Wilson Bayly Holmes-ovcon Limited · JSE:WBO
Wilson Bayly Holmes-ovcon — FY2020 Earnings Presentation
86 slides from Wilson Bayly Holmes-ovcon's earnings presentation, Jun 30, 2020
Slide 1: Audited Results for the Year Ended 30 June 2020
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020
Slide 2: Contents
CONTENTS SUBJECT PRESENTER • Welcome Louwtjie Nel • Overview and highlights Wolfgang Neff • Operational review › Building and civil engineering Craig Jessop › Roads and earthworks Riaan de Necker › Australia Paul Foley › United Kingdom Paul Foley • Financial review Charles Henwood • Order book and p
Slide 3: Overview and Highlights
OVERVIEW AND HIGHLIGHTS Wolfgang Neff WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 3
Slide 4: Overview
OVERVIEW OVERVIEW AND HIGHLIGHTS GROUP • FY2020 is considered the most challenging year experienced in the Group’s 50 year history • The year was characterised by the simultaneous impacts of: › Diminishing construction markets in South Africa even prior to COVID-19 › Two material loss-making project
Slide 5: Overview: COVID-19 Response
OVERVIEW OVERVIEW AND HIGHLIGHTS COVID-19 RESPONSE • Implementation of strict safety protocols in accordance with relevant legislation and internal policies › 237 infections to date out of 8 800 employees and approximately 30 000 subcontractor workers • Notification of contractual claims › Generally
Slide 6: Overview: Summary
OVERVIEW OVERVIEW AND HIGHLIGHTS SUMMARY • The Group has successfully weathered the FY2020 storm and taken the necessary steps to ensure future sustainability › Balance sheet remains intact with minimal levels of external debt despite impact of losses in Australia › Liquidity is manageable and prese
Slide 7: Group Results FY2020
GROUP RESULTS FY2020 OVERVIEW AND HIGHLIGHTS 50 000 2 500 REVENUE (Rm) OPERATING PROFIT (Rm) 43 080 2 000 40 614 40 000 35 028 1 500 30 650 31 907 1 000 30 000 986 1 045 1 005 3,1% 3,0% 500 3,3% 561 1,4% (541) - 20 000 -1.2% ( 500) 10 000 (1 000) 2016 2017 2018 2019 2020 Revenue Operating profit • R
Slide 8: Contribution by Geography
CONTRIBUTION BY GEOGRAPHY OVERVIEW AND HIGHLIGHTS REVENUE (Rm) % Growth 2020 2019 REVENUE (%) South Africa -12% 9 544 10 856 15% 22% Rest of Africa 3% 2 428 2 361 Australia 14% 24 656 21 713 2020 6% United Kingdom 14% 6 452 5 684 57% TOTAL 6% 43 080 40 614 14% OPERATING PROFIT (Rm) % Margin 2020 201
Slide 9: Key Financial Numbers and Ratios: COVID-19 Impact
KEY FINANCIAL NUMBERS AND RATIOS OVERVIEW AND HIGHLIGHTS Building & Civil Roads & Construction United FINANCIAL IMPACT OF COVID-19 (Rm) engineering Earthworks Materials Australia Kingdom TOTAL Non-recoverable holding costs 108 134 3 27 45 317 Direct COVID-19 costs 7 13 1 20 7 48 115 147 4 47 52 365
Slide 10: Safety Performance
SAFETY PERFORMANCE OVERVIEW AND HIGHLIGHTS LTIFR (No. of lost time injuries per million man hours) 2.0 1.5 0.94 0.91 1.0 0.80 0.69 0.59 0.5 0.0 2016 2017 2018 2019 2020 • ISO 45001 certification maintained across all regions • Improved group LTIFR of 0.59 (FY2019: 0.69) • Record low LTIFR of 0.41 ma
Slide 11: Transformation and Empowerment
TRANSFORMATION AND EMPOWERMENT OVERVIEW AND HIGHLIGHTS • Level 1 contributor since 2017 • Proudly recognised as the most empowered company on the JSE in 2019 • WBHO SA spends 95% of its total measured procurement on B-BBEE compliant companies • R40 million spent on training black employees • 14 comp
Slide 12: Building and Civil Engineering
BUILDING AND CIVIL ENGINEERING Craig Jessop 12 WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020
Slide 13: The Year in Perspective: Building
THE YEAR IN PERSPECTIVE BUILDING AND CIVIL ENGINEERING BUILDING • The Building division recommenced work on 1 June 2020 under Alert Level 3 › 21/2 months of lost productivity resulting in approximately R736 million in lost revenue › Significant unrecoverable costs of R97 million incurred due to lock
Slide 14: The Year in Perspective: Civil Engineering
THE YEAR IN PERSPECTIVE BUILDING AND CIVIL ENGINEERING CIVIL ENGINEERING • Civil Engineering recommenced on 4 May 2020 › 11/2 months of lost productivity equating to approximately R115 million in lost revenue › Unrecoverable costs of R33 million incurred • No improvement in civil engineering markets
Slide 15: FY2020 Result Building and Civil Engineering
BUILDING AND CIVIL ENGINEERING FY2020 RESULT BUILDING AND CIVIL ENGINEERING 10 000 1 000 REVENUE (Rm) OPERATING PROFIT (Rm) 8 136 8 000 7 536 7 302 7 338 800 6 495 6 000 600 4 000 400 370 300 4.7% 332 304 2 000 4.8% 200 4.5% 4.1% 142 2.2% - - 2016 2017 2018 2019 2020 Revenue Operating profit • Reven
Slide 16: Geographic Footprint
GEOGRAPHIC FOOTPRINT BUILDING AND CIVIL ENGINEERING REVENUE (Rm) 8 000 6 550 6 036 6 000 4 000 2 000 788 466 - GHANA 2020 2019 South Africa Rest of Africa IVORY COAST UGANDA OPERATING PROFIT (Rm) 300 245 ZAMBIA 200 MOZAMBIQUE 100 ZIMBABWE 100 MAURITIUS 59 42 BOTSWANA NAMIBIA LESOTHO - 2020 2019 SOUT
Slide 17: Order Book
ORDER BOOK BUILDING AND CIVIL ENGINEERING ORDER BOOK DOWN 9% At June 2020 At June 2019 % growth • No new work secured in Q4:FY2020 • R2,7 billion secured from Sept to Nov 2020 South Africa 5 155 6 348 (19) › New large-scale projects awarded in WC and Rest of Africa 703 98 617 KZN will provide good b
Slide 18: Deloitte Head Office
DELOITTE HEAD OFFICE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 18
Slide 19: Cintocare Hospital
CINTOCARE HOSPITAL WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 19
Slide 20: Units on Park Student Residence
UNITS ON PARK STUDENT RESIDENCE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 20
Slide 21: Trilogy Apartments
TRILOGY APARTMENTS WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 21
Slide 22: Capitec Head Office
CAPITEC HEAD OFFICE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 22
Slide 23: 169 on Main
169 ON MAIN WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 23
Slide 24: Umhlanga Arch
UMHLANGA ARCH WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 24
Slide 25: Milkwood Social Housing
MILKWOOD SOCIAL HOUSING WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 25
Slide 26: Holiday Inn Lusaka
HOLIDAY INN LUSAKA WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 26
Slide 27: LNG 9500 Man Camp
LNG 9500 MAN CAMP WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 27
Slide 28: Saldanha Crude Oil Terminal
SALDANHA CRUDE OIL TERMINAL WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 28
Slide 29: Roads and Earthworks
ROADS AND EARTHWORKS Riaan de Necker WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 29
Slide 30: The Year in Perspective: Roads and Earthworks
THE YEAR IN PERSPECTIVE ROADS AND EARTHWORKS SOUTH AFRICA • Tracking prior year performance prior to onset of COVID-19 • Activity supported by roadwork, mining and energy infrastructure sectors › Active road projects in all major provinces › Additional work secured on existing coal mining infrastruc
Slide 31: FY2020 Result Roads and Earthworks
ROADS AND EARTHWORKS FY2020 RESULT ROADS AND EARTHWORKS 8 000 1 000 REVENUE (Rm) OPERATING PROFIT (Rm) 800 6 000 5 282 5 295 4 980 4 334 4 590 600 4 000 400 300 371 343 2 000 283 7.4% 7.0% 6.5% 200 6.5% 237 4.8% - - 2016 2017 2018 2019 2020 Revenue Operating profit • Decrease in revenue of 6% (2019:
Slide 32: Geographic Footprint
GEOGRAPHIC FOOTPRINT ROADS AND EARTHWORKS REVENUE (Rm) 4 000 3 721 3 053 3 000 1 927 2 000 1 574 1 000 BURKINA - SIERRA LEONE FASO 2020 2019 GHANA South Africa Rest of Africa LIBERIA IVORY COAST KENYA OPERATING PROFIT (Rm) 300 209 MOZAMBIQUE 200 ZAMIBIA 130 134 107 MADAGASCAR BOTSWANA 100 NAMIBIA eS
Slide 33: Order Book
ORDER BOOK ROADS AND EARTHWORKS ORDER BOOK DOWN BY 21% At June • Delayed awards and cancelled projects impact 2020 At June 2019 % growth replenishment of order book South Africa 3 331 4 290 (22) • Uncertain timing of replacement projects in Botswana – opportunities still exist Rest of Africa 1 192 1
Slide 34: South32 Klipspruit Mine
SOUTH 32 KLIPSPRUIT MINE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 34
Slide 35: Penstock Tower Fine Ash Dam
PENSTOCK TOWER FINE ASH DAM 6 WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 35
Slide 36: N6 Rouxville
N6 ROUXVILLE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 36
Slide 37: Surfacing at N4 Belfast
SURFACING AT N4 BELFAST WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 37
Slide 38: Camden Pipe Work
CAMDEN PIPE WORK WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 38
Slide 39: Khoemacau Mine Infrastructure
KHOEMACAU MINE INFRASTRUCTURE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 39
Slide 40: Khoemacau Central Box Cut
KHOEMACAU CENTRAL BOX CUT WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 40
Slide 41: Obuasi Tailings Dam
OBUASI TAILINGS DAM WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 41
Slide 42: Ikusasa Rail – Track Works at Kazangula Bridge
IKUSASA RAIL – TRACK WORKS AT KAZANGULA BRIDGE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 42
Slide 43: Australia
AUSTRALIA Paul Foley WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 43
Slide 44: The Year in Perspective: Australia
THE YEAR IN PERSPECTIVE AUSTRALIA • Overall Australian result dominated by the scale of losses on two challenging projects • Both projects substantially de-risked - however forecast costs to complete increased materially during the year • A$100 million of funding provided to date from South Africa f
Slide 45: The Year in Perspective: Infrastructure and Civil Engineering
THE YEAR IN PERSPECTIVE AUSTRALIA INFRASTRUCTURE AND CIVIL ENGINEERING • Ability to procure new work in the Eastern region constrained by resource intensive WRU project • WRU plagued by a difficult onsite environment, ongoing delays and unforeseen costs throughout the year: › Perpetual delays and as
Slide 46: FY2020 Result Australia
AUSTRALIA FY2020 RESULT AUSTRALIA 3 500 REVENUE (Rm) OPERATING PROFIT (Rm) 28 000 3 000 24 657 2 500 2 000 21 941 21 713 22 000 1 500 18 113 18 600 1 000 500 16 000 278 - 300 313 1,7% 1.7% 1.3% ( 500) (335) (1 199) -1,5% (1 000) -4.9% 10 000 (1 500) 2016 2017 2018 2019 2020 Revenue Operating profit
Slide 47: Geographic Footprint
GEOGRAPHIC FOOTPRINT AUSTRALIA REVENUE (Rm) 20 000 17 660 16 941 15 000 10 000 6 997 4 772 5 000 - 2020 2019 QUEENSLAND Building Infrastructure OPERATING PROFIT (Rm) NEW WESTERN AUSTRALIA SOUTH 400 222 WALES - VICTORIA (133) (400) (557) (800) (1 200) (1 066) 2020 2019 Building Infrastructure WBHO AU
Slide 48: Order Book
ORDER BOOK AUSTRALIA ORDER BOOK DOWN 28% • Impact of COVID-19 on future available work is At June reflected in lower building order book 2020 At June 2019 % decline • Activity will remain concentrated in key Melbourne Building 17 320 21 717 (20) and Sydney markets Infrastructure 2 253 5 599 (60) • R
Slide 49: West Side Place
WEST SIDE PLACE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 49
Slide 50: Greenland
GREENLAND WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 50
Slide 51: 443 Queen Street
443 QUEEN STREET WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 51
Slide 52: WRU Project
WRU PROJECT 8 WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 52
Slide 53: WRU Project
WRU PROJECT 7 WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 53
Slide 54: WRU Project
WRU PROJECT 2 WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 54
Slide 55: United Kingdom
UNITED KINGDOM Paul Foley WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 55
Slide 56: The Year in Perspective: United Kingdom
THE YEAR IN PERSPECTIVE UNITED KINGDOM UNITED KINGDOM • The London construction market continued to soften through FY2020 › Initial optimism after the general election in expectation of infrastructure spending by government subsided in the wake of COVID-19 › Lingering uncertainty around Brexit conti
Slide 57: The Year in Perspective: Byrne Group and Russells-WBHO
THE YEAR IN PERSPECTIVE UNITED KINGDOM BYRNE GROUP • The Group produced a solid performance in a challenging environment: › 19% decrease in revenue within Byrne Bros. – three client-suspended projects due to COVID-19 › Partially offset by 9% growth within Ellmers Construction – One client-suspended
Slide 58: FY2020 Result United Kingdom
UNITED KINGDOM FY2020 RESULT UNITED KINGDOM 10 000 1 000 REVENUE (Rm) OPERATING PROFIT (Rm) 8 000 800 6 452 6 000 5 684 600 4 000 400 2 000 302 200 228 4.7% 4.0% - - 2019 2020 Revenue Operating profit • Combined revenue growth of 6% in £ terms • Increase in operating profit of 32% › 8% decline in re
Slide 59: Geographic Footprint
GEOGRAPHIC FOOTPRINT UNITED KINGDOM REVENUE (Rm) 4 000 3 672 3 628 3 500 3 000 2 780 2 500 1 884 2 000 1 500 1 000 500 - 2020 2019 Byrne Group Russells OPERATING PROFIT (Rm) 250 MANCHESTER 202 200 150 129 100 103 100 LONDON 50 - 2020 2019 Byrne Group Russells WBHO AUDITED RESULTS FOR THE YEAR ENDED
Slide 60: Order Book
ORDER BOOK UNITED KINGDOM ORDER BOOK DOWN 31% At June • Decline in order book reflects delayed award of 2020 At June 2019 % growth new work over final quarter Byrne Group 2 987 3 959 (25) • New projects in excess of £35 million secured in both Byrne and Russells after year-end Russells-WBHO 2 420 3
Slide 61: Store Street
STORE STREET WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 61
Slide 62: 55 Portland Street
55 PORTLAND STREET WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 62
Slide 63: St Peters Square
ST PETERS SQUARE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 63
Slide 64: Unity Place Milton Keynes
UNITY PLACE MILTON KEYNES WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 64
Slide 65: Newhurst
NEWHURST WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 65
Slide 66: One Nine Elms
ONE NINE ELMS WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 66
Slide 67: 1-5 Grosvenor Place
1-5 GROSVENOR PLACE WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 67
Slide 68: Financial Review
FINANCIAL REVIEW Charles Henwood WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 68
Slide 69: Key Financial Indicators
KEY FINANCIAL INDICATORS FINANCIAL REVIEW TARGET / GROWTH 2020 2019 Revenue growth % >10 6.1% 15.9% Operating profit margin % 3 – 4.5 -1.2% 1.4% Return on capital employed % >20 -4.4% 12.4% Cash and cash equivalents Rm 28% 7 599 5 952 Net tangible asset value (Shareholders’ equity less goodwill) Rm
Slide 70: Key Financial Numbers and Ratios
KEY FINANCIAL NUMBERS AND RATIOS FINANCIAL REVIEW (Rm) % change 2020 2019 Revenue 6.1 43 080 40 614 Operating profit before non-trading items -196.5 (541) 561 Share-based payments expense (44) (48) Share of profits and losses from equity accounted investees 109 52 Net finance income 166 183 Profit b
Slide 71: Non Current Assets
NON CURRENT ASSETS FINANCIAL REVIEW PROPERTY, PLANT AND EQUIPMENT (Rm) 2020 2019 Property, plant and equipment 2 054 1 937 Right-of-use assets (IFRS 16) 407 - TOTAL 2 461 1 937 Depreciation 326 283 APPROVED ACTUAL ACTUAL CAPITAL EXPENDITURE 2021 2020 2019 Replacement 248 180 294 Expansion 10 73 80 T
Slide 72: Financial Position: Equity Accounted Investments
FINANCIAL POSITION FINANCIAL REVIEW EQUITY ACCOUNTED INVESTMENTS CARRYING SHARE OF COUNTRY OF EFFECTIVE AMOUNT OF PROFITS/(LOSSES) ENTITY INDUSTRY OPERATION % INVESTMENT 2020 2019 CONCESSION INVESTMENTS: Gigajoule International Gas supply Mozambique 26.6% 246.6 23.2 18.2 Gigajoule Power Power Mozamb
Slide 73: Financial Position: Equity Accounted Investments
FINANCIAL POSITION FINANCIAL REVIEW EQUITY ACCOUNTED INVESTMENTS CARRYING SHARE OF COUNTRY OF EFFECTIVE AMOUNT OF PROFITS/(LOSSES) ENTITY INDUSTRY OPERATION % INVESTMENT 2020 2019 PROPERTY DEVELOPMENTS: Catchu Trading^ Property development South Africa 50% 59.4 22.6 - Caulfield^ Property development
Slide 74: Financial Position: Tax
FINANCIAL POSITION FINANCIAL REVIEW TAX (Rm) 2020 2019 Net deferred tax asset 706 730 Net current tax asset 137 152 Deferred tax asset consists of: Current tax asset consists of: • Tax losses of R215m (2019: R221m) • Foreign tax credits of R38m (2019: R48m) • Timing differences of R491m (2019: R508m
Slide 75: Financial Position: Long Term Liabilities
FINANCIAL POSITION FINANCIAL REVIEW LONG TERM LIABILITIES (Rm) 2020 2019 Property development funding 112 - Asset finance 162 154 Lease liabilities (IFRS 16) 431 - VRP 130 141 Less: Current portion (177) (102) TOTAL 658 193 • Property development funding raised in respect of student accommodation bu
Slide 76: Financial Position: Cash and Cash Equivalents
FINANCIAL POSITION FINANCIAL REVIEW CASH AND CASH EQUIVALENTS (Rm) 2020 2019 South Africa 1 877 1 506 Africa 821 972 United Kingdom 1 320 815 Australia 3 581 2 659 TOTAL 7 599 5 952 • Strong cash generation in South Africa and the UK. • Increase in Australian cash due to funding provided but not yet
Slide 77: Cash Flow Movement
CASH FLOW MOVEMENT FINANCIAL REVIEW 8 000 985 7 599 248 7 000 1 120 138 (171) (114) (230) 5 952 6 000 (329) 5 000 4 000 Cash & cash Operating loss Working capital Net Taxation Dividends Net Net Foreign Cash & cash equivalents adjusted for changes finance and paid paid cash flow cash flow from curren
Slide 78: Events After the Reporting Period
EVENTS AFTER THE REPORTING PERIOD UNITED KINGDOM POTENTIAL SALE OF AUSTRALIAN BUILDING BUSINESS • The Group has received various unsolicited approaches for Probuild over recent years • Emergence of increased size and complexity of projects in Australia › Presents increased risk to South African bala
Slide 79: Order Book and Project Pipeline
ORDER BOOK AND PROJECT PIPELINE Wolfgang Neff WBHO AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020 79
Slide 80: Consolidated Order Book
CONSOLIDATED ORDER BOOK ORDER BOOK AT JUNE AT JUNE AT SEPT ORDER BOOK BY GEOGRPAHY (%) GEOGRAPHY (Rm) 2019 2020 2021 2022 2020 15% South Africa 10 639 8 485 6 681 1 804 8 950 24% Rest of Africa 1 410 1 896 1 679 217 2 233 2020 6% Australia 27 316 19 573 16 816 2 757 16 063 55% United Kingdom 7 810 5
Slide 81: Project Pipeline
PROJECT PIPELINE PROJECT PIPELINE SOUTH AFRICA Rm SOUTH AFRICA Building 29 426 46% Building Public 6 615 2020 Civil engineering 38% Roads and earthworks Private 22 811 Civil engineering 10 538 16% Public 4 498 Private 6 040 SOUTH AFRICA Roads and earthworks 24 583 46% Public 2020 Private Public 18 4
Slide 82: Project Pipeline
PROJECT PIPELINE PROJECT PIPELINE AUSTRALIA Rm 10% Building 44 847 Infrastructure 12 474 2020 AUSTRALIA TOTAL 57 321 Building Infrastructure 90% UNITED KINGDOM Rm Byrne Group 20 706 Russell-WBHO 9 303 2020 59% UNITED KINGDOM 41% TOTAL 30 009 Byrne Group Russells Construction WBHO AUDITED RESULTS FOR
Slide 83: Project Pipeline
PROJECT PIPELINE PROJECT PIPELINE SUMMARY Rm 18% Building and civil engineering 47 639 29% SUMMARY Roads and earthworks 31 118 Building 2020 Infrastructure Australia 57 321 Australia 34% 19% United Kingdom United Kingdom 30 009 TOTAL 166 087 • The project pipeline of the group includes only the foll
Slide 84: Outlook
OUTLOOK OUTLOOK • High levels of uncertainty across global markets makes it difficult to predict ultimate impact of COVID-19 on the Group over the medium-term › However, newly secured projects together with imminent awards will provide sufficient activity for the Group over the short-term as markets
Slide 85: Disclaimer
DISCLAIMER Certain statements contained within this presentation may be classified as forward-looking statements. Words, including but not limited to, “believe”, “anticipate”, “expect”, “seek”, “intend”, “estimate”, “project”, “plan”, or “predict” are used to identify such statements. Forward-lookin
Slide 86: Thank You
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