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Annual Report 2021 Downer EDI Limited

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Annual Report 2021 Downer EDI Limited Annual Report 2021 Downer EDI Limited The Waratah fleet is the pride of Sydney’s network, delivering unprecedented reliability, availability, safety and comfort. Downer has delivered a total of 119 Waratah trains for the New South Wales Government, across Series 1 and Series 2 trains, making the combined fleet the largest of passenger trains in Australia, serving the largest suburban network. In 2019, Downer achieved the fastest rollout of a passenger train fleet in Australia’s history, delivering 24 world class Waratah Series 2 trains in 31 months. In July 2021, on the 10th anniversary of the first Waratah Series 1 train entering passenger service, the final Series 2 entered passenger service. Downer is also responsible for the through-life-support of the Waratah trains at the purpose-built Auburn Maintenance Centre. This Annual Report includes the Downer EDI Limited Directors’ Report, the Annual Financial Report and Independent Audit Report for the financial year ended 30 June 2021. The Annual Report is available on the Downer website www.downergroup.com. CONTENTS Annual Report 2021 Contents Directors’ Report Page 4 Auditor’s signed reports Page 52 Auditor’s Independence Declaration Page 53 Independent Auditor’s Report Financial Statements Page 61 Consolidated Statement of Profit or Loss and Other Comprehensive Income Page 62 Consolidated Statement of Financial Position Page 63 Consolidated Statement of Changes in Equity Page 64 Consolidated Statement of Cash Flows Notes to the consolidated financial statements A B C D E F G About this Business Operating assets Employee Capital structure Group Other report performance and liabilities benefits and financing structure Page 65–66 Page 67–80 Page 81–96 Page 97–99 Page 100–108 Page 109–119 Page 120–130 B1 C1 D1 E1 F1 G1 Segment Reconciliation of Employee benefits Borrowings Joint arrangements New accounting information cash and cash and associate standards equivalents entities B2 C2 D2 E2 F2 G2 Revenue Trade receivables Defined benefit Financing facilities Controlled entities Capital and and contract assets plan financial risk management B3 C3 D3 E3 F3 G3 Individually Inventories Key management Lease liabilities Related party Other financial significant items personnel information assets and liabilities compensation B4 C4 D4 E4 F4 Earnings per share Trade payables and Employee discount Commitments Parent entity contract liabilities share plan disclosures B5 C5 E5 F5 Taxation Property, plant and Issued capital Acquisition and equipment disposals of businesses B6 C6 E6 F6 Remuneration Right-of-use assets Non-controlling Disposal group of auditor interest (NCI) held for sale B7 C7 E7 Subsequent events Intangible assets Reserves C8 E8 Lease receivables Dividends C9 Other provisions C10 Contingent liabilities Page 131 Directors’ Declaration Other information Page 132 Sustainability Performance Summary 2021 Page 136 Corporate Governance Page 146 Information for Investors 2 Downer EDI Limited HIGHLIGHTS Highlights Downer’s Urban Services businesses performed well during the 2021 financial year, demonstrating their strength and resilience during a year of COVID-19 disruption. Total revenue was lower than the previous year, primarily due to the divestment of Mining and Laundries businesses, however Downer delivered an increase in earnings, with improved margins, and a very strong cash performance. Downer reported a statutory net profit after tax of $183.7 million. This strong overall performance resulted in the Board declaring a final dividend of 12 cents per share, taking total dividends for the year to 21 cents per share, unfranked. Total 8.8% Revenue1 decrease $12,234.2m Underlying2 0.7pp EBITA Margin increase 3.8% Underlying2 21.4% NPATA increase $261.2m EBITDA Cash 54.9pp Conversion increase 92.0% 1 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income. 2 Underlying EBITA and NPATA are non-IFRS measures that are used by Management to assess the performance of the business. They have been calculated from the statutory measures by adding back the impact of ISIs net of tax. Non-IFRS measures have not been subject to audit or review. HIGHLIGHTS Annual Report 2021 3 Downer’s strategy is to focus on its core Urban Services businesses. These businesses have: – demonstrated strength and resilience – leading market positions and attractive medium and long-term growth opportunities Downer brand guidelines Section: 02 Section: 01 Section: 02 Section: 03 Contents Introduction Brandmark Tool kit Photography Contact – a high proportion of governmentIcon set and government-related contracts We have a series of icons in our tool kit which can be used across different applications to add interest to the overall brand. Section: 01 Section: 02 Section: 03 Section: 01 Section: 02 Section: 03 Downer brand guidelines Section: 02– a capital light, services-basedDowner brand guidelines businessThese Section: can be 02 downloaded from themodel ‘Our Brand’ section of generating lower risk, Contents Introduction iDowner.Brandmark The icons Tool are coloured kit usingPhotography only the approved Contact tint Contents Introduction Brandmark Tool kit Photography Contact values from our Primary colour palette. Note that these icons have been modified slightly from our previous style to remove Icon set more predictable revenues andIconthe set cashblack box to provide flows. greater flexibility and a ‘cleaner’ design. We have a series of icons in our tool kit which can be used We haveThey a should series ofonly icons be usedin our sparingly. tool kit which can be used across different applications to add interest to the overall brand. across different applications to add interest to the overall brand. These can be downloaded from the ‘Our Brand’ section of These can be downloaded from the ‘Our Brand’ section of iDowner. The icons are coloured using only the approved tint iDowner. The icons are coloured using only the approved tint values from our Primary colour palette. Note that these icons values from our Primary colour palette. Note that these icons have been modified slightly from our previous style to remove have been modified slightly from our previous style to remove the black box to provide greater flexibility and a ‘cleaner’ design. the black box to provide greater flexibility and a ‘cleaner’ design. They should only be used sparingly. They should only be used sparingly. Downer brand guidelines Section: 02 Section: 01 Section: 02 Section: 03 ContentsDowner’s Introduction Brandmark ToolOperating kit Photography Contact Model Icon set We have a series of icons in our tool kit which can be used across different applications to add interest to the overall brand. These can be downloaded from the ‘Our Brand’ section of iDowner. The icons are coloured using only the approved tint values from our Primary colour palette. Note that these icons have been modified slightly from our previous style to remove the black box to provide greater flexibility and a ‘cleaner’ design. They should only be used sparingly. All icons displayed are sample only Transport Utilities Facilities Asset Services 33 All icons displayed are sample onlyRoad Services TelecommunicationsAll icons displayed are sample only Government Power and Energy 33 33 Rail and Transit Systems Water Health and Education Industrial and Marine Projects Power and Gas Defence Building Divested All icons displayed are sample only Mining 33 Laundries (Facilities) 4 Downer EDI Limited DIRECTORS’ REPORT Directors’ Report for the year ended 30 June 2021 The Directors of Downer EDI Limited submit the Annual Financial Report of the Company for the financial year ended 30 June 2021. In compliance with the provisions of the Corporations Act 2001 (Cth), the Directors’ Report is set out below. Board of Directors RICHARD MICHAEL HARDING (72) Chairman since November 2010, Independent Non-executive Director since July 2008 Mr Harding has held management positions around the world with British Petroleum (BP), including President and General Manager of BP Exploration Australia. Mr Harding is currently the Chairman of Horizon Oil Limited and a Director of Cleanaway Waste Management Limited. He is a former Chairman of Lynas Limited, Roc Oil Company Limited, Clough Limited and ARC Energy Limited and a former Director of Santos Limited. Mr Harding will retire from the Board on 30 September 2021. Mr Harding holds a Masters in Science, majoring in Mechanical Engineering. Mr Harding lives in Sydney. GRANT ANTHONY FENN (56) Managing Director and Chief Executive Officer since July 2010 Mr Fenn has over 30 years’ experience in operational management, strategic development and financial management. He joined Downer in October 2009 as Chief Financial Officer and was appointed Chief Executive Officer in July 2010. He was previously a member of the Qantas Executive Committee, holding a number of senior roles over 14 years, as well as Chairman of Star Track Express and a Director of Australian Air Express. He worked at KPMG for eight years before he joined Qantas. Mr Fenn is currently a Director of Sydney Airport Limited and Spotless Group Holdings Limited and a Member of the UTS Engineering and IT Industry Advisory Board. Mr Fenn holds a Bachelor of Economics from Macquarie University and is a member of the Australian Institute of Chartered Accountants. Mr Fenn lives in Sydney. PHILIP STUART GARLING (67) Independent Non-executive Director since November 2011 Mr Garling has over 40 years’ experience in the infrastructure, construction, development and investment sectors. He was the Global Head of Infrastructure at AMP Capital Investors, a role he held for nine years. Prior to this, Mr Garling was CEO of Tenix Infrastructure and a long-term senior executive at the Lend Lease Group, including five years as CEO of Lend Lease Capital Services. Mr Garling is currently the Chairman of Tellus Holdings Limited, Energy Queensland Limited and Newcastle Coal Infrastructure Group and a Director of Charter Hall Limited. He is a former Director of Spotless Group Holdings Limited and the NSW electricity distributor, Essential Energy and a past President of Water Polo Australia Limited.
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