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DOWNER EDI LIMITED — AGM Information 2007
Nov 1, 2007
64784_rns_2007-11-01_7aa1fff3-c0c1-4366-bacc-78798efbed70.pdf
AGM Information
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Downer EDI Annual General Meeting 2007
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Annual General Meeting 2007
2 November 2007
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Welcome
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YOUR SUCCESS YOUR VISION YOUR BUSINESS
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FY ’07 In Review
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Revenue and EBIT growth
| Full Year to 30 June ($m) | 2007 | 2006 | % | |
|---|---|---|---|---|
| Revenue | 5,362) | 4,656) | 15% | |
| Underlying EBIT | 281) | 230) | 22% | |
| Reported EBIT | 129) | (64) | ||
| Net Interest | (56) | (47) | ||
| Profit Before Tax | 73) | (111) | ||
| Tax benefit | 29) | 86) | ||
| Net Profit After Tax | 101) | (25) | ||
| EPS (cents) reported | 31. 3) | (8.4) | ||
| DPS (cents) | 21) | 20) | 5% |
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Core markets continue to be strong
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Turnover $b EBIT $m EMPLOYEE NUMBERS
5.4 281 ² 1,000
22.3
4.7 21.0
230 ²
3.8 17.5
3.2 14.6
13.0
189
2.7
157
140
03 04 05 06 07 03¹ 04¹ 05 06 07 03 04 05 06 07
¹ EBITA pre IFRS ² Underlying Engineering Mining & Resources Works Rail Discontinued
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Strong divisional performance in FY07
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Total Secured Sales FY07 Secured Sales FY07 ROFE¹ %
$b by Division $b
9.3 4.7 35.0
6.9 1.8 18.4
1.6
6.4 6.5
15.4
5.5 1.2 15.0
03 04 05 06 07 Engineering Mining & Resources Works Rail
ROFE = EBIT/AFE; AFE = Avg Net Debt + Avg Equity last 3 half years ¹ Underlying
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Projects Update One project to finish – expected completion Q1 2008
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Process Engineering
Iluka NewPac Carborough Foxleigh Isaac
Downs Plains
Energy Systems
Alinta 2 Huntly Condong &
Broadwater
COMPLETED
COMPLETED
SEEKING RECOVERIES DEED OF RELEASE DEED OF RELEASE DEED OF RELEASE
Finished& Settled COMPLETED 92% & 72%
COMPLETE
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YOUR SUCCESS YOUR VISION YOUR BUSINESS
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Mandate for Change A review of my first 21 days – revised operating structure
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CEO Guy Wannop
CEO David Cattell
CEO Wayne Nolan
CEO Damien O’Reilly
CEO Peter Reidy
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Mandate for Change
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UBS appointed to assist in analysis of the business and its markets.
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2[nd] Road appointed to facilitate Strategic Review
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Business review We have made significant progress
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WE ARE
HERE
Examine business Test it against Review business Outcomes & actions
strategy business streams streams from review
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Examine Business Strategy
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PLAYING THE GLOBAL INFRASTRUCTURE BOOM
EVOLVING MARKET FOR INFRASTRUCTURE FUNDING & DEVELOPMENT
INFRASTRUCTURE EMERGES AS NEW ASSET CLASS
“As the nation’s—and the world’s—bridges, roads, and airports age, public private partnerships may be the most viable way to save them”
Business Week, 11 September 2007
“Public private partnerships are here to stay and may well be the only viable way for governments to reach their infrastructure development goals.”
Dale Reiss, Director of Ernst & Young’s Global Real Estate Group, Urban Land Institute: Infrastructure 2007: A Global Perspective
“The private sector is going to play an expanded role in the coming global movement to build and modernise the world’s infrastructure.”
Dale Reiss, Director of Ernst & Young’s Global Real Estate Group, Global Real Estate Monitor, June 2007, Vol. 2
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Examine The Business Strategy Resource constraints are only going to get worse
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250,000
Boomer Gen X Gen Y Millennials
200,000
150,000
150,000
Dramatic drop-off
in workforce
100,000
participation.
50,000
50,000
0
1950 1970 1990 2007 2030 2050
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Net growth in working age population (15-64) over 100 years
Source: KPMG Property Advisory (2007); Australian Historical Population Statistics, ABS (2004); Population Projections, Australia, 2004 to 2101 (2006)
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Examine The Business Strategy The value proposition that gave rise to Downer EDI in the first place is stronger than ever
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Western
Demographic
economies Emerging
shift leading to
challenged by discontinuities
resource
infrastructure
constraints.
boom.
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Examine The Business Strategy The value proposition that gave rise to Downer EDI in the first place is stronger than ever
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Western
Demographic
economies
Downer shift leading to
challenged by
EDi resource
infrastructure
constraints.
boom.
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Writing our new chapter We have revisited our business and committed to a shared mission for the future
Sustaining infrastructure so communities thrive
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Writing our new chapter Superior Value Creation
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Writing our new chapter We will lead the market in “services to infrastructure”. . . . by only playing where we can outperform risk.
Targeting income streams that last the duration of the asset.
Fund > Design > Construct > Operate > Maintain > Optimise > Recycle
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� �
Unproven Prime risk
� �
One-off Known competencies
�
Outperforming risk
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RELATIONSHIP-DRIVEN & RECURRENT
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Writing our new chapter We will focus on what we do best & will be driven by core values
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WHAT WE DO BEST
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YOUR SUCCESS YOUR VISION YOUR BUSINESS
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What will we do to get there Focus on five key areas
Governance Play only where we have proven to outperform risk. Build on our critical core Core competencies & share Competencies the knowledge. Transparent accountability Financial around financial performance Focus & lead indicators. Deliver consistent & M & A accretive value from our portfolio of assets.
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Next Steps
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WE ARE HERE Examine business Test it against Review business Outcomes & actions strategy business streams streams from review
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YOUR SUCCESS YOUR VISION YOUR BUSINESS
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Updates
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Sale of Century Resources
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NSW PPP
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Progress report
– CRC
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YOUR SUCCESS YOUR VISION YOUR BUSINESS
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Q1 Financial Update Performance in line with expectations.
| Quarter 1 to 30 September ($m) | 2008 20081 |
2007 | % |
|---|---|---|---|
| Revenue EBIT |
1,332 58.2 |
1,271 50.12 |
5% 16% |
- ¹ _Unaudited_ ² _Underlying EBIT_
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Q1 operational result in line with expectations
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Guidance for FY08 – EBIT of $280m in line with last year
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updated outlook impacted by mining operations
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Balance sheet remains strong – investment grade credit rating
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Divisional Update Most divisions perform in line or ahead of expectations
| �Slower start to year in core mining activity �Missed contract opportunities impact outlook �Service operations performing to expectations �Australian operation continues to grow �UK operations recovering – management change in UK �Strong market demand in industrial and transmission markets �Ahead of expectations in Q1 �Performance in line with expectations �Growth in home markets and abroad �Overall Q1 in line with expectations Divisions Commentary |
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| 24 YOUR SUCCESSYOUR VISIONYOUR BUSINESS |
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Thank you
2 November 2007