Companies, their Boards and management are being increasingly challenged to meet both their commercial objectives and the various social and environmental responsibilities which come with being a good corporate citizen. Mark outlines commercial and strategic highlights in more detail in his report. Sufficient for me to observe here, that despite many market, political and regulatory challenges we once again managed to grow our domestic and international footprint and our enterprise value.
In the past 10 years our Group revenue has increased While still relatively modest, an increasing feature of the nib Group is our growing presence in markets beyond Australia and New Zealand. During the year we formally established our new business in China with our partners Tasly. Subject to regulatory approvals, we expect to sell our first health insurance product in the second half of FY Unfortunately, there is considerable nervousness across the Australian private healthcare sector and among members, shareholders and stakeholders about policies proposed by the Federal Opposition.
Our view remains that health insurance prices and the consumer interest are best served by competition not more Government regulation. Health reform and Government policy cannot just be about health insurance premiums as the prices our members pay for health insurance are basically a function of the costs associated with treatment in hospitals and other clinical settings.
We think a more sensible approach is a Productivity Commission investigation first to understand and address the underlying affordability and cost inflation challenges. We are committed to passing on any additional benefits from such a review via lower premiums. While premium affordability is a key factor when consumers are considering health insurance, so is the assurance of financial protection and value. During the year, approximately 77, of our arhi policyholders claimed more in healthcare costs and treatment than what they paid in premiums.
I can assure members, shareholders and stakeholders that we will continue to engage with policy makers and seek more substantial and meaningful policy reform. And most importantly, that we will adapt to whatever circumstances arrive. More than ever communities across Australia and New Zealand need private health insurance in order to cope with burgeoning healthcare spending and already stressed public systems.
There are challenges ahead for us but the social and business fundamentals behind private health insurance remain compelling.
I would like to conclude by thanking my fellow Directors, our Executive leaders and everyone at nib for another tremendous year. Phil has been an exceptional Director providing relevant and current strategic insight.Good morning Ladies and Gentlemen. I am delighted to be able to speak with you again today. I will kick off with a discussion of some key areas the board is focused on — including Strategy, Safety and Financial Returns.
I will then provide some comments about our operating environment and finally, how we are tackling climate change. Starting with our strategy. At Origin, we are leading the transition to a cleaner, smarter and more customer-centric energy future.
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To ensure the business is well positioned to achieve this objective, we are focused on three key priorities. Underpinning these priorities is our focus on adapting and transforming our culture to ensure Origin is strongly positioned to meet the challenges of a rapidly changing and constantly evolving energy market, and this includes being more customer centric. Now to safety, which is a matter of primary importance to the Board. For a number of years now management, supported by the Board Health, Safety and Environment committee, has worked to develop a learning culture which provides our people with the confidence to identify and respond quickly to risks and with the support necessary to improve the running of our operations.
This is our best result to date, and we are proud of the progress. Looking forward there is still more to do to continue this momentum towards our ultimate objective of zero harm to our people at work. We committed to decisive action to improve financial performance and laid out a plan.
While there is more to achieve, this year we recorded meaningful progress against our key priorities to reduce debt and improve operational performance. Given our focus on reducing debt, the board determined not to pay a dividend in We are acutely aware and fully understand the importance of dividends to many of our shareholders. This decision was not taken lightly, but it was considered in the best overall interests of shareholders at this time.
A decision on the dividend will be considered each six months by the Board. This has created increased regulatory risk as governments seek to respond. Australia still lacks a stable long-term energy policy, and the risk has increased of governments interfering in markets to regulate supply, or worse to set pricing.
On electricity prices, I would like to start by acknowledging that sinceenergy expenditure has increased by more than total household expenditure and the CPI.
This is putting pressure on both households and businesses. This demonstrates that retailers are only one part of energy supply chain. We cannot solve the pricing challenge alone. We need a whole of industry solution with networks, generators, retailers and governments all working together if we are to deliver a genuine and lasting reduction in energy prices for customers.
Encouraging investment in new supply is a critical piece of the puzzle, and we have urged governments to resist intervening with short-term policy and instead focus on getting the long-term energy and climate change settings right.
Over the past decade, there have been many attempts but we have not been able to agree on a genuine, coordinated and bipartisan national approach to the challenge of transitioning to a more modern and cleaner energy system. In his comprehensive and scientific review of the national energy market this year, Dr Alan Finkel made 50 recommendations which Origin supported.
The government has endorsed 49 of the recommendations and yesterday set out its preferred means of tackling emissions reduction. We believe the National Energy Guarantee announced yesterday has the potential to address the objectives of ensuring security, affordability and facilitating the transition to a modern, cleaner energy future by unlocking investment in more supply.
We look forward to working with governments and energy market bodies to work through the detail of the policy. An investment signal beyond when the RET ends, will maintain downwards pressure on prices.
We believe doing nothing will see prices again move in an upwards direction. Now let me turn to gas and again acknowledge that gas prices have risen above CPI contributing to increasing cost pressures for many customers. In particular, this impacts large businesses that rely on gas. Gas supply has also been tight in the market.
Now there are a number of reasons for the gas market challenges. Australia has exhausted lower cost gas supply that delivered historically lower prices for customers and we are now accessing resources with a much higher cost of production.We are committed to contributing to a truly circular economy, and aim to close the loop by developing innovative, technology-driven solutions to achieve more sustainable outcomes.
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Select what your enquiry is related to. Provide details about your enquiry.News Feed. I would like to thank you all for coming here tonight and to take this opportunity to wish you and your families a happy new year and I hope brings you all luck but most of all health and happiness. To start, I would like to mention my fellow officers Breda and Dermot for their hard work though out the year.
Both of them were new to their positions at the start of the year but once they found their feet there was no stopping them, so a huge thank you. I would like to thank other committee members who done work or put themselves forward on the various sub committees throughout the year.
This is vital in keeping our club going. The Clubs website was launched in and huge credit is due to Martin Stapleton, Anthony Maher and Breda Tynan who regularly maintain and update it. To both field committees for keeping our pitches in the best possible shape.
His generosity and loyalty to the Club can not be underestimated and I would also like to thank him for allowing us to use his facilities again for the coming year ahead. And to my family for their support throughout the year. And I would also like to take this opportunity on behalf of the Hurling club to congratulate Lar and Muckalee Football Club, who won the County Final for the fourth year in a row and I know Lar and the lads were disappointed after their defeat in the Leinster Championship against Saint Fintans in Pirecestown but ye and the players can hold your heads proud with the achievement ye have made in Football in Kilkenny.
Thank you also to the priests in our parish, Fr Wallace, Fr Delaney and Fr Martin, for their prayers and support throughout the year and at this point I would like to extend my condolences on behalf of the club to those members and their families who have suffered bereavements during the year and maybe spare a thought or a prayer for those who are ill in our community tonight. I would like to congratulate our players who represented the club on County, College or schools teams during the year.
Well done. Also congratulations to anybody from the parish who represented the community in any way whether it was in Hurling, Football, Camogie, Handball, Racquetball, Horse Riding or Athletics.
Of course, there will be an ongoing cost in the upkeep and maintenance of these facilities which always have to be factored in when doing our yearly budgets. Please remember it takes a lot of time and effort from the people on both field committees to keep the pitches in tip top condition and again, this time and effort is voluntary.
These people are doing this at no cost to the club and in their own free time. Fundraising will always be a big part of our clubs survival. The draw is still holding its own and maintaining roughly the same number of members every year which is an achievement in itself, but it also proves that it works.
However I believe this year we can work harder on this. Over the last number of years, we have invested heavily in the pitches and facilities and as I have already said we have top notch services in place. But I think we need to look at investing more into the basics.FY18 was another milestone year for Webjet Limited. Our mantra of Convenience, Choice and Customer Service have continued to create great results for our customers and for our shareholders.
Today Webjet is a much larger business than it has ever been before by any measure: TTV, revenues, profits, customers, locations and of course as measured by employees. Indeed, after the acquisition of DOTW we will have more than 2, employees around the world. These are businesses operating at scale, run by high-quality and highly-engaged people who are on a mission. In his speech John will run through our financial performance in more detail.
I will however lead in by making a few comments on FY18 financial performance for continuing operations:. John will also speak about DOTW in more detail. I will say however that having seen WebBeds integrate JacTravel and sell its directly contracted hotels inventory to our customers, I have no doubt in our ability to sell DOTW's directly contracted hotels across our customer base, and vice versa.
This acquisition will deliver significant benefits to our customers, suppliers and shareholders. I would like at this point to welcome our new colleagues at Destinations of the World to the Webjet family.
We are certainly looking forward to the next leg of this journey together. Webjet aims to keep a relatively conservative balance sheet so that we are both relatively insulated against unforeseen conditions and have the capacity to pursue new opportunities as they come along. That combines well with the leadership team's relentless focus on cash conversion.
I'm pleased to say that the institutional component of the raising is in the bank, our new banking facilities have been drawn down and we expect the retail component to be in the bank shortly.
Clearly Webjet is now a complex global business, and we are focused on ensuring that the culture, governance and risk management practices are in place to meet the challenge. Toni has assumed the important role of Chair of the Board's Audit Committee. Rajiv Ramanathan retires as a non-executive Director today. Rajiv's work commitments are increasingly Northern Hemisphere-focused and have necessitated his resignation.
We thank Rajiv for his thoughtful contribution. Today Webjet has five Non-Executive Directors, of whom two are women. The Company implemented a new Corporate Social Responsibility Statement during the year that can be seen on our investor website - www. This year Webjet celebrated its 20 th anniversary. It's great to have our founder David Clarke in the room today, along with a number of the founding management team and board members.
You should never be in doubt that this company has a high-performance culture, and that is what has propelled it so successfully through the first 20 years of its life. I'd like to acknowledge some very strong performances in FY18 and since then into the new financial year from the Webjet leadership team. John Guscic remains a hard-driving champion for profitable growth, ably assisted by our talented Chief Commercial Officer Shelley Beasley and our Chief Financial Officer Tony Ristevski, who has made a significant impact since joining in May There are too many people to acknowledge individually.
I mentioned earlier in my address that the broader Webjet group will shortly have more than 2, employees around the world. While this presents us with myriad opportunities, it also adds to the complexity of daily life and to many peoples' workloads. Today we are a global business, and we need to adjust our approach to remunerating and retaining our senior people accordingly. So, shareholders should expect us to make some refinements during FY Before I hand over to John there is another group of people that we'd like to acknowledge, and that's the broader Webjet team.
Whether you write code, are a brand expert or a digital marketer, whether you work in supply or in customer service or at reception, in Australia or New Zealand, in Southeast Asia, in Egypt or the UAE, in the UK, or in Spain or Romania, you are the heartbeat of Webjet, and today we acknowledge your service and thank you.
Webjet Limited published this content on 21 November and is solely responsible for the information contained herein.These presentations were lodged with the ASX prior to the commencement of this meeting. The Group has been operating in an environment of a slowing resource sector for wear products which is becoming increasingly stable but at a historical low base, while other opportunities are opening up for the structural and defence grade products, both domestically and internationally.
I am pleased to report that the Group has been able to adapt to these changing market conditions and has invested considerable energy and resources to deliver on its 3 year strategic plan with a focus on targeting profitable growth. This has included expanding the current market away from reliance on its traditional resource base, extending the current product offering to allow this, to refocus on select international markets, and realise the full potential of its unique armour defence grade steels.
This resulted in high volumes in the third quarter of FY17 with good momentum and a healthy order backlog going into FY The Group entered into a new finance facility with Westpac on 30 May which is in place through to 30 May Bisalloy Steels Australia successfully clawed back domestic market share in FY in what is becoming a more stable market. This was done by relaunching our brand, improving our customer service levels, adjusting our business to the current market needs, seeking customers beyond resources and building the value of using an Australian specialty steel supplier over an imported product.
There are positive signs this will further increase during FY Both operations with the help of the Australian operation are now working to grow beyond resources also, including defence grade steels.
The Board believe that the Group has the products, strategies and management team to take advantage of the new opportunities which are presenting themselves to Bisalloy, especially in the defence industry. The continual reshaping of the Australian operation enabled by strategic investment will underpin the competitiveness and sustainability of the business and will enable the Group to generate appropriate shareholder returns going forward.
Firstly I want to highlight occupational safety alongside our financial performance. Safety has a direct impact on productivity, quality and customer satisfaction. The engagement of all our employees in improving safety is one of our core values which has delivered high productivity, high quality and customer satisfaction improvements throughout the year.
We continue to set new safety records for our Australian business. Our operations in Indonesia and Thailand maintain their highly impressive commitment to safety. They have now delivered twelve years without a lost time injury with the Chinese Joint venture, passing six years lost time injury-free. The Australian business continues to work through a three year Collective Agreement with the Unanderra production workforce.ANZ 2019 AGM - Chairman's address
The relationship between the current management team and the workforce is very strong and we have created an environment with a collaborative, flexible and highly motivated workforce.
This has been vital to allow Bisalloy to achieve record levels of production in recent months. The past financial year was one of two contrasting halves. Despite a relatively slow start in the first half, the Group recovered to perform solidly in FY, on the back of a strong result in the second half of the year. All activities and initiatives are firmly in place for the Group to continue this momentum heading into FY The Group entered FY with the resources sector at a low base.Good morning ladies and gentlemen.
Welcome to the Decmil Annual General Meeting.
On behalf of my colleagues, I would like to welcome you to our office to give you an overview of the highlights of FY18 and provide an update on the outlook for FY19 and beyond. As it is now 10am and a quorum is present, I declare this meeting open. I propose to take the Notice of Meeting as read. At today's meeting we have six resolutions to consider which will be put to a poll.
However, before we commence the formal part of the meeting, I would like to take this opportunity to introduce my fellow non-executive directors; Bill Healy, Don Argent and Dickie Dique. I would also like to introduce you to the Executive Leadership Team which includes. For those who are not aware, this year marks Decmil's 40 year anniversary.
Starting out as a small business in Karratha inDecmil has been on a fascinating journey of geographical expansion, diversification and growth. Today Decmil is a well established and highly regarded construction company, employing over people on sites across Australia and New Zealand. Our long history provides us with strong experience to execute large projects for clients in the resources, infrastructure and renewables sectors. In celebrating this milestone we wish to thank everyone who has contributed to our success over our first 40 years.
This year we also recognise the achievements of Decmil's founder Denis Criddle who has recently stepped down from Board duties. Denis always fostered a culture of 'family, respect and mutual support' and we acknowledge him for his commitment and dedication to Decmil and for creating a strong culture from the very beginning. Denis's values will continue to drive the success and sustainability of Decmil throughout the years to come and we are delighted that his legacy will live on through the annual 'Denis Criddle Leadership Award'.
We thank Denis for his tremendous contribution to the Board over the years and we wish Denis, Nola and their family all the best for the future.
I will now give a brief overview of the Company's highlights over the past year, and will then invite our. Managing Director, Scott Criddle, to give shareholders an update on our key projects and the progress we have made in executing our FY19 business plan. At the conclusion of formal proceedings, we would welcome you to stay on for light refreshments, and discuss any matters regarding the Company with the directors and executive leadership team members present today.
I now turn to the Group Highlights of FY In Decmil returned to revenue growth as the Company secured several new large projects. These projects included:. In addition to the above, we have recently been awarded an EPC contract with Maoneng Australia in relation to its Sunraysia Solar project.
FY18 saw significant diversification in Decmil's revenue by sector and geography. With our c urrent order. This split demonstrates the successful execution of our strategy to position ourselves to benefit from the significant opportunities that are being presented in the Eastern states infrastructure markets and the renewable energy space.
For the financial year the group delivered gross margins of In addition, at 30 Juneour financial position remained sound with the Group's balance sheet reflecting. Our business plan remains consistent with prior years.
After benefiting greatly from the resource construction boom, Decmil experienced subdued market conditions throughout FY16, FY17 and part of FY During that time, Decmil focussed on diversification, stabilisation and resetting its overhead cost base to ensure it remained competitive and sustainable.
This created a platform for a more diverse national business, which is now exposed to the expanding infrastructure and renewable energy markets. Conditions across these sectors, along with our traditional resources sector, continue to improve as we head into FY