3
YearsStrong
APPENDIX 4E PRELIMINARY FINAL REPORT
for the year ended 30 June 2017
This preliminary final report is provided to the Australian Securities Exchange (ASX) under ASX Listing Rule 4.3A
Seymour Whyte Limited and Controlled EntitiesABN 67 105 493 203
DIRECTORS' REPORT REMUNERATION REPORT FINANCIAL REPORT
APPENDIX 4E
For the Year Ended 30 June 2017Previous corresponding period: Year Ended 30 June 2016
RESULTS FOR ANNOUNCEMENT TO THE MARKET
In contrast, Western Australia appears to be gradually recovering with revenue of $20.9 million, or 37% of the segment revenue - the highest revenue by state.
$A'000 | ||||
Revenue from ordinary activities | Up | 20.09% | to | 433,149 |
Net loss attributable to shareholders | Down | 207.8% | to | (1,347) |
Further to the decline in revenue, a sizable negative margin project along with the recognition of a provision for forecast painshare on the Green Square Stormwater Alliance contract, resulted in the segment generating a disappointing operating loss of $8.5 million for the year.
CONTENTS
APPENDIX 4E: RESULTS FOR ANNOUNCEMENT TO THE MARKET 1 DIRECTORS' REPORT 3 REMUNERATION REPORT 14AUDITORS INDEPENDENCE DECLARATION 27
FINANCIAL REPORT 29CONSOLIDATED STATEMENT OF PROFIT & LOSS AND OTHER COMPREHENSIVE INCOME 32
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 33
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 34
CONSOLIDATED STATEMENT OF CASH FLOWS 35
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 36
DIRECTORS' DECLARATION 61
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEYMOUR WHYTE LIMITED 62
CORPORATE DIRECTORY 68DIVIDENDS
Final | Interim | |
Dividend amount per security | nil | nil |
Previous corresponding period (FY16) | nil | 1.75 cents |
Franked amount per security | n/a | n/a |
The Board has not declared a final dividend for the year ended
30 June 2017.
BRIEF EXPLANATION OFTHE RESULTS REPORTED ABOVE
Overview
The Group ended the financial year with total revenue of $433.1 million - an increase of 20% on the prior year, and the highest revenue in the Group's history.
The increase was achieved through a record order book at the start of the financial year and significant revenue from five large civil projects across Queensland and New South Wales contributing aggregate revenue of $208 million.
The civil infrastructure segment performed well during the year given the impact of the prior year's low margin projects that continued into the first half of this year. Unfortunately, the utilities infrastructure segment generated a significant loss, which impacted heavily on the Group's overall financial performance and resulted in a consolidated net loss after tax of $1.3 million for the year.
Segment Results
The civil infrastructure segment revenue increased by 25% compared to the prior year, driven by a strong order book at the commencement of the year. The segment also successfully recovered a legacy problematic project to a positive margin position at completion. These factors contributed to the segment achieving an operating profit of
$16.8 million - its strongest financial performance in the past three financial years.
The result is notable given the impact of the prior year's low margin projects continuing into the current financial year, the effect of significant weather events including Cyclone Debbie and a $3 million investment over the year to establish the Group's entry into the Victorian roads market.
Revenue from the utilities infrastructure segment decreased from FY16, which had seen strong project activity and increased scope on the Green Square Stormwater project in NSW. This year in the Eastern states there were reduced tendering opportunities coupled with limited success in project awards, particularly during the second half of the year.
Cash
The Group ended the year with $34.3 million cash in the bank, relatively consistent with the prior year. The Group carries low levels of borrowings with $3.8 million of finance lease liabilities outstanding at 30 June 2017, resulting in net cash maintained above $30.0 million.
With over half of the net assets held in cash, the Group remains in a
sufficient position to see through the current challenges.
Further details of the Group's results for the financial year including Consolidated Statement of Profit & Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Cash Flows and Consolidated Statement of Changes in Equity are included in the Consolidated Financial Statements as lodged immediately following this announcement.
DIVIDEND PAYMENT INFORMATION
There were no dividends declared or paid during the financial year.
DIVIDEND REINVESTMENT PLAN
The Company has established a Dividend Reinvestment Plan (DRP) effective from 28 July 2013 for which the shareholders' participation is voluntary. Shares issued under the DRP are fully paid and rank equally with the existing fully paid ordinary shares. No shares were issued under the DRP in the current year.
NET TANGIBLE ASSET BACKING PER ORDINARY SHARE
Current period | 55.18 cents |
Previous corresponding period | 55.48 cents |
DETAILS OF ENTITIES OVERWHICH CONTROL HAS BEEN GAINED OR LOST
There was no gain or loss of control on entities during the financial year.
DETAIL OF ASSOCIATES AND JOINT VENTURES
The Company has interests in a number of joint ventures which are disclosed in note 30 of the Consolidated Financial Statements.
The Company's interest in associates relates to a 50% investment in SWS Plant Pty Ltd.
AUSTRALIAN ACCOUNTING STANDARDS
All operations of Seymour Whyte Limited and its subsidiaries are domiciled in Australia. Australian Accounting Standards are used to compile the financial report.
INDEPENDENT AUDIT
The financial report has been audited and the independent audit report is not subject to a modified opinion, emphasis of matter or other matter paragraph.
i APPENDIX 4E Preliminary Final Report for the year ended 30 June 2017 | SEYMOUR WHYTE GROUP
SEYMOUR WHYTE GROUP | APPENDIX 4E 1
DIRECTORS'REPORT
DIRECTORS' REPORT
REMUNERATION REPORT
FINANCIAL REPORT
DIRECTORS'REPORT
The Directors present their report, together with the financial statements of the consolidated entity consisting of Seymour Whyte Limited (Seymour Whyte or SWL or the Company) and the subsidiaries it controlled at the end of, or during, the year ended 30 June 2017 (Reporting Period). Throughout the report the consolidated entity is referred to as the Group.
DIRECTORS
The Directors (Non-Executive and Executive) of Seymour Whyte Limited at any time during the Reporting Period and up to the date of this report are:
MAC DRYSDALE | |
Role | Chairman, Independent, Non-executive Director Member, Audit and Risk Committee Chairman, Transaction Committee (from 2 November 2016) |
Biography | As a Director and Chairman of the Board since 2007, Mac has played a key role in the strategy development and growth of Seymour Whyte. Mac is a highly respected executive with a strong history as a Director and Chairman. Mac has served on the boards of Country Road Australia Ltd (Chairman), Country Road U.S.A Ltd and Mitre 10 Ltd and holds a Bachelor of Business Studies. With a long family history of grazing in Western Queensland, Mac continues to operate an organic grazing property in the Augathella region. |
Appointed | 1 July 2007 |
Year of next scheduled re-election | 2017 |
Current directorships of listed entities and dates of office | Nil |
Directorships of listed entities over the past three years and dates of office | Nil |
Other current principal directorships | Director and Chairman, Seymour Whyte Constructions Pty Ltd (from 1 July 2007) Private company advisory boards operating in the logistics, horticultural and finance industries and not-for-profit. |
Legal or disciplinary action | Nil |
Insolvent companies | Nil |
JOHN SEYMOUR | |
Role | Non-executive Director (until 16 November 2016) Member, Nomination and Remuneration Committee (until 16 November 2016) |
Biography | John, along with Garry Whyte, established the Seymour Whyte Group of companies in 1987. Until his retirement, John sat on the board as a Founding Director and a major shareholder of the Company. With over 40 years in civil engineering, John's understanding of the industry, his experience with major clients and his engineering knowledge was invaluable to the strategic planning of Seymour Whyte. John is a Fellow of the Australian Institute of Company Directors, a Fellow of the Institution of Engineers and has played an active role in industry bodies such as the Civil Contractors Federation (past President of the Queensland branch) and was inducted in to the QUT Contractors' Hall of Fame in 2006. |
Appointed | 16 July 2003 (until 16 November 2016) |
Current directorships of listed entities and dates of office | Nil |
Directorships of listed entities over the past three years and dates of office | Nil |
Other current principal directorships | Director Seymour Whyte Constructions Pty Ltd (from 16 July 2003 until 16 November 2016) |
Legal or disciplinary action | Nil |
Insolvent companies | Nil |
DON MACKAY | |
Role | Independent, Non-executive Director Chairman, Audit and Risk Committee Member, Transaction Committee (from 2 November 2016) |
Biography | Don has had a successful track record with his role as CEO and Managing Director of Australian Agricultural Company Limited, where he played key roles in business growth, international expansion and capital raising. As General Manager of Elders Limited (NSW), Don influenced the transformation of the business into a high performing industry leader. Don holds a University of New South Wales Graduate Management Qualification. Don is also a member of the Australian Institute of Company Directors and in 2001 was awarded the Centenary Medal by the Prime Minister of Australia for Distinguished Service to Primary Industry. |
Appointed | 1 February 2009 |
Current directorships of listed entities and dates of office | Nil |
Directorships of listed entities over the past three years and dates of office | Nil |
Other current principal directorships | Director, Seymour Whyte Constructions Pty Ltd (from 1 February 2009) Director, Rob Carr Pty Ltd (from 25 February 2014) Chairman B&W Rural Pty Ltd Director Thames Pastoral Co Pty Ltd, Director Red Meat Advisory Council Ltd Don was also previously the Managing Director of Rangers Valley Cattle Station Pty Ltd until October 2016. |
Legal or disciplinary action | Nil |
Insolvent companies | Nil |
JOHN KIRKWOOD | |
Role | Managing Director Member, Transaction Committee (from 2 November 2016) |
Biography | John was appointed Managing Director on 26 October 2015. John is a senior construction professional with significant and highly regarded experience in the engineering and building construction industries with a unique combination of technical and commercial skills. John was most recently Executive General Manager Western at Leighton Contractors, and previously held senior roles within Abigroup Contractors, including four years as National Operations Director responsible for all business operations across Australia, spanning civil infrastructure, resources and utilities. John has over 20 years in site-based roles and 18 years in senior managerial positions. |
Appointed | 26 October 2015 |
Current directorships of listed entities and dates of office | Nil |
Directorships of listed entities over the past three years and dates of office | Nil |
Other current principal directorships | Director, Rob Carr Pty Ltd (from 26 October 2015) Director, Seymour Whyte Constructions Pty Ltd (from 26 October 2015) |
Legal or disciplinary action | Nil |
Insolvent companies | Nil |
Seymour Whyte Ltd. published this content on 18 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 August 2017 23:51:04 UTC.
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