Appendix 4E Preliminary Final Report
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Appendix 4E Preliminary Final Report ABN 42 004 080 264 Financial Year Ended Previous Financial Year Ended (current period) (previous corresponding period) 30 September 2018 30 September 2017 Results for announcement to the market Extracts of the Incitec Pivot Limited results for the financial year ended 30 September 2018 $A mill Revenues from ordinary activities up $A mill 382.9 (11.0%) to 3,856.3 Net profit for the financial year attributable to members of Incitec Pivot Limited down $A mill 110.8 (34.8%) to 207.9 Profit after tax excluding individually material items attributable to members of Incitec Pivot Limited up $A mill 28.7 (9.0%) to 347.4 Franked amount Amount per security per security Dividends cents cents Current period Interim dividend 4.50 nil Final dividend 6.20 1.24 Previous corresponding period Interim dividend 4.50 nil Final dividend 4.90 nil Record date for determining entitlements to the final dividend: 23 November 2018 Payment date of final dividend: 17 December 2018 The Dividend Reinvestment Plan (DRP) has been suspended until further notice. The DRP will not be available for the 2018 final dividend. Current period Previous corresponding period Net tangible asset backing per ordinary security $1.04 $0.97 The information should be read in conjunction with the consolidated financial report, which is set out on pages 46 to 82. For the profit commentary and any other significant information needed by an investor to make an informed assessment of Incitec Pivot’s results, please refer to the accompanying Incitec Pivot Limited Profit Report. Conduit foreign income component: Current period Previous corresponding period Interim dividend Interim dividend Ordinary 4.50 cents Ordinary 4.50 cents Final dividend Final dividend Ordinary 4.96 cents Ordinary 4.90 cents Incitec Pivot Limited Contents Directors’ Report 1 Auditor’s Independence Declaration 44 Financial Report 45 Audit Report 84 Annual General Meeting The Annual General Meeting will be held as follows: Location The Melbourne Exhibition Centre The Clarendon Auditorium Level 2, 2 Clarendon Street South Wharf VIC 3006 Date 20 December 2018 Time 10.30 am Approximate date the annual report will be available 23 November 2018 Compliance Statement This report has been prepared under accounting policies which comply with the Corporations Act 2001 (Cth), the Accounting Standards and other mandatory professional reporting requirements in Australia, and the Corporations Regulations 2001 (Cth). This report uses the same accounting policies as the financial statements prepared under the Corporations Act 2001 (Cth). This gives a true and fair view of the matters disclosed. The financial report is based on accounts which have been audited. For further information, please contact: Investor Relations Chris Opperman T: 03 8695 4449 M: 0423 773 307 E: [email protected] Incitec Pivot Limited Directors’ Report The directors of Incitec Pivot Limited (the Company or IPL) present the directors’ report, together with the financial report, of the Company and its controlled entities (collectively referred to in this report as the Group) for the year ended 30 September 2018 and the related auditor’s report. Directors The directors of the Company during the financial year and up to the date of this report are: Name, qualifications and Experience special responsibilities Paul Brasher BEc(Hons), FCA Mr Brasher was appointed as a director on 29 September 2010 and became Chairman on 30 June 2012. He is a non-executive director of Amcor Limited, Deputy Chairman of the Essendon Non-executive Chairman Football Club and a board member of Teach For Australia. He is also a former director of Chairman of the Nominations Perpetual Limited. From 1982 to 2009, Mr Brasher was a partner of PricewaterhouseCoopers Committee (and its predecessor firm, Price Waterhouse), including five years as the Chairman of the Member of the Audit and Risk Global Board of PricewaterhouseCoopers. Management Committee Mr Brasher brings to the Board his local and global experience as a senior executive and director, particularly in the areas of strategy, finance, audit and risk management and public company governance, as well as his experience as a non-executive director of Australian companies with significant overseas operations. Directorships of listed entities within the past three years: • Director, Amcor Limited (since January 2014) Joseph Breunig BS(Chemical Mr Breunig was appointed as a director on 5 June 2017. Mr Breunig is a U.S. resident and is Engineering), MBA currently a non-executive director of Mineral Technologies Inc. Mr Breunig was previously Executive Vice President, Chemicals at Axiall Corporation (formerly Georgia Gulf Corporation) Non-executive director and, prior to that, spent 24 years at BASF Corporation where he held a number of senior Member of the Health, Safety, executive positions including Executive Vice President and Chief Operating Officer, BASF Environment and Community Corporation, and President, Market and Business Development, North America, BASF SE. Committee Mr Breunig brings considerable North American experience to the Board, as well as extensive leadership experience across industrial chemical manufacturing and process safety management. Directorships of listed entities within the past three years: • Director, Mineral Technologies Inc. (since November 2014) Kathryn Fagg FTSE, BE(Hons), Ms Fagg was appointed as a director on 15 April 2014. Ms Fagg is Chairman of Boral Limited, MCom(Hons), Hon.DBus(UNSW), Chair of the Melbourne Recital Centre, Chair of Breast Cancer Network Australia, a non- Hon.DChemEng(UQ) executive director of Djerriwarrh Investments Limited, a board member of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), a board member of Non-executive director the Grattan Institute and a board member of the Australian Centre for Innovation. Ms Fagg is Chairman of the Remuneration also President of Chief Executive Women. Ms Fagg was previously a non-executive member Committee of the Reserve Bank of Australia and President of Corporate Development at Linfox Logistics Member of the Health, Safety, Group. Prior to that, she held executive roles with BlueScope Steel and Australia and New Environment and Community Zealand Banking Group. Ms Fagg was also a consultant with McKinsey and Co. after Committee commencing her career as a chemical engineer. Ms Fagg brings to the Board extensive executive experience across a range of industries in Australia and Asia, including logistics, manufacturing, resources, banking, professional services and strategy consulting, as well as her experience in managing international subsidiaries for global businesses. Directorships of listed entities within the past three years: • Director, Boral Limited (since September 2014) and Chairman (since July 2018) • Director, Djerriwarrh Investments Limited (since May 2014) Incitec Pivot Limited 1 Directors’ Report Name, qualifications and Experience special responsibilities Brian Kruger BEc Mr Kruger was appointed as a director on 5 June 2017. Mr Kruger is the former Managing Director & CEO of Toll Holdings Limited, having joined Toll in 2009 as Chief Financial Officer, before Non-executive director being appointed Managing Director in 2012. Prior to joining Toll, Mr Kruger had a career spanning Chairman of the Audit and Risk 25 years in the resources and industrial sectors in Australia and the U.S., initially with BHP and Management Committee subsequently with BlueScope Steel which he joined on its demerger from BHP. During his time at Member of the Remuneration BlueScope, he held a number of senior corporate finance and management roles, including Committee President, North America & Corporate Strategy & Innovation, President, Australian Manufacturing Markets and was the company’s inaugural Chief Financial Officer. Mr Kruger is also Chairman of Racing Victoria Limited. Mr Kruger brings to the Board significant experience in the industrial sector and a deep knowledge of manufacturing operations including in North America, as well as executive leadership experience in the Australian listed company environment. Directorships of listed entities within the past three years: • Managing Director, Toll Holdings Limited (January 2012 to December 2016) Rebecca McGrath BTP(Hons), Ms McGrath was appointed as a director on 15 September 2011. Ms McGrath is currently MASc, FAICD Chairman of Oz Minerals Ltd. She is a non-executive director of Goodman Group, a non-executive director of ICPF Holdings Limited and independent Chairman of Scania Australia Pty Ltd. Non-executive director During her 23 year career with BP plc, Ms McGrath held a number of senior roles including Chairman of the Health, Safety, as Chief Financial Officer and Executive Board member for BP Australia and New Zealand. Environment and Community Committee Ms McGrath brings to the Board over 20 years’ experience in the international oil industry, Member of the Audit and Risk senior executive experience in operations and finance, an operational and strategic Management Committee understanding of occupational health and safety both as an executive and as a director Member of the Nominations and experience gained through significant exposure to manufacturing and supply chain Committee management. Directorships of listed entities within the past three years: • Director, Goodman Group (since April 2012) • Director, Oz Minerals Limited (since November 2010) and Chairman (since May 2017) • Director, CSR Limited (February