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9 March 2022
Paddy Gregg, Chief Executive Officer
Geoff Buchanan, Interim Chief Financial Officer
- Welcome to FY2022 H1 results Euroz Conference
- Introduce Geoff Buchanan as Interim CFO
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FY2022 H1 Key Facts
$722 M | $2.2 B | 25 | 5 | 4,900 |
REVENUE | ORDER BOOK | SHIPS UNDER | SHIPS | EMPLOYEES |
CONSTRUCTION | DELIVERED | |||
OR SCHEDULED |
37 | ||
5 SHIPYARDS | 8 SERVICE CENTRES | VESSELS UNDER |
SUSTAINMENT | ||
IN 4 COUNTRIES | IN 4 COUNTRIES | CONTRACTS |
- Some significant orders in the half as per ASX announcements
- Still lots of ships to deliver
- Good delivery performance as we deliver ships to customer expectations. Not many people can proudly say that
- Experienced workforce with Covid vaccination c.100% so ready for the future
- China divested as forecast and announced
- Service centres in USA/ Australia, Singapore and Oman. Growing in number as we increase revenue and future opportunity
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Financial Headlines FY2022 H1
$ m | FY2022 H1 Change from PCP | |
Revenue | $ 722 m | (14%) |
EBIT | $ 71.1 m | 1% |
NPAT | $ 45.1 m | (14%) |
Interim Dividends Declared | 4 ¢ per share | - |
Operating Cash Flow | $ 43.1 m | (48%) |
Net Cash 1 | $ 188.7 m | (27%) |
FY2022 Full Year EBIT - minimum | $ 107.0 m | |
1. FY2021 excluded the notional debt of the CCPB 9 & 10 leasing program, completed during FY2022 H1
- Revenue down due to reduced materials as LCS tapers and some movement in manhours due to improved efficiency in build and Covid delays
- EBIT up due to strong performance on programs, and the release of some risk contingency in the US. Record for a half year.
- NPAT reduction driven by increased effective tax rate and recognition of tax losses in the previous period.as
- Dividend remains consistent with strong cash and investment in the business
- Operating cash down as a result of some program milestone movements ‐ EPF 13 variations. Mols2 Covid delays.
- Net cash reduced for positive reasons, due to investment in the business predominantly on steel in the US and San Diego MGBW purchase.
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FY2022 Operational Outlook Update
Current | • | Deliver LCS | • | Deliver Guardian program | • Deliver Mols Express 5 | • | Deliver the design |
• | Deliver EPF | • | Support from Darwin, | in December 2022 | and build contract | ||
Q2 2023 | |||||||
• | Deliver T-ATS | • | Deliver CCPB program | for 66 m catamaran | |||
• | San Diego | Cairns, Brisbane | |||||
Opportunities | • | Offshore Patrol Cutter | • | Army landing craft | • 30bn Peso budget | • | Future commercial |
• | Frigate 2nd source | • | Force Structure Plan | approved in | activity driven by | ||
• | T-AGOS | • | Support in Australia and | ||||
• | Light Amphibious | overseas | Philippines for PNOPV | ageing fleet and lower | |||
Warship | contract | emission requirements | |||||
• | Systems sales | ||||||
• | NGLS prelim design | ||||||
- Additive opportunities
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- Lots of opportunities that we are well placed to execute
- Programmes to bid for and win in shipbuilding and support
- All the investments we have made complement the long term growth strategy
- We are still in the forecast transition from LCS but we have delivered everything we said we would to ensure we make it through stronger and ready to grow in the future.
- The future looks like:
- USA‐ replace LCS revenue, diversify shipbuilding and grow sustainment both organically and inorganically.
- Australia‐ continue to win work announced as part of the Force Structure Plan, diversify shipbuilding and grow sustainment both organically and inorganically using systems to differentiate (MarineLink Smart/ LUSI).
- Philippines‐ seek to win PNOPV and build Navy vessels in steel for the next 7 years
- Vietnam‐ deliver commercial work resurgence driven by ageing fleet and emissions regulations
- Additive opportunities include things like subcontract work, one off vessels, that can improve profitability
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Expanding Shipbuilding
New Steel Shipbuilding Facilities | Philippine Navy OPV |
Austal USA | Austal Philippines |
Future-ready Fast Ferries - Pathways to Net Zero Emissions | 5 |
- We continue to expand our capabilities and product offerings.
- The Steel facility will open ahead of schedule in Mid April in the US.
- The PN have approved budget in December 2021 and we are in negotiation with them for 6 OPV's with a steel hull.
- Austal remains technology agnostic as we continue to see the fleet age and emission requirements tighten, resulting in an anticipated resurgence in the commercial market.
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Austal Limited published this content on 08 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2022 00:10:07 UTC.