Investor Presentaiton
FY23 group financial performance
Financial Results
Statutory NPAT (loss)
$(385.7)m |
Underlying EBITA 1,3
▾ >100%
$323.4m
▼ 15.5%
Underlying NPATA 1,3
$174.2m |
18.5%
Underlying cash conversion
64.9%
Net Debt to EBITDA4
2.0x
Downer
Financial commentary
Statutory result included $483.0m of non-cash goodwill impairment
(Facilities and Utilities Australia CGUS) and $67.7m of other individually
significant items before tax
Revenue of $12.6bn, up 5.4%
Group underlying EBITA margin 2.6%, materially impacted by under-
performance in Utilities.
Cash conversion for the year of 65% (110% in 2H)
Net debt to EBITDA of 2.0x (down from 2.3x at Dec-22)
■
Net interest expense increased by $2.6m.
26.1pp
|
2.3x at Dec-22
Underlying effective tax rate of 25.5%
Final dividend of 8 cps declared (unfranked)
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 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income
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
Downer FY23 Results | 12View entire presentation