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Building on Strong Foundations

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Building on Strong Foundations Building on Strong Foundations ANNUAL REVIEW 2020 Our purpose Contents ‘To excel in creating sustainable solutions About BESIX Watpac 4 Highlights CY 2020 5 for a better world’ Message from the Chairman & CEO 6 Investment Capability 8 Smart Engineering 10 Our Local Operations 12 Project Highlights 14 Featured Project 16 Our People 18 Social Procurement 20 Community Benefit 21 Financial Results 22 QUEENSLAND COUNTRY BANK STADIUM, TOWNSVILLE FRONT COVER: DEAKIN UNIVERSITY LAW SCHOOL, BURWOOD BESIX WATPACBESIX WATPAC | 2020 ANNUAL | 2020 ANNUAL REVIEW REVIEW3 Highlights CY 2020 $12.2m $337.7m $477.7m Financial Performance Consolidated profit Cash & deposits Bank guarantee and before tax insurance bond facilities and Position About BESIX Watpac AWARDS 0.39 COVID-19 Health and Master Builders Awards (NQ), National LTIFR Effective Management Excellence in Workplace Health and Plan and response Safety BESIX Watpac is an Australian engineering-led multi-disciplinary contractor backed by Safety, North Queensland Stadium a century of global expertise and financial strength. A wholly owned subsidiary of the award-winning BESIX Group, we specialise in complex construction across key sectors. 21% 17% 202 ~$1.6m Employees with 10+ Females Indigenous workers on Paid to Indigenous People years at BESIX Watpac projects (July–Dec) businesses (July-Dec) $7.4B 13,000 25 5 Engin Work in hand Employees Countries Continents art eeri Sm ng g E s in x e E ip n c n u x h i c s t W i e Global strength Local experience Governance r o p e k n r t n Strategy i t With vast international experience and Leveraging our rich Australian history, BESIX Watpac is wholly owned by o o r n smart engineering capability, we have we strive to deliver excellence on BESIX Group. In Australia operations Our strategy revolves around operational a W a P the expertise and financial strength every project. Through effective are undertaken within a strong excellence. Achieving excellence in our l T to deliver large-scale complex collaboration, we proudly combine corporate governance framework, relationships, work winning initiatives, d e e infrastructure projects in key sectors. our extensive local experience, which aligns to the ASX principles for right through to our project execution - a t s m it is fundamental to how we operate across Whether it’s the tallest building in the partnerships and supply chain to Corporate Governance. u r world, the iconic Burj Khalifa, or the consistently achieve outstanding our business and it underpins our success. T R award winning One Central Park in results. And we do it all in a way that BESIX Watpac's corporate s e p i l a h t s i o n Sydney – from stadiums to schools, prioritises local economic benefits, governance encompasses important hospitals, bridges, port infrastructure, sustainability, social inclusion, and the areas including Strategy, Policies, Risk P y secure facilities, airports, defence people and communities we work with. Management Framework and Culture. r t o n j i e a c t t r C assets and rail stations, ours is e a reputation built on quality and certainty of delivery. 4 BESIX WATPAC | 2020 ANNUAL REVIEW 5 The new BESIX Watpac value proposition and brand has been widely showcased through a sophisticated new Looking to the future website and is proudly displayed in marketing materials and We will continue to position for large scale, complex on our sites and uniforms across the country. infrastructure and building projects across Australia and, for the first time, we have entered the market in A priority part of our growth strategy has been to ensure New Zealand. we have the right people in the right roles. To this end, we welcomed two new members to our Board during 2020 – We are confident 2021 will be a transformational year for Julieanne Alroe and Andrew Fraser, who bring considerable our business where we will see our new BESIX Watpac local credentials and knowledge. positioning realised, operationally. We also strengthened our leadership team welcoming highly Our efforts will remain steadfastly on execution and experienced appointments, General Manager Victoria/ deepening our relationships - building on a reputation South Australia Simon Ballard, and General Manager New underpinned by excellence with a team that is client- South Wales/ACT Peter Furlong. focused, collaborative, proactive and above all, delivers on its commitments. Operational excellence As we continue to traverse a period of uncertainty due to the Our firm commitment, and where we continue to strive, ongoing pandemic, it is reassuring to know that we have the Jean-Pol Bouharmont is toward operational excellence. This means excellence right team in place to navigate the challenges and deliver on CEO BESIX Watpac in relationships, work-winning and project execution. We our refocused strategy and our commitment to our clients. have committed substantial investment in support of new projects, alongside deepening our partnerships with clients, future clients and those we currently work with. In closing Finally, we would like to thank our colleagues and 2020 has been a strategic It was pleasing to see an improvement in our work health acknowledge the hard work and commitment of our people. Message and safety performance in 2020. Our Lost Time Injury With their unwavering dedication, we look forward to a year, repositioning the Frequency Rate (LTIFR) of 0.39 is an all-time low. Winning a successful and productive 2021. business as an engineering-led Master Builders Award for Excellence in Workplace Health from the Chief and Safety on one of our signature projects, the North multi-disciplinary contractor Queensland Stadium, was great recognition of our efforts. Executive Officer specialising in complex projects. Our reconciliation endeavours progressed with the launch of our Reflect Reconciliation Action Plan. This laid the foundation for our National Indigenous Participation Policy, which formalised BESIX Watpac’s ambitious Indigenous Jean-Pol Bouharmont employment targets on projects - aimed at increasing Chief Executive Officer It is extraordinary to reflect on 2020 and how quickly and contributors to our $920 million of 2020 turnover. While economic independence for Aboriginal and Torres Strait dramatically circumstances can change. The COVID-19 lower than the prior year, this revenue base represented Islander peoples in construction. global pandemic impacted us all, and the ramifications will BESIX Watpac’s selective tendering practices and alignment likely reverberate for many years. with a strategy to pursue more complex projects, including those in infrastructure and marine sectors. When the pandemic began to unfold, we moved quickly Board of Directors to protect first and foremost our people, our projects, and We finished 2020 strongly, winning an extension and resolutely - the trust our clients have placed in us. upgrade of a maximum-security prison in Melbourne, a commercial building in Sydney’s Macquarie Park, and the Through the periods of disruption and tangible uncertainty, ECI stage of a nationally significant medical and research we were extremely proud of the way our business adapted to facility for global vaccine manufacturer, Seqirus. the challenges and changing conditions; and the resilience, flexibility and fortitude demonstrated by our people. The company continued to maintain a strong balance sheet with substantial liquidity and has extensive capacity to provide While the prolonged border closures across Australia required performance bonding on new projects. This not only frustrated some of our operational efforts, our people provides financial and delivery certainty to all our stakeholders worked tirelessly to maintain connections and business but enables us to participate as an equity partner on projects momentum and project teams focused strongly on consistent with our diversification strategy. Rik Vandenberghe Johan Beerlandt Julieanne Alroe Pierre Sironval upholding operational excellence. Chairman BESIX Watpac Alternate Non-Executive Director Non-Executive Director Non-Executive Director Positioning for success BESIX Group Nominee BESIX Group Nominee BESIX Group Nominee Strong foundations 2020 has been a strategic year, repositioning the business Despite the upheaval of the past 12 months we delivered a as an engineering-led multi-disciplinary contractor commendable consolidated profit before tax of $12.2 million. specialising in complex projects. Projects such as Brisbane’s Herston Quarter STARS As part of the BESIX Group, we have greater diversity, building, Underdale High School, Fitzroy Gasworks High a stronger capability and can operate across all sectors School, Geelong Civic Centre, Singleton Mid Term Refresh, of building and complex infrastructure projects including Naval Guided Weapons Maintenance Facility, Hornsby stadiums, bridges, marine works, and large-scale Hospital, along with our first successful diversification into industrial projects. heavy industrial civil with Sun Metals in Townsville, were all Andrew Fraser Linda Evans Carlo Schreurs Martin Monro Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director BESIX Group Nominee 6 BESIX WATPAC | 2020 ANNUAL REVIEW 7 Investment Capability As a major part of the BESIX Group, we have the financial Partnering with BESIX Watpac INVESTMENT CASE STUDY strength to invest in our nation’s prosperity. With a strong appetite as an equity partner and a history of project as a financial investor provides investment, we have the fiscal
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