Friday 08 May 2015 by Alen Golubovic Company updates

Transfield Services recent presentation

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 hereExternal link - opens in a new window 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
Footnotes for graphs
Source: Transfield Services



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