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Annual Report 2018

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Annual Report 2018 ▮ Contents ▮ Contents ............................................................................................................................................................................................................. 2 ▮ Index to the notes to the financial statements ...................................................................................................................................... 3 ▮ Chairman’s report ......................................................................................................................................................................................... 16 ▮ Chief Executive Officer’s report................................................................................................................................................................ 18 ▮ Review of operations .................................................................................................................................................................................. 20 ▮ Directors’ report ............................................................................................................................................................................................24 ▮ Remuneration report [audited] ..................................................................................................................................................................31 ▮ Auditor independence .................................................................................................................................................................................. 51 ▮ Consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2018 ............. 52 ▮ Consolidated statement of financial position as at 30 June 2018 ................................................................................................. 53 ▮ Consolidated statement of changes in equity for the year ended 30 June 2018..................................................................... 54 ▮ Consolidated statement of cash flows for the year ended 30 June 2018 ................................................................................... 55 ▮ Notes to the financial statements ............................................................................................................................................................56 ▮ Directors’ declaration ................................................................................................................................................................................ 123 ▮ Independent audit report to the members of Austal Limited ........................................................................................................ 124 ▮ Shareholder information ........................................................................................................................................................................... 130 ▮ Corporate governance statement ........................................................................................................................................................... 131 ▮ Corporate directory ..................................................................................................................................................................................... 131 2 Austal Limited | Annual Report 2018 ▮ Index to the notes to the financial statements Basis of preparation ........................................................................................................................................................................................56 Current year performance ............................................................................................................................................................................. 61 Capital Structure .............................................................................................................................................................................................. 81 Working Capital ................................................................................................................................................................................................ 88 Infrastructure & other assets ....................................................................................................................................................................... 92 Other liabilities ................................................................................................................................................................................................ 100 Financial Risk Management ........................................................................................................................................................................ 106 Unrecognised items ........................................................................................................................................................................................ 115 The Group, management and related parties ......................................................................................................................................... 116 Austal Limited | ▮ Index to the notes to the financial statements 3 4 Austal Limited | Annual Report 2018 Austal Limited | ▮ Index to the notes to the financial statements 5 6 Austal Limited | Annual Report 2018 Austal Limited | 7 8 Austal Limited | Annual Report 2018 Austal Limited | 9 10 Austal Limited | Annual Report 2018 Austal Limited | 11 12 Austal Limited | Annual Report 2018 Austal Limited | 13 14 Austal Limited | Annual Report 2018 Austal Limited | 15 ▮ Chairman’s report We have maintained momentum right across the business in FY2018 with significant operational improvements; achieved stronger financial results; and progressed our strategic milestones. This progress, has been built on the order book and production efficiency achievements of the last couple of years and points to a cycle of development that Austal should benefit from over the next few years. Our FY2018 financial result was primarily driven by our US shipbuilding activities on relatively stable US revenue of $1.163 billion. The major part of our business both operationally and financially is in the United States of America, which is focused on two shipbuilding programs for the US Navy, the Littoral Combat Ship (LCS) and Expeditionary Fast Transport (EPF). We are now well into these programs and therefore the significant risk during the start-up of a new vessel class of this magnitude is now largely behind us. Operational performance has continued to improve to a point where we now have good, consistent and highly predictable production with ever increasing levels of efficiency. The US management team has done a superb job driving this operational performance, in delivering the financial results and in maintaining a healthy and Financial Year Highlights productive relationship with the US Navy. Austal’s 30th Year. Less obvious to the external observer are the efforts that have gone in to developing our service and . Littoral Combat Ship (LCS) program now stable support business, which will create a long term and reliable. revenue stream maintaining the vessels that we have . Growth of a potentially multi decade ship built. It takes around three years to build a ship but support business. maintenance of the vessel will last for up to another 25 years and as our delivered vessel numbers grow . Growing workforce of over 5000 highly inexorably so does the potential for service and committed people. support revenue growth. We need to be close to our It is my pleasure to present to shareholders the customer to maintain a high quality of support and 2018 Annual Report on behalf of the Board of so we have undertaken a major expansion of our Austal Limited in the year that we have celebrated maintenance centre for the LCS in San Diego where the 30th birthday of the company. the LCS vessels are home ported. In particular the board is pleased that Austal’s For the future, the utility of both of the vessel FY2018 Earnings Before Interest Tax Depreciation classes that we produce in the USA is becoming and Amortisation (EBITDA) and Net Profit After Tax clearer, with new variants of the EPF being (NPAT) are some of the better results posted by the discussed in addition to the development program Company in those 30 years. FY2018 EBITDA of for the FFG(X) frigate. $102.319 million was 32.8 per cent higher than the Austal CEO David Singleton, began to inform the FY2017 result and was the second time that it has market of a resurgence in our core high speed ferry reached the $100 million mark. The Company’s market in early 2016. This market continued to NPAT of $39.028 million was 25.6 per cent higher gather momentum through last year and is delivering than the prior corresponding period. construction opportunities and contracts in advance of our previous expectations. 16 Austal Limited | Annual Report 2018 Our analysis of international ferry fleet renewal Board and Executive Management. requirements plus route expansions indicates a favourable outlook for civil ferry construction for We received the resignation of Jim McDowell as a several years to come at least. In response, we have non-executive director of Austal Limited in early implemented a major expansion of our Asian-based August 2018. Jim joined the Board more than three
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