CIMIC Results

CIMIC Group has announced a remarkably unremarkable set of results with 1Q NPAT of $166m on Revenue of $3.3Bn. Revenues were largely stable compared with $3.4Bn in 1Q19. Despite the Covid19 environment, the companies operations were only minimally impacted with the majority of projects and services continuing.

Highlights include:

• NPAT of $166 million
• Revenue of $3.3 billion, compared to $3.4 billion in 1Q19
• Robust operating profit⁹, PBT and NPAT margins¹⁰ of 8.4%, 6.9% and 5.0% respectively
• Generated operating cash flow pre-factoring of $1.6 billion in LTM
• Delivered 76% EBITDA cash conversion pre‐factoring in LTM, compared to 38% in 1Q19; factoring balance down approximately $200 million YOY
• Net (debt)/cash $(991) million; $462 million (ex. BICC)
• Strong liquidity with gross cash of $4.5 billion, debt repayments of less than $0.2 billion due in next 12 months
• Awarded new work of $2.5 billion; bidding discipline maintained
• Work in hand of $36.1 billion, equivalent to more than two years’ worth of work, provides good visibility
• Outlook across the Group’s core markets remains positive; monitoring COVID-19 impacts
• Once we have better visibility of the consequences of COVID-19 on the business we will provide an update to 2020 profit guidance, if required.