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Interim Results

6 months ended 30 September 2007

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Agenda

■ Key Features

■ Financials

■ Operational Overview

■ Outlook

■ Summary

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Key Features

■ Strong interim FY08 result driven by both organic growth and acquisitions

■ NPAT $12.2 million from continuing operations ($6.0m pcp), including a net $1.4m positive impact from forex movements

■ Loss making civil construction activities discontinued effective 12 April 2007

■ Operating revenues from continuing operations up 36.6% to $146.5m

■ EBITDA margin improved by 4.9% to 18.6%

■ Cash generated from operating activities of $7.5m

■ Muswellbrook Crane Services and Paramount Hire Services and Pump Hire Services acquisitions integrated and full period contribution

■ DPS 3.5 cents fully franked

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Summary Profit & Loss

6.012.2NPAT from continuing operations(1.1)-Profit/(Loss) discontinued operations

3.5

9.3

12.2

(5.8)

0.4

12.0%

17.6(9.7)

27.3146.52007

2.5DPS (cents) – fully franked

6.4Diluted EPS (cents) 3

4.8NPAT from all operations

(2.4)Tax expense

(0.8)Net financing costs 28.6%EBIT/revenue margin

9.2EBIT (5.5)Depreciation & Amortisation

14.7EBITDA 107.3Revenue

2006 16 months ended 30 September ($ million)

1. Restated for discontinued operations. Civil construction activities discontinued effective 12 April 20072. Net financing costs include pre tax net foreign exchange gains of $2.0m (1H’07: $(0.1m)3. From continuing operations

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Cash Flow

0.4(2.7)

(4.4)

7.5(4.2)

(1.7)

13.4(147.6)

161.0

2007

(11.5)Net Increase/(Decrease) in Cash(4.9)Financing Cash Flows

(10.7)Investing Cash Flows

4.1Net Operating Cash Flows(4.1)Income taxes paid

(0.7)Net interest received/(paid)

8.9Cash generated from operations(113.1)Payments to suppliers & employees

122.0Receipts from customers

Operating Cash Flows

20066 months ended 30 September ($ million)

November 2007 5

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Balance Sheet

125.9134.3Net Assets128.4127.3Total Liabilities

28%

12.2

59.9

55.2

261.638.0

125.6

46.1

29.1

22.8

30 Sep 2007

29%Gearing (Net Interest Bearing Debt / Equity)

10.1Other Liabilities

58.6Interest Bearing Liabilities

59.7Trade Payables

254.3Total Assets38.4Other Assets

128.1PP&E

37.4Inventory

28.0Receivables

22.4Cash

31 Mar 2007

As at ($ million)

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Crane HireTutt Bryant Crane HireMuswellbrook Cranes

DistributionBT Equipment

General HireEQ HireParamount HireKingston Industries

OtherKingston Heavy Haulage

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Results by Business Division

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+91%9.217.6Total EBIT form continuing operations(1.9)(2.0)Unallocated expenses & eliminations

+66%0.61.0Other Operations

+223%1.34.2General Hire

+31%4.86.3Crane Hire

+84%4.48.1Distribution

EBIT

+37%107.3146.5Total Revenue(4.3)(4.1)Less: inter segment revenue

+10%9.410.3Other Operations

+71%20.434.9General Hire

+91%15.830.2Crane Hire

+14%66.075.2Distribution

Revenue (including inter segment sales)

Change20062007($ million)6 months ended 30 September

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1H'08 Revenue(Continuing Operations)

Relative Contribution

November 2007

Distribution

50%

Crane Hire 20%

General Hire

23%

Other Operations 7%

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1H'08 EBIT (Before Unallocated Expenses(continuing operations)

Distribution 41%

Other Operations 5%

General Hire

22%

Crane Hire 32%

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Margins by Business Division

November 2007 10

Divisional EBIT Margin (before unallocated expenses)

0%

5%10%

15%20%

25%30%

35%

Distribution Crane Hire General Hire OtherOperations

EBIT

Mar

gin

1H07

1H08

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● Darwin

● Dampier

● Perth

● AdelaideSydney ●

●Melbourne

Brisbane ●

Newcastle ●

Geelong ●● Portland

Mackay ●

WHERE WE ARE

November 2007

Townsville ●Cairns ●

Gladstone ●

11

Muswellbrook ●

Penrith ●

Airlie Beach ●

475 staff35 operational locations

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Distribution■ Leading national distributor of construction equipment and

cranes in Australia through company owned branches and independent dealers

■ Exclusive long term Australian Distributor■ Some agreements have been for over 38 yrs

Kawasaki Loaders Mitsubishi GradersSumitomo Excavators Bomag Rollers Kato Excavators Bomag CompactorsYanmar Mini Excavators Kato CranesMustang Skid Steer Loaders Hitachi Sumitomo Cranes Faresin Telehandlers

Extensive parts and service facilities in each state

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Distribution

■ Revenue growth of 14% over previous corresponding period to $75.3m.■ Solid demand for construction equipment from all market sectors■ Improved market share in excavators and mini equipment ■ Strong demand in Queensland, WA and good recovery in NSW■ EBIT $8.1 million, up 84% (1H 07 $4.4) million due to:

– Improved margins– Disciplined expense control

■ EBIT margins increased to 10.7% from 6.7% in pcp.

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Crane Hire■ One of largest crawler crane hire fleets in Australia plus rough

terrain, all terrain and truck cranes■ Operations based in Perth, Karratha, Darwin, Brisbane,

Muswellbrook, Mt Thorley and Melbourne■ Fleet 127 Cranes – lifting capacity 10t to 650t

■ Current demand is increasing the average capacity to 250 -280t. ■ Project services provides heavy haulage trucks and platform trailers to lift and shift

major components and assemblies up to 700t weight

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Crane Hire

■ Strong revenue growth (up 91% to $30.2m in 1H’08) driven by:– the acquisition of additional equipment– maintaining utilisation rates across the expanded fleet – introduction of higher capacity cranes– full period contribution from Muswellbrook Cranes acquired February 2007

■ Fleet utilisation continues to average between 75 – 85%, driven by continued strong growth in construction, resources and infrastructure sectors

■ Project Services remains busy with major lift and shift projects increasing utilisation of platform trailers.. Planned expansion of its trailer fleet will make Project Services one of the major platform trailer operations in Australia.

■ EBIT up 31% to $6.3m. Margins lower at 21% due to lower operating margins of Muswellbrook Cranes (wet hire) and adverse weather (floods) in Hunter Valley during period

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Crane Hire – Utilisation %

■ Crane utilisation rates have remained strong across an expanded fleet

65

75

85

95N

ov-0

6

Dec

-06

Jan-

07

Feb-

07

Mar

-07

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep-

07

100 Cranes 127 Cranes

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General Hire

■ EQ Hire offers dry (without operator) general equipment hire forearthmoving, civil construction, building and industrial use

■ Paramount Hire, located in Central and Nth Queensland acquired Dec ‘06■ Kingston Industries offers wet and dry hire to construction and resource

sectors, rail maintenance and other infrastructure sectors■ Kingston also manages a commercial waste disposal site

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General Hire

■ 1H 08 revenues up 71% to $34.9 million (1H 07 $20.4m), primarily driven by full period contribution from Paramount Hire (revenue for period $12.6m)

■ EBIT up by +223% to $4.2m with margin improvement to 12.0% (from6.4% in pcp)

■ EQ Hire and Kingston continued to perform well, growing both sales and gross margins

– Kingston’s hire division was restructured during this period and older equipment has been disposed of and fleet modernised.

– Kingston’s Rail Maintenance returning to activity level of two years ago– New two year contract with Metro Rail– Targeted growth through store roll outs and acquisition

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Other Operations

■ Following decision to discontinue the Kingston Civil Construction division, the Division now comprises Kingston Industries’ heavy haulage businesses based in Perth, WA and Penrith, NSW

■ On a continuing operations basis, division revenues increased to $10.3m (up $0.9m on pcp), and positive EBIT contribution of $1.0m against $0.6m in pcp

■ Continued strong heavy haulage activity in WA with NSW showing promising growth.

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Summary

■ Strong interim FY08 result driven by both organic growth and acquisitions

Revenue up 37%, EBITDA up 86%

EPS of 9.3c ( 6.4c pcp) and DPS 3.5c fully franked (2.5c pcp)

■ Benefit from strength of A$.

■ All divisions contributed to growth, with acquisitions successfully integrated

■ Queensland and WA very strong, with NSW showing improved demand

■ Balance sheet strong (gearing 28%) – providing capacity for further appropriate acquisitions

■ Focus on continued strong fiscal management and leveraging divisional relationships

■ FY08 maintain focus on strong fiscal management,

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Q & A

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