Downe r Gr oup 2013 Half Ye ar Re sults 14 F e b rua ry 2013 1
Disc la ime r e lia nc e on third pa rty informa tion R T his p re se nta tio n ma y c o nta in info rma tio n tha t ha s b e e n d e rive d fro m p ub lic ly a va ila b le so urc e s tha t ha ve no t b e e n ind e p e nd e ntly ve rifie d . No re p re se nta tio n o r wa rra nty is ma d e a s to the a c c ura c y, c o mp le te ne ss o r re lia b ility o f the info rma tio n. No re sp o nsib ility, wa rra nty o r lia b ility is a c c e p te d b y the Co mp a ny, its o ffic e rs, e mp lo ye e s, a g e nts o r c o ntra c to rs fo r a ny e rro rs, missta te me nts in o r o missio ns fro m this Pre se nta tio n. Pre se nta tion is a summa ry only T his Pre se nta tio n is info rma tio n in a summa ry fo rm o nly a nd d o e s no t p urp o rt to b e c o mp le te . I t sho uld b e re a d in c o njunc tio n with the Co mp a ny’ s Co nd e nse d Co nso lid a te d F ina nc ia l Re p o rt fo r the ha lf-ye a r e nd e d 31 De c e mb e r 2012. Any info rma tio n o r o p inio ns e xp re sse d in this Pre se nta tio n a re sub je c t to c ha ng e witho ut no tic e a nd the Co mp a ny is no t und e r a ny o b lig a tio n to up d a te o r ke e p c urre nt the info rma tio n c o nta ine d within this Pre se nta tio n. Not inve stme nt a dvic e T his Pre se nta tio n is no t inte nd e d a nd sho uld no t b e c o nsid e re d to b e the g iving o f inve stme nt a d vic e b y the Co mp a ny o r a ny o f its sha re ho ld e rs, d ire c to rs, o ffic e rs, a g e nts, e mp lo ye e s o r a d vise rs. T he info rma tio n p ro vid e d in this Pre se nta tio n ha s b e e n p re p a re d witho ut ta king into a c c o unt the re c ip ie nt’ s inve stme nt o b je c tive s, fina nc ia l c irc umsta nc e s o r p a rtic ula r ne e d s. Ea c h p a rty to who m this Pre se nta tio n is ma d e a va ila b le must ma ke its o wn ind e p e nd e nt a sse ssme nt o f the Co mp a ny a fte r ma king suc h inve stig a tio ns a nd ta king suc h a d vic e a s ma y b e d e e me d ne c e ssa ry. No offe r of se c uritie s No thing in this Pre se nta tio n sho uld b e c o nstrue d a s e ithe r a n o ffe r to se ll o r a so lic ita tio n o f a n o ffe r to b uy o r se ll Co mp a ny se c uritie s in a ny jurisd ic tio n. F orwa rd looking sta te me nts T his Pre se nta tio n ma y inc lud e fo rwa rd -lo o king sta te me nts. Altho ug h the Co mp a ny b e lie ve s the e xp e c ta tio ns e xp re sse d in suc h fo rwa rd -lo o king sta te me nts a re b a se d o n re a so na b le a ssump tio ns, the se sta te me nts a re no t g ua ra nte e s o r p re d ic tio ns o f future p e rfo rma nc e , a nd invo lve b o th kno wn a nd unkno wn risks, unc e rta intie s a nd o the r fa c to rs, ma ny o f whic h a re b e yo nd the Co mp a ny’ s c o ntro l. As a re sult, a c tua l re sults o r d e ve lo p me nts ma y d iffe r ma te ria lly fro m tho se e xp re sse d in the sta te me nts c o nta ine d in this Pre se nta tio n. I nve sto rs a re c a utio ne d tha t sta te me nts c o nta ine d in this Pre se nta tio n a re no t g ua ra nte e s o r p ro je c tio ns o f future p e rfo rma nc e a nd a c tua l re sults o r d e ve lo p me nts ma y d iffe r ma te ria lly fro m tho se p ro je c te d in fo rwa rd -lo o king sta te me nts. No lia bility T o the ma ximum e xte nt p e rmitte d b y la w, ne ithe r the Co mp a ny no r its re la te d b o d ie s c o rp o ra te , d ire c to rs, e mp lo ye e s o r a g e nts, no r a ny o the r p e rso n, a c c e p ts a ny lia b ility, inc lud ing witho ut limita tio n a ny lia b ility a rising fro m fa ult o r ne g lig e nc e , fo r a ny d ire c t, ind ire c t o r c o nse q ue ntia l lo ss a rising fro m the use o f this Pre se nta tio n o r its c o nte nts o r o the rwise a rising in c o nne c tio n with it. S fina nc ia l informa tion Disc losure of non- IF R T hro ug ho ut this p re se nta tio n, the re a re o c c a sio ns whe re fina nc ia l info rma tio n is p re se nte d not in a c c o rd a nc e with a c c o unting sta nd a rd s. I n the se c irc umsta nc e s the c o mp a ny ha s p ro vid e d a re c o nc ilia tio n b e twe e n the sta tuto ry a nd una ud ite d (no n-I F RS) d isc lo sure s. T he re a re a numb e r o f re a so ns why c o mp a ny ha s c ho se n to d o this inc lud ing : to ma inta in a c o nsiste nc y o f d isc lo sure a c ro ss re p o rting p e rio d s; to d e mo nstra te ke y fina nc ia l ind ic a to rs in a c o mp a ra b le wa y to ho w the ma rke t a sse sse s the p e rfo rma nc e o f the c o mp a ny; to d e mo nstra te the imp a c t tha t sig nific a nt o ne -o ff ite ms ha ve ha d o n c o mp a ny p e rfo rma nc e . Whe re c o mp a ny e a rning s ha ve b e e n d isto rte d b y sig nific a nt ite ms, Ma na g e me nt ha ve use d the ir d isc re tio n in hig hlig hting the se . T he se ite ms a re sho rt-te rm in na ture a nd c o nsid e re d to b e o utsid e the no rma l c o urse o f b usine ss. Una ud ite d numb e rs use d thro ug ho ut a re la b e lle d a c c o rd ing ly. 2
F ina nc ia l ove rvie w Re ve nue o ta l re ve nue 1 $4.7 b illio n, up 20.2% (inc lude s $0.3 b illio n in jo int ve nture s) • T 2 $180.8 millio n, up 12.7% (e xc luding Individua lly • Unde rlying E BIT Sig nific a nt Ite m o f $11.5 millio n) nings 3 E ar • Unde rlying NPAT $105.5 millio n, up 24.1% • ROF E 17.4%, up fro m 17.0% Cash F low • Ope ra ting c a sh flo w $184.0 millio n, up 71.8% 1 T o ta l re ve nue is a no n-sta tuto ry d isc lo sure a nd inc lud e s re ve nue fro m jo int ve nture s a nd o the r a llia nc e s a nd o the r inc o me . Note : the Co mp a ny c o nsid e rs T o ta l Re ve nue to b e a n a p p ro p ria te me a sure d ue to a n ind ustry tre nd to wa rd jo int ve nture mo d e ls to me e t the ne e d s o f e ng ine e ring , p ro c ure me nt a nd c o nstruc tio n (EPC) c usto me rs with re g a rd to la rg e sc a le inte g ra te d p ro je c ts. 2 Und e rlying EBI T is a no n-sta tuto ry d isc lo sure d e rive d b y a d d ing b a c k I nd ivid ua lly Sig nific a nt I te m ne t inte re st e xp e nse a nd ta x 3 e xp e nse to NPAT . 3. Se e Slid e 31 fo r re c o nc ilia tio n o f sta tuto ry re sult to und e rlying re sult.
F ina nc ia l ove rvie w Wor k-in-hand • Wo rk-in-ha nd 1 re ma ins stro ng a t $18.9 b illio n • Ne t de b t 2 $422.9 millio n • Ge a ring 3 19.7% (28.3% inc luding o ff-b a la nc e she e t de b t) Balanc e She e t • T o ta l a va ila b le liq uidity 4 $841.7 millio n (inc luding $214.9 millio n c a sh) • $292.1 millio n in ne w fina nc ing s c lo se d: De b t $142.1m, Bo nding $150.0m Capital • Re pa id NZ$150.0 millio n Wo rks b o nds manage me nt • Ro lle d o ve r $177.0 millio n in b ila te ra l de b t fa c ilitie s • Inte rim divide nd de c la re d: 10c ps (70% fra nke d) 1 Wo rk-in-ha nd numb e rs a re una ud ite d 2 Ad juste d fo r the ma rk-to -ma rke t o f d e b t re la te d d e riva tive s a nd d e fe rre d fina nc e c ha rg e s 3 Ge a ring = Ne t d e b t / ne t d e b t + e q uity. Ge a ring inc lud ing o ff-b a la nc e she e t d e b t inc lud e s the p re se nt va lue o f p la nt a nd e q uip me nt o p e ra ting le a se s d isc o unte d a t 10% p a : $255.1m (30 June 2012: $299.0m) 4 Re fe r to slid e 18 fo r b re a kd o wn 4
Wa ra ta h T ra in Proje c t • China c o ntinue s to pro duc e a t re q uire d thre e tra ins pe r mo nth • Ca rdiff no w o pe ra ting a t 3 da y T AKT time (T AKT = pulse time ) • 28 tra ins no w a va ila b le fo r pa sse ng e r se rvic e a nd pe rfo rming we ll • Pro je c t slig htly a he a d o f pre vio usly de c la re d pro g ra m 5
Ze ro Ha rm R do wn 29% 1 • L T IF R do wn 17% a nd T RIF Downer Group Safety Performance (12-month rolling frequency rates) Wo rkpla c e fa ta lity in Ne w Ze a la nd in Oc to b e r • 1.2 9.0 8.5 2012 0.93 1.0 8.0 0.77 7.5 7.72 0.8 LTIFR 7.0 TRIFR • Inte nsifie d fo c us o n c ritic a l risks 0.6 6.5 6.0 5.49 0.4 5.5 Ca rdina l rule s pro g ra m: • 5.0 0.2 4.5 F o c us o n a sse ssing , unde rsta nding a nd o 0.0 4.0 mitig a ting c ritic a l risks Pla nt-pe de stria n inte rfa c e , e ne rg y iso la tio n, o L T IF R: L ost T ime Injur y F r e que nc y Rate wo rking a t he ig hts, wo rking ne a r suspe nde d T RIF R: T otal Re c or dable Injur y F r e que nc y Rate lo a ds a nd ma inta ining a nd e nfo rc ing e xc lusio n zo ne s. 6 1 De c e mb e r 2012 c o mp a re d to De c e mb e r 2011 Sa fe ty ra te s p ub lishe d o n this slid e a re una ud ite d
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