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Leighton Holdings Presentation – Story Board

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Leighton Holdings Presentation – Story Board

1. Introduction and talk outline
• Who we are and what we are going to present.
• Agenda slide.

2. Who are Leighton Holdings (Structure – showing % age of revenue by company if possible) and what do they do? [DYNAMIC SLIDE WITH OVERLAYS]

• Bullet points with key facts - Founded in 1949, 18th largest contractor in the world, 54,000 employees, active in 25 countries, world’s largest contract miner, A$134.1 billion revenue in 2011. Pictures of mining, tunnels and bridges if possible.
• Organization structure diagram showing Hochtief & ACS and the Leighton subsidiaries (with % revenue). MacMahon to come in from the side to show that they are still growing.

3. Where are their markets, and how big/successful are Leighton compared to others i.e. who are their competition.

• Map showing where Leighton operate.
• Define the market that Leighton operates in – Construction and Engineering – includes mining, infrastructure, non-residential buildings. Note that most of Leighton’s revenue is generated in Australia and therefore our presentation will focus on the Australian market. Note the reliance of the Australian market on China and India.
• Main competitors – Market shares – identify Lend Lease as main rival and compare them in size and revenue.

4. Market analysis- Mining and construction Last few years – regulation.

• Graph the Construction and Engineering market value over the last 5 years. (Marketline Report).
• Note the fact that the government regulates the mining industry by preventing overseas companies entering the market – barrier to entry.

5. Market analysis- Leighton in mining

• Show how much of Leighton’s business is in Mining – list some key projects and how these have performed.
• Identify the subsidiaries that are involved in the mining industry (the big 3 – Leighton Contractors, Thiess and John Holland).
• Note locations where Leighton’s are carrying out mining works. What %age is outside of Australia – low.
• Leighton’s work in hand and order book.

6. Market Analysis- Leighton in Construction

• Same format as 5.

7. Market analysis- Mining and construction outlook
• Forecast market value for the next 5 years (Marketline report).
• Possibility of new entrants into the market – Italians.
• What is forecast to happen in China over the coming 5 years and how is this likely to drive the Australian mining industry.

8. Market Analysis- SWOT/5 forces on market

• 5 Forces spider diagram and brief summary.
• SWOT analysis is normally used to analyze a company rather than a market, so the 5 forces analysis is more appropriate I think.

9. Strategy – What happened over last 5 years

• Wal King lead Leighton for years, but then pushed out.
• Problem projects – Airport Link, Victoria Desalination Plant, Al Habtoor scandal.
• ACS takeover and board changes
• Agree with Lloyd – the above could simply be newspaper headlines with us doing the talking.

10. Strategy – Share price comparison/profits

• Graph showing Leighton share prices over the last few years.
• Link the ups and downs with the events outlined in the previous slide.

11. Strategy - Reaction to the issues- new vision

• Leighton’s latest vision and strategy.
• Efforts to transform the company’s culture and risk management process. Leighton Holdings now to act as the strategic manager.
• Continued divestment of non-core assets (e.g. Nextgen).
• Industry consolidation – Opportunity for Leighton to acquire small companies and gain further niche capabilities.
• Settlement of outstanding claims.
• Targeted rise in share prices.

12. Strategy - Reaction to the issues- new strategy

• I think this can be covered by the previous slide. Vision and strategy go hand in hand.

13. Strategy – What is Leighton operating model? How is it different?

• ????

14. Company analysis – Has Leighton been successful and why?

• ????

15. Company analysis- How have other companies done in same markets

• Charts showing Leighton Revenue and Profits vs Lend Lease and their respective Share prices over the last few years.

16. Company analysis- Outline of ACS takeover of Hochtief

• Summary of the key facts and issues surrounding the hostile takeover.
• I do like the idea of using a pic of the Hochtief workers holding placards. The fish eating fish slide is also good stuff.

17. Company analysis – What has changed since Hochtief was bought by ACS

• ACS have started to make their presence felt.
• ACS member on the board.
• ACS putting pressure on Leighton’s to sell off non-core assets. NextGen was a good earner for Leighton. Thiess Waste similar.
• Hamish Tyrhitt flies to Spain every 6 weeks to meet the ACS board.

18. Company analysis – how have these companies tracked financially and what are their issues ( debt!)

• Brief summary of the current financial situation faced by ACS and Hochtief. ACS recently consolidated their debts. Now they are only in the red for 6 billion Euros!

19. Company analysis – What are the options for ACS/HOCH/LEI considering market projections?

• Continued divestment of non-core assets
• Industry consolidation – acquire small companies and gain further niche capabilities.
• Continue to expand offshore contract mining operations in new markets e.g. Africa, South America, Indonesia, PNG.
• Become an investor and project creator (PPP).

20. Company analysis – What would we do, and what do we think they will do?

• Note that Leighton have had a tough time lately, but this is mainly down to 2 problem projects in Australia and problems with their Al Habtoor business in the Middle East. If it wasn’t for these projects, Leighton’s would not be doing too badly.
• We can speculate that if it were not for the fact that debt ridden ACS were not now at the helm, Leighton would likely consolidate, seek new work and strive to improve profitability. However, pressure from the Spanish overlords means that this cannot be the way forward. They must provide a cash injection and the only way they can do this is by selling off assets.
• We believe that only selling off non-core assets will not cut it with ACS. We believe that Leighton will be forced to sell off one of their main subsidiaries. Given the recent announcement that John Holland will hand over its mining works to Thiess, we believe that John Holland is the one being prepared for sale.

21. Company analysis – How successful do we think this will be and why

• Selling John Holland would provide ACS with a substantial cash injection, which will help their debt situation.
• John Holland would almost certainly be bought by an overseas company. This is likely to open the door for other overseas companies entering the Australian market. This opens the doors for some of ACS’s other subsidiaries to enter the market and get a piece of the pie.

22. Future- Where will Leighton sit in oz? outside oz

• Resource related revenues account for around 40% of Leighton’s revenues. Contract mining proved to be resilient during previous economic down-turns and is expected to remain that way.
• Expansion in mining in Affrica.
• Revenues from non-resource related construction is likely to get weaker due to reductions in spending and increased competition from overseas contractors.

23. Future- If mining goes down the swanny, what will they do? Ditto govt spending?

• As noted above, contract mining proved to be resilient during previous economic down-turns and is expected to remain that way. Unlikely to go “down the swanny”.

24. Future – Leighton SWOT

• This should slot in between 6 and 7.

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