Period overview Operational Overview Financial Results Conclusion
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- Thomasine Francis
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1 Interim Results Six months ended 31 ust 2015 Bridging y expectations Agenda Period overview Operational Overview Financial Results Conclusion Bridging y expectations 2 1
2 Six month overview Satisfactory financial performance in current market All Business Units were profitable and performed to management expectations with exception of the Middle East operations Challenging trading environment Continuously align and structure businesses to adapt to market conditions Continued delayed payments negatively impacts our working capital Current order book R12,5bn 3 3 Key indicators Operating profit R176m Operating profit margin 3,4% Cash on hand R967m Debt : Equity 22% Health and safety LTIFR RCR 0,13 0,89 Capex R52m B-BBEE Level
3 Industry matters Competition Commission As previously reported, the company has received legal notification for two matters, where Stefanutti Stocks has been cited as one of the: 1. Respondents into an alleged World Cup Stadia Meeting referred to the Competition Tribunal for adjudication 2. Defendants relating to a civil claim initiated by the city of Cape Town in respect of the Green Point Stadium No provision has been made as the Group is confident to successfully defend the matters Construction Industry Development Board (CIDB) CIDB intends to launch a formal inquiry into contractors due to their conduct that gave rise to the penalties imposed by the Competition Commission This process is currently being challenged Construction Sector Charter No agreement reached as yet on the new industry codes 5 5 Operational Overview Bridging y expectations 6 6 3
4 Market overview Depressed global and local economic environment Shortage of major public and private infrastructure projects Inconsistency of adjudication and delay in awards of projects Available projects in public sector are broken down into smaller packages There are still specific areas in the market that continue to offer good opportunities for the Group (mainly private sector and cross-border) We continue to maintain the order book on the back of medium-sized projects (<R350m) 7 7 The tender market we participate in Project size range R million % of projects tendered on Awarded projects (9% of tendered) % 56% % 27% % 10% % 2% > % 5% Total 100% 100% 8 8 4
5 Key Operations & Order Book Structures RPM Building Middle East Mechanical & Electrical Gauteng Roads & Earthworks Inland Al Tayer Stocks * Mechanical (Industrial) KZN Pipelines Coastal Zener Steward * Mechanical (Oil & Gas) Marine Mining Services Housing Construction Electrical & Instrumentation Geotechnical Africa (sub Sahara) Africa (SADC) R2 200m R5 100m R1 900m R5 000m R1 200m R1 100m R4 200m R4 000m Order book: 28 Feb 2015: R12,7 bn Order book: : R12,0 bn Current order book: R12,5 bn * Equity Accounted Associates 9 9 Key Operations Excluding Middle East Structures RPM Building M&E Contribution to turnover (Rm) Outside South Africa: 30% * Excludes head office and fair value adjustment on investment property held for sale 560 Structures RPM Building M&E Contribution to operating profit* (Rm) Outside South Africa: 38% Structures RPM Building M&E
6 Structures % turnover by sector 31 ust 2015 Projected 22% 5% 9% 28% Mining Infrastructure Transport Infrastructure 26% Bulk Earthworks & Geotechnical Water, Sanitation & Pipelines 9% 6% 36% 20% 16% Energy generation Industrial Plants, Oil & Gas 17% 6% Total work outside South Africa: 14% Public sector work in SA: 54% Public sector work outside SA: 4% Total work outside South Africa: 14% Public sector work in SA: 71% Public sector work outside SA: 4% Structures overview Structures continue to go through a challenging period in tough market conditions and is expected to continue in the medium term On-going pressure on order book and operating profit margin Few large private and public infrastructure projects Fewer mining surface infrastructure projects due to lower commodity prices We continuously right size the divisions within Structures to accommodate short to medium prospects
7 Structures work prospects Over the medium term there are still opportunities, for example in: Water treatment plants throughout South Africa Sporadic Marine works in South Africa and sub-saharan Africa Bridge construction throughout South Africa Mining surface infrastructure opportunities mainly in the coal sector Various Geotechnical projects predominantly in Gauteng and Namibia Concrete works for process plants in the petrochemical sector In the short term there are potential awards to the value of ±R1,7 billion Roads, Pipeline & Mining Services (RPM) % turnover by sector 31 ust 2015 Projected 13% 15% 31% 10% 7% Mining & Mining Infrastructure Transport Infrastructure 12% Bulk Earthworks & Industrial 35% 7% Water, Sanitation & Pipelines Energy generation 34% 36% Total work outside South Africa: 29% Public sector work in SA: 27% Public sector work outside SA: 17% Total work outside South Africa: 40% Public sector work in SA: 9% Public sector work outside SA: 56%
8 RPM overview In a competitive market RPM performed to expectations and again made a good contribution towards operating profit Strong performance in neighbouring countries Challenging conditions in the current SA Road construction and Pipeline sectors Delay in awards of open pit contract mining and road contracts already priced The sudden weakening of the Zambian Kwacha against the Rand may have a negative impact on year end results RPM work prospects There are still opportunities locally: SANRAL and Provincial roads Bulk pipelines Open-pit mining Infrastructure developments in neighbouring countries: Agricultural infrastructure Roads Dams We expect work outside SA to increase to 40%. Most of this will come from Swaziland, Zambia and possibly Mozambique In the short term there are potential awards to the value of ±R2,5 billion
9 Building % turnover by sector 31 ust 2015 Non-residential Projected Office & Commercial 5% 13% 13% Shopping & Retail Hospitals & Medical Education 15% 14% 17% Factories & Warehouses Energy Generation 11% 3% 15% 7% 10% Tourism & Leisure 9% 24% 12% Other 10% Residential 10% 4% 8% Total work outside South Africa: 40% Public sector work in SA: 22% Public sector work outside SA: 6% Total work outside South Africa: 40% Public sector work in SA: 46% Public sector work outside SA: 14% Building overview Building continues to improve its financial performance Good performance from Mozambique, Housing and Coastal regions Delayed contract awards impacting results in Inland Negative outcome of arbitration ruling on a contract dating back to impacted the Botswana results by R16 million Need to resolve outstanding contractual claims / commercial settlements Long-term low margin projects still make up a large percentage of the order book Zener Steward s non-performance continued (Equity Accounted Associate in Middle East)
10 Building work prospects Although the market is competitive, there are still opportunities in office space, commercial buildings, shopping centres and healthcare, for example: High rise mixed-use buildings in Gauteng, Namibia and Mozambique University and community residential units throughout SA and SADC Shopping centres and hotels remain an opportunity in all areas of operation New - and hospital upgrades Warehousing in the retail market In the short term there are potential awards to the value of ±R3,1 billion Mechanical & Electrical (M&E) % turnover by sector 31 ust 2015 Projected 19% 4% Mining Infrastructure Energy Generation Oil & Gas 20% 3% 77% 77% Total work outside South Africa: 0% Public sector work in SA: 0% Public sector work outside SA: 0% Total work outside South Africa: 0% Public sector work in SA: 0% Public sector work outside SA: 0%
11 M&E overview Mechanical & Electrical has produced a sound performance Majority of work from the local Oil & Gas market: New plants Plant upgrades Shut-downs Significant maintenance work Mining surface infrastructure environment has been specifically challenging M&E work prospects Over the short to medium term there are still opportunities, for example: Various medium sized projects, including shut downs, in the Petrochemical sector for our Oil & Gas and Electrical divisions New fuel storage tank farms Electrical & Instrumentation EPC contracts Brown field projects for the Mechanical division in the coal and platinum markets In the short term there are potential awards to the value of ±R600m
12 Group % turnover by sector 31 ust % Mining & Mining Infrastructure Transport Infrastructure Bulk Earthworks & Geotechnical Projected 16% 40% 16% Industrial Plants, Oil & Gas Energy generation 36% 20% 8% 9% 5% 9% Water, Sanitation & Pipelines Building 7% 7% 8% 6% Total work outside South Africa: 34%* Public sector work in SA: 28% Public sector work outside SA: 8% Total work outside South Africa: 41%* Public sector work in SA: 32% Public sector work outside SA: 28% * Includes Middle East Challenges Conversion of work in progress into cash Secure debtor payments on existing government projects in some sub-sahara African countries Manage the effects of currency volatility Resolve outstanding contractual claims Employment equity targets particularly at middle management level Strategic B-BBEE partnerships / ownership structure
13 Operating Segments: 2014 As at Exclude R 000s Building Structures RPM including M&E M. East Head Office Operations Middle East* Group as reported Contract revenue % Contribution 25.4% 27.8% 48.9% 6.4% - - (8.5%) 100% Operating profit/ (loss) (17 185) % Contribution 25.2% 72.7% (10.6%) 14.0% 1.0% - (2.3%) 100% Operating margin (%) 3.1% 8.1% (0.7%) 6.8% N/A 2.9% 0.8% 3.1% * Excluded from contract revenue and operating profit as Middle East is an equity accounted investees Operating Segments: 2015 As at Exclude Include R 000s Building Structures RPM including M&E M. East Head Office Operations Middle East* Invest. Property Group as reported Contract revenue % Contribution 20.8% 29,1% 48.3% 10.7% - - (8.9%) - 100% Operating profit/ (loss) (8 187) % Contribution 14,1% 56,7% 0.8% 18,5% 1.9% - 4,6% 3,4% 100% Operating margin (%) 2,3% 6,5% 0.1% 5.8% N/A 2.8% (1.8%) N/A 3,4% * Exclude from contract revenue and operating loss as Middle East is an equity accounted investees ** Include in operating profit fair value adjustment on investment property held for sale
14 Financial Overview Bridging y expectations Financial highlights Results for the 6 months ended % Change on prior period Contract revenue R5,3 bn Operating profit* R176,1 m 8,2% Operating margin 3,4% Net profit after tax (total ops) R95,9m 8,2% Earnings per share (total ops) 54,1 c 8,0% Net profit after tax (continuing ops) R104,7 m (4,8%) Headline earnings per share (continuing ops) 53,2 c (11,2%) Cash on hand R967 m Cash generated from operations R142 m * Including R6m fair value adjustment of the investment property held for sale
15 Statement of Comprehensive Income R'000 6 months ended % Change 6 months ended Contract Revenue ,2% EBITDA ,1% EBITDA % 5,0% 4,5% Depreciation & amortisation of intangibles (83 810) (75 473) Operating Profit ,2% Operating margin % 3,4% 3,1% Equity accounted investees (8 640) Net investment income (11 059) (3 528) Profit before tax Taxation (51 740) (54 431) Profit for the period, continuing operations (4,8%) Net margin % 2,0% 2,1% Loss after tax for the period from discontinued operation (8 822) (21 329) Profit for the period total operations ,2% Earnings attributable to ordinary shareholders Headline earnings, continuing operations (11,1%) Diluted weighted average shares in issue HEPS (cents), continuing operations 53,23 (11,2%) 59,92 Diluted HEPS (cents), continuing operations 49,51 (11,1%) 55, Extracts from Statement of Comprehensive Income R'000 6 months ended % Change 6 months ended Contract Revenue ,2% EBITDA ,1% EBITDA % 5,0% 4,5% Depreciation & amortisation of intangibles (83 810) (75 473) Operating Profit ,2% Operating margin % 3,4% 3,1% Slight improvement in contract revenue EBITDA excluding fair value adjustment of R6m, up 6,6% mainly due to improved contribution from Building and M&E business units Operating profit excluding fair value adjustment increased by 4,5% at a 3,2% margin
16 Extracts from Statement of Comprehensive Income R'000 6 months ended % Change 6 months ended Operating Profit ,2% Equity accounted investees (8 640) Net investment income (11 059) (3 528) Profit before tax Taxation (51 740) (54 431) Profit for the period, continuing operations (4,8%) Middle East operations posted a loss due to holding costs and closing out a loss making contract in Zener Steward Increase in net finance costs due to increased borrowings and deemed interest on the Competition Commission penalty* of R6,6m (Deemed interest: FY2016 R13m, FY2017 R19m) Tax rate of 33,1% affected by: Non-deductible expenditure such as deemed interest, Middle East loss Other jurisdictions taxed at higher tax rates * Accounted for in terms of IAS39 as disclosed in Annual Financial Statements Feb Extracts from Statement of Comprehensive Income R'000 6 months ended % Change 6 months ended Profit for the period, continuing operations (4,8%) Net margin % 2,0% 2,1% Loss after tax for the period from discontinued operation (8 822) (21 329) Profit for the period total operations ,2% Earnings attributable to ordinary shareholders Headline earnings, continuing operations (11,1%) Diluted weighted average shares in issue HEPS (cents), continuing operations 53,23 (11,2%) 59,92 Diluted HEPS (cents), continuing operations 49,51 (11,1%) 55,69 4,8% net decrease in profit for the year from continuing operations Discontinued operation (Power division) Negative mediation ruling and legal fees HEPS from continuing operations decrease of 11,1%
17 Contribution to operating profit Structures RPM Building (Excl. M. East) * M&E Rm * Excluding fair value adjustment on investment property held for sale Considerations Structures Reduced infrastructure spend on: Private, Public and Mining surface projects Reduced trading activity and margin RPM Reducing margin due to increased competitive environment Weakening of the Zambian Kwacha against the Rand from September 2015 may have a negative impact on year end results Building Improvement in profitability continues Zener Steward on the watch list - considering our options to possibly exit this business M&E Opportunities in the Petrochemical sector
18 Statement of Financial Position Unaudited Audited 28 Feb 2015 ASSETS Non-current assets Property, plant and equipment (3,8%) Investment property Goodwill and intangible assets Equity accounted investees Current Assets Bank balances ,6% Other current assets Assets held for sale TOTAL ASSETS EQUITY AND LIABILITIES Capital and reserves Ordinary shareholders interest ,0% Non-controlling interest Non-current liabilities Interest-bearing liabilities Non-interest-bearing liabilities Deferred tax Current Liabilities Other current liabilities Provisions and payments in advance (8,6%) Taxation Liabilities discontinued operation TOTAL EQUITY AND LIABILITIES Current interest bearing liabilities Extracts from Statement of Financial Position Unaudited Audited 28 Feb 2015 ASSETS Non-current assets Property, plant and equipment (3,8%) Current Assets Other current assets Capex spend of R52m ( 2014: R134m) maintaining R44m and expansion R8m Other current assets Slight decrease in work in progress Feb 2015 Inventories & contracts in progress (5,1%) Trade accounts receivable ,9% Other receivables ,9% ,4% % increase in trade accounts receivable debtors days (excluding retentions) increased to 54 days from 51 days
19 Extracts from Statement of Financial Position Unaudited Audited 28 Feb 2015 ASSETS Current Assets Bank balances ,6% Assets held for sale Net cash on hand is R967m Clients continue to delay: certification of work approval of variation orders approval of scope changes Pressure on working capital Cash conversion of work in progress to debtors remains a priority Non-current assets held for sale include: 2 unutilised properties being sold Investment property to be sold Assets from discontinued operation Extracts from Statement of Financial Position Unaudited Audited 28 Feb 2015 EQUITY AND LIABILITIES Non-current liabilities Interest-bearing liabilities Current Liabilities Other current liabilities Total interest bearing debt R560m (Feb 2015: R449m) Including two remaining instalments due to the Competition Commission (R210m) Interest bearing debt : equity ratio increased to 22,3% (Feb 2015: 18,8%) Other current liabilities Feb 2015 Short term loans ,2% Trade accounts payable (8,4%) Accruals & other current liabilities ,4% ,9% Short term loans includes interest bearing liabilities of R202m (Feb 2015: R171m)
20 Extracts from Statement of Financial Position Other current liabilities Feb 2015 Short term loans ,2% Trade accounts payable (8,4%) Accruals & other current liabilities ,4% ,9% Provisions (8,6%) Reduction in trade accounts payable offset by an increase in accruals and other payables Creditors days reduced to 37 (Feb 2015: 40) Reduced level of advances received during the period of R185m evidenced by the reduction in the provisions balance negatively affecting cash Contracting provisions increased by R52m from FYE Abridged statement of cash flows (Rm) Opening cash balance Adjusted cash generated from operations Effects of advances received and contract provisions Cash generated from operations Working capital changes Net investment and dividend income (Rm) Taxation paid Investing activities Financing activities Exchange rate effects and other Closing balance No dividend has been declared
21 Summary & Conclusion Bridging y expectations 41 Work prospects for the next 18 months Sectors Value R billion Mining & Mining Infrastructure 7 Transport Infrastructure (Rail & Road) 18 Industrial Plants 4 Oil & Gas 15 Energy generation 10 Water, Sanitation & Pipelines 9 Building 18 Total R81 billion* * 40% cross-border
22 Focus areas going forward Identify projects locally and in select African countries where we can offer our multi-disciplinary offering Ongoing alignment of operations to accommodate market changes Form strategic partnerships with local B-BBEE companies in public sector market in SA Continue with expansion into the rest of Africa Increase footprint in countries where we already have a presence In select African countries with known clients Conclusion Expanding order book in key focus areas Strong focus to improve free cash position Ensure all Businesses contribute positively to bottom line 44 22
23 Stefanutti Stocks City A multi-disciplinary construction group Q & A 45 Disclaimer This presentation may contain forward-looking statements, which include all statements other than statements of historical facts, which have not been reviewed or reported on by the group s auditors, and may reflect the current views or expectations of the group with respect to, among other things, future events, strategy, the economic outlook for the industry, the group s liquidity, capital resources, expenses and financial and operational performance. Words, including but not limited to, "aim", believe, anticipate, expect, intend, "could", "would", should, estimates, project, plan, may, potential, "targets" or similar words and phrases or the negative thereof are used to identify such statements. Forward-looking statements, by their very nature, contain known and unknown risks, uncertainties, assumptions and other important factors, because they relate to events and depend on circumstances that may occur in the future, whether or not outside the control of the company. Such factors may cause the company's actual results, performance or achievements to be materially different from future results, performance, developments or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which it will operate in the future. No assurance can be given that forward-looking statements will prove to be correct. These forward-looking statements speak only as at the date of this presentation. In addition, no obligation is undertaken by the group to update or revise any forward-looking statements contained within this presentation to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based, and investors are cautioned not to place any reliance thereon
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