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ASC Pty Ltd ANNUAL REPORT 07 CONTENTS

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ASC Pty Ltd ANNUAL REPORT 07 CONTENTS ASC Pty Ltd ANNUAL REPORT 07 CONTENTS THE COMPANY 3 Performance Summary 3 Company Values 4 Company Profile 5 Chairman’s Report 6 Board of Directors 8 Managing Director’s Report 10 Executive Group 12 REVIEW OF OPERATIONS 15 Submarines 15 Ships 21 Design and Engineering 24 Infrastructure Development 26 Safety Performance 28 Employer Performance 32 Corporate GOVERNANCE 38 FINANCIAL REPORT 42 CORPORATE DIRECTORY 85 Some photographs in the ASC Pty Ltd 2007 Annual Report appear courtesy of the Royal Australian Navy and Navantia. 2007 HIGHLIGHTS Continued achievement of a best practice occupational health and safety record. Completion of HMAS Waller’s full-cycle docking, including first-time implementation of the replacement combat system and heavyweight torpedo capability upgrades. ASC concludes Phase 2 of the Hobart Class Air Warfare Destroyer Program, following Second Pass Approval in June 2007. Commencement of construction of our $35-million submarine maintenance and upgrade facility in Western Australia. Achievement of our highest ever submarine ‘continuous improvement to designer’ rating. Mr Geoffrey Phillips, Mr Michael Terlet AO and Dr Bill Schofield AM appointed directors. Selection of construction contractor Hansen Yuncken to develop our $100- million shipyard infrastructure at Osborne, South Australia. Australian Government’s selection of Navantia’s F100 ‘Existing Design’ for the Hobart Class Air Warfare Destroyer Program. ASC records $29.6 million profit after tax. ASC Pty Ltd ANNUAL REPORT 07_1 ASC Pty Ltd ANNUAL REPORT 07 THE COMPANY PERFORMANCE SUMMARY Customer Outcomes 89% of performance incentives Improvement on 2005/06 achieved – an improvement on 22% improvement - all activities delivered on schedule 34% improvement 86.3% achieved in 2005/06 Sea Days Maintenance Completion Priority 2 Urgent Defects Performance Incentives (days early vs days late) 100% 30 80% days late + 3 25 60% + 2 40% + 1 20 on time 20% – 1 15 0% – 2 – 3 10 Completion Relationship Recoverables Design Report 67% 89% Defective Material Design Milestones Collins Rankin Available Sea Days Sheean Docking Docking days achieved days achieved 5 Aggregate Sea Days days early Farncomb Schedule Maintenance Certification Intermediate Intermediate Intermediate 2005/06 2006/07 Priority 2 Urgent Defects HMAS 06 06 06 06 07 07 07 HMAS HMAS Extension Docking HMAS Oct Feb Feb Jun Jun Dec Aug Sea days achieved April Achieved Sea days lost Availability Maintenance trend line Not achieved Shareholder Outcomes 20% increase 60% increase 60% increase 31% increase Total Revenue ($m) Operating Profit After Tax ($m) Dividend ($m) Shareholder’s Equity ($m) 400 30 30 160 350 25 25 140 300 20 20 120 250 15 15 100 200 10 10 80 150 5 5 60 100 0 0 40 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2002/03 2003/04 2004/05 2005/06 2006/07 Safety and Industrial Relations Outcomes Continued best practice occupational Improvement on 2005/06 - health and safety achievement 0 days lost due to industrial action Lost Time Injury Lost Time Injury Medically Treated Injury Lost Time Due to Industrial Frequency Rate (annual) Frequency Rate Frequency Rate Action 2007 (days) 50 14 40 1200 45 12 35 40 average 1000 30 35 10 800 25 30 8 25 20 600 6 average 20 15 4 400 15 10 10 2 200 5 5 0 0 0 0 06 06 06 06 06 06 07 07 07 07 07 07 05 05 05 05 06 06 06 06 06 06 07 07 07 Jul Oct Oct Oct Feb Feb Jan Feb Feb Feb Jun Jun Jun Jun Nov Sep Dec Aug Mar Dec Dec Aug Aug 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 May 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 April April April ASC Pty Ltd ANNUAL REPORT 07_3 COMpany valUES ASC aspires to a set of values which are the guiding principles that define how we conduct our business and what we stand for as a company. Performing Through Teaming and Pragmatic Excellence To perform in our complex technical and business environment, we work as a team and collaborate effectively with customers, partners and suppliers. We use our training, skills and experience in a pragmatic ‘can do’ manner to consistently achieve quality outcomes within schedule and budget constraints. Commitment to Customer Outcomes We are an output-centric team, focused on the delivery of all of our commitments – cost, schedule, technical performance and quality – to our customer. Successful teamwork and outstanding customer, supplier and internal relationships all require integrity and a willingness to consider the other party’s perspective. We are also committed to maintaining outstanding working relationships with our customers. Relentless Improvement and Learning To remain competitive we continually improve all aspects of the business, even those that are already achieving world’s best practice. Our commitment to improve our processes, skills and knowledge is relentless. We are never too old or too good to learn and try new ideas. Innovation is prized. Safety, Integrity and Empathy for Others in All Endeavours Our actions can critically impact the safety of our customer, colleagues and ourselves. We take this responsibility seriously at all times and never compromise safety. We are committed to developing new programs in an effort to eliminate all accidents. 4_ASC Pty Ltd ANNUAL REPORT 07 COMpany PROFILE The Best Conventional Air Warfare Destroyer Program Submarines in the World In May 2005, the Australian Government ASC was chosen in 1987 as the prime selected ASC as the shipbuilder for the Hobart contractor for the design, manufacture and Class Air Warfare Destroyer (AWD) Program. delivery of the Royal Australian Navy’s (RAN) The build program will see three of the most fleet of six Collins Class submarines. advanced and complex warships ever built Our submarine build program is still considered in Australia constructed at ASC’s South the most challenging engineering naval Australian facility. construction activity ever undertaken in Australia. AWDs are highly technical, complex and Now, Australia’s Collins Class submarines formidable warships. They will provide air are internationally recognised as the best defence for accompanying ships, in addition conventional (non-nuclear) submarines to land forces and infrastructure in coastal operating anywhere in the world. areas, and for self-protection against attacking missiles and aircraft. Maintaining Collins Class Submarines In short, ASC will deliver to the RAN Australia’s Today, ASC is responsible for the continuous most capable naval vessels. design enhancements, maintenance and support of the Collins Class submarines, Australia’s Largest High-End Skills Base under a 25-year, multi-billion dollar Through- ASC has evolved into Australia’s largest Life Support (TLS) contract signed in 2003. specialised defence shipbuilding organisation, Our world-class team of designers and with naval design and engineering resources engineers is constantly developing and unparalleled in Australia’s defence industry. implementing upgrades which will ensure We employ more than 1,000 of the very the submarines remain at the cutting edge of best people in the business, including over submarine technology. 250 engineering and technical specialists in Some of our design enhancements include varying disciplines such as combat systems, a replacement combat system, incorporation communication, weapons, materials, logistics, of heavyweight torpedoes, special forces software, acoustics, electronics and naval modifications and enhanced communications architecture. capabilities. In addition, we partner with 1,400 of the This work, which is carried out at ASC’s South world’s most experienced and respected Australian and Western Australian facilities, submarine, shipbuilding and technology will keep the submarines at the forefront companies, suppliers, university and capability of Australia’s naval design capabilities partners, such as General Dynamics Electric throughout their operational lives. Boat and General Dynamics Bath Iron Works. ASC Pty Ltd ANNUAL REPORT 07_5 ASC Pty Ltd ANNUAL REPORT 07 THE COMPANY CHAIRMAN’S REPORT Overview overdue and would not have been possible 1. Preserve and enhance the long-term Financial Year 2006/07 marks ASC’s ‘coming without the generous financial contribution viability of ASC, both financially and of age’ as Australia’s leading naval defence from the Western Australian Government to operationally; contractor for both submarines and ships. upgrade the AMC. 2. Enable ASC to contribute to an efficient The company is achieving unprecedented ASC is indeed fortunate to enjoy the support and competitive Naval Shipbuilding and levels of efficiency and effectiveness in the of both the Western Australian and South Repair sector; maintenance of the Collins Class submarines, Australian State Governments. 3. Fair and equitable treatment of ASC’s while our contribution to the Air Warfare employees; Destroyer (AWD) Alliance placed the program Air Warfare Destroyer Program in a strong position heading to Phase Three. The AWD Program entered its final, pre- 4. Minimise ongoing risk and liabilities to construction phase with the completion of the Commonwealth; and These operational achievements have resulted business cases for Gibbs & Cox’s ‘Evolved in a strong financial performance with annual 5. Subject to the above, to maximise sale Design’ and Navantia’s F100 ‘Existing Design’. revenue of $312.4m (2006: $260.9m), profit proceeds, and to achieve a value-for-money This led to the Commonwealth considering after tax of $29.6m (2006: $18.5m) and a fully outcome for the Commonwealth on a each ship option and selecting the ‘Existing franked dividend of $17.8m (2006: $11.1m). whole-of-Government basis. Design’ at Second Pass on 27 June 2007. Collins Class Submarines The challenge of contributing to the Board The third full year under the submarine consideration of two competing designs while Sadly, General (Rtd) John Baker, a valued Through-Life Support (TLS) contract has maintaining high standards of probity should member of ASC’s Board and Audit Committee, seen ASC complete the transition from the not be underestimated.
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