Slide 1: 2012 Financial Results Investor Briefing Package
2012 Financial Results Investor Briefing Package
Slide 2: Agenda
AGENDA • Results Highlights and Key events • Group Financial Summary o Balance sheet review o Austal USA o Austal Australia o Service and Systems • Order Book Backlog • Summary
Slide 3: Results Highlights & Key Events
RESULTS HIGHLIGHTS & KEY EVENTS AUD $M Dec-11 Dec-10 Change Revenue 267.4 21.1 251.2 6% EBIT (4.0) 4.7 20.5 (120%) Net profit after tax 8.5(3.0) cents 14.1 (121%) EPS -1.63 cents 7.68 cents • Operating loss driven by: • Low level of activity in Australian business until Customs project ramps up. • “
Slide 4: Balance Sheet Review
BALANCE SHEET REVIEW AUD $M Dec-11 Jun-11 Change Total Assets 707.4 674.6 5% Cash 39.6 42.3 (6%) Restricted cash 72.2 128.9 (44%) Inventories 183.8 177.9 3% Property, plant & equipment 291.2 208.3 40% Total Liabilities 461.4 400.4 15% Bank loans 46.7 16.7 180% Go Zone Bonds ("GZB") 220.0 209.7 5% Go
Slide 5: Austal USA
Austal USA USD $M Dec-11 Dec-10 Change Revenue 240.8 21.1 149.1 62% EBIT 5.0 4.7 13.9 (64%) EBIT % 8.52% cents 9% (7%) PBT 1.0 13.3 (92%) • Non recurring “First in class” issues: • Recruitment rate versus efficiency and quality • Lack of design maturity leading to rework • “Lessons learned” – JHSV 2
Slide 6: Austal Ships
AUSTAL SHIPS AUD $M Dec-11 Dec-10 Change Revenue 30.5 93.0 (67%) EBIT (5.7) 6.8 (184%) EBIT % (19%) 7% (26%) PBT (7.7) 11.0 (170%) • Continuation of trend from June 2011 – transitional period from commercial to defence shipbuilding. • Asset utilisation to improve in line with ramp up of Customs cont
Slide 7: Service & Westpac Express
SERVICE & WESTPAC EXPRESS AUD $M Dec-11 Dec-10 Change Revenue 13.5 13.2 0.0 2% EBIT (0.3) 1.3 0.0 (123%) -100% EBIT % (2%) 10% - (12%) PBT (0.3) 1.3 (123%) • One of costs impacted WestPac Express charter profitability • Consolidating global service footprint to support US Navy vessels. • Pursuing op
Slide 8: Order Book Backlog $1.87B at December 2011
ORDER BOOK BACKLOG $1.87B AT DECEMBER 2011 • 3 x 127m Littoral Combat Ships for US Navy • 7 x 103m Joint High Speed Vessels for US Navy • 1 x 35m monohull ferry • 1 x 41m catamaran ferry • 8 x 58m patrol boats for Australian Customs • 3 x 21m catamaran wind farm vessels • LCS Technical Services for
Slide 9: Summary
SUMMARY • US production facility is full through to 2017. • The „franchise‟ from long term vessel programs is beginning to appear. • Activity in the Australian operations is ramping up for the commencement of production for CCPB. • Philippines Shipyard Operation is ramping up with construction of th
Slide 10: Questions?
N AUSTAL QUESTIONS ?
Slide 11: For further information
Richard Simons, Chief Financial Officer Telephone: + 61 8 9410 1111 For further information www.austal.com Disclaimer This presentation and any oral presentation accompanying it has been prepared by Austal Limited (“Austal”). It should not be considered as an offer or invitation to subscribe for or