Investor Presentaiton
FY 13/14 Balance Sheet & Cash Flow
•
An increase in working capital over the period due to
high inventories in South America and a reduction in
Payables
Increased fixed asset base arising from the
acquisition of Servigrut and further investment in
Chilean, Peruvian and Indonesian facilities
Net Assets have increased 8% over the period
An increase in Debt as bank facilities were drawn
down for:
-
-
the Servigrut acquisition & leases
the funding of capital expenditure, and
operational cash flow
Net Gearing % within covenant requirements
Negative operating cash flow due to:
-
Advance payment from customers in prior
periods for work done in this period
Higher than optimal inventories
Reduced operating results
The Servigrut acquisition and further investment in
Chile, Peru and Indonesia have caused the Investing
cash-flows to increase
The positive financing cash flows stem from the
equity raisings undertaken plus new borrowings for
expansion in South America less dividends
Jun-13
Jun-14
$m
$m
Working Capital
26.7
33.9
Property, Plant & Equipment
106.6
131.8
Total Assets
278.2
305.4
Total Liabilities
124.8
139.8
153.4
165.6
Cash
6.3
7.4
Debt
67.3
97.7
Net Debt
61.0
90.3
Net Gearing %*
30.9%
35.7%
Net Assets
Jun-13
Jun-14
$m
$m
Operating cash flow
21.6
-6.5
Investing cash flow
-18.0
-40.5
Financing cash flow
-13.5
48.4
Total cash flows
-9.9
1.4
I net debt/net debt plus equity
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