Watpac Limited. 30 June 2013 Full Year Results Presentation. 28 August 2013

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1 Watpac Limited 30 June 2013 Full Year Results Presentation 28 August

2 Disclaimer This presentation contains summary information about Watpac Limited and its subsidiaries ( Watpac ), and should be read in conjunction with other periodic and continuous disclosure announcements. While this results presentation is unaudited, it contains disclosures which are extracted or derived from Watpac s 2013 Financial Report which has been audited by the Group s independent auditor. Information contained within this presentation is not financial product or investment advice and is not a recommendation to acquire or sell Watpac shares. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision investors or potential investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek their own independent professional advice. Forward looking statements, opinions and estimates are based on assumptions which are subject to change. Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. All dollar values are in Australian dollars, unless otherwise stated. 2

3 Presentation overview Results summary Capital management Work in hand Strategic business review Inside the organisation Outlook Appendices 3

4 Results summary 4

5 Overview NPAT from continuing operations of $4.5M; net loss after tax attributable to members of $4.7M. Aggregate work in hand of $1.34B as at 30 June Strong cash position with $137.5M in cash and term deposits. Divested over $120M in property assets and eliminated property debt. Core businesses of Construction, National Mining and WA Civil performing well. Non-performing east coast civil operations discontinued (Qld & Vic). Difference between statutory and underlying result reflects property impairments ($10.9M post-tax), and prior year income tax adjustments ($1.8M). Focus remains on profitability and building long-term, sustainable shareholder value. 5

6 Financial overview statutory results FY13 Continuing Operations Discontinued Operations Group Total Revenue Turnover $1,475M $164M $1,639M Earnings EBITDA $66.0M $(12.1)M $53.9M EBIT $17.9M $(12.9)M $5.0M NPAT $4.5M $(9.2)M $(4.7)M Shareholder Returns EPS 2.45 cents (4.99) cents (2.54) cents DPS Nil 6

7 Financial overview statutory results Capital Strong cash position $137.5M (YE FY12 - $134.7M). Net debt ($26.6M) (YE FY12 - $66.2M). Net debt to equity (11)% (YE FY12-27%). All property debt eliminated - ahead of contractual maturity. Remaining gross debt of $110.9M supports income producing assets (plant & equipment) used in National Mining & WA Civil operation. 7

8 Group statutory result continuing operations Revenue from continuing operations up 25.3% on FY12. Includes $123.6M in property development inventory sales. Gross margin slightly higher than FY12, albeit % down impact of tighter construction sector. $78M reduction in impairment expense recorded on property development inventory assets. Renewed focus on cost saving initiatives benefits to flow from 1 July Significant decrease in net debt represented by reduction in net financing expenses. FY13 FY12 $M $M Revenue 1, ,177.4 Cost of sales (1,373.0) (1,075.7) Gross margin Other income Net property asset income Property holding costs expensed (5.1) (6.1) Net impairment expense (15.6) (93.6) Group overheads (70.5) (63.0) Net financing expenses (5.8) (6.4) Net profit before tax 7.5 (63.7) Tax expense (3.0) 21.4 Net profit after tax 4.5 (42.3) EPS (cents) 2.45 (22.91) 8

9 Group statutory result discontinued operations The Group committed to a plan of closing its east coast civil operations in the second half FY13. 5% reduction in revenue follows conclusion of tender activity in Qld and Vic in 2H. Increase in overheads reflects costs associated with the closure of these business units. Adequate provisions in place no cost leakage expected into FY14. FY13 FY12 $M $M Revenue Cost of sales (161.3) (170.4) Gross margin Other income (0.1) 0.1 Group overheads (16.0) (13.9) Net financing expenses (0.1) (0.6) Net profit / (loss) before tax (13.1) (11.3) Tax (expense) / benefit Net profit after tax (9.2) (8.0) EPS (cents) (4.99) (4.31) 9

10 Financial overview underlying results FY13 Continuing Operations Discontinued Operations Group Total Earnings EBITDA $81.6M $(12.1)M $69.5M EBIT $33.5M $(12.9)M $20.6M NPAT $17.2M $(9.2)M $8.0M Shareholder Returns EPS 9.31 cents (4.99) cents 4.32 cents DPS Nil * A reconciliation of statutory earnings to underlying earnings is shown within the Appendices. 10

11 Divisional financial performance continuing operations Contracting Segment ($M) National Mining & WA Civil Property Full Year FY13 FY12 FY13 FY12 FY13 FY12 Revenue 1, Profit / (loss) before tax (statutory) (20.2) (101.1) Profit / (loss) before tax (underlying) (4.6) (7.4) Contracting contributed $19.4M (FY12 $40.5M) solid performance in a difficult market. Pre-tax return on equity of 11.7% (after adjusting for $4.6M in unallocated corporate overheads). National Mining & WA Civil contributed $14.5M (FY12 $10.7M), mainly due to higher production levels on mining services contracts and the successful delivery of a number of WA civil projects. Pre-tax return on equity of 13.3% (after adjusting for $1.3M in unallocated corporate overheads). Property loss decreased on both a statutory and underlying basis. Reflective of reduction in impairment expense and disposals in FY13 decreasing holding costs. 11

12 Balance sheet Strong cash position of $137.5M as at 30 June Smaller increase in plant and equipment than previous periods reflects scale and critical mass achieved. Limited further investment required in plant and equipment to support current size of mining business. Successfully repaid $105M in net property borrowings in FY13, eliminating the Group s property debt facility ahead of contractual maturity. Substantial undrawn surety facilities. Current ratio of 1.2 at balance date. 30 June June 2012 $M $M Assets Cash at bank and term deposits Trade and other receivables Inventory (property development) Inventory (raw materials) Plant and equipment Intangible assets Other assets Total assets Liabilities Creditors and payables Total Interest bearing liabilities Provisions Total liabilities Net assets

13 Capital management 13

14 Debt funding capacity Facility limits Drawn Undrawn Facility Property $0M $0M $0M Equipment Finance $170M $111M $59M Guarantee / Bonds $291M $146M $145M Property debt repaid in full as at 28 June 2013 and all commitments cancelled at this date, ahead of contractual maturity of 31 January Undrawn component of Equipment Finance borrowings may be voluntarily reduced given low level of near-term debt funding requirements. Review of borrowing structure to occur in the near term to further align debt facilities with long-term continuing operations. 14

15 Dividend The law does not permit the distribution of franked dividends not sourced from profits. As a result of the Group s retained earnings position, no FY13 full year dividend has been declared. It is the Board s intention to pay dividends from profits earned in the future and the Group remains focused on achieving this. 15

16 Work in hand 16

17 National work in hand position Segment FY13 Turnover Work in hand 30 June 2013 To be delivered FY14 To be delivered FY15 and beyond $M $M $M $M Contracting 1, Mining and WA Civil * Total 1,334 1, * Reflects region of management team projects may be undertaken in other states / territories. 17

18 Work in hand contracting Region FY13 Turnover Work in hand 30 June 2013 To be delivered FY14 To be delivered FY15 and beyond $M $M $M $M QLD * NSW * VIC SA TOTAL 1, * Reflects region of management team projects may be undertaken in other states / territories. 18

19 Strategic business review 19

20 Strategic business review The strategic business review initiated by the Board during FY12 was concluded in 2H The review formed part of an ongoing consolidation program designed to streamline operations, enhance competitive positioning and create sustainable shareholder value. During FY13 the review focused on: Exiting non-performing business units. Eliminating property debt. Reducing future operating costs without compromising long-term performance. 20

21 Closure of Qld & Vic Civil businesses Poor historical financial returns, changing market conditions and tightening competition resulted in a review of the Group s east coast civil operations during FY13. As a result, Watpac has withdrawn from the civil contracting market along Australia s east coast and has closed its civil operations in Qld and Vic. In the future, strategic civil-related opportunities in these regions may still be pursued with support from the Group s core continuing operations, however will not be delivered as part of the now discontinued Qld and Vic civil businesses. 21

22 Property asset sales strategy A number of property assets were brought to market during FY13, achieving $124M in sales and eliminating the Group s property debt: Newstead Circle, Brisbane Rue de Chapel residential development, Melbourne Anchorage site, Hervey Bay 9.69ha development site at the Kingston Industrial Estate, Brisbane The Luxton site, Melbourne Addison Quays site, Brisbane 435 St Paul s Terrace site, Brisbane Five hectare land parcel, Rochedale Town Centre Coolum Industrial Park (part) Coolum Retail (part). Asset sales strategy will continue in FY14 to recycle equity capital back into the Group s core businesses. 22

23 Property asset carrying value movement $250M $212M $18M $121M $200M $150M $14M $95M $100M $50M $- Carrying value 30/06/12 Net development costs Disposals (net of development profit) Impairment Carrying value 30/06/13 Property assets represented a book value of 51.5 cents per share at 30 June

24 Overhead costs Overhead costs were too high, reflective of high growth strategy adopted a number of years ago. Cost structure no longer appropriate as: two business units were to be closed; and tighter operating environment with margin pressure across all of the Group s operations. All overhead costs attributable to closed Qld and Vic civil business units have been either eliminated or subject to a specific closeout plan in early FY14 provisions taken in FY13. Substantial work completed in FY13 to ensure the Group was appropriately positioned from 1 July Benefits to flow in FY14. 24

25 Inside the organisation 25

26 Board of Directors Following the acquisition of a substantial interest in Watpac, BESIX Group CEO and Chairman, Mr Johan Beerlandt was appointed a Director. Mr Beerlandt brings extensive contracting and management experience to the Watpac Board. The Directors remain committed to a Board rejuvenation plan further new appointments expected in the near term. Mr Kevin Seymour has indicated his intention to retire as a Director of Watpac in September

27 Senior Executives Watpac operates a flat and agile management team, with interaction and responsiveness to clients being a major competitive advantage. The Group Senior Executive Team (GSET) was restructured following the appointment of Mr Martin Monro as CEO in August The GSET is strongly committed to the execution of Board strategies and was integral to the achievement of those strategies in FY13. Refreshed GSET is focused on enhancing value across all levels of the business. 27

28 Outlook 28

29 Construction outlook The composition of the construction forward order book is reasonably well spread from a geographical perspective. The business continues to deliver quality construction services across a number of high profile projects across Qld, NSW, Vic and SA. Forward work-in-hand position is adequate ($823M as at 30 June 2013) but the sector remains under pressure. Currently in a low margin environment pre contract diligence vitally important and supported by new Risk Management Framework. Watpac continues to identify and participate in a number of tendering activities, which are expected to contribute positively to future earnings. 29

30 National Mining & WA Civil outlook Well positioned in the mining sector, with strong credentials in mining iron ore, gold and mineral sands. Working with clients to achieve optimal outcomes a key business objective. Significant repeat work from established clients. Forward work-in-hand position of $519M as at 30 June National approach to contract mining services will allow for greater agility in resource-rich markets and geographies. Civil operations in WA continue to perform well, with work progressing on major projects in FY14. Focused on consolidating current projects and maximising returns. 30

31 Property outlook Rebalanced property portfolio valued at approximately $95 million as at 30 June 2013 and includes: Waterloo Stages II, III and IV in Brisbane. Centra Park Industrial Estate in Coolum on the Sunshine Coast. Retail tenancies at Rue de Chapel in Melbourne. Property asset sales will continue in FY14 to return capital to the Group for redeployment into existing businesses. Almost $60 million in property asset sales targeted in FY14. 31

32 Remuneration report Continued to progress three-year program of change to Watpac s executive remuneration strategy. New Short Term Incentive Plan (STIP) established in FY13 to operate for the first time in FY14. This follows the establishment of a new Long Term Incentive Plan (LTIP) in FY12, which operated for the first time in FY13. Ernst & Young re-engaged as Group Remuneration Advisors. Both STIP and LTIP market-based in their operation. Moving to structure whereby more remuneration is at-risk. 32

33 Questions 33

34 Appendices 34

35 Reconciliation of statutory result to underlying result Group FY13 EBITDA FY13 EBIT FY13 NPAT FY13 EPS $M $M $M Cents Statutory result (4.7) (2.54) Adjusting items Net impairment of property development inventory Impairment of land and buildings Tax on net impairments at 30% (4.7) (2.56) Prior year tax adjustments Underlying result

36 Reconciliation of statutory result to underlying result continuing operations FY13 EBITDA FY13 EBIT FY13 NPAT FY13 EPS $M $M $M Cents Statutory result Adjusting items Net impairment of property development inventory Impairment of land and buildings Tax on net impairments at 30% (4.7) (2.56) Prior year tax adjustments Underlying result

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