CIMIC Group today reported a solid performance for the nine months to 30 September 2017:
CIMIC Group Executive Chairman Marcelino Fernández Verdes said: “The nine months to September highlighted the ability of CIMIC Group’s more than 51,000 people to leverage our leading positions in the Australian, New Zealand and Asian infrastructure, services and public private partnership markets, and the global resources market.
“We remain positioned to meet our 2017 guidance supported by the diverse nature of our operations and markets, and our proven experience in growing sectors.
“Our positive outlook has its foundations in our unchanging focus on maintaining a strong balance sheet, generating cash, and being disciplined in tendering.”
During the period, CIMIC Group refinanced and expanded its core working capital cash facility to $2.6 billion. This was supported by the Group’s strong balance sheet and its solid investment grade rating, which was upgraded one notch by Moody’s Investors Service to Baa2 during the period.
Mr Fernández Verdes said: “The financial flexibility provided by the new facility supports our existing operations, as well as our pursuit of business and capital allocation opportunities, including into PPPs.
“Australia has one of the world’s most well?developed PPP markets, which is expected to grow considerably in coming years. To date, CIMIC has delivered more than 20 PPP projects with a value of around $32 billion, demonstrating our core capability in this area and providing a strong platform for further growth.”
During 3Q17, CIMIC Group was selected to deliver numerous projects, to the value of $4.5 billion, including:
CIMIC Group Chief Executive Officer Adolfo Valderas said: “The increase in NPAT during the period is a consequence of the Group’s revenue growth combined with a focus on project delivery.
“Our work in hand, which has steadily expanded during the year to date, and a large pipeline of future work support our positive outlook.
“Relevant to CIMIC, there is nearly $23 billion of tenders to be bid and/or awarded in the remainder of 2017, and nearly $385 billion of projects are coming to the market in 2018 and beyond, including about $50 billion worth of PPP projects.”