For personal use only

Transcription

1

2 AGENDA Chairman s Address Managing Director & Chief Executive Officer s Address Formal Business Financial Overview New work won since last AGM Completed Projects Share Market Overview of Current Projects FY 2014 Strategic Plan M&A 1

3 CHAIRMAN S ADDRESS Mr Mac Drysdale Chairman 2

4 MANAGING DIRECTOR & CEO ADDRESS Mr David McAdam Managing Director and Chief Executive Officer 3

5 $ Millions FINANCIAL OVERVIEW NET PROFIT AFTER TAX (NPAT) $11.9m $12.3m 10.0 $9.2m $8.8m $9.3m FY09 - Unlisted FY10 FY11 FY12 FY13 4

6 $ Mliions FINANCIAL OVERVIEW CASH IN BANK $47.7m $25.1m $24.5m $28.9m $31.1m FY09 - Unlisted FY10 FY11 FY12 FY13 5

7 Cents FINANCIAL OVERVIEW DIVIDENDS PER SHARE c 4.50c 2.00c 6.25c c c 3.56c 3.50c 4.00c 1.75c - FY09 - Unlisted FY10 FY11 FY12 FY13 Interim Final 6

8 NEW WORK WON SINCE LAST AGM Great Western Highway (Bullaburra East) $46 million Upgrading and widening ~1.6km of highway Client is NSW Roads and Maritime Services Logan Motorway Improvement Program $48.8 million Rehabilitation works on Logan Motorway, west of Brisbane Client is Queensland Motorways Warrego Highway (Toowoomba Range Remediation Project) $43.5 million Batter remediation works Client is Queensland Department of Transport and Main Roads Flinders Highway Upgrade (Woodstock to Giru) $16.4 million Rehabilitation works on Flinders Highway (Charters Towers Hughenden) and Woodstock Giru Road Client is Queensland Department of Transport and Main Roads West Gosford Central Coast Highway Upgrade $43.3 million Upgrading, widening and realignment of Brisbane Water Drive and Manns Road at West Gosford. Client is NSW Roads and Maritime Services >$200 million 1 Total value of work secured since last AGM 1. Project values for new projects secured is current as at 31 October 2013 and may vary from award price due to scope changes following award. 7

9 COMPLETED PROJECTS TOWNSVILLE PORT INNER HARBOUR EXPANSION The Townsville Port Inner Harbour Expansion (TPIX) was delivered through a Seymour Whyte Smithbridge Joint Venture with design partner, Kellogg Brown and Root. TPIX involved the reconstruction and extension of Berth 10 to accommodate military, cruise and commercial shipping, and the construction of a new multipurpose passenger terminal. Berth 8 was also upgraded to enhance capacity and enable the Port to accommodate Panamax sized ships, a 3,000 tonne/ hour ship loader and associated materials handling infrastructure. The scope included significant marine structural works to extend and strengthen the berths, mechanical and electrical fabrication, installation works and construction of the new passenger terminal building. PORT OF BRISBANE MOTORWAY UPGRADE The project, which opened to traffic eight weeks ahead of schedule, was designed to provide safer and more efficient access to the Port of Brisbane and to promote economic development in the area. Works included duplication of the existing three kilometre, two-lane motorway, as well as a three kilometre, four-lane extension, construction of six bridges, a new interchange with overpass, as well as five signalised intersections, adjacent to the motorway. In order to prevent any impacts from construction on the local waterways the team developed a thorough Erosion and Sediment Control Plan; undertook early installation of permanent drainage; minimised groundcover removal; diverted clean water around disturbed areas; and rehabilitated areas once works were completed. 8

10 COMPLETED PROJECTS PRINCES HIGHWAY UPGRADE VICTORIA CREEK The Victoria Creek project works comprised the realignment of the Princes Highway approximately 13 kilometres south of Narooma. The northern extent was approximately 600 metres north of the intersection of the Princes Highway and the old Princes Highway while the southern extent was an approximate distance of 1.5km south of the intersection between Corkhill Drive and the Princes Highway. Works included 3.2km of new carriage way- one northbound lane, one south-bound lane, one overtaking lane in each direction, a three-span semi-integral spaced plank bridge over Victoria Creek plus decomissioning of the old bridge, realignment of a watercourse and the provision of new access points for residents. TOWNSVILLE PORT ACCESS ROAD The Townsville Port Access Road project (TPAR) was a $190m design and construct project delivered as an Early Contractor Involvement (ECI) contract. The project, which was delivered in three sections, was a Joint Venture between Seymour Whyte, Abigroup and Maunsel. Section One was a new two-lane, 2.5km road connecting the Flinders Highway to the Bruce highway allowing heavy vehicles and industrial traffic to bypass the residential areas of Stuart and Wulguru. The second stage, the Eastern Access Corridor, was a 7.5km new link from the Bruce Highway into the Townsville Port, including 4 bridges and 14 drainage structures. The third section was the Ross River Bridge. This six-span bridge is 200 metres long and links EAC in the south to the Port of Townsville. 9

11 SHARE MARKET SEYMOUR WHYTE LIMITED 12 MONTH SHARE PRICE 10

12 OVERVIEW OF CURRENT PROJECTS LANDSBOROUGH HIGHWAY REHABILITATION PROJECT This project is a Joint Venture between Seymour Whyte and Bouygues Travaux. Funded by the Transport Network Reconstruction Program and forming part of the Queensland Government flood restoration works, the scope involves roadway and shoulder reconstructions, as well as pavement patching works to repair and rehabilitate damaged sections of the Landsborough Highway between Barcaldine and Longreach (Section 1) and between Augathella and Tambo (Section 2). Section 1 consists of 51 km of widening and full reconstruction over the current alignment. Section 2 works consists of 16 km of widening and full rehabilitation over the current alignment. BRUCE HIGHWAY UPGRADE BACK CREEK RANGE PROJECT Seymour Whyte has been contracted to undertake construction works on both the northbound and southbound alignments of the Bruce Highway at Back Creek Range, 24km north of Gin Gin. This safety upgrade includes re-aligning a 3.7 kilometre section of the highway, including a section locally known as the Big Dipper. Heavy vehicle stopping areas and a southbound overtaking lane are also being built to improve access and safety, especially with driver fatigue. Intersections and private property accesses are being upgraded to improve road safety, reliability and traffic flow. 11

13 OVERVIEW OF CURRENT PROJECTS GATEWAY ADDITIONAL LANES PROJECT An upgrade of the Gateway Motorway, north of Brisbane, this project involves the construction of an additional lane over approximately 2.5km of the northbound carriageway from Sandgate Road to the Deagon Deviation. Both the existing road bridges over Cabbage Tree Creek (northbound and southbound) will be replaced, the existing northbound bridge over Depot Road widened, and a new bridge constructed to accommodate the off-ramp. Some works will also be undertaken to the southbound carriageway to help facilitate future upgrade. The project has been designed to be consistent with planning for the proposed future 6 lane upgrade of the northern section of the Gateway Motorway. LOGAN MOTORWAY IMPROVEMENT PROGRAM This project is Stage One of the Logan Motorway Improvement Program. It is a 13 km pavement rectification that, once complete, will improve road surface and safety for motorists. One of the key design components is the use of open graded asphalt as the surfacing material, chosen for longevity and motorist safety. This will help to reduce traffic noise, particularly from heavy vehicles, and provide a safer surface in wet conditions. Seymour Whyte is partnering with Queensland Motorways and Reeves Civil Consulting to deliver this first stage of work, which also includes shoulder widening and the installation of safety barriers and lighting improvements at interchanges. 12

14 OVERVIEW OF CURRENT PROJECTS TOOWOOMBA RANGE REMEDIATION PROJECT The Department of Transport and Main Roads has engaged Seymour Whyte Constructions to deliver the high profile Toowoomba Range Remediation Project, which involves batter remediation works on a section of the Warrego Highway through the Toowoomba Range, between Withcott and Toowoomba. Located in the Darling Downs region, the Warrego Highway covers 285 km from the Toowoomba Range west to Dulacca. It is a vital link between Brisbane, Toowoomba and western Queensland. With more than 22,000 vehicles travelling on this highway per day (including 15 per cent heavy vehicles), safety, traffic management and effective communication are the project s most critical factors. GREAT WEASTER HIGHWAY, BULLABURRA EAST The Bullaburra East project includes upgrading and widening approximately 1.6 km of the Great Western Highway to a four lane divided road with a central median along the existing alignment. The work includes earthworks, stormwater drainage, subsurface drainage, pavement, retaining walls, reinforced soil wall, construction of a ramp and stair pedestrian bridge, footpath/cycleway, pavement marking, signposting, traffic management, utility relocations, property adjustments and ancillary works. The widening works are positioned in between the existing highway, the town of Bullaburra and the western railway line, all of which run along the Blue Mountains National park ridge. 13

15 OVERVIEW OF CURRENT PROJECTS WARREGO HIGHWAY JONDARYAN TO DALBY This project, one of many funded by the Natural Disaster Relief and Recovery Arrangements, is a safety upgrade to the Warrego Highway which sustained extensive damage during the floods and severe weather. Seymour Whyte is undertaking reconstruction works on a two-lane, 30km length between Jondaryan, north-west through to Dalby. This section of the highway is a major transport corridor to regional Queensland towns, mining communities and other industries, and therefore the safety of this road is vital. Works will include approximately 30km of asphalt road reconstruction, resealing and strengthening pavement, overtaking lanes, road widening, culverts, drainage and guardrails. WARREGO HIGHWAY PAVEMENT REPAIRS MARBURG The Department of Transport and Main Roads is carrying out reconstruction works, including pavement rehabilitation across damaged sections of the Warrego Highway, as part of Operation Queenslander the largest reconstruction effort in Queensland s history, rebuilding communities, fixing infrastructure and restoring regional economies after flooding and cyclone events in 2010/2011. Seymour Whyte has been engaged to deliver pavement repairs at three different sites between Marburg and Bundamba. 14

16 OVERVIEW OF CURRENT PROJECTS CENTRAL COAST HIGHWAY WEST GOSFORD The project involves an upgrade of of the Central Coast Highway at West Gosford and includes significant works on local roads under the control of Gosford City Council. The scope includes the widening and realignment of Brisbane Water Drive and Manns Road; a new link road between Corumbene Road and Grieve Close to connect the Jusfrute Drive / Henry Kendall Street area with the Manns Road area; a new signalised intersection at the Grieve Close / Manns Road intersection with connection to a new service road on the eastern side of Manns Road and two short link roads (constructed by others) between Ferguson Close and Kulara Avenue and between Dyer Crescent and Grieve Close to improve local access. FLINDERS HIGHWAY UPGRADE Queensland s road network received more damage than any other state government asset during the flood and cyclone events of 2010/2011. Road by road, across regional Queensland the Department of Transport and Main Roads is reconstructing the Queensland transport network through the Natural Disaster Relief and Recovery Arrangements (NDRRA), a joint federal and state initiative. Seymour Whyte has been engaged to deliver reconstruction works on the Flinders Highway between Charters Towers and Hughenden are part of a program of works being funded through the NDRRA and are part of the Queensland Government Transport Network Reconstruction Program (TNRP) and comprises pavement rehabilitation and floodway works. 15

17 OVERVIEW OF CURRENT PROJECTS WOODSTOCK-GIRU ROAD RECONSTRUCTION WORKS Seymour Whyte has been engaged under the Queensland Government s Transport Network Reconstruction Program (TNRP) to deliver reconstruction works over an 11km stretch of Woodstock -Giru Road, located approximately 45km outside of Townsville. The road sustained substantial damage during the flood and cyclone events of 2010/2011. The project is being funded through the Natural Disaster Relief and Recovery Arrangements (NDRRA), a joint federal and state initiative. Works comprising both pavement rehabilitation and floodway controls commenced in July 2013 and are expected to be completed in December 2013 weather permitting. 16

18 FY 2014 Contestable Market Expanding NSW pipeline Flood restoration works Qld Tendering Utilities Water Tendering Resources work Financial Projections Targeting NPAT in line with FY13 Stable operating costs Consistent revenue forecast 50/50 1 st /2 nd half split FY15/16 Strong Opportunities Gateway Upgrade North Kingsford Smith Drive Pacific Highway RMS Program New Market 17

19 STRATEGIC PLAN FINANCIAL Consolidate financial management Sustainable growth Low debt / strong cash model MARKET POSITION Road builder with Qld/NSW focus to infrastructure builder with national footprint STRATEGIC OBJECTIVES CAPABILITIES Enhance and develop in-house capabilities to match skills and capacity with growth and expansion SYSTEMS Implement systems and technology strategic plan by FY15 - fully integrated / fully mobile LEADERSHIP EXCELLENCE EXPECTATIONS BEHAVIOURS VALUES 18

20 M&A DUE DILIGENCE PHASE IN PROGRESS NPAT & EPS accretive Provides geographic and product line diversity Core competency alignment Manageable transaction size Prudent assessment process with internal and external expertise Significant bottom line growth potential 19

21 CLOSE OUT AND QUESTIONS CLOSE OUT & QUESTIONS 20

22 DISCLAIMER AND IMPORTANT NOTICE This presentation contains forward looking statements, which are by their nature subject to significant uncertainties and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Seymour Whyte and its Directors). These may cause the actual results or performance of Seymour Whyte to be materially different from any future results or performance expressed or implied by such forward looking statements. This presentation provides information in summary form only and is not intended to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This presentation should be read in conjunction with other publicly available material. Further information including historical results are available on our website: 21

23 DISCLAIMER AND IMPORTANT NOTICE TECHNICAL NOTE This presentation provides a snapshot of Seymour Whyte s operational and financial highlights for FY2012. The financial information contained in this presentation has mainly been extracted from Appendix 4E: Preliminary Financial Report For the Year Ended 30 June 2012, lodged with the ASX on 29 August This information is also available on Seymour Whyte s website at The interim financial report should be read in conjunction with the company s Annual Report for 30 June 2011 (to, for example, allow readers to understand significant accounting policies and methodological information contained in the statistical summary). Please note that some revenue information disclosed in this report has been adjusted for non- IFRS information to provide an appropriate financial baseline. Revenue extracted from the Statement of Comprehensive Income is calculated in accordance with AASB131: Interests in Joint Ventures and includes proportionately consolidated revenue for work managed on joint venture projects that have separate legal or financial structures (known as jointly controlled entities). AASB131 requires that in a jointly controlled operation a venturer recognises the (net) share of income that it earns. This can result in a revenue figure that is much lower than that produced by a proportionate consolidation. Seymour Whyte currently has one such venture (refer to the 30 June 2011 annual report note 17(b) for further details). A non-ifrs adjustment has been made to include the company s proportionate share of work managed on its jointly controlled operation. This adjustment produces a total revenue figure that provides an appropriate baseline by which the company s financial performance can be measured (through, for example, the use of common financial ratios such as NPAT margins). The presentation of this non-ifrs information has been reviewed by the company s auditors. 22