Austal Limited · ASX:ASB
Austal — Shareholder Meeting (October 2023)
20 slides from Austal's shareholder meeting presentation, Oct 26, 2023
Slide 1: Austal AGM 2023
Austal AGM 2023 For personal use only October 2023 Paddy Gregg, Chief Executive Officer 2
Slide 2: Financial Headlines FY2023
Financial Headlines FY2023 $m FY2023 FY2022 Revenue $ 1,585 m $ 1,429 m EBITDA $ 55.0 m $ 165.4 m EBIT $ (4.8) m $ 120.7 m NPAT $ (13.8) m $ 79.6 m Total Dividends Declared 7 ¢ per share 8 ¢ per share For personal use only Operating Cash Flow $ 86.7 m $ 37.5 m Jun 2023 Jun 2022 Net Cash $ 49.7 m $ 1
Slide 3: FY2023 Full Year - Key Facts
FY2023 Full Year - Key Facts $1,585 M $11.6 B 43 9 4,300 REVENUE ORDER BOOK SHIPS SCHEDULED OR SHIPS EMPLOYEES (with OPC & UNDER CONSTRUCTION DELIVERED TAGOS options) For personal use only 60 VESSELS UNDER 5 SHIPYARDS SUSTAINMENT CONTRACTS IN 4 COUNTRIES 8 SERVICE CENTRES IN 5 COUNTRIES 4 1. Revenue
Slide 4: Segment breakdown
Segment breakdown FY2023 $m Concept Ships Support Total USA: Revenue $ 998.1 $ 226.9 $ 1,225.0 Shipbuilding revenue increase of $118 m is driven by $70 m favourable FX and $48 m greater activity. USA EBIT (9.5) 14.7 5.2 Shipbuilding EBIT declined with the $(160) m YoY EBIT Margin % (1.0%) 6.5% 0
Slide 5: Cash flow
Cash flow Operating: $m FY2023 FY2022 Change Favourable timing of milestone receipts, partially offset with Operating $ 86.7 $ 37.5 $ 49.2 ~US$(40) m of OPC supplier prepayments Investing Investing: Sustaining $ (8.8) $ (6.3) $ (2.5) Enhancing capital expenditure on San Diego expansion and Enhan
Slide 6: Historical investor data
Historical investor data $ Austal Share Price $M Group EBIT with EBIT Margin $5 $160 $130 16.0% $115 $121 $4 $3.41 $3.23 $120 $93 12.0% $3 $2.37 $80 $63 8.0% $1.86 $2.05 $1.80 8.4% $2 $40 7.3% 4.0% 6.3% 4.6% 5.0% $(5) $1 $0 0.0% (0.3%) $0 ($40) (4.0%) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2018
Slide 7: Expanding Shipbuilding
Expanding Shipbuilding USA 1. Execute & expand - LCS, EPF, EMS, T-ATS, OPC, AFDM, LCU, OUSV 3, T-AGOS 1. Continue to invest on the back of order book (up to $11.6bn including unexercised options) and future opportunities 2. New program targets - EPF VLS, FFG FY, LUSV, MUSV, NGLS, LAW, AS(X), DDG(X),
Slide 8: Support Growing in line with $500m target in FY27
Support Growing in line with $500m target in FY27 AUSA grown from $175.8m FY22 to $226.9m FY23 Australia grown from $98.3m FY22 to $144.1m FY23 Support Revenue $m For personal use only $500 $400 $300 $200 New $100 'Independence' $0 Floating Dock, San Diego USA 1. We have a target to grow our support
Slide 9: AUKUS opportunity
US Navy LUSV Design AUKUS • Submarine Modules • Autonomy • Additive manufacturing • Training people • Service work • Common platforms For personal use only Saildrone Surveyor USNS Apalachicola (EPF13) – first EPF & largest US Navy surface ship with autonomous capability 1. Austal believed AUKUS will
Slide 10: Strategic Outlook
Strategic Outlook 1. Execute the orderbook in the US 2. Resolve T-ATS challenges • Successful REA would deliver future improved earnings 3. Strong operational performance as demonstrated by ship deliveries and EBITDA 4. AUKUS and Australian Defence Strategic Review to provide a clear route ahead and
Slide 11: Disclaimer
Disclaimer Paddy Gregg, Chief Executive Officer Telephone: +61 8 9410 1111 For further information visit 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 subs
Slide 12: End
End For personal use only ASX:ASB austal.com 13
Slide 13: Remuneration Report resolution proxy results
Resolution 1 “That the Remuneration Report as set out in the Annual Report for the year ended 30 June 2023 be adopted.” Eligible proxies received : FOR AGAINST PROXY’S DISCRETION For personal use only 213,863,062 4,221,869 2,566,604 96.92% 1.91% 1.16% 14
Slide 14: Re-election of Mr John Rothwell AO
Resolution 2 “That Mr John Rothwell AO, being a Director of the Company who retires in accordance with Article 8.1(d) of the Company’s Constitution and, being eligible, is re-elected as a Director of the Company.” Eligible proxies received : FOR AGAINST PROXY’S DISCRETION For personal use only 186,5
Slide 15: Re-election of Mr Michael McCormack
Resolution 3 “That Mr Michael McCormack, being a Director of the Company who retires in accordance with Article 8.1(d) of the Company’s Constitution and, being eligible, is re-elected as a Director of the Company.” Eligible proxies received : FOR AGAINST PROXY’S DISCRETION For personal use only 242,
Slide 16: Re-election of Mr Lee Goddard
Resolution 4 “That Mr Lee Goddard, having been appointed as a Director of the Company on a casual basis since the last Annual General Meeting and who retires in accordance with Article 8.1(b) of the Company’s Constitution and, being eligible, is re-elected as a Director of the Company.” Eligible pro
Slide 17: Share Rights grant to Ms Sarah Adam-Gedge
Resolution 5 “That, pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $27,604 worth of Share Rights to Ms Sarah Adam-Gedge on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to th
Slide 18: Share Rights grant to Mr Chris Indermaur
Resolution 6 “That, pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $27,604 worth of Share Rights to Mr Chris Indermaur on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to tho
Slide 19: Share Rights grant to Mr Lee Goddard
Resolution 7 “That, subject to the approval of Resolution 4 above, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $27,604 worth of Share Rights to Mr Lee Goddard on the terms and conditions set out in the Explanatory Memo
Slide 20: Long Term Incentive Rights grant to Mr Patrick Gregg
Resolution 8 “That pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to 446,244 Long Term Incentive Rights under the Austal Limited Rights Plan for FY2024 to Mr Patrick Gregg on the terms and conditions set out in the Explanatory M