Austal Limited · ASX:ASB
Austal — H1 FY2023 Earnings Presentation
16 slides from Austal's earnings presentation, Feb 24, 2023
Slide 1: FY2023 H1 Results
FY2023 H1 Results 24 February 2023 Paddy Gregg, Chief Executive Officer Geoff Buchanan, Interim Chief Financial Officer 1. Welcome to FY2023 H1 results 2. Introduce Geoff Buchanan as Interim CFO 1
Slide 2: Financial Headlines FY2023 H1
Financial Headlines FY2023 H1 $m FY2023 H1 FY2022 H1 Revenue $ 775 m $ 722 m EBITDA $ 27.4 m $ 94.3 m EBIT $ (2.0) $ 71.1 m NPAT $ (7.3) $ 45.1 m Interim Dividends Declared 4 ¢ per share 4 ¢ per share Operating Cash Flow $ (8.0) $ 43.1 m Dec 2022 Jun 2022 Net Cash $ 57.7 m $ 115.6 m Results signific
Slide 3: FY2023 H1 - Key Facts
FY2023 H1 - Key Facts $775 M $2.6 B 27 3 5,000 SHIPS UNDER SHIPS REVENUE ORDER BOOK EMPLOYEES ($6.9 B with OPC CONSTRUCTION DELIVERED options) OR SCHEDULED 56 VESSELS UNDER 5 SHIPYARDS SUSTAINMENT CONTRACTS IN 4 COUNTRIES 8 SERVICE CENTRES IN 5 COUNTRIES 3 1. AUSA and Australasia achieved delivery o
Slide 4: Group revenue movement
Group revenue movement Average FX Increased Decline in $M movement Lower throughput maintenance commercial vessel Higher emergent driven by reducing work from GCPB & FY2023 H1: US$0.670 availabilities (post construction LCS program CCPB dockings FY2022 H1: US$0.732 COVID) activity $1,000 $800 $47 $(
Slide 5: Group EBIT movement
Group EBIT movement T-ATS Loss $(58) m Increased and lower LCS profit FY2022 H1 included Average FX movement Increased availabilities & FY2022 H1 included $(26) m driven by $(6.7) m provision FY2023 H1 US$0.653 availabilities driving emergent work from $2 m of insurance $M FY2022 H1: US$0.732 FY2022
Slide 6: Segment breakdown
Segment breakdown FY2023 H1 $m Concept Ships Support Total USA: Shipbuilding revenue reduced throughput Revenue $ 451.1 $ 118.5 $ 569.6 (LCS) partially off set with favourable FX impact of $37 m USA EBIT (12.0) 7.9 (4.1) Shipbuilding EBIT declined with the onerous EBIT Margin % (2.6%) 6.6% (0.7%
Slide 7: Cash flow
Cash flow Operating: $m FY2023 H1 FY2022 H1 Change Timing of milestone receipts influences half on half Operating $ (8.0) $ 43.1 $ (51.2) comparisons (EPF13 and Mols $48m since end of half) AUSA have taken advantage of FX and forward purchased Investing c$40m materials Sustaining $ (5.3) $ (11.9
Slide 8: Business Overview
~ Business Overview —-
Slide 9: Operational Highlights USA
Operational Highlights USA • OPC contract execution underway - Eastern protest pending • EMS funded for 3 ships – decision anticipated in March -23 • LCU 1700 proposal submitted – decision anticipated by April -23 • T-AGOS proposal submitted – decision anticipated by June -23 • T-ATS 3 & 4 awarded –
Slide 10: Operational Highlights Australasia
Operational Highlights Australasia • Investment options developed to support CoA Defence Strategic Review outcomes. • Digital Shipyard technologies implemented to support future Shipbuilding and Sustainment Programs. • 4 x Evolved Cape Class now in service with RAN, positive feedback on capability a
Slide 11: Expanding Shipbuilding
Expanding Shipbuilding USA 1. Win & grow prime long term - multi ship (core) programs • Execute & expand - LCS, EPF, EMS, T-ATS, OPC, AFDM, LCU, OUSV 3 • New program targets - EPF VLS, FFG FY, TAGOS, LUSV, MUSV, NGLS, LAW, AS(X), DDG(X), S72, MAST 13 2. Team with other shipbuilders as a major subcon
Slide 12: Autonomy
Autonomy AUSA continues to focus on executing strategy to grow Autonomy business • Design & construction of unmanned / optionally manned surface vessels • Place AUSA HM&E autonomy solution on all unmanned US Navy platforms • Current programs; • OUSV 1 (maintain), OUSV 3 (new build) and OUSV 4 (conve
Slide 13: Support Growing in line with $500m target in FY27
Support Growing in line with $500m target in FY27 AUSA grown from $74.9 H1FY22 to $118.5m H1FY23 Australia grown from $44.5 H1FY22 to $77.8m H1FY23 New Support Facilities opened Support Revenue A$m San Diego, California, USA $400 $300 $200 $100 $0 1. We have a target to grow our support business to
Slide 14: Strategic Outlook
Strategic Outlook 1. Resolve T-ATS challenges 1. Excluding the T-ATS losses, EBIT would have been $40 m 2. Successful REA would deliver future improved earnings 2. Strong operational performance as demonstrated by ship deliveries 3. Support revenue back on upward trajectory post-COVID 4. Capability
Slide 15: 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 16: End
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