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Financial Report 2019

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Financial Report 2019 Financial Report 31 December 2019 John Holland Pty Ltd ABN 11 004 282 268 This financial report contains the financial statements of the consolidated entity consisting of John Holland Pty Ltd and its controlled entities. John Holland Pty Ltd is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 5, 380 St Kilda Road Melbourne Victoria 3004 Front cover: Sydney Metro Northwest Contents Directors’ Report ....................................................................2 Auditor’s Independence Declaration ...............................................................................5 Consolidated Statement of Profit or Loss........................................................................6 Consolidated Statement of Other Comprehensive Income ..................................7 Consolidated Statement of Financial Position ..............................................................8 Consolidated Statement of Changes in Equity .............................................................9 Consolidated Statement of Cash Flows........................................................................ 10 Notes to the Consolidated Financial Statements ........................................................ 11 Directors’ Declaration ...................................................... 39 Independent Auditor’s Report ...................................... 40 1 John Holland Financial Report 2019 Directors’ Report for the year ended 31 December 2019 The Directors present their report on the consolidated entity consisting of John Holland Pty Ltd (‘the Company’) and the entities it controlled (together, ‘the Group’) at the end of, or during, the year ended 31 December 2019. DIRECTORS The following persons were Directors of John Holland Pty Ltd during the whole of the year and up to the date of this report unless otherwise indicated: J.D. Barr, R.L. Heale, D.A. Ray, Russell Cuttler was a Director BBldg, DipMgt BE(Hons), MConstLaw, BCom, CA, CMA, MAICD of John Holland Pty Ltd (Chairman) FIEAust, FAICD Mr Ray is the Company’s during the year until his Mr Barr joined the Company Mr Heale was appointed Chief Financial Officer and resignation from the Board in September 2016 and was Chief Operating Officer of the Company Secretary. After on 30 September 2019. subsequently appointed Company in September 2017. more than seven years with a the Chief Executive Officer Prior to this he held the dual major chartered accounting (CEO) in November 2016. role of Director and Executive firm, he joined the Company He has significant company General Manager VIC/SA/ in 1994 and has held the senior leadership experience both in TAS at CPB Contractors Pty finance role in the Company Australia and internationally Ltd. Mr Heale brings over since the early 2000’s. He from roles including CEO of 30 years’ civil engineering was appointed Company Hansen Yuncken, Managing experience and has overseen Secretary in October 2003, Director of Nakheel PJSC in the delivery of many large became Chief Financial the United Arab Emirates, and complex engineering and Officer in January 2006, and Managing Director Asia building projects throughout and was appointed as a for Lend Lease Corporation. Australia and Asia spanning Director of the Company in Mr Barr has responsibility for rail, roads, bridges, airports, November 2012. the Company’s domestic wharves, power stations and and international operations water projects. Mr Heale and has a key focus on is a Registered Building strategy development and Practitioner in both Victoria, implementation, enhanced South Australia and Western profitability, innovation and Australia. people development. PRINCIPAL ACTIVITIES During the year, the principal activities of the consolidated entity included contracting for long-term construction and engineering projects and operation and maintenance of rail infrastructure (including through investments in associates). Geographically, the consolidated entity operates primarily in the Australian, New Zealand and South East Asia markets. CONSOLIDATED RESULTS The consolidated (loss) profit for the year attributable to the owner of John Holland Pty Ltd was: Year ended Year ended December 2019 December 2018 $’000 $’000 (Loss) profit before income tax expense (107,366) 87,889 Income tax benefit (expense) 23,989 (21,922) (Loss) profit attributable to the owner of John Holland Pty Ltd (83,377) 65,967 2 John Holland Financial Report 2019 Directors’ Report (continued) for the year ended 31 December 2019 REVIEW OF OPERATIONS * The consolidated entity has reported DIVIDENDS The Directors consider the underlying a loss before tax for the year ended No dividends have been paid, declared business to be in a strong position due 31 December 2019 of $(107,366,000) or determined by the Company in respect to its sound overall financial position, (2018: profit of $87,889,000) on revenue of the year ended 31 December 2019 or robust operating cashflow, solid pipeline of $3,962,814,000 (2018: $4,228,366,000). the year ended 31 December 2018. of infrastructure projects being tendered Loss after tax for the year ended 31 December 2019 was $(83,377,000) and the more than $5.4 billion of new work SIGNIFICANT CHANGES (2018: profit of $65,967,000). The current won in 2019, which included the Chisholm IN THE STATE OF AFFAIRS Road Prison ($895 million), Sydney year financial result reflects the impact There were no significant changes in the Football Stadium ($726 million), Victorian of margin write-downs on a small state of affairs of the consolidated entity Heart Hospital ($448 million) and North number of projects. that occurred during the year under West Program Alliance – Bell to Moreland At 31 December 2019, net cash review or subsequent to year-end. ($383 million) projects. is $743,040,000 (31 December In 2019, and in addition to securing and 2018: $642,967,000), net assets are EVENTS SUBSEQUENT delivering construction projects, the $735,334,000 (31 December 2018: TO BALANCE DATE Company: $825,987,000) and net current assets In respect of the West Gate Tunnel – completed the successful integration are $306,853,000 (31 December 2018: project, the Company, in conjunction of the RCR O’Donnell Griffin rail $564,503,000). with its joint venture partner CPB and transport business acquired in The increase in the consolidated entity’s Contractors Pty Limited (together, the February 2019; and cash balance from the previous year D&C Sub Contractor), issued Transurban – was awarded a $299 million contract end reflects a relatively strong operating WGT Co Pty Ltd (Transurban) on to deliver the new Waterloo metro cashflow of $63,204,000, especially 28 January 2020 a termination notice station (noting that the Company’s considering the Company’s loss result of the D&C Subcontract on the basis parent entity, John Holland Group Pty in 2019, which represents a continued of a Force Majeure Termination Event Ltd, was also awarded an integrated focus on working capital management. (the Event). The Event relates to issues development above it, together with The movement in the Company’s cash in respect of the presence, clarification joint venture partner Mirvac). balance during the year also reflects and disposal of per and polyfluorinated On the back of these achievements, repayment of loans of $255,611,000 by alkyl substances (PFAS) within the project and securing over $5.4 billion of new related parties and net cash outflows site. Transurban advised the Australian work during the year (as noted above), on property, plant and equipment Securities Exchange on 29 January levels of work in hand have increased (primarily in respect of major projects) 2020 that it does not consider the D&C to $13.3 billion at December 2019 as of $158,443,000. Subcontract has been validly terminated compared to $12.2 billion at the end and, as such, they consider the contract The reduction in the consolidated entity’s of 2018. remains valid. At the date of this report, net assets, and net current assets, as at the D&C Sub Contractor is, under protest, However, the Company is not immune 31 December 2019, as compared to the continuing works on site and commercial to the challenges experienced by previous year-end, reflects the loss result negotiations between the parties in the infrastructure and construction incurred for the year. The decrease in net respect of this matter are ongoing. industry in Australia. The Company has current assets also reflects a significant The accounting position adopted in been required to write-down margins increase in net deferred tax assets, due respect of this project as at 31 December on key projects in the current year to the difference between the timing 2019 incorporates all known facts and which has had a considerable impact of project profit recognition for tax and circumstances. on the consolidated entity’s 2019 accounting purposes, the considerable results. The successful management outlay on property, plant and equipment There have been no other transactions or of the challenges presented by major in the current year and the impact of the events subsequent to balance date of a infrastructure projects, together with adoption, in 2019, of the new accounting material and unusual nature likely, in the continuing to pursue other strategic standard in respect of leases. opinion of the Directors of the Company, opportunities, will be a focus of the to affect significantly the operations of In the opinion of the Directors, the Company
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