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Downer Relationships creating success Downer EDI Limited ABN 97 003 872 848 Triniti Business Campus 39 Delhi Road North Ryde NSW 2113 1800 DOWNER www.downergroup.com Media / ASX and NZX Release 11 February 2021 DOWNER REPORTS UNDERLYING NPATA OF $ 119.1 MILLION Downer EDI Limited ( Downer ) today announced its financial results for the six months to 31 December 2020 . The main features of the results are : ■ Total revenue of $ 6.1 billion , down 10.6 % from the prior corresponding period ( pcp ) . ■ Statutory EBIT ( earnings before interest and tax ) of $ 162.4 million and statutory NPAT ( net profit after tax ) of $ 75.6 million . Underlying EBITA ( earnings before interest , tax and amortisation of acquired intangible assets ) of $ 221.0 million , up 2.9 % from the pcp ; statutory EBITA of $ 195.8 million . Underlying NPATA ( net profit after tax and before amortisation of acquired intangible assets ) of $ 119.1 million , up 3.1 % from the pcp ; statutory NPATA of $ 99.0 million . ■ Underlying cash conversion of 97.4 % ; statutory cash conversion of 84.1 % . ■ Gearing reduced to 28.2 % ( 35.5 % at 30 June 2020 ) . Resumption of dividends with interim dividend of 9 cents per share ( unfranked ) . The Chief Executive Officer of Downer , Grant Fenn , said Downer's core Urban Services businesses Transport , Utilities , Facilities and Asset Services - continued to demonstrate resilience and the company had made significant progress implementing its key strategic initiatives . " While COVID - 19 restrictions did have an impact on the Group , our resilient performance shows that our concentration on Urban Services is proving to be the right strategy , " Mr Fenn said . " Importantly , our cash performance was strong with operating cash flow of $ 350.2 million and excellent underlying EBITDA conversion of 97.4 % . " Mr Fenn said Downer made good progress during the six - month period implementing the company's key strategic initiatives , including : " ■ moving to 100 % ownership of Spotless and delivering $ 10 million to $ 15 million of synergies ; refinancing the Group's debt platform through a $ 1.4 billion syndicated sustainability linked loan ; selling non - core businesses with $ 526 million to be received from sales announced to date ; Rightsizing the overhead cost base to match the new Urban Services profile ; and ■ Resuming the payment of dividends . Page 1 of 2