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2017 for Personal Use Only Austin 2017 For personal use only Annual Report 2017 For personal use only Austin 2017 Austin is the leading designer and manufacturer of a range of customised mining and earthmoving equipment. Working in close partnership with its clients, be these mining companies, contractors or original equipment manufacturers (OEMs), Austin provides the lowest cost per tonne solution, enabling its clients to enhance productivity and maximise profitability. Austin’s core competitive advantage is in its engineering intellectual property, knowledge and experience. Through which its customised products provide compelling productivity gains for its clients. Contents Chairman’s review 6 Chief Executive Officer’s report 8 Operational and financial review 10 Director’s report 14 Auditor’s independence declaration 22 Audited remuneration report 23 Corporate governance statement 28 For personal use only Financial statements 31 Independent auditor’s report 76 Shareholder information 81 Company information 82 Products / services summary Renowned globally for its JEC and Westech brands, Austin designs and manufactures customised dump truck bodies, buckets, water tanks, tyre handlers and other ancillary products. With established business units in the world’s principal mining regions, Austin is a complete service provider, offering on and off-site repair and maintenance as well as heavy equipment lifting to its customers. PRODUCTS § Off-highway dump truck bodies § Buckets § Water tanks § Service modules § Tyre handlers § Ancillary attachments SERVICES § Equipment repair and maintenance § Specialised fabrication § Specialised machining and line boring § On-site maintenance and shut-down repairs § Heavy equipment lifting solutions Global locations Established in the world’s principal mining regions, Austin has a global footprint offering local support and expertise. The benefit to our clients is premium quality, cost effective solutions delivered on time and supported by repair and maintenance service options. The Group’s manufacturing processes adhere to strict safety and quality standards, using premium input materials and experienced workmanship. Head Office Austin Asia § Brisbane, QLD § Batam, Indonesia Austin Australia Austin Americas § Perth, WA § Wyoming, USA § Karratha, WA § Barranquilla, Colombia § Paraburdoo, WA § Antofagasta, Chile For personal use only § Hunter Valley, NSW § Calama, Chile § Mackay, QLD § Lima, Peru § Arequipa, Peru 4 Austin Engineering Limited | Annual Report 2017 Austin Engineering Limited | Annual Report 2017 REVENUE BY REGION Australia Asia Americas REVENUE BY CUSTOMER TYPE 58% Miners 4% OEM’s 35% Mining Contractors REVENUE BY COMMODITY 16% Other 4% 31% Iron Ore Gold 19% 30% Copper Coal REVENUE BY PRODUCT & SERVICE 6% 41% 4% Other Maintenance Buckets 8% Repairs For personal use only Crane Rental 41% Tray Bodies Austin Engineering Limited | Annual Report 2017 Austin Engineering Limited | Annual Report 2017 5 Chairman’s review Market conditions have improved throughout calendar and valuable experience that I feel has elevated Austin to year 2017 with major mining companies increasing their a new level of professionalism and leaves the Company spending on replacement components for their fleets. well positioned to take advantage of improving market Global commodity prices have strengthened which conditions. has resulted in increased opportunities for the mining services sector. New Chief Executive Officer The Company’s performance improved markedly from the In October 2016, the Company appointed Peter Forsyth first half of the year to the second half as a result of internal as Chief Executive Officer. Peter has worked in the industry strategies and improved market conditions. Austin’s order for over 35 years and held senior roles, spanning multiple book and committed work support a high proportion of domestic and international territories, at Caterpillar Inc. and the first half of the 2018 financial year expected revenues. Chesterfield Australia. Peter brings high quality business Orders received, tenders submitted and enquiry levels development and strategic focus to lead the organisation remain high. and improve operating performance. Financial position New Chief Financial Officer and Company Secretary Austin’s financial position has strengthened during the year Shortly before the appointment of Peter Forsyth, the to enable an increase in working capital of $12.5 million and Company appointed Christine Hayward as Chief Financial an increase in net debt of $6.2 million to fund the Group’s Officer and Company Secretary. Christine has over growth. Capital management remains a focus for the 20 years’ experience in senior financial and company Company with a refinancing of its Australian debt facilities secretarial roles including public and ASX listed companies. substantially complete. The Board considered a reduction Christine’s appointment provides the Company with an of debt leverage as the best use of the Company’s capital in enhanced level of rigour in the finance and governance the short term, consequently no dividend was declared for function. the year ended 30 June 2017. Governance and the Board The Board remains committed to delivering value to Austin is committed to operating under stringent corporate shareholders and will assess capital management initiatives governance, compliance, safety and risk management as the Company’s performance and leverage improves. For personal use only protocols. During the 2017 financial year changes were Executive management made to the Board together with the recent appointment of Peter Forsyth as Managing Director on 18 August 2017. During this financial year the Company has experienced A number of senior management positions were also a restructure of the Board and executive management created during the year to oversee global risk, safety and with a number of senior appointments made throughout human resources functions enhancing the Company’s the business. With new appointments come fresh ideas overarching governance function. 6 Austin Engineering Limited | Annual Report 2017 Austin Engineering Limited | Annual Report 2017 The Company operates in a cyclical market and Austin Global commodity prices have experienced fiscal pressures in recent years during the “ mining industry downturn. Strong corporate governance strengthened which has resulted provides the cornerstone of a stable and successful business for the long-term. The Board and executive in increased opportunities for the management continually monitor Company corporate mining services sector. governance practices in line with best practice and the ASX Corporate Governance Principles and Recommendations. The Company’s performance The Company’s corporate governance statement is available on Austin’s website, I would encourage our improved markedly from the first stakeholders to read this report. half of the year to the second Shareholders, financiers and suppliers half as a result of internal As touched upon previously, Austin has faced significant strategies and improved market challenges in recent years. Our shareholders, current financiers and suppliers have been instrumental in enabling conditions. the Company to maintain its market leading position during ” this time, I thank them for their continued support. The Board and executive management remain committed to delivering enhanced returns that our shareholders deserve. For personal use only Jim Walker Non-Executive Chairman Austin Engineering Limited | Annual Report 2017 Austin Engineering Limited | Annual Report 2017 7 Chief Executive Officer’s report During my first year at Austin During my first year at Austin I have encountered a business “ that has tremendous potential, loyal and committed people, I have encountered a business quality products and strong stakeholder relationships. I am that has tremendous potential, excited to be leading this business to effectively harness these internal qualities in an improving external market loyal and committed people, environment. quality products and strong We have been highly successful in filling our order book over the past nine to twelve months. This has resulted in stakeholder relationships. a positive performance for the second half of the 2017 I am excited to be leading this financial year and provides the basis of a strong outlook for the first half of the 2018 financial year. Market opportunities business to effectively harness continue to improve, including South America where the these internal qualities in an business units have performed below expectations in recent years. improving external market Financial performance environment. ” The Company reported normalised EBITDA of $14.3 million, which was at the higher end of guidance provided in February 2017. The net loss after tax of $27.6 million includes $19.8 million of non-cash impairments of intangible and property assets. The Company’s performance improved markedly in the second half of the financial year and recorded a net profit before tax and impairment charges of $3.8 million for that period. I am pleased with the improvement in results for the second half of the financial year, and my team and I are focussed on ensuring that the current profitability is sustainable into For personal use only the future. Specific initiatives to improve Company revenue include an expansion in the global business development function and targeted multilayer customer coverage. Austin continues to review operating costs through its global supply chain procurement initiatives
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