Revenue of $18.560 million was $1.103 million (5.6%) lower than the previous financial year due primarily to reduced lease income following the completion of the Air Warfare Destroyer (AWD) Program at Osborne on 31 March 2020.

Land, buildings and infrastructure were subject to an external valuation at 30 June 2020 resulting in a net revaluation increment in buildings and infrastructure of $51.993 million and a net revaluation decrement of $8.888 million in land. The buildings and infrastructure revaluation increment relates mainly to Common Use Infrastructure assets. Refer to Note 8 of the financial statement for further details.

Capital expenditure of $365.282 million was $118.040 million (47.7%) higher than the previous financial year reflecting a high level of activity on the Osborne South Development Project and the commencement of site works for the Osborne North Development Project.

The impacts of Covid-19 on ANI have been minimal. Restrictions on international travel have resulted in delays to some aspects of equipment installation and testing for the Osborne South shipyard. There have been no other impacts on ANI's operations.