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CIMIC GROUP

(CIM)
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Delayed Australian Stock Exchange  -  05/06 02:10:45 am EDT
22.00 AUD    0.00%
05/25CIMIC Group Announces the Promotion of Pedro Vicente to Chief Executive Officer, from Executive General Manager Operations, Effective May 26, 2022
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05/11HOCHTIEF Australia Holdings Limited completed the acquisition of 21.42% stake in CIMIC Group Limited.
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05/06HOCHTIEF Australia Holdings Limited completed the acquisition of 21.42% stake in CIMIC Group Limited.
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Cimic Maintains Fiscal Year Guidance Despite Financial Hit From Troubled Tunnel

12/16/2021 | 05:11pm EDT

By Stuart Condie

SYDNEY--Cimic Ltd. maintained its full-year guidance despite forgoing profit margin on a troubled multi billion-dollar tunnel project in Australia's Victoria state.

The engineering and construction group on Friday said it had reached a settlement following a dispute over a cost blowout at the West Gate Tunnel project. Cimic said the total contract value of the project to its 50-50 joint-venture with China Communications Construction Co.-owned John Holland had increased to 8.57 billion Australian dollars (US$6.15 billion) from an original contract value of A$4.99 billion.

Cimic said its JV has agreed to reduce its revenue from the project by A$600 million and to forgo profit margin. It expects the financial impact of the settlement and other project risks to be offset by existing provisions and other non-recurring gains.

Cimic maintained its net profit guidance of A$400 million-A$430 million for 12 months through December.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

12-16-21 1711ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 1.58% 4.49 Delayed Quote.5.90%
CIMIC GROUP 0.00% 22 Delayed Quote.30.18%
HOCHTIEF AG 0.49% 61.78 Delayed Quote.-12.99%
TRANSURBAN GROUP 0.14% 14.39 Delayed Quote.4.12%
All news about CIMIC GROUP
05/25CIMIC Group Announces the Promotion of Pedro Vicente to Chief Executive Officer, from E..
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05/11HOCHTIEF Australia Holdings Limited completed the acquisition of 21.42% stake in CIMIC ..
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05/06HOCHTIEF Australia Holdings Limited completed the acquisition of 21.42% stake in CIMIC ..
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05/03CIMIC Unit Signs Interim Service Deal for Blackwater Project in Canada
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04/28CIMIC : Compulsory Acquisition of CIMIC Shares
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04/28Australian Government's Department Selects CIMIC Group for Defence Redevelopment Progra..
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04/27Hochtief To Complete Australia's CIMIC Purchase As Soon As Possible
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Financials
Sales 2021 9 687 M 6 929 M 6 929 M
Net income 2021 402 M 288 M 288 M
Net Debt 2021 775 M 554 M 554 M
P/E ratio 2021 13,1x
Yield 2021 4,62%
Capitalization 6 849 M 4 738 M 4 899 M
EV / Sales 2020 0,99x
EV / Sales 2021 0,62x
Nbr of Employees 24 539
Free-Float -
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Managers and Directors
Juan SantamarÝa Cases Executive Chairman, Chief Executive Officer & MD
Emilio Grande Royo-Villanova Chief Financial Officer
Ignacio Segura Suri˝ach Chief Operating Officer & Deputy CEO
George Sassine Executive GM-Investment & Group Property
Russell Langtry Chenu Independent Non-Executive Director