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Business Description: Downer EDI Limited (DOW) provides engineering and infrastructure management services to customers in the Minerals & Metals, Oil & Gas, Power, Transport, Telecommunications, Water and Property sectors. Downer’s three business divisions are Downer Infrastructure, Downer Mining and Downer Rail.
Strategy Analysis: The macro environment is uncertain, with volatile commodity prices and lower state infrastructure spending. Organic growth is pursued through extending the maturity profile of the order book and increasing the level of repeat work. Acquisitions are not likely to be considered during the next three years. Exposure is highly leveraged to the domestic iron ore and coal mining sectors.
Downer EDI reported NPAT up 10.8% to $94.04m for the half-year ended 31 December 2012. Underlying NPAT was 24.1% higher at $105.5m. Revenues from ordinary activities were $4.37bn, up 17.8% from the same period last year. Each of the company's three divisions - Infrastructure, Mining and Rail - reported revenue growth. Diluted EPS was 20.0 cents compared to 17.8 cents last year. Net operating cash flow was $183.99m compared to $107.1m last year. The interim dividend declared was 10.0 cents compared with nil cents last year. The company's goal is to continue to sustain its LTIFR below one and to reduce TRIFR below five by the end of the 2014 financial year. To achieve these results, the company will focus on visible and active leadership, development of culture, capability and implemented management systems.
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