CIMIC Group Provides Result for the Three Months to 31 March 2018

CIMIC Group announced a solid result for the three months to 31 March 2018, as the Group strengthened its market position and increased revenue and cash-backed profit.

Highlights of the result compared with 1Q17 were:

  • NPAT of $172 million, up 7%
  • Revenue of $3.2 billion, up 7%, with solid contributions from all core businesses
  • Strong EBIT, PBT and NPAT margins6 of 7.8%, 7.3% and 5.3% respectively
  • Cash flows from operating activities of $118 million; $1.5 billion in LTM. EBITDA conversion rate of 100% in LTM
  • Free operating cash flow7 of $1.1 billion in LTM
  • Strong net cash position of $912 million, up $634 million
  • Work in hand of $34.6 billion, equivalent to more than two years’ revenue; growth of $2.7 billion or 10% in core businesses
  • Guidance confirmed for 2018 NPAT in the range of $720 million to $780 million, subject to market conditions

CIMIC Group Executive Chairman Marcelino Fernández Verdes said: “CIMIC’s positive momentum continued in the first quarter of 2018, highlighting the strength of our global business. We have increased revenue and cash-backed profit, and maintain a positive outlook.

“Our balance sheet remains strong, and we continue to consider ways to use our capital that will create long-term value in the best interests of our shareholders.

“This includes taking advantage of growth opportunities, both organic and strategic, that leverage or expand our existing competencies, including investing in public private partnerships.”

CIMIC Group Chief Executive Officer Michael Wright said: “We continued to optimise operational performance during the period, being disciplined in cost management and increasing the value we deliver for our clients.

“Our work in hand remains at a high level, providing assurance of future revenues, and the pipeline of opportunities for our business is strong.”


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