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Annual Report 2017 Enablers HEADS AND ‘ENABLERS’ - SPOT GLOSS ANNUAL REPORT 2017 ENABLERS SEVEN GROUP HOLDINGS LIMITED ABN 46 142 003 469 Annual Report 2017 A 16 INDUSTRIAL SERVICES ANTONIO TALITE PLANT MAINTENANCE AND COMPLIANCE OFFICER, COATES HIRE Antonio is one of the key people who transformed the way Coates Hire conducts maintenance on its hire equipment. See page 22 for more JOHN HUKKA TECHNICAL TRAINER – CONDUCTING CUSTOMER TRAINING ON A 16M GRADER 6 MD & CEO’S LETTER 24 MEDIA INVESTMENTS THERESE HEGARTY DIRECTOR OF CONTENT DISTRIBUTION & RIGHTS, SEVEN NETWORK Therese is closely involved in all Seven’s content initiatives and drives the expansion of Seven’s content business internationally. See page 24 for more Seven Group Holdings ENABLERS 28 ENERGY CONTENTS Group structure 2 Chairman’s letter 4 MD & CEO’s letter 6 JOEL THOMPSON BRANCH MANAGER – CONSTRUCTION/ Five year results 8 HIGHWAY TRUCKS, WESTRAC Operating and financial review 9 Industrial services 16 Media investments 24 Energy 28 30 OTHER Other investments 30 INVESTMENTS Risk factors associated with SGH 32 Corporate social responsibility 35 Board of Directors 40 Corporate governance statement 42 Directors’ report 52 Remuneration report 55 Auditor’s independence declaration 75 SALLY MCPHERSON Financial report 76 CHIEF OPERATING OFFICER, iSEEKPLANT Corporate directory 145 Meet Sally, who with brother Drew and childhood friend Matt has enabled thousands Company information 145 of project managers around Australia to find and hire almost any machine they need, in a few easy fingertip steps. See page 31 for more ENABLERSAnnual Report 2017 1 GROUP STRUCTURE Our market leading Industrial Services businesses are uniquely positioned to benefit from the mining production cycle and increased infrastructure investment on the East coast. The focus remains on enabling customer performance with a differentiated service, superior logistics and technology advances. 100% AUSTRALIA 46.5% 100% Discontinued operation 100% CHINA INDUSTRIAL SERVICES 2 Seven Group Holdings Seven West Media is focused on The Group is well positioned The Group will continue engaging its audiences and delivering to benefit from the current to explore opportunities value through powerful storytelling. As shortage in East coast gas to enhance the value of the most valuable marketing platform through its energy assets its listed investments in Australian broadcast history, the and targeted investments. as a store of value company is providing unprecedented and liquidity. opportunities to launch new brands, products and programs. LISTED PORTFOLIO Carrying value at June 2017 – $486.3m 22.7% PROPERTY PORTFOLIO Direct property investments AUSTRALIAN ASSETS Carrying value at June 2017 › Longtom field (100% ownership), – $29.4m Gippsland Basin VIC › Kings Square development, 100% › Crux field (15% ownership), Perth WA Browse Basin WA › Seven Hills (formerly › Echuca Shoals exploration permit Dianella studios, Perth WA) (100% ownership), Browse Basin WA Indirect property investments 50% INTERNATIONAL ASSETS Carrying value at June 2017 › 11.2% ownership in Bivins Ranch, – $26.2m Texas USA › Invested in unlisted property trust (Flagship – 47%) MEDIA OTHER INVESTMENTS ENERGY INVESTMENTS Annual Report 2017 3 Kerry Stokes AC Executive Chairman CHAIRMAN’S LETTER We have great assets, a strong management team and an engaged workforce, which will enable us to capture the opportunity of improving markets in which we operate. Kerry Stokes AC Executive Chairman 4 Seven Group Holdings A range of initiatives undertaken by your Board and I would also like to recognise the performance of the 24% Management over the past three years has ensured team in China, headed up by Lawrence Luo, who has Total Seven Group Holdings (SGH) has been well positioned been pivotal in organically building this business. As a shareholders return over to prosper through challenging market conditions. result of this transaction, SGH will be able to re-deploy 3 years A key component of these initiatives has been the capital into other investments. significant restructuring of our businesses, with the Our media interests are in a period of rapid change, support of an engaged workforce and committed especially in how we engage with our audiences of all ATTRACTIVE management. Our goal was to right-size the labour ages. Our capacity to connect with them across all EBIT force and refine the cost base to ensure we stayed media and all screens, particularly mobile devices, will Multiple competitive, while supporting our customers to improve determine our future. While Seven Network delivered a on sale of their efficiencies and increase production volumes. record revenue share above 40 per cent in the free to air WesTrac This has allowed them to adjust their respective market, it acknowledges that the pie is diminishing and China business models to meet the challenges. Today we are there is a need to adapt with new strategies. seeing the signs that market conditions, particularly for Unlike our overseas competition, free to air broadcasters our Industrial Services businesses in Australia, have need to comply with a range of local rules regarding started to improve. local program production and content, however we The Group’s Industrial Services operations, which recognise the Federal Government’s minor levelling of include WesTrac, Coates Hire and AllightSykes, have the playing field by eliminating television licence fees. effectively leveraged the resource production cycle and As we look to the future I’d like to pay tribute to new infrastructure investment cycle, particularly in the Professor Murray Wells, who elected to retire as eastern states of Australia, to create long-term value a Director in November 2016, after 20 years of for the Group. distinguished service. I thank Murray for his valuable SGH has continued to focus on creating shareholder work, particularly for his contribution as Chairman of the value through disciplined capital management. Our Audit & Risk Committee, where he played a critical role fundamental belief that we traded at a discount to in establishing the governance framework supporting theoretical value, supported the Group’s willingness to the Group. consider further on-market share buy-backs of both the We have great assets, a strong management team ordinary and TELYS4 shares. and an engaged workforce, which will enable us to The underlying strength of our businesses is now being capture the opportunity of improving markets in which appreciated by capital markets, with SGH positioned in we operate. We have a successful partnership with the top quartile of total shareholder returns over the last Caterpillar, we are creating new operating businesses three years against the ASX 100. that complement our presence in the mining and infrastructure sectors, and we have a major investment Our businesses continue to invest in world class and market-leading presence in media. facilities, which will enable us to continue to service our customers effectively. One such investment is the new We believe that the combination of our assets, people service centre and parts warehouse in Western Sydney, and opportunities will allow SGH to continue to deliver which will enable WesTrac NSW to work more closely shareholder value. On behalf of the Board I thank you, with customers in the fast growing South West region. our staff and shareholders, for your continuing support and commitment to your Company. It is also with some mixed emotion that today we announce the proposed sale of WesTrac China to Lei Shing Hong, subject to regulatory approval. WesTrac China commenced operations in 2000 in the territories of Hebei, Liaoning, Heilongjiang, Jilin, Shanxi, and Inner Mongolia. In partnership with Caterpillar, WesTrac China has forged close customer relationships and established a leading market presence in these territories. Annual Report 2017 5 Ryan Stokes Managing Director & Chief Executive Officer The focus this year has progressed from cutting costs and restructuring to utilising data and MD & CEO’S technology to better deliver compelling customer propositions with differentiated service. Our market leading Industrial Services businesses LETTER were uniquely positioned to benefit from the mining production cycle and increased infrastructure investment on the East coast. However it was the staff who captured these opportunities to deliver a The Annual Report this full year result substantially ahead of an original flat market earnings guidance. We are deeply grateful year highlights some for their efforts and will continue to focus on their development and engagement whilst increasing our of the exceptional attention on diversity. Our drive to improve operational performance has employees across our not just focused on systems and technology – many businesses who, with safety is paramount and we have made significant improvements with LTIFR and TRIFR down across their industry knowledge, WesTrac, Coates Hire and AllightSykes. Our focus remains on embedding a positive safety culture skills and tenacity are supported by the provision of safety leadership training at all levels. We continue to enhance our enabling the successful safety management systems to further improve and standardise hazard incident capture and transformation of our risk assessment processes which is extended to contractors. market leading businesses. This year we have benefited from ongoing demand for parts and services created by the high level of mining production. This demonstrates the strength of
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