LEI Still Seeing Steady 2010
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Leighton Holdings' senior management is on the same message: 2010 will be a year of 'marking time' before growth returns in 2011. & #160;That was the message yesterday in the 2009 annual report from chairman David Mortimer and CEO Wal King.Both see earnings this financial year steady on the & #36;610 million earned in 2009.Both wrote in the company's annual report, released yesterday that the present year will be a steadying period for the country's biggest contractor and contract miner.It was a repetition of the & #160;message the company revealed in its profit announcement in August. & quot;In summary, for the 2010 financial year the Group expects full year revenue to exceed & #36;19bn and a net profit after tax of around & #36;600m, subject to any further asset impairments, & quot; Mr Mortimer wrote in the annual report. & quot;This result would represent a similar level of operating performance to 2009 which provides a good base for the long term, & quot; he said. & quot;The Group's outlook for the 2010 financial year remains solid despite the impacts of the GFC. & quot;While the underlying growth rates of some of the Group's core markets will reduce in 2010, high levels of work in hand, significant spending by Governments to stimulate economic activity - both in Australia and overseas - and a resurgence of growth in China, supports a fl at operating performance in 2010 before the Group returns to growth. & quot;The Leighton Group has successfully weathered an extremely turbulent year brought on by the global financial crisis (GFC). & quot;While our profit result has been below our initial expectations, the Group's operating performance remains solid and we have much to be proud of this year, & quot; Mr Mortimer wrote.And Mr King told shareholders: & quot;The Group's long-term outlook remains positive based on a strong competitive position in its core markets, a solid level of work in hand and a forecast rebound from the GFC. & quot;Substantial government spending on infrastructure - across both Australia and Asia, demand for resources fuelled by the economic growth of China, and an eventual recovery in the property market augurs well for the Group's prospects. & quot;In the longer term, the Leighton Group is well positioned, after a relatively flat operating performance in 2010, to revert to growth in 2011 and beyond, and to continue to deliver positive returns to shareholders, & quot; Mr King said.The group earned an operating profit after tax of & #36;610m in 2009 (and a reduced profit after tax and minority interests for the year of & #36;440m (versus & #36;608m last year) and a fully franked final dividend of 55 cents per share. & quot;The profit was impacted by a & #160;reduced property development contribution and previously flagged investment impairments, & quot; Mr King wrote. & quot;This is the Group's third largest profit and recorded in a period when many peer companies and other businesses have reported losses. & quot;Even with the investment impairments the Group earned an average return on shareholders' funds of 23%, & quot; he added.At June & #160;30 in hand was & #36;37 billion, compared with & #160; & #36;30.3 billion at the end of the 2008 financial year and & #160; & #36;37.5 billion at the end of calendar 2007.The order book was boosted by the award of some & #36;25 billion worth of new work, extensions and variations during 2008-09.Mr Mortimer said that despite the 2009 result being & #160;impacted by a reduced property development contribution and an impairment of investment values for ConnectEast, RiverCity Motorway, BrisConnections, Devine and Macmahon to the tune of & #160;impairments of & #36;245 million pre-tax, & quot;the Group remains committed to taking stakes in selected infrastructure projects but on a much more risk averse basis. Future investments will be more tightly limited in terms of dollars and percentage commitments. & quot;Leighton shares ended up 56 cents at & #36;36.91 yesterday & #160;
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