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08Annual Report ANNUAL REPORT 08 TRANSFIELD SERVICES LIMITED CONTENTS 2 Financial Highlights 4 Business Highlights 10 Chairman’s Report 12 Managing Director and Chief Executive Officer’s Report 14 Board of Directors 16 Key Management 17 Executive Management 18 Corporate Services 22 Review of Operations 22 Australia 24 New Zealand 26 North America 28 Emerging Markets 30 Review of Investment in Transfield Services Infrastructure Fund 32 Corporate Governance 35 Financial Report 128 Shareholder Information 129 Corporate Directory Notice of Annual General Meeting Shareholders are advised that the 2008 Annual General Meeting (AGM) of Transfield Services Limited (Company) will be held on Thursday, 23 October 2008, commencing at 10.00am at: The Theatre The Australian National Maritime Museum 2 Murray Street Darling Harbour, Sydney II TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 WE DELIVER ESSENTIAL SERVICES WE DELIVER ESSENTIAL INFRASTRUCTURE WE share our success IN LONG-TERM ALLIANCES AND PARTNERShIPS WE HAVE EXPERT SKILLS ACRoSS DIVERSE SECTORS AND REGIONS Transfield Services delivers essential services to the Resources and Industrial, Infrastructure Services and Property and Facilities Management sectors. And we deliver critical infrastructure projects. Transfield Services has more than 29,000 people delivering world class asset and project management and operations and maintenance services around the world. • We deliver mining, oil, gas, power, water and telecommunications services. • We develop and manage major projects and assets sustainably. • We deliver safe, efficient and reliable transport infrastructure and public transport services. As developers and long-term managers, operators and maintainers, sustainability is at the heart of our business. Safety is our number one priority. Our goal is no injuries to anyone, anytime. Our vision is to be a world class service provider. We are always looking for Better Ways. We are Partners for Change. TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 1 Financial highlights REVENUE* EBITA* NET PROFIT AFTER TAX# $3.66 Billion $156.4 Million $106.0 Million 4.0 $180 $120 3.5 $160 $100 $140 3.0 $120 $80 2.5 $100 2.0 $60 $80 1.5 $60 $40 1.0 $40 $20 0.5 $20 0.0 $0 $0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 * Including joint ventures. # Pre-amortisation. 2 TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 REVENUE BY INDUSTRY SECTOR REVENUE BY REGION Emerging Markets 2.3% Infrastructure North America Services 27.6% Resources & 32.8% Industrial Australia 39.0% 55.5% New Property & Zealand Facilities 14.6% Management 28.2% DELIVERING STRONG GROWTH Revenue up 31 per cent to $3 Billion; $3.66 Billion including joint ventures Organic revenue growth of 15 per cent Operating cash flow increased by 22 per cent to $216.3 million More than 60 per cent of our contracts are cost-reimbursable alliances WORK-IN-HAND* DIVIDEND PER SHARE UNDERLYING EARNINGS PER SHARE $11.0 Billion 36 cents 53.5 cents $12.0 50c 60c $10.0 50c 40c $8.0 40c 30c $6.0 30c 20c $4.0 20c 10c $2.0 10c $0.0 0c 0c 2004 2005 2006 2007 2008 2005 2006 2007 2008 2004 2005 2006 2007 2008 * Including joint ventures. TSI Fund contributed 7 cents to our underlying Earnings Per Share TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 3 Business highlights We deliver ESSENTIAL SERVICES To ThE RESOURCES & INDUSTRIAL SECTOR our expert skills in shutdowns, maintenance and sustaining capital works deliver world class results Our expert project management services deliver major infrastructure projects 4 TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 07-08 hIghLIghTS RESOURCES & INDUSTRIAL Our Canadian oil sands joint venture, Flint Transfield Services (FT Services), exceeded expectations and delivered revenue of more than $300 million since commencing operations in September 2007. We won new work with clients including Canadian Natural Resources Limited, New Zealand Refining Company, Frontier Refinery in the United States and Gasco in the United Arab Emirates. We project managed multi-million dollar shutdowns and turnarounds for Shell, Caltex, Woodside, Santos and Suncor Energy. We created a new joint venture, INSER Transfield Services S.A., in Chile to capitalise on asset and project management opportunities created by significant investment in the mining sector. TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 5 We deliver ESSENTIAL INFRASTRUCTURE SERVICES We deliver essential power, water, gas and telecommunications services We deliver safe, efficient and reliable transport infrastructure and public transport services 6 TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 07-08 hIghLIghTS INFRASTRUCTURE SERVICES Transfield Services purchased a wind farm development portfolio that has the potential to boost Australia’s renewable energy capacity by an additional 1,150 megawatts, which would more than double Australia’s current wind energy capacity. Our expert asset management, maintenance and sustaining capital works capabilities deliver essential services to Queensland’s Western Corridor Recycled Water pipeline and the Gippsland Water Factory in Australia, Transpower in New Zealand, the Florida Department of Transportation and Takreer in the United Arab Emirates. In the United States, we acquired transport infrastructure company VMS Inc., and in New Zealand, we acquired McBreen Jenkins Construction Ltd which doubled the size of our roads maintenance business. We delivered an innovative upgrade project at Kemerton Power Station for Transfield Services Infrastructure Fund. Our work increased Kemerton Power Station’s capacity by up to 40 megawatts without increasing greenhouse gas emissions. TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 7 WE DELIVER ESSENTIAL SERVICES To ThE PROPERTY & FACILITIES MANAGEMENT SECTOR We align asset performance with our clients’ business objectives We manage approximately 160,000 complex assets and facilities worldwide 8 TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 07-08 hIghLIghTS PROPERTY & FACILITIES MANAGEMENT US Maintenance went to market with a new, in-demand, integrated facilities management and maintenance services offering following the integration of the Horizon and Whelan’s acquisitions. We grew our facilities management work with Telstra and the Department of Defence in Australia and Housing New Zealand, and in the United States with Bank of America, Toys ‘R’ Us and Bed, Bath and Beyond. Our project management subsidiary, APP, expanded into North America and won new work in Australia and New Zealand. Transfield Mannai Facilities Management Services grew significantly and secured new clients such as Qatar Telecom, Qatar Foundation and ExxonMobil. TRANSFIELD SERVICES LIMITED I ANNUAL REPORT 2008 9 Chairman’s Report Transfield Services has delivered strong growth again this year – a clear We provide essential services to key industries and infrastructure that are demonstration of the high quality of our business, our people and our strategy. undergoing major growth and investment. We are well positioned in growth sectors and regions to expand our project and asset management, and The quality of our essential services underpins our many long-term client operations and maintenance services businesses. Our multi-sector strategy relationships. From this strong foundation, your Company has delivered good ensures we are not reliant on one sector. organic growth, record levels of revenue and work-in-hand, and an excellent operating cash flow. Our Australian and New Zealand businesses achieved good organic growth from our involvement in critical infrastructure projects such as the Western Corridor Our work-in-hand stood at $11 billion, up 21 per cent on the previous year. Recycled Water Pipeline in Queensland, a program of sustaining capital works This is a clear indication of continuing demand for the essential services we for Western Power in Western Australia and an upgrade of Meridian Energy’s deliver across key industry sectors. Benmore Power Station in New Zealand. Total revenue was up 31 per cent to $3 billion. Including our share in joint Our North American growth strategy delivered impressive results. Our Canadian ventures, revenue reached $3.66 billion. oil sands asset management joint venture exceeded expectations and delivered The Company’s Net Profit After Tax (pre-amortisation) was $106 million. more than $300 million in revenue. As this was the first full financial year result following the listing of Transfield Fifty four per cent of our revenue in the North American region was generated Services Infrastructure Fund (TSI Fund), the consolidated results are not by services provided to the Resources and Industrial sectors. directly comparable to the previous year. Your Company’s significant investment in the United States is securing a leading Following the listing of TSI Fund, more than 90 per cent of our earnings are position in the world’s largest outsourced services market. derived from our Services business. Services EBITA increased by 33 per cent to $151 million, demonstrating the strength of our core business. We acquired roads maintenance company VMS Inc., a leading provider of innovative transport infrastructure solutions. The American Society of Civil Underlying Earnings Per Share were 53.5 cents per share for the 12 months Engineers has estimated that US$1.6 trillion must be spent over five years to ending 30 June 2008. upgrade transport infrastructure in the United States. The Transfield Services Board declared a fully-franked final dividend of US Maintenance now offers
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