Investor Presentaiton
Summary of FY23
Financial Results
Statutory NPAT (loss)
$(385.7)m |
▾ >100%
Underlying EBITA 1,3
$323.4m
▼ 15.5%
Underlying NPATA 1,3
$174.2m |
18.5%
Underlying cash conversion
64.9%
26.1pp
Net Debt to EBITDA4
2.0x
|
2.3x at Dec-22
Downer
Highlights
Delivery of FY23 Underlying NPATA guidance
Execution and mobilisation of QTMP contract underway
Sale of Australian Transport Projects business complete²
Revenue of $12.6bn, up 5.4%
Strong 110% cash conversion in 2H
Reduction of net debt to EBITDA to 2.0x (2.3x in December 2022)
Positive progress to date on $100m cost out target
Improvement in underlying EBITA margin in 2H 2.9% (1H 2.2%)
FY22 results have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business ($16.7m, $11.6m after-tax)
1 Downer calculates EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. Group FY23: $26.2m, $18.4m after-tax. (FY22: $34.8m, $24.4m after-tax)
2 A number of customer consents remain outstanding at the date of completion, some of which remain outstanding as at 10 August 2023
3 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. Refer slide 32 for reconciliation to statutory results
4 Net debt to EBITDA ratio includes lease liabilities in Net Debt and is on a post-AASB 16 basis
5 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income
Downer FY23 Results | 4View entire presentation