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Annual R Eport 20 18 Annual Report 2018 CIMIC Group is an engineering-led construction, mining, services and public private partnerships leader with a history dating back to 1899. Peak Downs Coal Mine Thiess, Queensland, Australia CIMIC Group I Annual Report 2018 1 CIMIC Group I Annual Report 2018 2 Maintenance Docking of HMAS Toowoomba, Henderson Common User Facility UGL, Western Australia CIMIC Group I Annual Report 2018 3 Executive Chairman’s review CIMIC is in a strong position, with a high level of demand for our operations. Dear shareholders, This kind of proactive collaboration, as And CIMIC is at the forefront, leveraging a committed part of our culture, is at our world of experience and expertise, CIMIC Group has a unique the heart of our competitive advantage, using our culture of innovation, and position in our markets equipping us to win and execute the further building our capabilities and most sought after projects. skills, to lead the digital transformation in globally. A family of industry our industries. leaders, our businesses offer Our Principles – integrity, accountability, innovation and delivery, underpinned by For CIMIC Group, digital transformation integrated, engineering-led safety – are essential to this and were is not about technology adoption for the strength in construction, evident throughout the year. sake of it. It’s about changing the way we work so we’re adding more value to our mining, services and public Also crucial to our culture is our clients, stakeholders and communities. private partnerships (PPPs). commitment to continue to build a truly diverse global team, keeping them safe It is about turning insights into solutions In 2018, we focused on enhancing this and prioritising health and wellbeing in by producing results that are grounded collective capability, to provide our all that we do. We increased our focus in a deep understanding of our clients’ clients with enduring value across the this year on providing an inclusive needs, priorities, challenges and lifecycle of assets, infrastructure and workplace – one where our people feel a opportunities. resources projects. sense of belonging and safety. Thank you It is an approach that has driven Diversity of thought, experience and In summary, CIMIC is in an excellent performance for our shareholders and skills will only make our business position. Demand for our operations is clients, provided exciting opportunities stronger, so we are undertaking activities robust, led by the strong performance for our people, and will power the next (such as unconscious bias training) to of the mining sector, an increasing phase of our transformation through encourage greater intentionality by our level of infrastructure opportunities in digitalisation and innovation. people in the pursuit of different ways of Australia, and the trends towards more Shareholder returns thinking. outsourcing of services and for greater investment in PPPs. The value of our end-to-end offering Digital transformation is evident in our achievement of an With greater opportunities for our Our pipeline of work has further outstanding operational performance people to collaborate comes greater increased and we have a positive outlook and excellent returns for shareholders opportunities to work with the future for 2019 and beyond. during the year in review. in mind. In closing, I would like to thank you, We achieved improved returns in Our industries have always faced the our shareholders, for your continued 2018, reporting net profit after tax of traditional levers of change, such support. I look forward to updating you $781 million, an increase of 11% on as commodity cycles, infrastructure further on our Company’s performance 2017 and at the top of our profit investment levels and social priorities. at our Annual General Meeting on 11 April guidance range. Today they also face new change agents, 2019. Our strong performance enabled the with the greatest of these being digital transformation. Board to declare a final dividend of Sincerely 86 cents per share to be paid on In construction, mining, services and 4 July 2019 and franked at 100%. PPPs, we are seeing advances in Total dividends declared for 2018 were people, process and daily practice 156 cents per share, representing a due to digitalisation and intelligent payout ratio of 64.8%. technologies. Our people and culture The speed of data capture and Marcelino Fernández Verdes These results were possible because of information sharing, automation, artificial Executive Chairman our people’s passion and commitment to intelligence, augmented reality, machine work as a team. learning, advanced analytics, the Collaborating across our companies, our internet of things, digital collaboration, people secured and delivered work that 5D building information management, provided clients with the best outcomes drones and more are changing the way by combining our expertise across we work. construction, mining, services, PPPs and engineering. CIMIC Group I Annual Report 2018 4 Deep Tunnel Sewerage Phase 2 Contract T-09 Leighton Asia, Singapore Chief Executive Officer’s review Dear shareholders, – so that we know where the greatest strengthened our balance sheet. value lies for our projects and clients, Highlights of the 2018 result when 2018 was another successful and can solve problems collaboratively. compared with 2017 were: • Net profit after tax of $781 million, up year for CIMIC Group, with We have more work to do in 2019 to 11%, at the top end of guidance; strong, sustainable growth ensure we actively listen to client and • Revenue1 of $14.7 billion, up 9%, with in our profit, revenue and partner feedback, and take on board opportunities to improve our decision- all Operating Companies recording dividends. making and performance. growth; • Stable margins2; Behind this performance is a talented Fundamental to our approach to • Strong cash flows from operating team of around 50,000 people, who delivery, growth and sustainability is activities3 of $1.9 billion, up 22%; delivered exceptional results for our continual improvement and innovation. • Free operating cash flow4 of clients in more than 20 countries. Across our Operating Companies, we $1.2 billion, up 18%; and A safe and sustainable approach are building a reputation as a provider of choice with our clients, and creating • Net cash of $1.6 billion at 31 December Reflecting the importance of our 2018, up by $709 million. people to our success, we increased a positive legacy for our people, our focus on their development during stakeholders and communities. Further details on our performance are 2018, including expanding our safety This was evident in our sustainability contained in the Operating and Financial commitment and leadership programs, performance, including recognition by Review section within this Annual and giving greater attention to diversity the Dow Jones Sustainability Indices and Report. and inclusion. FTSE4Good Index. I encourage you to New work and outlook This will continue during 2019 as we review our Sustainability Report within With a focus on providing end-to-end advance on our digital transformation this Annual Report. capabilities for our clients, our work in 5 journey, upholding the behaviours Performance overview hand grew to $36.7 billion at the end necessary to support effective, practical In 2018, our operating performance of 2018, with the work in hand from our digital transformation, and developing was again strong, with an outstanding Operating Companies up $1.8 billion year new skills in our people. financial result and a growing and on year. diverse portfolio of work in hand across We also gave more focus to the * See page 9 for footnotes importance of being client-connected – our core businesses. listening to and learning from our clients We achieved net profit after tax at the top end of our guidance and further 8 CIMIC Group I CapabilityAnnual Report Statement 2018 5 This included reaching contractual Our services division UGL also further close on the Waikeria Corrections and increased its market share with a range Treatment Facility PPP in New Zealand, of project wins and extensions across using our financial strength through the oil and gas, mining and rail sectors. Pacific Partnerships and the expertise of CPB Contractors, to provide a whole-of- Our future Our robust work in hand position, life solution. combined with our focus on bidding We delivered an integrated approach discipline, means we are positioned to for Victoria’s Metro Tunnel project, achieve net profit after tax in the range combining our rail expertise in CPB of $790 million to $840 million in 2019, Contractors, UGL and EIC Activities to subject to market conditions. secure this project as the premier rail There are at least $130 billion of tenders services provider in the region. relevant to CIMIC Group expected to be We also applied our integrated approach bid and/or awarded in 2019, and around to secure the line-wide rail works for $300 billion of projects are coming Fundamental to our the Sydney Metro City and Southwest to the market in 2020 and beyond, project (Australia’s biggest public including about $120 billion worth of approach to growth transport project), with CPB Contractors PPP projects. and UGL working together to provide a and sustainability We are well positioned for this pipeline unique solution for our client. as we leverage our unique collaborative is continual In mining and mineral processing, Thiess offer, and our discipline and creativity, to and Sedgman achieved significant drive results that benefit our clients, our improvement and growth in Australia and overseas, further people and our shareholders. diversifying our portfolio by commodity Sincerely innovation. and geography. We secured mining works in NSW and Queensland, further extended our operations in the copper belt of Chile, and won work at the Pumpkin Hollow Copper concentrator in the USA. Michael Wright Chief Executive Officer CIMICCIMIC Group Group I I Capability Annual Report Statement 2018 69 $781m Amount of net profit after tax for 2018, an increase of 11% to the top end of guidance of $720m to $780m.
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