CIVMEC LIMITED
(ACN 672 407 171)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE
HALF YEAR ENDED 31 DECEMBER 2024
TABLE OF CONTENTS
Directors' Report | 1 |
Auditor's independence declaration | 3 |
Consolidated Income Statement | 4 |
Consolidated Statement of Financial Position | 5 |
Consolidated Statement of Changes in Equity | 7 |
Consolidated Statement of Cash Flows | 9 |
Notes to the Financial Statements | 11 |
Directors' Declaration | 41 |
Supplementary information | 42 |
Independent Auditor's Review Report | 44 |
Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Directors' Report
The Directors present their report to the members together with the Condensed Interim Consolidated Financial Statements of Civmec Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") for the half year ended 31 December 2024.
Directors
The names of the Directors of the Company who held office during and since the end of the half year are:
Directors appointed on 4 September 2024
Mr. James Finbarr Fitzgerald | Executive Chairman |
Mr. Patrick John Tallon | Chief Executive Officer |
Mr. Kevin James Deery | Chief Operating Officer |
Directors appointed on 30 October 2024 | |
Mr. Ambrose Law | Lead Independent Director |
Ms. Ong Beng Hong | Independent Director |
Mr. Gary Gray | Independent Director |
Directors retired on 30 October 2024 | |
Mr. Chong Teck Sin | Lead Independent Director |
Mr. Wong Fook Choy Sunny | Independent Director |
Mr. Douglas Owen Chester | Independent Director |
The following Directors held office prior to the Company's listing on the Australian Securities Exchange ("ASX") and Singapore Exchange ("SGX") and while the Company was dormant. They each ceased office on 4 September 2024.
Mr. Adam James Goldsmith | Director |
Mr. Charles John Sweeney | Director |
Mr. Peter John Ricciardello | Director |
Establishment of a New Group Organisational Structure
On 27 October 2023, Civmec Singapore Limited (formerly known as Civmec Limited, domiciled in Singapore) entered into an implementation agreement with Civmec Limited (formerly known as Civmec Australia Limited, domiciled in Australia) with the intention to change the domicile of the head company of the Civmec Group from Singapore to Australia. The Change of Domicile was achieved by way of a scheme of arrangement in accordance with Section 210 of the Companies Act 1967 of Singapore. The Shareholders' scheme became effective on 4 September 2024. Accordingly, these interim consolidated financial statements reflect a continuation of the Civmec Group.
Review of Operations
The consolidated profit of the consolidated group for the financial year after providing for income tax amounted to A$26,493,000 (31 December 2023: A$31,893,000).
A review of the operations of the consolidated group during the financial year and the results of those operations due to the timing of revenue recognition on projects have seen a slight increase in sales of 2.1% to A$502,861,000 (31 December 2023: A$492,346,000). Consolidated group's gross profit, however, has decreased by 7.5% to A$55,783,000 (31 December 2023: A$60,291,000) with gross profit margin of 11.1% (31 December 2023: 12.2%).
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Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Directors' Report (continued)
Joint auditor's independence declaration
The independence declaration from both Moore Stephens LLP and Moore Australia Audit (WA), as required under section 307C of the Corporations Act 2001 (as amended), is included on page 3 of this report.
Rounding of amounts
The amounts contained in these Condensed Interim Consolidated Financial Statements have been rounded to the nearest million dollars, except where otherwise indicated, as permitted by ASIC Corporations Instrument 2016/191.
Significant events since balance date
Update on Ownership Transfer of Luerssen Australia
On 15 October 2024, Civmec Limited and NVL B.V. & Co. KG (Naval Vessels Lürssen) of Bremen, Germany have entered into a non-binding Heads of Agreement detailing the framework for the transfer of ownership of Luerssen Australia Pty Ltd to Civmec Limited. As at the date of this report, Civmec Limited has made positive progress with the due diligence process, and both parties are working towards a revised Effective Date for the transfer of ownership to be on or before 1 July 2025.
Signed in accordance with a resolution of the Directors.
James Finbarr Fitzgerald | Patrick John Tallon |
Executive Chairman | Chief Executive Officer |
Civmec Limited | Civmec Limited |
13 February 2025 | 13 February 2025 |
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Moore Stephens LLP
10 Anson Road#29-15
International Plaza
Singapore 079903
T +65 6221 3771
E email@mooresingapore.com
www.mooresingapore.com
AUDITOR'S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF CIVMEC LIMITED
Moore Australia Audit (WA)
Level 15, Exchange Tower,
2 The Esplanade, Perth, WA 6000
PO Box 5785, St Georges Terrace, WA 6831
- +61 8 9225 5355 F +61 8 9225 6181
www.moore-australia.com.au
As joint auditors for the review of Civmec Limited for the half-year ended 31 December 2024, we declare that, to the best of our knowledge and belief, there have been:
- no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review, and
- no contraventions of any applicable code of professional conduct in relation to the review.
MICHELLE CHONG | MOORE STEPHENS LLP |
PARTNER | PUBLIC ACCOUNTANTS AND |
Singapore 13th February 2025 | CHARTERED ACCOUNTANTS |
SUAN-LEE TAN | MOORE AUSTRALIA AUDIT (WA) |
PARTNER | CHARTERED ACCOUNTANTS |
Perth 13th February 2025 |
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Moore Australia Audit (WA) - ABN 16 874 357 907.
An independent member of Moore Global Network Limited - members in principal cities throughout the world. Liability limited by a scheme approved under Professional Standards Legislation.
Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Consolidated Income Statement
for the half year ended 31 December 2024
Group | ||||
6 months ended | ||||
31 December | 31 December | |||
2024 | 2023 | |||
Note | A$'000 | A$'000 | ||
Revenue | 3 | 502,861 | 492,346 | |
Cost of sales | (447,078) | (432,055) | ||
Gross profit | 55,783 | 60,291 | ||
Other income | 3 | 1,452 | 1,976 | |
Administrative expenses | (16,779) | (14,185) | ||
Finance costs | (2,989) | (2,965) | ||
Profit before income tax | 4 | 37,467 | 45,117 | |
Income tax expense | (10,974) | (13,224) | ||
Profit for the period | 26,493 | 31,893 | ||
Profit attributable to: | ||||
Owners of the Company | 26,493 | 31,894 | ||
Non-controlling interest | - | (1) | ||
26,493 | 31,893 | |||
Total comprehensive income attributable to: | ||||
Owners of the Company | 26,493 | 31,894 | ||
Non-controlling interest | - | (1) | ||
26,493 | 31,893 | |||
Earnings per share attributable to equity holders of the | ||||
Company (cents per share): | ||||
- | Basic | 5 | 5.21 | 6.29 |
- | Diluted | 5 | 5.15 | 6.23 |
The accompanying notes form an integral part of the financial statements.
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Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Consolidated Statement of Financial Position
as at 31 December 2024
Group | |||
As at | |||
31 December | 30 June | ||
2024 | 2024 | ||
Note | A$'000 | A$'000 | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 8 | 37,006 | 88,457 |
Trade and other receivables | 6 | 97,080 | 94,602 |
Contract assets | 7 | 198,756 | 173,588 |
Other current assets | 2,727 | 1,393 | |
Income tax receivable | 329 | - | |
335,898 | 358,040 | ||
Non-current assets | |||
Property, plant and equipment | 9 | 531,565 | 532,840 |
Investment properties | 10 | 18,588 | 18,459 |
Intangible assets | 10 | 10 | |
Deferred tax assets | 1,383 | 968 | |
551,546 | 552,277 | ||
TOTAL ASSETS | 887,444 | 910,317 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Trade and other payables | 12 | 127,408 | 153,149 |
Contract liabilities | 7 | 55,042 | 49,292 |
Lease liabilities | 15 | 5,755 | 5,944 |
Borrowings | 13 | - | 8,000 |
Income tax payable | - | 7,462 | |
Provisions | 14 | 15,961 | 18,455 |
204,166 | 242,302 | ||
Non-current liabilities | |||
Lease liabilities | 15 | 54,854 | 51,353 |
Borrowings | 13 | 60,000 | 56,000 |
Provisions | 14 | 646 | 493 |
Deferred tax liabilities | 70,454 | 71,951 | |
185,954 | 179,797 | ||
TOTAL LIABILITIES | 390,120 | 422,099 |
The accompanying notes form an integral part of the financial statements.
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Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Consolidated Statement of Financial Position
as at 31 December 2024 (continued)
Group | |||
As at | |||
31 December | 30 June | ||
2024 | 2024 | ||
Note | A$'000 | A$'000 | |
Capital and Reserves | |||
Share capital | 16 | 29,908 | 29,918 |
Treasury shares | 16 | - | (10) |
Asset revaluation reserve | 19 | 160,219 | 160,219 |
Other reserves | 20 | 12,273 | 11,862 |
Retained earnings | 295,185 | 286,490 | |
Total equity attributable to the | |||
Owners of the Company | 497,585 | 488,479 | |
Non-controlling interest | (261) | (261) | |
TOTAL EQUITY | 497,324 | 488,218 | |
TOTAL LIABILITIES AND EQUITY | 887,444 | 910,317 |
The accompanying notes form an integral part of the financial statements.
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Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2024
Other reserves | ||||||||||
Equity- | ||||||||||
settled | ||||||||||
Asset | employee | Non- | ||||||||
Share | Treasury | revaluation | Merger | benefits | Other | Retained | controlling | |||
Group | capital | shares | reserve | reserve | reserve | reserves | earnings | Total | interest | Total |
A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | |
Balance as at 1 July 2024 | 29,918 | (10) | 160,219 | 7,578 | 4,007 | 277 | 286,490 | 488,479 | (261) | 488,218 |
Profit for the period | - | - | - | - | - | - | 26,493 | 26,493 | - | 26,493 |
Other comprehensive income for | ||||||||||
the period | - | - | - | - | - | - | - | - | - | - |
Total comprehensive income for | ||||||||||
the period | - | - | - | - | - | - | 26,493 | 26,493 | - | 26,493 |
Recognition of share based | ||||||||||
payment | - | - | - | - | 411 | - | - | 411 | - | 411 |
Dividends paid | - | - | - | - | - | - | (17,798) | (17,798) | - | (17,798) |
Cancellation of treasury shares | (10) | 10 | - | - | - | - | - | - | - | - |
Balance as at 31 December 2024 | 29,908 | - | 160,219 | 7,578 | 4,418 | 277 | 295,185 | 497,585 | (261) | 497,324 |
The accompanying notes form an integral part of the financial statements.
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Civmec Limited and its subsidiaries Condensed Interim Consolidated Financial Statements for the half year ended 31 December 2024
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2024
Other reserves | ||||||||||
Equity- | ||||||||||
settled | ||||||||||
Asset | employee | Non- | ||||||||
Share | Treasury | revaluation | Merger | benefits | Other | Retained | controlling | |||
Group | capital | shares | reserve | reserve | reserve | reserves | earnings | Total | interest | Total |
A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | |
Balance as at 1 July 2023 | 29,807 | (10) | 129,577 | 7,578 | 3,642 | 277 | 249,999 | 420,870 | (261) | 420,609 |
Profit for the period | - | - | - | - | - | - | 31,894 | 31,894 | (1) | 31,893 |
Other comprehensive income for | ||||||||||
the period | - | - | - | - | - | - | - | - | - | - |
Total comprehensive income for | ||||||||||
the period | - | - | - | - | - | - | 31,894 | 31,894 | (1) | 31,893 |
Share options exercised: | ||||||||||
new share issuance | 111 | - | - | - | - | - | - | 111 | - | 111 |
Recognition of share based | ||||||||||
payment | - | - | - | - | 225 | - | - | 225 | - | 225 |
Dividends paid | - | - | - | - | - | - | (15,228) | (15,228) | - | (15,228) |
Balance as at 31 December 2023 | 29,918 | (10) | 129,577 | 7,578 | 3,867 | 277 | 266,665 | 437,872 | (262) | 437,610 |
The accompanying notes form an integral part of the financial statements.
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