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Annual Report Right Solutions • Right Partner Right Solutions • Right Partner alsglobal.com alsglobal.com ABN 92 009 657 489 ANNUAL REPORT 2020 For personal use only Annual General Meeting The 69th AGM of ALS Limited will be held as a virtual on-line meeting commencing at 10.00 am on 29 July 2020. Financial calendar 2019–2020 Record date for final Dividend 9 June 2020 Final Dividend paid 6 July 2020 AGM (virtual on-line meeting) 29 July 2020 2020–2021 Half-Year End 30 September 2020 Half-Year results and Interim Dividend announced 19 November 2020 For personal use only Record Date for Interim Dividend 28 November 2020 Interim Dividend paid 16 December 2020 Note: Dates are subject to alteration Contents Global operations & Company profile 2 Financial highlights 4 Chairman’s and CEO’s Report 5 Financial report 8 Shareholders information 98 Principal group offices 101 For personal use only Global operations erations P O lobal 65+ Countries | G H 2020 arc 350+ 31 M Locations NDED E EAR Y E H T 40+ for Years of strong business ort performance P E R Our Vision Our Values INANCIAL F 15,000+ Staff worldwide ALS is committed to continuing We value efficiency, safety and nnual the strong and sustainable diversity in our workplaces. Our A | growth strategies which have people are dedicated to the values made us a successful global of quality, integrity, reliability For personal use only 40+ million company. We will maintain and innovation which ensures Processed samples per year the rewarding partnerships we we deliver the highest level share with our clients, business of customer service. We strive partners, shareholders and to provide opportunities for communities to identify and leadership and learning to develop $1.8+ billion develop new opportunities. our people and our business. Global revenue | ALS LIMITED AND ITS SUBSIDIARIES AND ITS ALS LIMITED | 2 ALS’s Corporate Governance Statement is available online at alsglobal.com under the Investors › Corporate Governance section. ALS is a leading testing, inspection and certification company headquartered in Brisbane, Australia. Our company upholds erations P O the values which are the foundation of our proud lobal tradition of excellence. | G H 2020 arc 31 M NDED E EAR Y E H T for ort P E Company profile R INANCIAL F ALS is the global benchmark for quality and integrity. The Company operates from more than 350 sites in over We have built our reputation on client service, innovation, 65 countries across Africa, Asia, Australia, Europe and the nnual A quality and technical excellence. Americas. | For personal use only With corporate headquarters based in Brisbane, Australia We operate one of the world’s largest analytical and testing we are one of the longest-established companies listed services businesses and our partnerships span across major on the Australian Securities Exchange (ASX Code: ALQ). sectors including mining, natural resources, environmental, The Company was founded in 1863 and listed on the food, pharmaceutical, industrial and inspection services. ASX in July 1952. We are an ASX100 company with a ALS is focused on driving growth by continuing to multibillion dollar market capitalisation. The ALS brand is successfully operate our existing businesses while pursuing well recognised internationally by both our customers and new opportunities. competitors for the delivery of high quality testing services. | ALS LIMITED AND ITS SUBSIDIARIES AND ITS ALS LIMITED | 3 Financial highlights (from Continuing operations) Sales revenue¹ Underlying Net Profit¹ Underlying Earnings¹ Dividend paid¹ ($m) after Tax ($m) per share cents) per share cents) 2020 10.0% up to 1,831.9 4.3% up to 188.8 5.4% up to 39.1 21.8% down to 17.6 2019 1,664.8 181.0 37.1 22.5 2018 1,446.9 142.2 28.4 17.0 2017 1,272.3 112.7 23.3 13.5 2016 1,239.0 108.4 21.7 13.5 Year at a glance¹ Dividends (from Continuing operations) The Company will pay a final, 31 March 2020 2019 partly-franked (70 per cent) Revenue ($m) 1,831.9 1,664.8 dividend for 2020 of 6.1 cents per share (2019: 11.5 cents) Underlying EBITDA* ($m) 378.8 352.9 at the 30 per cent tax rate Underlying EBIT* ($m) 297.9 281.1 (2019: 30 per cent). The total dividend for the year will be Underlying NPAT^ ($m) 188.8 181.0 17.6 cents (2019: 22.5 cents). ts Underlying earnings per share (cents) 39.1 37.1 H LIG H Statutory NPAT ($m) 127.8 152.6 IG H Statutory earnings per share (attributable to members) (cents) 26.5 31.3 Dividends per share (cents) 17.6 22.5 INANCIAL | F Gearing ratio (net debt/(net debt + total equity) (%)) 41.9 36.7 H 2020 arc Revenue Underlying Net Profit 31 M Total revenue from continuing operations for the consoli- Underlying net profit after tax from continuing operations, NDED E dated Group was $1,831.9 million for 2020, a 10 per cent attributable to equity holders of the Company, was $188.8 EAR increase on the $1,664.8 million recorded in 2019. million for a 4.3 per cent increase on the $181.0 million Y E H underlying net profit achieved in 2019. T The revenue generated by each Business segment was as for follows: The underlying profit contribution from ordinary activities, ort before interest, tax and corporate overheads for each P E 2020 2019 % R Business segment was as follows: Business Segment ($m) ($m) Change Life Sciences 939.2 831.4 13.0% 2020 2019 % INANCIAL Business Segment ($m) ($m) Change F Commodities 642.2 620.3 3.5% Life Sciences 143.9 124.4 15.7% nnual A | Industrial 250.5 213.1 17.6% Commodities 162.5 167.7 (3.1%) For personal use only Industrial 24.2 21.4 13.1% 1 Continuing operations excludes those Oil & Gas operations which are “held for sale”. ^ NPAT = Net profit after tax Underlying net profit is a non-IFRS disclosure and has been presented to assist in the assessment of the relevant performance of the Group from year to year. * EBITDA = EBIT plus depreciation and amortisation. EBIT = Earnings before interest and tax. The terms EBITDA and EBIT are non-IFRS disclosures. The calculations of EBITDA and EBIT are unaudited. Underlying EBIT and EBITDA represent the Group's EBIT and EBITDA from continuing operations adjusted for restructuring | ALS LIMITED AND ITS SUBSIDIARIES AND ITS ALS LIMITED | and other one-off items, amortisation and impairment of intangibles, divestments and other business closure costs as well as adjusted for AASB 16, applied 4 to the Group from 1 April 2019. Chairman’s and CEO’s report Despite COVID-19 impacting the final few months of our financial year, ALS achieved another strong year of growth with the 2020 financial year (FY2020) delivering revenue in excess of $1.8 billion, up 10.0 per cent compared to the prior year. This was achieved alongside ongoing investment in our technology and capability as we continue to grow our share of the global testing, inspection and certification market. This pleasing FY2020 performance and the strength of our balance sheet, mean that the Group is well positioned to manage through the ongoing impact of the unprecedented global economic crisis created by the COVID-19 pandemic. During the year the Group also made good progress against its strategic goals, with all divisions delivering positive organic growth, including a strong contribution from green field investments. ALS also grew inorganically with two acquisitions made in the year in the food and pharmaceutical markets. This aligns with our stated strategy of growing by acquisition in these two key markets. Financial Performance Strategy ort The Group achieved an underlying net profit after tax (NPAT) Your management team is highly experienced in managing P RE from continuing operations of $188.8 million, representing the Group through all economic cycles and has moved S a 4.3 per cent improvement on the previous years’ swiftly to strategically align operations to different client CEO’ AND comparative underlying result. Statutory NPAT was $127.8 demands in each market. Given the uncertainty created by S million, a decline of $24.8 million due to the net effect of the COVID-19 pandemic, ALS has tightened the criteria on ’ one-off gains from the sale of our China Environmental its acquisitions strategy until economic conditions stabilise. business and impairments to the Latin American Life We will continue to focus on the food and pharmaceutical AIRMAN Sciences business and Industrial division. sectors for acquisition-led growth in our Life Sciences | CH division. Group revenue from continuing operations was $1,831.9 H 2020 million, up 10.0 per cent from $1,664.8 million recorded for Despite this challenging economic environment, the key arc the same comparative businesses in financial year 2019. elements of our long-term strategy remain on track, with 31 M a continued focus on organic growth opportunities and As part of our prudent and conservative capital NDED developing new capabilities and markets. An example of E management plan, we continue to maintain a strong this is the launch of human and surface COVID-19 testing EAR Y balance sheet with a conservative gearing level at 41.9 per E developed by the Life Sciences division in Europe which is H T cent, up marginally from 36.7 per cent compared to last now being rolled out across the globe. for year. The Group’s leverage ratio also rose to 2.1 times at year end, up from 1.8 times last year, still well within debt It is this type of initiative which demonstrates our ability ort P E covenants.
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