Morgans Queensland Conference
2018 Full-Year Financial Performance Highlights
Full year underlying EBITDA of $56.2m in line with
market guidance of $55-$60m.
> Fee revenue was down 3% on prior year.
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EBITDA from continuing operations of $56.2m up 28% from $44.0m
EBITDA in FY17.
Net Operating Profit before Tax of $38.2m. Net Loss after Tax of $14.0m
includes $32.8m charge to reduce tax assets associated with the
change in US federal corporate income tax rate from 35% to 21%.
Net operating profit after cash tax paid of $33.4m due to tax benefit from
prior year losses.
Backlog up by 9.7% to $1,433m on a like for like basis.
Strong conversion of EBITDA into Net Cash Flow from Operations of
95% pre tax and interest and 81% net of tax and interest, reflecting
ongoing working capital management and timing of debtor receipts and
creditor payments.
2018 Results A$ million
Gross Revenue
Fee Revenue
EBITDA
Cardno®
Reported
Percent change year on year
$1,117.0
-5.5%
$763.5
-3.1%
$56.2
27.7%
Net Operating Profit after Tax (1)
$20.0
0.4%
Net Operating Profit after Cash Tax Paid
$33.4
66.3%
Abnormal items (2)
$34.0
198.2%
$35.1
182.0%
$14.0
-263.0%
$1,432.6
$45.7
9.7%
1302.6%
Net Profit before Tax
Net Loss after Tax
Backlog (3)
Net Cash Flow from Operations
14 Cardno: Morgans Queensland Conference
(1) Net Operating Profit after Tax, is a non-IFRS term which reflects the operating position of the business prior
to one off and impairment adjustments. A reconciliation of NPAT to NOPAT has been prepared
and is shown on slide 11.
(2) See slide 10. Abnormal items are driven predominately by change in US tax rate.
(3) Backlog reported on a total contract basis, being the total value of the signed contract less the value of work
performed to date.View entire presentation