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ASX Release P Perenti 23 February 2021 Disciplined strategy execution and strong Underground performance underpin 1H21 financial results 1H21 Results and Outlook highlights : " ■ Proactively managed COVID - 19 while generating revenue of $ 1.0 billion ; underlying EBITDA of $ 200.9 million Underlying EBIT ( A ) of $ 93.8 million , underpinned by record EBIT ( A ) from the Underground business , offset by softer earnings from the Surface mining business in Africa and $ 6M impact related to the strengthening Australian dollar ( relative to the US dollar ) Underlying NPAT ( A ) of $ 44.6 million primarily due to softer EBIT ( A ) With 52 % of revenue generated in US dollars the results were impacted by the 10 % strengthening of the Australian dollar against the US dollar in 1H21 • Operating cash flow of $ 184.0 million with an excellent cash conversion of 92 % ■ ■ " ■ ■ Enhanced financial flexibility with the successful issue of high yield bonds at an improved interest rate Net debt of $ 540.2 million ( down 14 % on pcp and down 3 % on 30 June 2020 ) , net leverage ratio at 1.3x and gearing of 29.0 % Group liquidity of $ 539.5 million supporting an unfranked interim dividend of 3.5 cents per share Completed the African Mining Services ( AMS ) strategic review and made significant progress in addressing the report findings Early exit from the loss - making Yanfolila contract and concluded the Boungou asset sales , expected to deliver circa $ 80.0 million to $ 90.0 million cash in 2H21 , of which circa $ 14.0 million has been received Recognised a one - off restructuring charge of $ 88.1 million following strategic review of AMS $ 1.1 billion of new work and contract extensions secured since 1 July 2020 Work in hand of $ 5.5 billion at 31 December 2020 with a target tender pipeline of $ 9.2 billion Building on our strategic entry into North America with a US company incorporated in 1H21 and tendering activities ongoing Improved safety performance and an increased focus on ESG , with solid progress on FY21 sustainability commitments Level 2 , 202 Pier Street Perth WA 6000 Australia PO Box 8286 Perth WA 6849 Australia T +61 8 9421 6500 E investorrelations@perentigroup.com Perenti Global Limited ABN 95 009 211 474 ( ASX : PRN ) ( Perenti ) perentigroup.com Perenti is a diversified global mining services group with businesses in surface mining , underground mining and mining support services . The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale . Headquartered in Australia , Perenti has operations and offices in 13 countries across four continents , employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects .