Macquarie Securities Australia Conference Greg Jason, Chief Financial Officer
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1 Macquarie Securities Australia Cnference Greg Jasn, Chief Financial Officer 7 May 2015
2 Austal verview Funded in 1988 and listed n the Australian Stck Exchange in 1998, Austal is a leading defence prime cntractr, specializing in the design, cnstructin and maintenance f high perfrmance vessels fr defence and cmmercial purpses. Austal has a glbal ftprint with strategically lcated shipyards and service facilities Austal cmprises three prduct platfrms: Ships Systems Supprt Ships Systems Supprt SHIPS SYSTEMS SUPPORT 2
3 Highlights FY2015 Financials Operatinal Revenue: $680.2 millin EBIT: $45.0 millin ($33.7 millin underlying) Cash: $118.0 millin f perating cash flw with net cash psitin f $15.6 millin at 31 December 2014 Dividend: Interim dividend f 1.0 cent per share fully franked Diversity: All business units grew revenue with Australia delivering significantly imprved margin perfrmance in Order bk: $3.0 billin, securing wrk thrugh CY2020 Outlk Guidance: FY2015 revenue guidance upgraded frm $1.2 billin t $1.35 billin given cnsistently lwer USD / AUD t date in H2 EBIT: margin cntinues t be affected by schedule delay n LCS 6 Strategy: leverage ff vessel prgrams t grw pipeline with pprtunities in the Middle East and Australia; invest in US supprt business SHIPS SYSTEMS SUPPORT 3
4 Objectives fr sustained grwth Strengthen peratins and balance sheet Onging bjectives Target pprtunities Shipbuilding margin achieved Successfully applied learning frm first-inclass vessels Wn new prgrams by leveraging ff existing vessels Strng cash generatin used t strengthen balance sheet Delivered Maintain cash generatin t supprt prgrams and dividends Reduce debt Deliver n maturing prgrams and explit learning frm first in class ships Extend existing prgram pipeline Pririty Invest in R&D t grw intellectual prperty base Refresh prduct range t deliver increased capability Grw lng term supprt and engineering services business Fcus SHIPS SYSTEMS SUPPORT 4
5 Revenue and earnings grwth Revenue (A$m) EBITDA (A$m) NPAT (A$m) FY2013 FY2014 FY2015 FY2013 FY2014 FY2015 FY2013 FY2014 FY Upgraded revenue guidance frm $1.2 billin t $1.35 billin FY2015 earnings included nn-cash freign exchange in relatin t revaluatin f intercmpany lans SHIPS SYSTEMS SUPPORT 5
6 Financials SHIPS SYSTEMS SUPPORT 6
7 Earnings summary Incme statement FY2015 (A$m) FY2014 (A$m) FY2013 (A$m) Revenue EBITDA Underlying EBIT Underlying NPAT Recrd revenue grew 34% ver Prir Crrespnding Perid (PCP) driven by increased prductin thrughput and favurable freign exchange translatin f USA and Philippines results Underlying EBITDA was $44.9 millin after excluding nn cash freign exchange gains frm revaluatin f intercmpany lans EBIT margin increased frm 3.7% PCP t 6.6% 57% reductin in net interest expense as balance sheet strengthened by debt reductin - Underlying SHIPS SYSTEMS SUPPORT 7
8 Freign exchange cnsideratins Hedging plicy Cmpetitiveness Prfit translatin Austal hedges 100% f cmmitted freign currency expsures including cst inputs and cntracted receipts Vlatility in exchange rates has n impact n cntracted prjects Appreciatin f the USD increases cmpetitiveness Reduces the cst f freign inputs in the USA fr future cntracts Reduces price f Australian exprts Appreciatin f the USD increases prfit translatin t AUD FY2015 effective translatin rate was due t time phasing f earnings Inter-cmpany lans USD 64.4 millin f USD inter-cmpany lans t USA FY2015 nn cash mark t market EBIT benefit f $11.3 millin Cnsidering cnversin f inter-cmpany debt t equity SHIPS SYSTEMS SUPPORT 8
9 Cash and debt Cash flw FY2015 (A$m) FY2014 (A$m) FY2013 (A$m) Operating (20.9) Investing (3.6) (2.0) (6.6) Financing (38.4) (34.2) 86.5 Net increase Cash / (debt) Net cash / (debt) Dec June Dec (68.6) (100.3) Operating cash flw was 170% higher than the PCP Finalisatin f the sale f Hull 270 cntributed $54.1 millin t perating cash flw Significant repayment f debt $84.2 millin imprvement in net debt / cash t clse the perid in a net cash psitin Austal des nt expect t cnsistently maintain a net cash psitin due t timing differences between prgress payment prfiles n vessel cntracts and cash csts f cnstructin SHIPS SYSTEMS SUPPORT 9
10 Grss debt ($millins) Discipline in lng-term debt reductin Jun 2013 Dec 2013 Jun 2014 Dec 2014 AUD Denminated (AUD) USD Denminated (USD) SHIPS SYSTEMS SUPPORT 10
11 Segment breakdwn (FY2015 ) USA ($m) Ships Systems Supprt Other 1 Ttal Revenue EBIT (1.6) (3.6) 27.4 EBIT Margin% (9.7) Australia Revenue EBIT (0.2) 14.5 EBIT Margin% Philippines Revenue EBIT EBIT Margin% Ships: Margins within r exceeding target range with very strng perfrmance in Australia Systems: USA sub-cntracts mst system integratin activity at lw margin Supprt: Australia margin nrmalised. USA impacted by write-dwn f bslete parts 1 unallcated verhead targeting grwth SHIPS SYSTEMS SUPPORT 11
12 Operatins update SHIPS SYSTEMS SUPPORT 12
13 Prgress acrss the business Cape Nelsn (CCPB 3) delivered t the Australian Custms and Brder Prtectin Service USNS Fall River (JHSV 4) delivered t US Navy USS Mntgmery (LCS 8) christened Cape Nelsn (CCPB 3) fficially named USNS Trentn (JHSV 5) christened Launch f Cape Leveque (CCPB 6) Interim dividend paid Dividend reinvestment plan intrduced USNS Trentn (JHSV 5) cmpleted acceptance trials Cape Leveque (CCPB 6) delivered t the Australian Custms and Brder Prtectin Service September Nvember January March May Octber December February April US Navy extends charter f Austal High Speed Vessel, Westpac Express Awarded 2 LCS service cntracts valued at ~ US$15 m Keel laid n USNS Brunswick (JHSV 6) Delivery f Cape Srell (CCPB 4) Awarded LCS cntract fr class services supprt USS Gabrielle Giffrds (LCS 10) Launched LCS 22 & 24 funded and ptin fr LCS 26 USNS Trentn (JHSV 5) delivered Awarded LCS PDSA supprt cntract valued at ~ US$11m SHIPS SYSTEMS SUPPORT 13
14 Order bk Order bk f $3.0 billin as at 30 April 2015 secures revenue thrugh CY2020, including: 10 Littral Cmbat Ships fr US Navy 10 funded and an ptin fr an additinal ship in CY Jint High Speed Vessels fr US Navy Fully funded, with 5 delivered ut f 10, in discussins fr JHSV 11 8 Cape Class Patrl Bats fr Australian Custms and Brder Prtectin Fully funded, with 6 delivered (ut f 8 vessel cntract), plus thrugh-life supprt 2 High Speed Supprt Vessels fr Ryal Navy f Oman Fully funded, cnstructin cmmenced this year Cmmercial vessels 2 high speed catamaran ferries SHIPS SYSTEMS SUPPORT 14
15 US Navy Littral Cmbat Ship 10 ship cntract awarded as prime cntractr, wrth US$3.5 billin all 10 fully funded, and an ptin fr an additinal ship in CY2016 Transitin t prime cntractr LCS 6 underging sea trials delivery expected in July Schedule pressure n LCS 6 has caused margin impact, with sme flw n t LCS 8 Prgram maturing LCS prgram expected t be 52 ships Later ships will be upgunned as future frigate Dual surce acquisitin strategy likely t cntinue SHIPS SYSTEMS SUPPORT 15
16 US Navy Jint High Speed Vessel 10 ship award t Austal valued at US$1.6 billin (fully funded) Prgram prgressing well matured int a phase f efficient prductin and predictable delivery JHSV 1-5 delivered JHSV 6-8 under cnstructin Perfrmance is generating interest in the US (strng ptential fr prgram expansin), while variants are gaining tractin in the Middle East Ptential fr JHSV 11 t be awarded in CY2015 SHIPS SYSTEMS SUPPORT 16
17 Austal strngly psitined in US Austal-built vessels have cntinued t be funded and prgrams are maturing well US Freign Plicy remains fcused n Asia-Pacific defence strategy Winning service cntracts n LCS and investing in supprt business t best psitin fr additinal wrk US Navy cnfirmed intent t upgrade LCS beynd ship 32 as future frigate LCS and future frigate prgram expected t be 52 ships rate f acquisitin will be decided by Cngress, LCS 26 ptin is a gd sign LCS variants attractive t internatinal market thrugh US Freign Military Sales SHIPS SYSTEMS SUPPORT 17
18 Australia Cape Class Patrl Bats $330 millin cntract fr the design, cnstructin and thrugh-life supprt f 8 Cape Class Patrl Bats fr the Australian Custms and Brder Prtectin Service Prgram has matured significantly, with efficient prductins driving margin grwth Delivered CCPB 1-6 Remaining vessels all under cnstructin Explring ptential fr prgram extensin Opprtunities exist fr new cntracts at hme and abrad SHIPS SYSTEMS SUPPORT 18
19 Australia High Speed Supprt Vessels US$124.9 millin cntract fr the design, cnstructin and integrated lgistics supprt f tw 72 metre High Speed Supprt Vessels fr the Ryal Navy f Oman Cnstructin has cmmenced at Hendersn shipyard Cmpletin f keel laying fr bth vessels in December 2014 Final vessel t be delivered in late CY2016 Deplyed with a similar missin t the JHSV prgram Strategy demnstrated f leveraging Austal s intellectual prperty and technlgy t new defence markets SHIPS SYSTEMS SUPPORT 19
20 Philippines $30 millin cntract frm the Abu Dhabi Natinal Oil Cmpany t design and cnstruct tw 45 metre high speed catamaran ferries Cmpleted cntract fr custmisatin f Hull 270 wrth ~$6 millin 21 metre windfarm vessel delivered t Turbine Transfers in Octber 2014 Small cmpnents supply t Australian peratins New cntract required in near term t ensure fllw n wrk SHIPS SYSTEMS SUPPORT 20
21 Systems and Supprt Austal has established a glbal ftprint, strategic partnerships and the IP t prvide thrugh life supprt fr defence vessels Australian supprt business delivering cnsistent perfrmance US supprt business grwing but nging investment needed Finalising wrk share agreement with GD - BIW under LCS Planning Yard cntract already awarded 3 additinal LCS service cntracts awarded in FY2015 LCS sustainment executin cntract awarded t GD NASSCO SHIPS SYSTEMS SUPPORT 21
22 Outlk SHIPS SYSTEMS SUPPORT 22
23 Strategy United States Australia Philippines Leverage ff learning frm first in class vessels Augment cntracts with service and supprt wrk Extend pipeline beynd existing cntract awards Maturing f Cape Class Patrl Bat prgram Target cnstructin and supprt pprtunities in defence vessels fr exprt markets Develp hme market strategy twards future Navy prgrams Build cmmercial shipbuilding capability t psitin Austal fr market pprtunities Establish design capability Explre further integratin f supply chain with ther divisins, including prviding small cmpnents Operatinal imprvements, diversity f vessel prgrams, and lngevity f cntracts prviding strng cash generatin and increasing return n capital SHIPS SYSTEMS SUPPORT 23
24 Pipeline fr vessel prgrams Pursuing pprtunities t grw rder bk and secure additinal lng-term revenue Target markets US: ptential t extend existing LCS and JHSV prgrams Australia: replacement f Navy vessels including patrl bats and future frigates Middle East: pprtunity fr frigates, supprt vessels and patrl bats Eurpe and Asia Pacific: cmmercial vessels and wrk bats Vessels Future frigate evlved frm mdified Littral Cmbat Ship Patrl bats develped frm experience with Bay, Armidale and Cape class vessels High speed supprt vessels develped frm Westpac Express and JHSV Cmmercial vessels: ptential new market fr LNG-pwered ferries SHIPS SYSTEMS SUPPORT 24
25 Multi-missin cmbatant vessel Rheinmetall MLG 27mm Mk 49 RAM Rheinmetall MASS-2L MM 40 Blck III Excet Terma SKWS (DL-6T) Mk 56 ESSM A244 Trpedes Ot Melara 76mm Austal s design f a smaller frigate-size multi-missin cmbatant that has significant capability and lethality SHIPS SYSTEMS SUPPORT 25
26 Cape-variant patrl bat fr Australian Navy SHIPS SYSTEMS SUPPORT 26
27 Outlk FY2015 Revenue guidance upgraded frm $1.2 billin t $1.35 billin given cnsistently lwer USD / AUD in H2 Net debt prjected t increase at year end due t higher translatin f USD grss debt and cnsumptin f cash frm prgress payments in advance Diversity and lng-term nature f vessel prgrams prvides visibility n earnings and strng cash utlk LCS 6 prgressing t delivery in July, US shipbuilding margin impacted by delay with sme flw-n t LCS 8 Prudent cash management t ensure apprpriate capital structure supprted by refinancing in CY2015 Investing in marketing and R&D f new defence prducts t supprt identified pprtunities and grw US supprt business SHIPS SYSTEMS SUPPORT 27
28 Disclaimer Greg Jasn, Chief Financial Officer Telephne: Fr further infrmatin visit Disclaimer This presentatin and any ral presentatin accmpanying it has been prepared by Austal Limited ( Austal ). It shuld nt be cnsidered as an ffer r invitatin t subscribe fr r purchase any securities in Austal r as an inducement t make an ffer r invitatin with respect t thse securities. N agreement t subscribe fr securities in Austal will be entered int n the basis f this presentatin. Our presentatin cntains frward-lking statements r prjectins based n current expectatins. These statements are nt guarantees f future perfrmance and are subject t risks and uncertainties. Actual results may differ materially due t: the availability f US gvernment funding due t budgetary r debt ceiling cnstraints; changes in custmer pririties; additinal csts r schedule revisins. Actual results may als effect the capitalizatin changes n earnings per share; the allwability f csts under gvernment cst accunting divestitures r jint ventures; the timing and availability f future impact f acquisitins; the timing and availability f future gvernment awards; ecnmic, business and regulatry cnditins and ther factrs. We disclaim any duty t update frward lking statements t reflect new develpments. Accrdingly, t the maximum extent permitted by applicable laws, Austal makes n representatin and can give n assurance, guarantee r warrant, express r implied, as t, and takes nt respnsibility and assumes n liability fr, the authenticity, validity, accuracy, suitability r cmpleteness f, r any errrs in r missin, frm any infrmatin, statement r pinin cntained in this presentatin. Yu shuld nt act r refrain frm acting in reliance n this presentatin material. This verview f Austal des nt purprt t be all inclusive r t cntain all infrmatin which its recipients may require in rder t make an infrmed assessment f Austal s prspects. Yu shuld cnduct yur wn investigatin and perfrm yur wn analysis in rder t satisfy yurself as t the accuracy and cmpleteness f the infrmatin, statements and pinins cntained in this presentatin befre making any investment decisin. SHIPS SYSTEMS SUPPORT 28
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