Slide 1: Half-Year Results Investor Package
Austal Limited Half‐Year f Results Investor Package g February 2010
Slide 2: Results Highlights & Key Events
Results Highlights & Key Events Results • Total Revenue down by 26% to $221m • Earnings before interest and tax up by 27% to $21.1m • Work in hand at 31 December 2009 - $776.6m • B l Balance sheet h t • Cash - $72.4m • Financial Debt - $84.7m • Net Assets - $249.1M Key events during the period • USS
Slide 3: Financial Summary
Financial Summary y Austal Group AUD $M H1 2010 H1 2009 Change Revenue 221.0 297.8 (26%) EBIT 21.1 16.6 27% Net profit after tax 15.5 16.9 (8%) EPS 8.5 cents 9.2 cents (8%) Cash balance 72.0 136.0 (47%) • GFC continues to impact sales. Prospects remain strong but the sales cycle has lengthened • Add
Slide 4: Business Line Results - Austal USA
Business Line Results - Austal USA AUD $M H1 2010 H1 2009 Revenue 94.9 97.8 EBIT * 7.6 4.4 EBIT %* 8.0% 4.5% Profit before tax * 4.7 3.7 NPAT * 30 3.0 23 2.3 • Revenue during the period comprised LCS 2 (USS Independence), JHSV 1 ((USS Fortitude), ), procurement p of long g lead items for JHSV 2 and
Slide 5: Business Line Results - Austal Australia
Business Line Results - Austal Australia AUD $M H1 2010 H1 2009 Revenue 106.7 184.3 EBIT 12.6 19.3 EBIT % 11.8% 10.5% Profit before tax 14.1 21.7 NPAT 11 0 11.0 15 2 15.2 • Revenue during the period was impacted by a low level of orders. Revenue comprised : • Completed vessels - Trinidad & Tobago pa
Slide 6: Business Line Results - Austal Service
Business Line results Austal Service AUD $M H1 2010 H1 2009 Revenue 26.6 7.1 EBIT 21 2.1 20 2.0 EBIT % 7.9% 28.2% Profit before tax 1.1 2.0 NPAT 0.8 0.3 • Service business is in early growth phase. Start up costs have impacted margin i iin thi this period. i d • Revenue has grown with the award of l
Slide 7: Investment Program Update
Investment Program Update AUD $ $M A p p r o ved Incur r ed T o Go F Y 2 0 10 t o 3 1/ 12 / 0 9 Aust ralia PP &E 1.4 0.2 1.1 Facilites 0.9 - 0.9 IT 1.1 0.4 0.7 T OT A L A U ST R A LIA 3 .4 0 .6 2 .7 USA PP &E 12.1 8.2 3.8 Facilites * 24 8 24.8 14 0 14.0 10 8 10.8 IT 3.8 2.2 1.6 T OT A L U SA 4 0 .7
Slide 8: Vessels Completed in H1
Vessels Completed in H1 2010 2 X 22m Queensland Police 4 X 21m Maltese Coast Patrol Boats Guard Vessels 6 X 30m Trinidad & Tobago 1X 127m US Navy Patrol Boats Littoral Combat Ship Investor Information Package Slide 8
Slide 9: Current Orders
Current Orders • 1 X 113 113m fferry ffor N Nordic di Ferry Services • 1 X 107 107m fferry ffor Vi Virtu t Ferries • 4 X 45 45m water t ttaxis i ffor Trinidad & Tobago Computer render of the 113m Nordic Ferry Services vehicle ferry • 3 X 103 103m JHSV ffor US N Navy • 1 X 127m LCS #4 USS C Coronado
Slide 10: Service business
Service business • Operations now established in Egypt, Trinidad & Tobago, Oman, Hong Kong and Darwin • Term contracts: • Egyptian Government – 3 yr term contract, plus 2 yr option valued at $12m • Trinidad & Tobago Government – 5 yr term contract valued at ≈ $19.7m • Evaluating locations for an add
Slide 11: Littoral Combat Ship Update
Littoral Combat Ship Update • LCS 2 2, USS IIndependence, d d was delivered to the US Navy in December and commissioned in January • Full construction of LCS 4, USS Coronado, awarded in December • Delivery in mid-2012 • RFP issued in January for 10 vessels • Bids due on 29 March • Down-select to one
Slide 12: Joint High Speed Vessel Program Update
Joint High g Speed Vessel Program Update • JHSV 1 under full construction; • Delivery y of JHSV 1 in December 2011 • JHSV 2 and 3 full construction awarded in January; • JHSV 2 construction will commence June • JHSV 3 construction will commence Nov. • Long lead time materials orders for vessels 4 an
Slide 13: US Shipbuilding Plan
US Shipbuilding g Plan • Both LCS & JHSV programs critical in meeting US Navy fleet numbers • Including replacement of initial LCSs, Navy plans to build 66 LCSs over the life of the program • Navyy p projects j a requirement q for 41 JHSVs and Army y now wants 12 o Hawaii Superferry, Huakai, used in
Slide 14: US Infrastructure Expansion Status
US Infrastructure Expansion Status • Phase ase O Oneeoof tthe e modular odu a manufacturing facility (“MMF”) completed on time and on budget and is currently being used to produce JHSV 1; • Currently completing bay door expansions on 2 existing assembly b bays (US$4M) (US$4M); • Completing site work
Slide 15: Stock vessel update
Stock vessel update • 102m trimaran • Sea trials commenced 10 February • Several clients have toured the vessel • Very positive feedback • Expect to announce sale before end of this fiscal year • 48m motor yacht acht • Vessel completed in January • Departed for Abu Dhabi boat show on 5 February • Ex
Slide 16: Outlook
Outlook • Expect announcements on the sale of the trimaran and pleasure stock vessels by the end of the financial year. • Manpower expected to grow by 400 in US to support existing contracts. • Potential for a further $2 $2.6m 6m derivative write down in FY10 FY10. • Expect the award for long lead p
Slide 17: Investor Relations Contacts
Investor Relations Contacts Richard Simons – Chief Financial Officer Telephone: + 61 8 9410 1111 For further information www.austal.com