Here is a summary of the presentation from an investors conference held on 6 May including a link to the full presentation from ASX
Click here
to download the PDF of the full presentation from ASX.
Summary
- Corporate rating BB (stable) / Ba2 (stable). Bond rated B+ / Ba3
- Has reaffirmed FY15 EBITDA guidance in the range of A$260-A$280m
- Business turnaround is well progressed – compound average growth rate of EBITDA of 15% between FY13-FY15
- Balance sheet repair on track- net debt to EBITDA on track to reach <2.0x target by FY15 end
- $8.8bn of work in hand
- Manus Island contract renewal in October 2015 - renewal is expected, but at lower volumes and margins going forward
- Good likelihood of early call on bond in 2017 if bond prices remain around current levels (i.e.: well above par)
![Graphs of Transfields underlying earnings and balance sheet for FY14 and 15 Graphs of Transfields underlying earnings and balance sheet for FY14 and 15](https://thewire.blob.core.windows.net/web/images/default-source/Article-images/graphs-of-transfields-underlying-earnings-and-balance-sheet-for-fy14-and-157b41d1c55342640fb48aff0000bceb90.jpg?sfvrsn=d703b55a_0)
![Footnotes for graphs Footnotes for graphs](https://thewire.blob.core.windows.net/web/images/default-source/Article-images/footnotes-for-graphs.jpg?sfvrsn=2403b55a_0)
Source: Transfield Services