Solid Performance & Growth FY2003 Results February 11, 2004 - - PowerPoint PPT Presentation

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Solid Performance & Growth

FY2003 Results

February 11, 2004

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Scope Of Presentation Scope Of Presentation

CEO’s Report Financial Review Operations Review Outlook & Prospects Focus on Utilities

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CEO REPORT CEO REPORT

By Wong Kok Siew Dy Chairman & CEO, SembCorp Industries

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Solid Performance & Growth Solid Performance & Growth

In FY2003, SembCorp Industries has:- Delivered solid performance & growth Turnover of $4.6bn, up 11% from FY2002 of $4.2bn PATMI of $285.1m, up 66% from FY2002 of $171.6m PATMI excl. EI of $183.6m, up 14% from FY2002 of $161.5m ROE at 18%, exceeding management target of 12% Created value for shareholders business restructuring and divestments resulting in EI gains

• f $101.5m

proposed total dividend of 7 cents per share (5 cents

• rdinary & 2 cents special) for 2003 - 56% higher than 2002

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Solid Performance & Growth Solid Performance & Growth

Maintained a healthy balance sheet net borrowing maintained at $1.37bn despite significant acquisitions net gearing at 0.6x interest cover at 7x Sustainable growth for the future earnings underpinned by core businesses with stable earnings and growth upside group orderbook (excl. long-term contracts in Utilities & Logistics) is $3.4bn

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Profit Growth Profit Growth

116 172 172 285 50 100 150 200 250 300 350 2000 2001 2002 2003 3-Year CAGR = 35.1%

2003 PATMI

66%

PATMI ($’m)

Strong growth of 35% CAGR for 3 years Strong growth of 35% CAGR for 3 years

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High Returns High Returns

2003 ROE

18%

11 18 14 18 2 4 6 8 10 12 14 16 18 20 2000 2001 2002 2003

ROE (%)

ROE 12% target

Returns exceeded target Returns exceeded target

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Creating Value for Shareholders Creating Value for Shareholders

9.5 15.7

5 10 15 20 2002 2003

Share Price Performance SembCorp Industries vs STI (Jan - Dec 2003)

50% 75% 100% 125% 150% 175% 200% 1 -Ja n -0 3 1 7 -Ja n -0 3 4 -Fe b -0 3 2 0 -Fe b -0 3 1 0 -M a r-0 3 2 6 -M a r-0 3 1 1 -A p r-0 3 2 9 -A p r-0 3 1 5 -M a y-0 3 2 -Ju n -0 3 1 8 -Ju n -0 3 4 -Ju l-0 3 2 2 -Ju l-0 3 7 -A u g -0 3 2 5 -A u g -0 3 1 0 -S e p -0 3 2 6 -S e p -0 3 1 4 -O ct-0 3 3 0 -O ct-0 3 1 7 -N o v-0 3 3 -D e c-0 3 1 9 -D e c-0 3

STI SCI

SCI share price outperformed the STI by 29% SCI share price outperformed the STI by 29% 2003 EPS up by 65% 2003 EPS up by 65%

EPS (cents)

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Stable Earnings, Growth Upside Stable Earnings, Growth Upside

Stable Earnings Stable Earnings Earnings Upside from Earnings Upside from Growth Businesses Growth Businesses

Long-term contracts Customer Alliances & Logistics Utilities &

SCI has businesses with stable earnings and growth upside SCI has businesses with stable earnings and growth upside

Orderbook &

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Stable Earnings, Growth Upside Stable Earnings, Growth Upside

STABLE EARNINGS STABLE EARNINGS Long-term contracts Long-term contracts provide stable baseload earnings Utilities - integrated utilities and gas contracts (10 - 22 years) Logistics - government contracts (up to 19 years) Environmental Engineering - municipal contracts (5 - 7 years) Customer alliances SembMarine’s alliance partnerships provide baseload

• rderbook and steady earnings and cash flow

Orderbook Group orderbook healthy at $3.4bn, stretching into 2007

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Stable Earnings, Growth Upside Stable Earnings, Growth Upside

EARNINGS UPSIDE FROM GROWTH BUSINESSES EARNINGS UPSIDE FROM GROWTH BUSINESSES Utilities Consistent double-digit growth in profit Continued focus on growth in Singapore and overseas Expansion through leveraging client relationships Logistics Consistent double-digit growth in profit Focus on China and India Target to achieve average 70% EBIT growth from North Asia over next 3 years Well-positioned for growth in fast-growing logistics space

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Creating Value through Creating Value through Business Restructuring Business Restructuring

Increase in 2003 profits due to business restructuring efforts Increase in 2003 profits due to business restructuring efforts

DIVESTMENT GAINS EFFECTIVE DEPLOYMENT OF CAPITAL

Utilities

• Building strength in

Utilities through SUTL and China investments Logistics

• Establishing Asia-

Pacific logistics supply chain management network Marine Engineering

• Upping stake in PPL

to grow offshore business

INVEST FOR GROWTH

OPERATING CASH FLOW

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Dividends Increase by 56% Dividends Increase by 56%

Board of Directors recommend a 20% (5 cents per share) and 8% (2 cents per share) special dividend for 2003 This 28% 7 cents gross dividend is a 56% increase

• ver 2002

35% of PATMI payable to shareholders, while continuing to invest in future performance Represents dividend yield of 5.6% (based on Dec 31, 2003 closing share price)

Steadily increasing dividends Steadily increasing dividends

37.6 63.9 99.5

20 40 60 80 100 120 2001 2002 2003

Net Dividend ($’m)

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FINANCIAL REVIEW FINANCIAL REVIEW

By Lim Joke Mui Group CFO, SembCorp Industries

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Profit & Loss

$M FY03 FY02 % Turnover 4,641.7 4,184.6 11 EBITDA 582.9 497.0 17 Profit Before Tax 470.6 290.9 62 PATMI 285.1 171.6 66 PATMI grew 66% to $285.1m PATMI grew 66% to $285.1m

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Contribution to Turnover

$M FY03 FY02 % Utilities 1,933.0 1,071.9 80 Engineering & Construction 802.9 857.6 (6) Environmental Engineering 189.8 135.0 41 Logistics 465.2 428.9 8 Marine Engineering 1,061.6 1,006.9 5 Others 189.2 684.3 (72) TOTAL 4,641.7 4,184.6 11 Good Good topline topline growth by Utilities and growth by Utilities and Env

• Env. Engineering

. Engineering

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Contribution to Turnover (%) – by geographical areas

Europe 21 Others 10 Rest of Asia 14 Singapore 55

Rest of Asia 16 Singapore 55 Others 14 Europe 15

FY03 FY03 FY02 FY02 Total Turnover Total Turnover -

• $4.6bn

$4.6bn Total Turnover Total Turnover -

• $4.2bn

$4.2bn 45% of Turnover from overseas 45% of Turnover from overseas

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Contribution to PATMI

Utilities, Logistics and Marine Engineering main contributors Utilities, Logistics and Marine Engineering main contributors to PATMI. Utilities now contributes 34% of Group PATMI to PATMI. Utilities now contributes 34% of Group PATMI

$M FY03 FY02 % Utilities 98.3 54.3 81 Engineering & Construction 0.6 (127.0) NM Environmental Engineering 12.5 9.2 36 Logistics 55.9 18.4 204 Marine Engineering 49.0 57.4 (15) Others 68.8 159.3 (57) 285.1 171.6 66

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Exceptional Items Exceptional Items

$M 2003 Cathay International Water disposal 77.2 PacNet disposal 16.5 Theme Parks 9.5 Norfolk mansion disposal 8.6 Building Material Group disposal (10.3) 101.5

Substantial gains from business restructuring & divestment

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Capex for 2003 $678m Investments $532m Fixed Assets $146m $M Major Investment items:- SUT Sakra, SembCogen & SembGas 184 SembCorp Utilities Teesside 286 Phu My 3 15 Major Fixed Asset items:- Plant & Machinery 63 Capital WIP 36 Marine Vessels 15

Capex Capex 2003 2003

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Cash Flow Statement

$M FY03 FY02 Cash flow from operating activities before working capital 449 439 Changes in Working Capital (48) 161 Income tax paid (64) (70) Cash flow from Operating activities 337 530 Add: Divestments proceeds & sale of FA 203 378 Less: Acquisitions (incl. investments) (581) (344) Others 73 36 Cash flow from Investing activities (305) 70 Add: Issue of shares by SCI / subs 2 349 Less: Net drawdown / (repayment) of loan & interest 288 (844) Others (117) (91) Cash flow from Financing activities 173 (586) Net inflow/(outflow) during the year 205 14 Cash & cash equivalents at Dec 31 623 416

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Borrowings

$M Dec 31, 2003 Dec 31, 2002 % PF loans 814 657 24 Long-term 579 811 (29) Short-term 660 347 90 Gross 2,053 1,815 13 Less Cash & FD (679) (482) 41 Net Debt 1,374 1,333 3 Net Debt (excl. PF*) 762 772 (1) Net Gearing Ratio

• exclude PF*

0.32 0.36

• include PF*

0.58 0.62 * PF - Non-recourse project financing

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Financial Indicators

FY03 FY02 % EPS (cts) 15.7 9.5 65 ROE (%) 17.7 13.6 30 ROTA (%) 7.3 5.4 35 EVA ($m) 88.6 (90.2) +$178.8m EPS grew 65% to 15.7 cents. ROE at 18% EPS grew 65% to 15.7 cents. ROE at 18%

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Financial Indicators

Dec 31, 2003 Dec 31, 2002 NTA per share (cts) 88.2 80.7 Net Gearing – excl. PF* (times) 0.3 0.4 Net Gearing – incl. PF* (times) 0.6 0.6 Interest Cover (times) 7.4 5.3

* PF - Non-recourse project financing

Balance sheet remains strong

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OPERATIONS REVIEW OPERATIONS REVIEW

By Wong Kok Siew Dy Chairman & CEO, SembCorp Industries

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Utilities Utilities

Leading industrial site services provider Strong top and bottom- line growth, underpinned by stable earnings 2004 priority Focus on continual growth in profitability and

• verseas expansion

98.3 (↑ 81%) PATMI ($M) 24.3 1,950.5 (↑ 79%) ROE (%) Turnover ($M)

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Utilities Utilities

Key Developments Strategic acquisition of SembCorp Utilities Teesside makes SembUtilities one of the world’s leading and largest centralised utilities provider Established presence in major petrochem hubs in Shanghai and Nanjing with potential to replicate Jurong Island model Increased shareholding in SUT Sakra, SembCogen and SembGas Strong turnaround of SembCogen Increased offshore engineering fabrication capacity with new Batam yard

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Utilities Utilities

Operating Environment Growing trend in outsourcing of industrial site services by process industry clusters Growth in overseas petrochem hubs esp. China Further liberalisation of local energy market Offshore oil and gas market remains buoyant Outlook Continued growth in profitability - 2004 PATMI expected to grow by more than 20% over 2003

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Engineering & Construction Engineering & Construction

Improved performance over 2002 Restructured and downsized to focus on process engineering 2004 priority Focus on profitable execution Risk management and cost control Target selective projects

0.6 PATMI ($M) 0.7 817.8 (↓ 8%) ROE (%) Turnover ($M)

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Engineering & Construction Engineering & Construction

Key Developments Order book at $1.42bn (end Dec 2003) Book-to-bill ratio at 1.74 Increasing focus on process engineering – now comprising 60% of orderbook Operating Environment Continued weakness in construction industry - construction sector in Singapore shrank 15.2% in 2003 Opportunities for overseas growth in selective sectors Outlook Focus on profitable execution through good risk management and cost control

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Environmental Engineering Environmental Engineering

Largest Asian environmental management services company in South Asia First foreign waste collection company to enter Shanghai Small base but consistent profit growth 2004 priority Focus on providing total integrated environmental services in China & India

12.5 (↑ 36%) PATMI ($M) 8.4 192.2 (↑ 41%) ROE (%) Turnover ($M)

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Environmental Engineering Environmental Engineering

Key Developments Enhanced capability to offer a full range of environmental services Conservancy services - Cleantech ICW collection - Shanghai SembEnviro Reliance Paper recycling - Tay Paper Resources C&D waste recycling - SembEnviro Alex Fraser Biomass waste-to-energy - Tennamaram Biomass Biological treatment - Novozymes Biologicals alliance (Sembiologics) Order book at $348m (end Dec 2003) Operating Environment Drive towards zero landfill and increased recycling participation rates in S’pore Privatisation of environmental state-owned enterprises in the region Outlook Double-digit PATMI growth expected in 2004

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Logistics Logistics

Asia’s largest integrated logistics provider with network dominance in

• verseas markets

Delivering consistent double-digit growth 2004 priority Accelerating growth in North Asia

90.6 (↑ 193%) PATMI ($M) 27.1 465.8 (↑ 8%) ROE (%) Turnover ($M)

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Logistics Logistics

Key Developments Strengthened Asia-Pacific network acquisition of Footwork Express completed commenced operations in Korea established North Asia office commenced operations in Shanghai logistics centre A total of 210 new customers secured in 2003 Commissioned state-of-art Changi Naval Logistics Centre Revamped Indian operations

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Logistics Logistics

Operating Environment Most Asian economies forecasted to enjoy good GDP growth, especially China and India Uncertainties remain eg terrorism, outbreak of diseases such as SARS and Bird Flu Outlook Management target of 15 – 20% growth in net profits in FY2004

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Marine Engineering Marine Engineering

Global hub strategy bearing fruit with growing contribution from China and Brazil Alliance partners and regular customers provide steady baseload 2004 priority Focus on growing offshore business and contribution from

• verseas yards

78.5 (↓ 15%) PATMI ($M) 8.4 1,068 (↑ 6%) ROE (%) Turnover ($M)

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Marine Engineering Marine Engineering

Key Developments Secured $220m worth of contracts to design and build four container vessels for Wan Hai Lines and a $34m pipe- lay/construction barge contract Alliance partnerships and regular customers continue to provide stable baseload earnings at 82% Growing the offshore business with PPL as a 85%-owned subsidiary PPL to undertake US$110m Baker Marine Pacific Class rigbuilding contract Disposed of entire interests in Jurong Engineering for $10.7m and Bohai Sembawang Shipyard for $25.3m Orderbook at $1.1bn (end Dec 2003)

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Marine Engineering Marine Engineering

Operating Environment Ship repair remains competitive. Strong freight rate leading to deferred dockings Continued strong market fundamentals for FPSO/FSOs Offshore deepwater rig utilisation remains strong with

• esp. in W. Africa, Brazil and Asia Pacific region

Strong demand for shipbuilding eg feeder container vessels and offshore supply vessels Outlook 2004 operating profit expected to improve over 2003

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Summary Summary

Solid performance and growth achieved in 2003 Sustaining a strong business model and driving growth stable earnings earnings upside from growth businesses Continual focus on operational execution and financial discipline

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Outlook Outlook

The operating performance of our businesses in 2004 is expected to be better than in 2003 Our management target for 2004 is to grow PATMI

• excl. EI by 12 - 16% over that of 2003

This is assuming that there is no adverse impact from current uncertainties such as that posed by terrorism and the outbreak of diseases

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FOCUS ON UTILITIES FOCUS ON UTILITIES

By Tang Kin Fei President & CEO, SembCorp Utilities

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Revenue Revenue

1,950 1,089 550 500 1,000 1,500 2,000 2,500 2001 2002 2003

S$’M

3-Year CAGR 85%

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PATMI PATMI

35 54 98 20 40 60 80 100 120 2001 2002 2003 3-Year CAGR 89%

S$’M

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Performance Highlights Performance Highlights

FY03 FY02 % Turnover ($’M) 1,950 1,089 79 PATMI ($’M) 98 54 81 ROE (%) 24.3 20.3 EVA ($’M) 71 (14) NM Shareholders’ Funds ($’M) 514 294 Net Gearing – excl. PF* (times) 0.08 0.33 Net Gearing – incl. PF* (times) 1.55 2.2

* PF - Non-recourse project financing

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By Divisions $’M FY03 FY02 % Energy 845 499 69 Integrated Utilities 616 237 160 Offshore Engineering 489 350 40 Corporate & Others

• 3

TOTAL 1,950 1,089 79

Breakdown of Revenue Breakdown of Revenue

Overseas Overseas 43.2% 43.2% Singapore Singapore 56.8% 56.8%

FY2003: $1,950m FY2002: $1,089m

Overseas Overseas 33.4% 33.4% Singapore Singapore 66.6% 66.6%

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By Divisions $’M FY03 FY02 % Energy 46 9 411 Integrated Utilities 44 25 76 Offshore Engineering 18 21 (14) Corporate & Others (10) (1) 900 TOTAL 98 54 81

Breakdown of PATMI Breakdown of PATMI

Overseas Overseas 28.6% 28.6% Singapore Singapore 71.4% 71.4%

FY2003: $98m FY2002: $54m

Overseas Overseas 24.9% 24.9% Singapore Singapore 75.1% 75.1%

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Local Local vs vs Overseas Investments Overseas Investments

Overseas investments will continue to grow Overseas investments will continue to grow

500 1,000 1,500 2,000 2,500 2002 2003 S$’M Local Local 75% 75% Local Local 61% 61% Overseas 25% Overseas 39%

More contribution will come from More contribution will come from

• verseas businesses in the future
• verseas businesses in the future

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Our Growing Presence Our Growing Presence

• Nanjing

Nanjing SembCorp SUIWU SembCorp SUIWU

• Qianan

Qianan SembCorp SembCorp Cogen Cogen

• Shanghai

Shanghai Caojing Cogen Caojing Cogen

• Shenzhen Chiwan Sembawang

Shenzhen Chiwan Sembawang Engineering Engineering

• Shenzhen Chiwan

Shenzhen Chiwan Offshore Offshore Petroleum Equipment Repair Mfg Petroleum Equipment Repair Mfg

• Phu

Phu My 3 BOT My 3 BOT Power Co. Power Co.

• Kwinana Cogen

Kwinana Cogen

• PT

PT Gema Gema SembCorp SembCorp Engineering Engineering

• Sime

Sime SembCorp SembCorp Engineering Engineering

• Propylene Purification Unit

Propylene Purification Unit

• Sakra

Sakra Island Carbon Dioxide Island Carbon Dioxide

• SembCorp Air Products

SembCorp Air Products (HYCO) (HYCO)

• SembCorp

SembCorp Cogen Cogen

• SembCorp Gas

SembCorp Gas

• SembCorp Power

SembCorp Power

• SMOE

SMOE

• SUT

SUT Sakra Sakra

• SUT

SUT Seraya Seraya

• SembCorp

SembCorp Utilities Utilities Teesside Teesside

UK CHINA SINGAPORE MALAYSIA INDONESIA AUSTRALIA VIETNAM

SembUtilities SembUtilities is emerging as a global player is emerging as a global player

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Offshore Engineering Offshore Engineering

GROWTH STRATEGIES GROWTH STRATEGIES

50 Hook Hook-

• up and

up and Commissioning Commissioning

EPCI Capabilities EPCI Capabilities

Engineering Engineering Procurement Procurement Fabrication Fabrication Transportation Transportation Installation Installation

Singapore - Sembawang Malaysia - Pasir Gudang & Telok Ramunia

Fabrication Facilities Fabrication Facilities

Indonesia - Batam China - Chiwan

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Alaska Alaska Venezuela Venezuela New Zealand New Zealand Nigeria Nigeria South Africa South Africa Australia Australia Saudi Arabia Saudi Arabia Iran Iran Indonesia Indonesia Qatar Qatar China China Philippines Philippines Brunei Brunei Myanmar Myanmar Vietnam East Timor East Timor Denmark Denmark India India Malaysia Malaysia Thailand Thailand

Global Track Record Global Track Record

Over 30 years of experience Over 30 years of experience

Over 100 projects delivered to the world Over 100 projects delivered to the world’ ’s major s major

• il and energy companies
• il and energy companies

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Strengthen our capabilities in the offshore

engineering value chain

Complement SMOE’s fabrication requirements

with low-cost base in Batam

Increase market share in Indonesia

Growth Strategies Growth Strategies

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Industrial Site Services Industrial Site Services

GROWTH STRATEGIES GROWTH STRATEGIES

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Provide integrated industrial site services to process industry clusters Provide ‘bundled’ offer, which could include:

Gas Power Steam IWWT HGIW Demin water supply CNG District Cooling Additional service

• fferings

Strengthen presence in China

Growth Strategies Growth Strategies

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Target Chemical Clusters in China Target Chemical Clusters in China

Shanghai Chemical Industrial Park Nanjing Chemical Industrial Park TEDA Chemical Industrial Park Fushun Chemical Industrial Park Huizhou Daya Bay Petrochemicals Shanghai Chemical Industrial Park Nanjing Chemical Industrial Park TEDA Chemical Industrial Park Fushun Chemical Industrial Park Huizhou Daya Bay Petrochemicals

1 1 2 3 5 4

East China Sea Basin Pearl River Mouth Basin Qiongdongnan Basin Yinggehai Basin

Harbin Beijing Shanghai Fuzhou Guangzhou Qiqihaer Daqing Anshan Fujiamiao Chongqing Xiamen Macau Maoming Nanjing Hangzhou Zibo

From Sakhalin From Sakhalin From East Siberia From East Siberia From West Siberia From West Siberia From Central Asia From Central Asia

1 1 2 3

Planned LNG terminals West-East Pipeline Under construction Existing pipelines LNG terminals under construction Cities Major basins SembUtilites’ Target Chemical Clusters Planned/Possible pipeline

Golmud Sebel Urumgi Tazhong Koria Shanshan Kekeya Kuib-age Karamay Bailcouqunn Golmud Lanzhou Zhengzhou Sebel Jingbian Yinchuan Yulin Xining Zhongba Anbian Chengdu

4 5

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One One-

• stop

stop Integrated Services Integrated Services

Bundled offer Bundled offer approach approach

Industrial Site Customers Industrial Site Customers

Business Model Business Model

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Unique Offer Unique Offer Unique Offer High Growth High High Growth Growth Strong Niche Customer Focus Strong Niche Strong Niche Customer Focus Customer Focus

Differentiated Strategy Differentiated Differentiated Strategy Strategy

Differentiating Differentiating SembUtilities SembUtilities

High Returns High High Returns Returns

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Outlook Outlook

Existing businesses will continue to do well Consolidation of Singapore operations following increased shareholding in SUT Sakra, SembCogen and SembGas Full-year contribution from SembCorp Utilities Teesside Stronger presence in China will accelerate growth Commercial operations to come onstream

• Phu My 3 by end-Feb 2004
• Nanjing SembCorp SUIWU in 4Q2004

Growth through greenfield and M&A opportunities 2004 PATMI expected to grow by more than 20% over 2003 2004 PATMI expected to grow by more than 20% over 2003

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Disclaimer Disclaimer

This presentation contains certain statements that are not statements of historical fact, i.e. forward-looking statements. These forward-looking statements are based on current expectations, projections and assumptions about future events. Although SembCorp Industries believes that these expectations, projections and assumptions are reasonable, these forward-looking statements are subject to the risks (whether known or unknown), uncertainties and assumptions about SembCorp Industries and its business

• perations, such as (without limitation) the general economic and business conditions in

Singapore, , the Asia-Pacific region and elsewhere; currency fluctuations between the Singapore dollar and other currencies; governmental, statutory, regulatory or administrative initiative affecting our business; industry trends; future levels and composition of our assets and liabilities; future profitability of our operations; competition; changes in Singapore tax or similar laws or regulations; changes in, or the failure to comply with, governmental regulations, including exchange control regulations, if any. You are advised not to place undue reliance on these forward-looking statements as the forward-looking events referred to in this presentation may differ materially or not occur due to these risks, uncertainties and assumptions. Investors should assume that the information in this presentation is accurate only as of the date it is issued. SembCorp Industries has no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or

• therwise, except as required by law.

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APPENDIX APPENDIX

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Utilities Utilities

Orderbook (end Dec 2003): $499m

4Q2004 PTT Exploration and Production Public Company 175 Bongkot Field Development Phase 3C 1Q2005 Occidental Petroleum of Qatar Idd El Shargi North Dome Offshore* 2Q2004 Maersk Olie OG Gas 530 Dan FG Development Project * 2Q2005 Saipem Erha FPSO Project * Client Date of Completion $m Major Projects

* The individual contract values are not disclosed at the request of the clients.

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Engineering & Construction Engineering & Construction

Orderbook (end Dec 2003): $1.42bn

Nov 2004 Public Utilities Board 8 NeWater Service Reservoirs at Tampines Mar 2004 ST Aerospace Engrg 16 ST Aero Hangar 6 Dec 2007 Public Utilities Board 125 Changi Water Reclamation Plant Contract C4B Apr 2005 PetroChina Jabung International 188 Betara Complex Development in Sumatra, Indonesia Client Date of Completion $m Major Projects

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Engineering & Construction Engineering & Construction

Orderbook Mix

Singapore Rest of Asia Europe & Others

Orderbook at $1.42bn:-

• $853m of Process

Engineering projects − petrochemical − utilities − pharmaceutical − environmental

• $546m of Civil Engineering

projects – transportation – defence

• $25m of high-end buildings

and others

81% 18% 1%

Note: Information is as of end Dec 2003.