Notes from: EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S ADDRESS TO SHAREHOLDERS
The past year once again showed our diversified business model is resilient and enables us to adapt to market changes. Despite the challenges of the pandemic, we achieved positive results.
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Revenue was $11.4 billion, with COVID causing a temporary delay in the award of new projects and slowdown of revenues across our activities.
We delivered a statutory net profit after tax of $620 million, with an underlying NPAT of $601 million.
Our statutory margins remained solid at 10.3% for earnings before interest and tax, 8.7% for profit before tax and 5.4% for NPAT.
An important milestone for 2020 was the completion of the sale of 50% of Thiess. This allowed us to capitalise on Thiess’ strong performance and positive outlook, while retaining a strategic interest in the
sector.
Thiess continues to be core to our business. Co-ownership is functioning seamlessly, and we and our partner are very much aligned on operational decisions and growing the business.The sale generated a post-tax gain of $1.4 billion, Net cash proceeds were $2.1 billion which enables us to strengthen our balance sheet, reduce debt and pursue future growth opportunities.
Ventia also completed the acquisition of Broadspectrum in 2020, forming one of the largest infrastructure services companies in Australia and New Zealand. With a positive industry outlook, and given the expanded size of the business, we continue assessing our strategic options for our investment in Ventia.
In 2020, one-off post tax impacts included an $805 million non-cash loss on the Gorgon Jetty arbitration. Other items of $613 million related to COVID, project settlements, provisions, property business writedowns and oil & gas vessel impairments.
