MOviNg AhEAd wiTh – ExPERiENcE ENThUSiASM LEAdERShiP

118 Pages·2010·1.85 MB·English

OPUS INTERNATIONAL CONSULTANTS LIMITED 2009 ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2009
MOviNg AhEAd wiTh – ExPERiENcE
ENThUSiASM
LEAdERShiP

By meeting the challenge, preserving our
capaBility and developing our strengths to
achieve our direction
Financial & Business highlights
throughout a challenging year we: 20091 2008
operating revenue $367.8m $371.5m
net revenue 2 $273m $278 m
eBitda $31.6m $30.5m
eBit growth
achieved
eBit $25.3m $24.1m
oF 5.3%
eBit/net revenue 9.27% 8.67%
net surplus aFter tax $18.6m $17.5m

net proFit Basic earnings per share $0.14 $0.13
grew our
dividend per share 0.067 0.057
aFter tax By 6.3%
total assets $194.2m $195.7m
total eQuity $78.7m $71.0m
return on eQuity 24.9% 26.0%
completed the feasibility, scoping and preliminary design for the Auckland Manukau Eastern Transport
Initiative (nZ)
provided the extensive design for the Newmarket Railway Station, which opened at the end of the year (nZ)
delivered a scheme assessment report on transmission gully, with estimated savings of over 15% on the
previous designation (nZ)
are the principal’s agent for nZta for the Christchurch Southern Motorway, the largest road project
currently being undertaken in the south island of new Zealand
as part of the Clear Harbour Alliance, carried out a substantial sewer separation project in auckland,
new Zealand
provided the design, civil, mechanical and electrical engineering for the development of seven schools in
new Zealand
were awarded two major research projects by FRST in new Zealand
acquired a five-year contract for design, operations, maintenance and advisory services for the route 1
gateway p3 project in new Brunswick, canada
were awarded a 4-year contract for the provision of maintenance and advisory services for the Port Mann
Highway 1 improvement project (part of the gateway program), canada
celebrated the mirvac school of sustainable development at Bond university in Queensland, australia, for
which we provided the structural engineering, won a global award as the world’s best example of
low carbon, sustainable design
1. all $ figures are in new Zealand dollars, unless otherwise stated, throughout this report.
2. net revenue represents operating revenue less revenue earned for the work of consultants and contractors engaged through opus.
opus annual report 2009
provided the design for a new re-routed highway to allow for the construction of the tillegra storage
dam in nsw, australia
were appointed to Network Rail’s London North-West Territory Bridge Guard 3 Framework
for the provision of feasibility studies and repair work for both rail and over-rail bridges (uK)
continued to provide civil and structural engineering services to the Royal National Lifeboat
Institute in the uK for the development of new facilities
received public recognition for our achievements and won a number of industry awards. some of the most
significant awards included:
» the inaugural new Zealand institute of architecture, new Zealand architecture medal for our design
of the wilson special needs school, auckland. (this project was also a finalist in the world architecture
awards and won the nZia public architecture award)
» three new Zealand engineering excellence awards:
gisborne police station
northern Busway, auckland
hv power upgrade for 3g telephone exchange, auckland
» the constructing excellence in wales award for leadership and people development, uK
» the chartered institute of Building south yorkshire award for leadership in people development, uK
» the ministers award for excellence, nsw, australia for services in training
» the austroads Bridge award for the esmonde interchange, auckland, new Zealand
» two new Zealand planning institute awards:
the auckland clear harbour alliance
the northern Busway, auckland
» the ingenium award for projects over $2 million for the northern Busway, auckland
» two property council of new Zealand awards:
manukau police station, auckland
cambridge park pensioner housing, levin
» Four association of consulting engineers of new Zealand awards for the following projects:
coromandel waste water treatment plants
gisborne police station
Karangahake gorge road safety improvement
the northern Busway, auckland
» Five new Zealand institute of architecture regional awards:
gisborne police station
the crown hotel, napier
the palmerston north courthouse
timberlands office, rotorua
the watson/hasselman house, hawke’s Bay
opus annual report 2009 opus annual report 2009
contents
introduction 1
chairman’s report 2
managing director’s report 4
directors 9
management team 12
operational overview 17
australia 18
canada 21
new Zealand 24
united Kingdom 30
other international projects 32
sustainability 33
Financial statements 48
statement of significant accounting policies 59
notes to the Financial statements 66
auditor’s report 96
governance & shareholder information 97
glossary 107
gri content index 108
directory inside back cover
note : all $ figures in this report are in new Zealand dollars, unless otherwise stated.
opus annual report 2009 opus annual report 2009
introduction
opus international consultants (opus) is a leading international multi-disciplinary consultancy providing asset development
and asset management solutions for infrastructure facilities. we employ professionals in a wide range of engineering disciplines.
these include not only our civil and structural engineers but others, in for example, environmental, safety, water, research, asset
management and valuation. we also have experts in architecture, resource planning, heritage planning and property management.
the company brings together more than a century of experience and skills in infrastructure development, having its origins in the
former new Zealand ministry of works and development which was established in 1885.
over the last six years opus has grown from a new Zealand company with limited international presence to a global consultancy
with offices throughout australia, canada and the united Kingdom. opus is the largest infrastructure consultancy in new Zealand.
opus annual report 2009 opus annual report 2009 1
chairman’s report
2009 was a
challenging
But ultimately
successful
year For opus
2009 was a challenging but the recession posed a serious challenge redundancies were initiated, mainly in
in all of the company’s operating the uK, but also in new Zealand and
ultimately successful year for
regions, but particularly in the uK australia. reduced working hours
opus in spite of the serious
and to a lesser extent australia, where were introduced in some cases and
recession in many economies. markets contracted significantly. remuneration increases at all levels
however the opus Board and were made wholly or substantially
reflecting the recession,
management had been focused on conditional on the achievement of
revenue was down 1% on the this risk for some time and considered performance targets. in addition, cross
prior year, but opus achieved various options and possible responses. region resource sharing, which has
always been a strength of opus, was
eBit growth of 5.3% and a very difficult first quarter produced
increased.
net profit after tax growth of a significant loss but management
responded early in the quarter with these astute, well managed measures
6.3% to $18.6 million – which
a range of measures, tailored to the were successful and while there was
was a very good result. various circumstances in different parts some market improvement through the
of the company. marketing and cost year, they were primarily responsible
management were intensified and some for a significantly better result than in
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2008, and most employees achieved there has been a close ongoing focus but one that has quickly developed into
a normal increase in remuneration. on strategic objectives, along with an excellent and cohesive Board. during
the redundancies are regretted but operational and development options. the year the Board undertook a full,
they were minimised by the acceptance the level of uncertainty and risk is formal performance assessment.
of flexible working arrangements and still a key consideration, as are the
professor don trow retires as a director
added performance conditions for opportunities for growth, recognising
at the end of the annual general
remuneration increases. the shifts amongst the world’s regions
meeting in april 2010 and i thank him
and economies, their relative rates of
two other related aspects merit for his very significant contribution
growth over the last decade and their
comment. prior analysis had shown to the company. i am delighted that
current economic circumstances and
opus’ capability as a learning he has agreed to act as an advisor
prospects.
organisation, and its performance on accounting, audit and regulatory
through 2009 underlined this; and the company remains debt free and matters.
opus has always highly valued its renewed and expanded its bank
KERRY MCDONALD
culture, and this was also an important facilities in 2009.
CHAIRMAN
ingredient in the result.
i thank Kevin thompson for his
there are undoubtedly still challenges admirable leadership of the business
ahead for the different parts of the in challenging circumstances, his
business, particularly in the uK given management team and all other
its economic situation. But the 2009 employees. ultimately, it was a great
performance underlined the company’s team effort.
ability to respond to challenging
conditions, and it’s potential to benefit i also thank the directors for their
in future from its ongoing continuous strong engagement and contribution
improvement activities. during the year. it is largely a new team,
the 2009 performance underlined the company’s ability
to respond to challenging conditions, and it’s
potential to BeneFit

in future from its ongoing continuous improvement activities
opus annual report 2009 opus annual report 2009 3
managing director’s report
we met the
challenge,
maintained our capaBility
and Further developed
our strength
in the marKet
with the global financial i am delighted to report that we met and australian markets we were able to
the challenges brought about by the maintain our professional capability and
crisis of 2009, it was a year
recession and with prudent and decisive preserve our core employee base, with
of challenges for opus in
management and co-operation by our some retrenchments, some reduced
all of our markets. while we staff, we ended the year in a strong working hours and reduced salaries and
enjoyed positive revenue position, with an after tax profit of redirection of staff. we also introduced
$18.6 million. a range of measures to improve revenue
growth in our new Zealand,
and our competitiveness, and took
australian, and canadian as reported in our half-year report,
steps to cut operating expenses. this
our net profit to the end of June was
operations, we encountered further developed our strengths and
well below that for the same period
tough times in the uK where our position in our markets.
in 2008, primarily due to the global
we have a greater reliance financial crisis and economic downturn. our total revenue to year end was
on private sector clients. all we all worked hard over the latter $367.8 million, compared with
half of the year to turn this trend $371.5 million in 2008, a drop of 1%.
markets were competitive,
around. By looking at other business net surplus after tax was just under
affecting margins particularly
opportunities and diversifying in the uK $18.6 million, representing a 6.3%
in australia and the uK.
4 opus annual report 2009 opus annual report 2009