For personal use only

9 March 2022

Paddy Gregg, Chief Executive Officer

Geoff Buchanan, Interim Chief Financial Officer

  1. Welcome to FY2022 H1 results Euroz Conference
  2. Introduce Geoff Buchanan as Interim CFO

1

For personal use only

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

  1. Some significant orders in the half as per ASX announcements
  2. Still lots of ships to deliver
  3. Good delivery performance as we deliver ships to customer expectations. Not many people can proudly say that
  4. Experienced workforce with Covid vaccination c.100% so ready for the future
  5. China divested as forecast and announced
  6. Service centres in USA/ Australia, Singapore and Oman. Growing in number as we increase revenue and future opportunity

2

2

For personal use only

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

  1. Revenue down due to reduced materials as LCS tapers and some movement in manhours due to improved efficiency in build and Covid delays
  2. EBIT up due to strong performance on programs, and the release of some risk contingency in the US. Record for a half year.
  3. NPAT reduction driven by increased effective tax rate and recognition of tax losses in the previous period.as
  4. Dividend remains consistent with strong cash and investment in the business
  5. Operating cash down as a result of some program milestone movements ‐ EPF 13 variations. Mols2 Covid delays.
  6. Net cash reduced for positive reasons, due to investment in the business predominantly on steel in the US and San Diego MGBW purchase.

3

3

For personal use only

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

4

  1. Lots of opportunities that we are well placed to execute
  2. Programmes to bid for and win in shipbuilding and support
  3. All the investments we have made complement the long term growth strategy
  4. 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.
  5. The future looks like:
    1. USA‐ replace LCS revenue, diversify shipbuilding and grow sustainment both organically and inorganically.
    2. 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).
    3. Philippines‐ seek to win PNOPV and build Navy vessels in steel for the next 7 years
    4. Vietnam‐ deliver commercial work resurgence driven by ageing fleet and emissions regulations
  6. Additive opportunities include things like subcontract work, one off vessels, that can improve profitability

4

For personal use only

Expanding Shipbuilding

New Steel Shipbuilding Facilities

Philippine Navy OPV

Austal USA

Austal Philippines

Future-ready Fast Ferries - Pathways to Net Zero Emissions

5

  1. We continue to expand our capabilities and product offerings.
  2. The Steel facility will open ahead of schedule in Mid April in the US.
  3. The PN have approved budget in December 2021 and we are in negotiation with them for 6 OPV's with a steel hull.
  4. 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.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.