Downer EDI : Half Yearly Report and Accounts

Downer EDI Limited ABN 97 003 872 848

Triniti Business Campus

39 Delhi Road North Ryde NSW 2113

1800 DOWNERwww.downergroup.com

11 February 2021

Company Announcements Office ASX Limited

Exchange Centre

Level 4, 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Please find attached the following documents:

• 1. Appendix 4D - results for announcement to the market for the half-year ended

  31 December 2020;

• 2. Condensed Consolidated Half-year Financial Report dated 31 December 2020;

• 3. Market release dated 11 February 2021; and

• 4. Investor Presentation.

Yours sincerely,

Downer EDI Limited

Robert Regan Company Secretary

Page 1 of 1

Results for announcement to the market for the half-year ended 31 December 2020

Appendix 4D

31 Dec 2020	31 Dec 2019	%
$'m	$'m	change
Revenue from ordinary activities	5,789.7	6,506.6
Other income	36.6	2.3
Total revenue and other income from ordinary activities	5,826.3	6,508.9	(10.5%)
Total revenue including joint ventures and other income	6,116.0	6,838.5	(10.6%)
Earnings before interest and tax	162.4	180.4	(10.0%)
Earnings before interest and tax and amortisation of acquired
intangible assets (EBITA)	195.8	214.8	(8.8%)
Profit from ordinary activities after tax attributable to members of the
parent entity	73.9	86.3	(14.4%)
Profit from ordinary activities after tax and before amortisation of
acquired intangible assets (NPATA)	99.0	115.5	(14.3%)
Restated (i)	%
31 Dec 2020	31 Dec 2019	change
cents	cents
Basic earnings per share	10.3	13.7	(24.8%)
Diluted earnings per share (ii)	10.2	13.7	(25.5%)
Net tangible asset backing per ordinary share (iii)	29.1	(0.3)	>100.0%

(i) Basic and diluted EPS calculations for December 2019 were restated as a result of 106.6 million shares issued from the capital raising announced on 21 July 2020. Under the entitlement offer, 1 new share for each 5.58 outstanding shares were issued at a discounted price of $3.75 per share. As a result of the new shares issued, the weighted average number of ordinary shares (WANOS) to calculate EPS needs to be adjusted by a theoretical ex-rights price (TERP) factor. The adjustment factor of 0.9817 was utilised to restate the 31 December 2019 WANOS for the basic and diluted EPS calculations.

• (ii) At 31 December 2019, the ROADS were anti-dilutive and consequently, diluted EPS remained at 13.7 cents per share.

• (iii) The net tangible asset backing per ordinary share as at 31 December 2019 has been restated to reflect the correction of payroll benefit provisions (Refer Note D1 of the Annual Report 30 June 2020). The intangible assets balance have been tax effected.

  Dividend	31 Dec 2020	31 Dec 2019
  Interim	Interim(iv)
  Dividend per share (cents)	9.0	14.0
  Franked amount per share (cents)	0.0	0.0
  Conduit foreign income (CFI)	100%	100%
  Dividend record date	25/02/2021	26/02/2020
  Dividend payable date	25/03/2021	25/09/2020

• (iv) The payment of the dividend declared for the comparative period was deferred and paid on 25 September 2020.

Redeemable Optionally Adjustable Distributing Securities (ROADS)

Dividend per ROADS (in Australian cents)

1.45	1.87
100%	100%
ROADS payment date	Quarter 1 Quarter 2
Instalment date FY2021	15/09/2020 15/12/2020
Instalment date FY2020	16/09/2019 16/12/2019

New Zealand imputation credit percentage per ROADS

Downer EDI's Dividend Reinvestment Plan (DRP) has been suspended.

For commentary on the results for the period and review of operations, please refer to the Directors' Report and separate media release.

1

Condensed Consolidated Financial Report for the half-year ended 31 December 2020

Contents

Directors' Report Page 2

Auditor's signed reports

Page 17

Page 18

Auditor's Independence Declaration Independent Auditor's Review Report

Financial Report

Page 20	Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Page 21	Condensed Consolidated Statement of Financial Position
Page 22	Condensed Consolidated Statement of Changes in Equity
Page 23	Condensed Consolidated Statement of Cash Flows

Notes to the condensed consolidated financial report

A	B	C	D
About This Report	Business	Capital structure and	Other disclosures
performance	financing
Page 24	Page 25 - 30	Page 31 - 37	Page 38 - 43

C1

B1

Segment informationBorrowings

D1

Trade receivables and contract assets

B2

Revenue and other income

C2

Financing facilities

D2

Trade payables and contract liabilities

B3

Employee benefits expense

C3

Issued capital

D3

Property, plant and equipment

B4

Individually significant items

C4

Non-controlling interest (NCI)

D4

Intangible assets

B5

Earnings per share

C5

Reserves

D5

Equity accounted investments

B6

Subsequent events

C6

Dividends

D6

Acquisition of businesses

D7

Disposal groups held for sale

D8

Contingent liabilities

Page 44

Directors' Declaration

1