 American Society of Civil Engineers estimates 3.6T investment needed in US…
  11. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 11
    Opportunity: Safety 12
  12. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 12
    Opportunity: Aging Infrastructure San Bruno, CA Sept 2010 NG Pipeline Rupture 13
  13. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 13
    14
  14. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 14
    Opportunity: Aging Infrastructure BADGER Advantage: Water Main Break Expand road cut to 4 x 4 Install shoring & complete repair Water service restored 60% faster than traditional approach Repair completed for 10% of cost of…
  15. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 15
    Opportunity: Increase Productivity BADGER Advantage: More Efficient Service Contractor averaging 2-3 service trenches per day or 160-240 linear feet/day with hand digging Hires Badger to dig trench Badger averaged 7-10 trenches or…
  16. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 16
    Opportunity: Trenching BADGER Advantage: 11 cubic yards per day in congested conditions Clean, neat and precise 17
  17. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 17
    Opportunity: Alternative Solution BADGER Advantage: Strength and Power Solution provider for unique and difficult projects Excavated 70 to sink down culvert in a landfill No other option was available 18
  18. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 18
    Opportunity: Increase Productivity Nuclear Facility Badger productivity is double what the contractor accomplished Same application and soil conditions for both trucks 19
  19. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 19
    Opportunity: Debris Removal BADGER Advantage: Strength & Power Debris removal from inside caissons on a barge over 80 deep Drilling grout removal over 10 cubic yards in less than 10 minutes 20
  20. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 20
    Badger Daylighting Markets 49 51 Petroleum-related infrastructure Utilities & other 49% & oil field service 51% 21
  21. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 21
    Diversified Market UTILITIES OIL & GAS POWER GENERATION Gas Distribution Transmission Pipeline Nuclear Electric Distribution Refineries Coal Water & Sewer Production Wind Telecommunications Storage Solar TRANSPORTATION…
  22. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 22
    Broad Diversified Customer Base Strategy: Add one customer at a time Provide good value and turn it into repeat business Canada Approximately 6,000 customers USA Approximately 4,300 customers 23
  23. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 23
    Badger Daylighting Business Model Vertically integrated service company Designs and manufactures hydrovac units since 1992 Lower capital cost investment, safer and more efficient equipment Payback of capital cost in 3.5 to 4.0 years…
  24. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 24
    North America-wide Coverage 25
  25. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 25
    Competitive Advantages Safety application knowledge and daylighting expertise gained from years of experience in different applications in North America National service provider in US and Canada MSAs Fleet coverage and North…
  26. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 26
    Competitive Advantage: Fleet Size North Americas Largest Hydrovac Fleet: Badgers large fleet size lets us respond to large projects with multiple units to get work done within tight project timelines. 27
  27. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 27
    Competitive Advantage Technology/Truck Development In-house design, research/development and manufacturing Continuous improvement to enhance performance ensure operator friendly Other manufacturers sell - less motivation to enhance…
  28. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 28
    Red Deer Facility 69,200 square feet Canadian administration, regional support, service shop and manufacturing Design of trucks with professional engineering resource 29
  29. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 29
    2009 Economic Slowdown + Badger Results Market downturn due to economic, oil and natural gas activity slowdown Badger: a) cut build to 1.5 trucks per month b) re-allocated trucks to areas of opportunity c) continued regular…
  30. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 30
    Earnings Statement FY 2011 FY 2012 FY 2013 FY 2014 Q1 2015 Revenue 194,178 239,228 324,594 422,219 101,689 EBITDA 52,805 63,814 94,169 120,121 27,756 Profit before tax 35,813 42,008 57,827 73,519 16,529 EPS Diluted 0.79 0.80 1.09…
  31. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 31
    Balance Sheet March 31, 2015 000s Working capital 92,117 Long-term debt 130,085 Cash and cash equivalents (13,053) Net debt 117,032 Equity 241,234 Net debt : Equity 0.48 : 1.00 32
  32. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 32
    Cash Available for Dividends and Growth Capex March 31, 2015 000s Cash flow from operating activities before working capital adjustments 21,955 Add: Proceeds on disposal of capital assets 124 Less: Required principal repayments of…
  33. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 33
    Revenue per Truck per Month Multi Currency Metric 37,500 36,000 34,600 34,500 32,500 32,900 32,200 33,000 31,500 29,600 29,300 30,000 29,200 28,500 26,300 27,000 24,700 25,500 25,500 24,000 22,500 21,000 19,500 18,000 16,500 15,000…
  34. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 34
    Hydrovac Units Total Units: Canada & the U.S. 1100 998 1011 1000 900 791 800 700 630 600 504 500 413 407 412 400 334 300 285 241 200 162 184 185 212 136 100 35
  35. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 35
    Total Daylighting Revenues Canadian millions 400 364 350 309 300 250 228 200 184 150 140 132 127 113 97 90 100 77 82 52 62 39 48 50 0 36
  36. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 36
    Daylighting Revenues U.S. & CDN 250 202 200 162 US Revenues Canadian Revenues 155 154 150 118 110 101 100 86 83 68 75 69 75 60 63 58 57 51 53 54 50 35 36 38 36 25 29 14 17 12 11 17 19 0 37
  37. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 37
    Deployment As of March 31, 2015 TOTAL UNITS 1,011 Canada 393 U.S. 618 38
  38. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 38
    Future Growth Opportunities Targets US - double size of fleet (from 2014 YE) within five years (1,200 trucks). Canada organic growth long term 10-15% per year. Actions Develop organization to grow US customer base. Enhance…
  39. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 39
    Questions and Answers 40
  40. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 40
    Sources 1 112,000 miles of distribution gas mains need to be replaced. 5.6M distribution gas services need to be replaced. As of 2011 The American Gas Foundations Gas Distribution Infrastructure: Pipeline Replacement and Upgrades, page…
  41. May 2015 Corporate Presentation – Badger Daylighting Ltd. – slide 41
    Sources 4. Experts: U.S. water infrastructure in trouble By Alison Kosik, CNN January 21, 2011 42

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