Full year ended 31 December 2009

Financial Summary

The Group's safety performance for the 12 months to 31 December 2009 included a total Lost Time Injury Frequency Rate (LTIFR) of 0.88 per million hours worked. Ausenco's safety performance record continues to exceed industry standards and international best practice.

Aggregate revenue for the year of $432.5 million was down 28.7% on the aggregate revenue of $607.0 million for the previous financial year. Net profit before tax for the year was $17.0 million, a decrease of 76.2% over the $71.4 million achieved in the year ended 31 December 2008. Net profit after tax for the year was $20.1 million, a decrease of 64.2% over the previous year. The first half of the year was quite challenging, with business and economic conditions resulting in clients delaying the commencement of projects and awarding of contracts. As a result, in the second half the Group focused on cost management initiatives, better utilisation rates and greater collaboration across our global group.  Despite these initiatives, the strengthening of the Australian dollar and longer than anticipated tender to contract lead times has seen full year earnings come in at the lower end of 2009 guidance.

Underlying EBITDA for the year was $43.3 million, a decrease of 57.5% on the previous year. Basic earnings per share is 19.0 cents, a decrease of 69.7% over the 62.7 cents per share last financial year.

The Group's earnings before interest and tax (EBIT) margin was 5.0% compared to 12.1% for the previous corresponding period and the after tax profit margin of 4.7% was lower than the 9.3% reported for the 2008 year. The decrease in margin was due to continued delay in project awards and the global trading conditions. A net tax benefit of $3.1 million for the 2009 year was due to lower rates on earnings from developing countries and specific government stimulus initiatives.

Net operating cash outflow was $2.3 million, compared to an outflow of $16.6 million in the previous corresponding year. This is a $20.3 million improvement to the $22.6 million net operating cash outflow reported at the half year. The improvement in group liquidity was primarily due to an increased focus of the group on debtor management and collection.

The Group's gross cash position at 31 December 2009 was $78.7 million. Net debt decreased by $66.0 million from $66.5 million to $0.5 million during the year largely as a result of the equity capital raisings, debt repayments and favourable movements in the foreign exchange rates. The net gearing ratio decreased to 0.2% from 26.8% while the EBITDA to total financing costs ratio was 4.6 times (2008: 20.3 times). The Group was in compliance with all financial covenants of the debt facilities at 31 December 2009.

• 2009 Annual Report (PDF 1,112KB)
• 2009 Appendix E and Financial Statements (PDF 3,124KB)
• 2009 Corporate Review (PDF 2,159KB)
• 2009 Results Presentation (PDF 2,863KB)
• Financial Reports by Year