HALF YEAR REPORT February Leighton Holdings Limited

Transcription

1 HALF YEAR REPORT February 2009

2 PRESENTATION OUTLINE Results highlights Operational update Financial statements Strategy and outlook 2 Half Year Report I 12 February 2009 I

3 RESULTS HIGHLIGHTS 3 Half Year Report I 12 February 2009 I

4 FINANCIAL HIGHLIGHTS Dec 08 ($m) Dec 07 ($m) % change Total revenue 9,146 6, New contracts, extensions and variations 14,051 12, Value of work in hand 37,533 26, Profit before tax and impairments Profit after tax (56) Dividends per ordinary share Half Year Report I 12 February 2009 I

5 WORK IN HAND UP BY 24% SINCE JUNE 2008 VALUE OF WORK IN HAND A$bn At 31 December At 30 June /0 00/1 01/2 02/3 03/4 04/5 05/6 06/7 07/8 08/9 5 Half Year Report I 12 February 2009 I

6 OPERATIONAL UPDATE 6 Half Year Report I 12 February 2009 I

7 CLEM JONES TUNNEL QLD, LEIGHTON CONTRACTORS 7 Half Year Report I 12 February 2009 I I

8 SYDNEY DESALINATION PLANT NSW, JOHN HOLLAND 8 Half Year Report I 12 February 2009 I I

9 CALLIE GOLD MINE NT, LEIGHTON CONTRACTORS/HWE 9 Half Year Report I 12 February 2009 I I

10 ROYAL NORTH SHORE HOSPITAL NSW, THIESS 10 Half Year Report I 12 February 2009 I I

11 WYNN ENCORE MACAU, LEIGHTON ASIA/JOHN HOLLAND 11 Half Year Report I 12 February 2009 I I

12 SAADIYAT LINK EXPRESSWAY ABU DHABI, LEIGHTON INTERNATIONAL 12 Half Year Report I 12 February 2009 I I

13 BINA INDIA, LEIGHTON INTERNATIONAL 13 Half Year Report I 12 February 2009 II

14 WE ARE RESPONDING TO THE MARKET Reviewed and monitoring all private sector clients Changing payment terms Reducing bonding Reducing overheads Targeting opportunities 14 Half Year Report I 12 February 2009 I

15 FINANCIAL STATEMENTS 15 Half Year Report I 12 February 2009 I

16 REVENUE UP SUBSTANTIALLY REVENUE BY GROUP AND JOINT VENTURES & ASSOCIATES A$m 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Group revenue up 37% JV & Associates up 48% Total revenue up 40% Dividend maintained at 60cps 3,000 2,000 1, Group JV's & Assoc 16 Half Year Report I 12 February 2009 I

17 PROFIT BEFORE AND AFTER TAX DEC 2007 DEC 2008 A$m A$m EBIT Finance Costs Tax NPAT 0 EBIT Loss on assets Finance Costs Tax NPAT 17 Half Year Report I 12 February 2009 I

18 PROFIT BEFORE AND AFTER TAX DEC 2007 DEC 2008 A$m A$m EBIT Finance Costs Tax NPAT 0 EBIT Loss on assets Finance Costs Tax NPAT 18 Half Year Report I 12 February 2009 I

19 CAPITAL RAISING BOOSTED BALANCE SHEET TOTAL ASSETS Cash & equiv Dec 2008 June 2008 ` Trade & Receive's Inventories Investments (equity) Investments (other) PP&E Other A$m 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9, Half Year Report I 12 February 2009 I

20 BALANCE SHEET TOTAL LIABILITIES Trade & payables Dec 08 Curent tax Liab's Provisions Interestbearing Liab's June 08 Limited recourse loans Leighton Notes A$m 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Source Note 20 Half Year Report I 12 February 2009 I

21 Dividends Closing cash SOLID OPERATING CASH FLOW JUNE DEC 2008 CASH FLOW RECONCILIATION A$bn Half Year Report I 12 February 2009 I Opening cash Operating cash Finance & tax PP&E Investment Proceeds & payments Share issue Net borrowings

22 DEPRECIATION A FUNCTION OF VOLUMES DEPRECIATION EXPENSES A$m Operating lease payments of $200m Total depreciation of $280m Total WDV of plant is $1.7bn Depreciation to increase due to increase in mining work 50 0 June 08 Dec 08 Plant & Equip Components Other 22 Half Year Report I 12 February 2009 I

23 IMPAIRMENTS IMPACTED AUSTRALIAN PROFIT REVENUE PROFIT BEFORE INTEREST AND TAX A$m A$m 10, , , , , , , , , , Australia Asia Australia Asia 23 Half Year Report I 12 February 2009 I

24 AUSTRALIAN PROFIT WITHOUT IMPAIRMENTS REVENUE PROFIT BEFORE INTEREST AND TAX A$m A$m 10, , , , , , , , , , Australia Asia Australia Asia 24 Half Year Report I 12 February 2009 I

25 DEBT MATURITY AND FACILITIES TERM DEBT Amount Tenor Maturity US Private Placement US$280m 5, 7, 10 years 2013, 2015, 2018 LMENA No 1 Non recourse US$434m 5 years 2012 Indonesian bond US$110m 5 years 2011 WORKING CAPITAL Syndicated facility A$520m 3 years Oct 2011 Bilateral facility A$150m 2 years Sept 2010 Expiring facility* A$70m July 2009 BONDING/GUARANTEES Aggregate facilities A$3,426m 1 3 years *To be repaid 25 Half Year Report I 12 February 2009 I

26 ACTIVE CAPITAL PLANNING IN PLACE Completed $700m pro rata entitlement offer Available operating lease facilities of over $300m Undrawn facilities and guarantees of $989m Balance sheet is in good shape 26 Half Year Report I 12 February 2009 I

27 STRATEGY AND OUTLOOK 27 Half Year Report I 12 February 2009 I

28 OUR STRATEGY REMAINS CONSISTENT Diversity Brands Markets and activities Geography Delivery systems Financial strength People 28 Half Year Report I 12 February 2009 I

29 INFRASTRUCTURE TO STAY AT HIGH LEVELS TOTAL CONSTRUCTION VALUE OF WORK DONE BY PRIVATE SECTOR ($06/07bn)* $bn level e Residential* Non Residential Building Utilities and Civil other Mining and Heavy industry Transport Source: BIS Shrapnel total value of work done by the private sector. Residential based on value of commencements. Year end June * Residential in $05/06bn 29 Half Year Report I 12 February 2009 I

30 DEER PARK BYPASS VIC, LEIGHTON CONTRACTORS 30 Half Year Report I 12 February 2009 I I

31 SUGARLOAF PIPELINE VIC, JOHN HOLLAND 31 Half Year Report I 12 February 2009 I I

32 RESOURCES OUTLOOK STILL POSITIVE IRON ORE PRODUCTION & PRICE THERMAL COAL PRODUCTION & PRICE Mt $/tonne Mt $/tonne e 10f 11f 12f 13f e 10f 11f 12f Production Price Production Price Source ABARE, BIS Shrapnel, Macquarie Research 32 Half Year Report I 12 February 2009 I

33 SMR IRON ORE MINE SA, LEIGHTON CONTRACTORS/HWE 33 Half Year Report I 12 February 2009 I I

34 PROPERTY FEELING IMPACT OF GFC VALUE OF COMMERCIAL AND INDUSTRIAL COMMENCEMENTS BY SECTOR $05/06bn A$m June 2011 Office F/C bottom Lack of credit to support acquisitions Commencements to fall until 2010 But market should remain above long term averages Offices Hotels Retail Factories & OBP 34 Half Year Report I 12 February 2009 I

35 400 GEORGE STREET, QLD LEIGHTON PROPERTIES/CONTRACTOR THIESS 35 Half Year Report I 12 February 2009 I I

36 ASIAN REGION WELL PLACED TO RECOVER REAL GDP GROWTH % % 20 World (PPP) 15 Developing Asia 10 ASEAN 5 5 India 0 China e 10f 5 10 World economic downturn Tiananmen Square protest Asia Economic Crisis Source: IMF, World Economic Outlook Update, January Developing Asia includes: China, India, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Hong Kong, Korea, Singapore and Taiwan. ASEAN 5 includes: Indonesia, Malaysia, Thailand, Vietnam and the Philippines. Year ending December 36 Half Year Report I 12 February 2009 I

37 OIL DRIVING BOOM IN THE GULF REGION GCC TOTAL PROJECTS MARKET US$bn Oman Falling prices have slowed growth in the Gulf Bahrain Saudi Arabia Growth in China and demand for oil will lift prices Kuwait Qatar UAE Break even oil price for Gulf is relatively low Still a large pipeline of projects in the Gulf A$m ,000 1,200 1,400 5/01/2008 5/01/2009 Source: MEED Projects, January Half Year Report I 12 February 2009 I

38 KOWLOON SOUTHERN LINK HONG KONG, LEIGHTON ASIA 38 Half Year Report I 12 February 2009 I I

39 SANGATTA COAL MINE INDONESIA, THIESS 39 Half Year Report I 12 February 2009 I I

40 UKHAAKHUDAG MONGOLIA, LEIGHTON ASIA 40 Half Year Report I 12 February 2009 I I

41 SUMMARY Positive long term outlook Solid balance sheet and strong competitive position Opportunities to maintain work in hand Expect revenue and profit growth A positive outlook despite short term uncertainty 41 Half Year Report I 12 February 2009 I

42 HALF YEAR REPORT February 2009