Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas
Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas
Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas
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2013 Trading Update<br />
• Drilling<br />
– Trading environment remains challenging, reflecting soft market conditions for major coal mining companies <strong>and</strong> impact on<br />
mining services sector<br />
– In response, business has been restructured to reduce cost base<br />
• E&C<br />
– Exiting general contracting activities <strong>and</strong> refocusing on pipelines <strong>and</strong> related infrastructure, gathering systems, HDD <strong>and</strong> micro<br />
trenching / trenchless technology<br />
– Trading environment in engineering contracting based activities has been less impacted than general contracting activity, due to<br />
the long term nature of the underlying infrastructure projects, including government-led investment in water infrastructure <strong>and</strong><br />
ongoing investment in pipelines <strong>and</strong> field infrastructure by the Queensl<strong>and</strong> LNG project developers<br />
• Consolidated position<br />
– FY2013 Reported EBITDA loss is projected to approximately $20mm<br />
– FY2013 Underlying EBITDA is projected to be approximately $1.5mm<br />
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