c0490487f6af99eebca8fa.pdf
www.imdexlimited.com
IMDEX LIMITED
annual report
Imdex Limited (Imdex)
ABN 78 008 947 813
Australian Securities Exchange (ASX)
Listing Date 24 September 1987 ASX Code: IMD
Registered Office
216 Balcatta Road,
Balcatta,Western Australia 6021
table of contents
04
Imdex Group at a Glance
Head Office
216 Balcatta Road,
Balcatta,Western Australia 6021
Directors
Mr Ross Kelly (Chairman)
Mr Bernie Ridgeway (Managing Director) Mr Kevin Dundo (Non-Executive Director)
Ms Betsy Donaghey (Non-Executive Director)
Mr Ivan Gustavino (Non-Executive Director)
Mr Magnus Lemmel (Non-Executive Director retired 30 June 2015)
Company Secretary
Mr Paul Evans
2015 Annual General Meeting
Imdex's AGM will be held at the Company's
Head Office located at 216 Balcatta Road, Balcatta Western Australia, commencing at:
12 noon (AWST) on Friday 20 November 2015.
For further information please contact Paul Evans on 08 9445 4010 or visit the investor section of Imdex's website at: www.imdexlimited.com.
Corporate Profile 5
Mission 7
Key Data 9
Company Structure 11
Global Business 12
The Imdex Way 14
16
FY15
Snapshot
Objectives, Strategy & Outcomes 16
Market Overview 19
Operational Highlights & Challenges 19
Group Financial Performance 20
Minerals Division Performance 21
Oil & Gas Division Performance 23
Summary of Financial Highlights 24
25
Board of Directors & Governance
Imdex Board 25
Board Member Profiles 26
Chairman's Report 28
Corporate Governance 30
Managing Risk 31
32
Management
& Personnel
Managing Director's Report 32
Executive Management Team 36
Global Team 37
39
Operational
Overview
Technologies & Services 39
A Year in Review - News & Case Studies 41
Quality, Health, Safety & Environment 49
Community Involvement 53
FY16 Key Areas of Focus 54
2015 ANNUAL REPORT
55 3
Company
History
IMDEX LIMITED
4
AMC Solids Removal Unit and drilling fluids
[ imdex group at a glance ]
corporate profile
Imdex is a leading provider of drilling fluid products, advanced downhole instrumentation, data management solutions and geo-analytical services. The Company's strength is derived from its global operations, superior customer service and leading technologies.
Imdex supports a diverse range of customers at all stages of the mining cycle, from junior explorers to major producers across a wide range of commodities. Customers include: exploration, development, production and mining services companies within the minerals and oil and gas sectors; together with horizontal directional drilling, waterwell and civil construction companies worldwide.
The Company has operational centres in key mining regions of the world, including Asia-Pacific, Africa, Europe and the Americas, to provide optimal service to customers.
Imdex's substantial commitment to ongoing product development has enabled the Company to achieve market leader status in its fields of operation. It is continuously refining its integrated range of fluid products, unrivalled instrumentation and data management solutions to ensure customers have the most advanced operational technology available.
2015 ANNUAL REPORT
5
IMDEX LIMITED
6
REFLEX downhole survey instrumentation
REFLEX instrumentation
IMDEX LIMITED 8
[ imdex group at a glance ]
our mission
'We deliver leading innovative technologies to the global minerals industry and select oil and gas markets, focusing on integrated solutions that enhance our customers' operations and
deliver value for shareholders. We achieve this through our extensive industry knowledge and commitment to product
development, ensuring 7
2015 ANNUAL REPORT
innovative, simple to use and fit-for-purpose technologies.'
[ imdex group at a glance ]
key data
AS AT 30 JUNE 2014 AS AT 30 JUNE 2015
Market capitalisation:
$133.6 million
Shares on issue:
212.1 million
Share price at 30 June 2014:
$0.63
Number of shareholders:
3,367
Number of employees:
567
Banking institutions:
HSBC and Westpac
Legal advisors:
Hopgoodganim
Auditors:
Deloitte Touche Tohmatsu
Share registry:
Computershare
Market capitalisation:
$64.9 million
Shares on issue:
216.2 million
Share price at 30 June 2015:
$0.30
Number of shareholders:
3,032
Number of employees:
524
Banking institutions:
HSBC and Westpac
Legal advisors:
Hopgoodganim
9
Auditors:
2015 ANNUAL REPORT
Deloitte Touche Tohmatsu
Share registry:
Computershare
10
LIMITED
IMDEX
REFLEX Downhole Survey Instrumentation
[ imdex group at a glance ]
company structure
Imdex has two operational divisions, Minerals and Oil & Gas.
Imdex's Minerals Division includes the AMC and REFLEX businesses.
AMC is a leading provider of innovative drilling fluids, chemicals and solids removal technologies to the global drilling industry.
REFLEX specialises in downhole and geo- scientific instrumentation; real-time data management solutions; and geo-analytical consulting services and software. The Company markets its integrated product offering to resource, mining services and civil construction companies worldwide.
Imdex's Oil & Gas Division comprises AMC Oil
& Gas and a 30% share of VES International.
The VES joint venture is the third largest provider of downhole survey services to the
oil and gas markets, primarily in the USA and Middle East.
The AMC Oil & Gas and VES International businesses provide drilling fluids, production and completion chemicals, together with downhole survey services to the global oil and gas market.
MINERALS DIVISION
OIL & GAS DIVISION
2015 ANNUAL REPORT
11
30% JOINT VENTURE
[ imdex group at a glance ]
global business
Imdex is a well-established global business operating in diverse geographical markets.
The Company has operations in all key mining and exploration regions throughout Asia Pacific, Africa, Europe and the Americas.
Imdex's global presence and comprehensive distribution network allows it to: provide local solutions to customers; have greater access to
international mineral exploration and oil and gas markets; and efficiently introduce new technologies to these markets.
During FY15 the Company divested Suay Energy and closed its oil and gas business in Kazakhstan. It also closed its Singapore base.
REVENUE BY REGION
MINERALS OIL & GAS
FY14 FY15
FY14 FY15
VANCOUVER, CANADA
TIMMINS, CANADA
SAN LUIS OBISPO, USA
CALGARY, CANADA
SALT LAKE CITY, USA
ASIA PACIFIC
ASIA PACIFIC
TORREON, MEXICO
MENDOZA, Argentina
CORPUS CRISTI, USA
ITAJAI S.C ., BRAZIL
EUROPE EUROPE
ECUADOR
BELO HORIZONTE, BRAZIL
12
NORTH AMERICA
NORTH AMERICA
IMDEX LIMITED
LIMA, PERU
NO RTH AMERIC A
SOUTH AMERICA
SANTIAGO, CHILE
SOUTH AMERIC A
MIDDLE EAST
& NORTH AFRICA
MIDDLE EAST
& NORTH AFRICA