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Austal Limited 2016 Annual Report

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Austal Limited 2016 Annual Report AUSTAL LIMITED 2016 ANNUAL REPORT HIEF EXECUTIVE OFFICER’S REPORT Contents Contents ..................................................................................................................................................................... 1 Index to the notes to the financial statements .......................................................................................................... 3 Chairman’s report ...................................................................................................................................................... 4 Chief Executive Officer’s report ................................................................................................................................. 6 Review of operations ................................................................................................................................................. 9 Directors’ report ....................................................................................................................................................... 12 Remuneration report (audited) ................................................................................................................................ 18 Auditor independence ............................................................................................................................................. 42 Consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2016 ..... 43 Consolidated statement of financial position as at 30 June 2016 ........................................................................... 44 Consolidated statement of changes in equity for the year ended 30 June 2016 ..................................................... 45 Consolidated statement of cash flows for the year ended 30 June 2016 ................................................................ 46 Notes to the financial statements ............................................................................................................................ 47 Directors’ declaration ............................................................................................................................................. 119 Independent audit report to the members of Austal Limited ................................................................................ 120 Shareholder information ....................................................................................................................................... 122 Corporate governance statement .......................................................................................................................... 123 Corporate directory ................................................................................................................................................ 123 1 | AUSTAL LIMITED ANNUAL REPORT 2016 HIEF EXECUTIVE OFFICER’S REPORT Independence variant Littoral Combat Ship USS Jackson (LCS 6) completing the first of three full-ship shock trials in 2016. (U.S. Navy photo by Mass Communication Specialist 2nd Class Michael Bevan/Released) 2 | AUSTAL LIMITED ANNUAL REPORT 2016 HIEF EXECUTIVE OFFICER’S REPORT Index to the notes to the financial statements Basis of preparation ............................................................................................................................................... 47 Current year performance ..................................................................................................................................... 57 Capital structure ..................................................................................................................................................... 75 Working capital ...................................................................................................................................................... 81 Infrastructure & other assets ................................................................................................................................. 86 Other liabilities ....................................................................................................................................................... 94 Financial risk management ................................................................................................................................... 96 Unrecognised items ............................................................................................................................................. 109 The Group, management and related parties ................................................................................................... 110 3 | AUSTAL LIMITED ANNUAL REPORT 2016 HIEF EXECUTIVE OFFICER’S REPORT Chairman’s report It is my pleasure to present the 2016 Annual Securing new commercial passenger ferry Report to you on behalf of the Board of Austal shipbuilding contracts with 2Go of the Limited. Philippines, Seaspovill of South Korea and Mols Linien of Denmark. 2016 has been a mixed year for the Company. On the one hand, we had to make substantial Establishment of a joint venture company, adjustments to previously recognised profits Aulong Shipbuilding Co. Ltd, with (and some forecast costs) out of the LCS Jianglong Shipbuilding Co. Ltd of China – program in relation to meeting the US Naval to actively target and win new commercial Vessel Rules and the related physical shock tests ferry and non-military vessel contracts in that were completed on those vessels in July mainland China. 2016. This was unfortunate, however I am pleased at how the executive team has Chief Executive Officer, David Singleton will developed its response into measures that will provide more detail in his report on the prevent similar issues from arising in future. operational achievements for the year, and the strategic direction and outlook for Austal. On the other hand, there was a substantial number of highlights during the year – these include: Financial results $1.3 billion Group Revenue. Austal reported a net loss after tax of $(84.182) million in FY2016, compared to a A contract to construct two additional Cape net profit of $53.156 million in FY2015. Class Patrol Boats for charter to the Royal FY2016 earnings (loss) before interest, tax, Australian Navy was received from the depreciation and amortisation (EBITDA) National Australia Bank in December 2015. was $(90.966) million for the year compared Littoral Combat Ship (LCS) 6 - USS Jackson to $109.539 million in FY2015. - was delivered to the US Navy and Revenue for the year decreased by 5 per successfully completed ‘Full Ship Shock cent from $1,414.888 million in FY2015 to Trials’ post year end. $1,339.970 million. LCS 8 – USS Montgomery – was delivered USA operations were the largest to the US Navy in June 2016. contributor to revenue, delivering Two Expeditionary Fast Transport (EPF) $1,133.024 million (FY2015: $1,119.703 ships were delivered to the US Navy; EPF6, million) and $(90.457) million loss before USNS Brunswick and EPF7, USNS Carson interest and tax (FY2015: $58.524 million) City. after recognising the write down to LCS work in progress. Long-lead procurement items were awarded for an eleventh and twelfth Australian operations contracted in FY2016 Expeditionary Fast Transport (EPF) from the following the completion of the original US Navy eight Cape Class Patrol Boats for the Australian Border Force with $187.054 The Commonwealth of Australia awarded a million in revenue (FY2015: $211.808 $305 million contract to design and million) and $6.756 million EBIT (FY2015: construct the Pacific Patrol Boat $32.149 million). The two additional CCPB 9 Replacement fleet of 19 metre vessels, to be & 10 supported construction activity during gifted to 12 Pacific Island nations from the year without making a contribution to 2018. revenue nor profit because of their The first of two 72 metre High Speed accounting treatment as a financing Support Vessels (HSSV) designed and arrangement. constructed by Austal Australia for the Royal Navy of Oman was delivered. 4 | AUSTAL LIMITED ANNUAL REPORT 2016 HIEF EXECUTIVE OFFICER’S REPORT Philippines operations reported a The Executive management team was $(3.766) million EBIT (FY2015: $0.992 strengthened with several key appointments million). Senior management changes have bringing added expertise to our operations in been executed to address the disappointing Australia and Philippines. Ben Marland joined us result from the Philippines shipyard and the in February 2016 as Vice President Sales and focus will be on restoring productivity and Marketing and Wayne Murray was promoted cost efficiency during FY2017. from within Austal to President, Austal Philippines, after 17 years with the company. Group net cash at year end was $51.707 million (FY2015: net debt $(4.169) Collectively, the Executive Leadership Team million), after generating operating cash (ELT) continues to implement strategic initiatives flow of $102.066 million (FY2015: 110.434 that are delivering against our key objectives. million). Strategy and governance The Board has continued its active engagement Financial summary in reviewing the development of the Group strategy proposed by Executive management. 2016 2015 Year ended 30 June ’000 ’000 The annual review of the Group’s risk 1 Revenue $ 1,339,970 $ 1,414,888 management framework was conducted with involvement by the Audit and Risk committee EBITDA$ (90,966)
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