The company reported underlying net profit after tax of $145.0 million, 5.4% lower than the prior year, translating to earnings of 7.0 cents per share. In a year of significant challenges posed by a global pandemic, natural disasters, supply chain disruptions and emerging inflation, Cleanaway delivered a strong financial performance. Our foundations are central to our purpose of making a sustainable future possible together. This ensures our frontline teams do not need to choose between competing priorities and instead our foundations are always first. Defining the two as foundations rather than priorities is both deliberate and important.
“During the year, we redefined protecting our people and protecting the environment as the two foundations upon which Cleanaway operates. Setting 20 greenhouse gas reduction targets that align to COP22 and are supported by the IPCC’s 2022 Sixth Assessment Report – with initiatives identified to reduce emissions.The revenue growth will support strong earnings growth as temporary headwinds subside and higher costs are recovered in FY23 Delivered strong revenue growth in a year of significant operational challenges.Completed the acquisition of the Sydney Resource Network (SRN) and integrated the assets into our New South Wales business unit.Enhanced the capabilities of our executive leadership team including the appointment of dedicated resources to lead the carbon and sustainability functions to support delivery of BluePrint 2030.Refreshed our strategy to meet the evolving and emerging opportunities that will come from the transition to a high circularity and low-carbon economy.Management CommentaryĬhief Executive Officer and Managing Director of Cleanaway, Mark Schubert, said, “ I am proud to report Cleanaway’s performance for the financial year ended 30 June 2022, and pleased that during the year we made good operational and strategic progress, including:
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The Board declared a final unfranked dividend of 2.45 cps taking the full year dividend to 4.90 cps, 6.5% higher than the pcp. This resulted in a strong cash conversion ratio of 99.9%. Net cash from operating activities increased by $41.9 million to $466.3 million compared to FY21, reflecting increased underlying EBITDA and lower tax payments, partially offset by cash outflows attributable to underlying adjustments and higher interest payments. Underlying earnings per share (“EPS”) attributable to ordinary equity holders of 7.0 cents per share (“cps”) was 4.1% lower than the pcp. Underlying EBIT of $257.1 million was 0.6% lower than the pcp largely due to an increase in depreciation and amortisation expenses related to the SRN acquisition. Underlying EBITDA of $581.6 million was 8.7% higher than the pcp reflecting the contribution from SRN, new customer contracts and commodities partially offset by lower volumes from New Chum landfill, higher fuel prices, COVID-19 related impacts – particularly in the Health Services business, floods and labour availability. Net Revenue of $2,604 million was 18.4% higher than the pcp with higher revenue across all segments primarily driven by a general recovery in economic conditions, new customer contracts, recent acquisitions, pandemic related clinical waste and higher commodity revenue.
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