Investor Relations Company Presentation
150
YEARS
We are building the world of tomorrow.
HOCHTIEF
HOCHTIEF Asia Pacific, CIMIC (in AUD) - 9M 2023 results
Essentials
Financials
Results/Cash
Revenue up 20.8% to AUD 9.6bn reflecting a strong order
book across all segments
• Solid NPAT of AUD 312m, up 4% yoy; yoy margin variations
continue to be impacted by project mix (incl. higher revenue
from Westgate tunnel) and higher net financial costs
• Operating cash flow pre-factoring of AUD 68m in 9M 2023.
Q3 reflects typical seasonality of the business; stronger Q4
expected in line with historical trends
Increase in gross capex due to job-costed tunneling
equipment and the initial, one-off development capex for a
major renewable project
• Net debt 551m vs. comparable AUD 442m at Dec 2022. Net
cash incl. final CCPP payment of AUD 300m, partial sell-down
of Ventia (AUD 513m), remaining Ventia shares (AUD 177m)
Sedgman acquired Novopro, a Canadian engineering &
metallurgical company, expanding capabilities across lithium,
potash, salt magnesium and soda ash
Orders
• Work in hand of AUD 31.7bn vs. AUD 30.4bn at Dec 2022
• New work of AUD 14.2bn awarded, up 14% yoy
Outlook CIMIC 2023
Guidance FY 2023: Operational net profit of AUD 400-450m
(AUD m)
Revenue
EBITDA
EBITDA margin
D&A
EBIT
EBIT margin
Net finance costs
Profit before tax
PBT margin
Income tax
9M 2023
9M 2022
A %
9,637.6
7,975.1
20.8%
748.6
718.1
4.2%
7.8%
9.0%
-1.2pp
-214.7
-222.5
3.5%
533.9
495.6
7.7%
5.5%
6.2%
-0.7pp
-140.6
-106.0
-32.6%
393.3
389.6
0.9%
4.1%
4.9%
-0.8pp
-79.0
-87.2
9.4%
Effective tax rate
20.1%
22.4%
Non-controlling interests
-2.6
-2.1
NPAT
311.7
300.3
3.8%
NPAT margin
3.2%
3.8%
-0.6pp
9M 2023
9M 2022¹
underlying
underlying
Operating cash flow pre-factoring
67.8
327.8
Variation in factoring
-128.6
44.8
Operating cash flow
-60.8
372.6
Interest, finance costs and taxes
-97.4
-133.2
-158.2
239.4
-212.5
-108.4
9.7
7.0
-202.8
-101.4
Free operating cash flow
-361.0
138.0
Free operating cash flow pre-factoring
-232.4
93.2
FY 2022
9M 2023
-551.1
restated
-441.9
(AUD m)
Net operating cash flow
Gross capital expenditure
Gross capital proceeds
Net capital expenditure
(AUD m)
Net cash/(debt)2
(AUD m)
Construction
Services
Investments³
Total work in hand
9M 2022
FY 2022
9M 2023 Ventia @ 0%
Ventia @ 0%
16,752.0
16,207.0
15,870.0
10,242.0
9,603.0
9,631.0
4,707.0
3,809.0
4,925.0
31,701.0
29,619.0
30,426.0
1 Underlying cash flow figures for 9M 2023 mainly excludes the CCPP settlement payment of AUD 300m (March 2023);
9M2022 underlying operating cash flow excludes the CCPP settlement payment of AUD 192.5m (April 2022)
2 Net (debt)/cash includes adjustments to align with HOT definition (mainly intercompany receivables due from HTAHL and CIM
tax receivables) as well as Ventia's reclassification as "marketable security" as the post IPO escrow period for CIM's
shareholding in Ventia expired in Feb 2023.
3 Investments WIH includes WIH from CIMIC's share of investments at their ownership %, including Thiess
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